證券及期貨專業總會 : 聯交所GEM改革措施不足夠
香港證券及期貨專業總會就聯交所GEM上市改革公衆諮詢發表迴應,認爲GEM的失敗主要源於聯交所的政策失誤,對諮詢文件提出的改革措施大致贊同,但認爲改革措施不足夠。
該會指出,聯交所在2016年發佈GL68-13A「有關首次公開招股審批及申請人是否適合上市」的指引信,當中提及潛在殼股的特點。當上市申請人符合相關特點,監管機構往往會假定上市申請的目的是企圖造殼,因此中小企在上市過程中面臨重重困難,並受到監管機構帶有偏見的質疑。
該會認爲,若聯交所想徹底改善GEM的現狀,必須堅決實踐「市場主導」的理念,並回復GEM最初的監管取向,以披露爲本的「買者自負」理念。其中包括全面撤回GL68-13A指引信中,具有高度主觀性,而且明顯針對香港中小企業上市的歧視性規則。
該會指,企業在香港上市,對經濟發展起到推動作用。如果因監管機構的不合理政策,最終迫使企業不得不選擇在美國上市,將是一種無奈的決定。
該會認爲聯交所應通過實際行動,爲香港的中小企業提供支持,而不是純粹以一間盈利商業機構去運作,呼籲聯交所應以開放的態度對待業界的批評,不要盲目堅持,最終危害香港的股市和經濟。
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