Hong Kong’s GEM board needs more radical reform as proposed changes fail to address IPO drought, industry players say

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Hong Kong’s GEM board needs more radical reform as proposed changes fail to address IPO drought, industry players say - SCMP

Quick Summary:

GEM, the Hong Kong stock exchange’s secondary board, has not had a listing since January 2021, and its proposed makeover has not gone far enough to help end this drought, experts say.

However, high fundraising costs, a lengthy vetting process and uncertainties about getting approvals have discouraged companies from making their IPOs, he added.“HKEX’s reform proposals have not addressed these problems,” Ip said.

The pressure to reform GEM is building, especially from similar bourses in mainland China, according to Stacey Wong, CEO of Quam Capital, a Hong Kong-based corporate finance firm.