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香港資本市場專業人員協會促創業板上市流程全面改革
阿思達克 11-06 16:32
香港資本市場專業人員協會(HKCMP),由來自香港企業融資、律師以及會計師領域的專業人士所組成,就港交所(00388.HK)最近公布有關GEM(創業板)上市改革的諮詢文件發表正式回應。 HKCMP歡迎期待已久的諮詢文件,其中港交所提出了三項主要建議,包括引入新的替代資格測試,取消強制性季度報告要求以及實施新的簡化轉板機制。 根據具實踐經驗的協會成員回饋和見解,HKCMP認為這些改革並不足以解決持份者及整個市場從業員當前面對的挑戰。 在2019年至2020年分別提交85份及38份GEM上市申請中,分別只有10間及5間企業成功上市,上市成功比例分別為16.5%及13.2%。自2020年後,沒有任何成功上市申請,這些數字明顯反映需要有更全面的改革。 HKCMP提出了幾個重要關注點,包括儘管文件正確地強調對科技及科研公司的支持,但它應該將重點擴展到科技及科研公司以外的領域,以提供更多不分產業界別之上市平台;文件建議的新替代資格測試可能促使上市申請人花費至少2億港元的重大營運支出,因而導致在上市前兩個財政年度中產生至少1億港元的巨大虧損,這可能令申請人卻步;文件未能解決高成本、不確定性和冗長的審批程序等導致許多潛在上市申請人不敢在創業板上市。 HKCMP倡議透明、精簡、有效率且有明確時限的審查流程,並在過程中排除主觀批判。考慮到疫情對經濟的不利影響,HKCMP建議全面重新評現有之估經營現金流上市要求。HKCMP提出作為一種替代措施,可將合理的利潤要求測試納入替代資格標準這可讓具有合理盈利能力水平,但未能達到現行的營運現金流或收入要求的中小企業申請上市。HKCMP強烈建議採取更全面的改革措施,解決中小企業在創業板上市面對的重大障礙,包括重新評估收購限制以及旨在阻斷逆向收購和現金公司等措施。上述這些障礙這幾年對GEM上市造成巨大負面情緒,進而影響資本市場的整體表現。HKCMP將致力與所有金融市場持份者共同維護香港國際金融中心的領導地位。
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