thefutureofthehongkonggrowthenterprisemarket(编辑修改稿)

thefutureofthehongkonggrowthenterprisemarket(编辑修改稿)内容摘要：

investment advisers (“nomads”) on AIM. 交易所不必过于担心增长型公司失败的风险。 在任何增长型市场上，总会有一定比例的公司失败。 创业板上个别公司的失败不意味着整个创业板的失败，也不应影响整体香港市场的声誉。 纳斯达克始于许多小型、通常不具吸引力的公司：而现在则成为美国新上市公司的聚集地。 The Exchange should not be overly concerned about the risk of growth pany failures. On any growth board, it must be expected that a certain percentage of panies will fail. The failure of individual GEM panies should not however be regarded as a failure of GEM itself, nor should they tarnish the reputation of the Hong Kong market overall. NASDAQ started with many small, often unattractive, panies: it now dominates the new issues market in the United States. 问题四 ： 增长型公司市场的核心投资者群应属于甚么类别 － 散户、专业及 /或机构投资者。 增长型公司市场应否只限专业及机构投资者参与。 Question 4: What should be the core investor group for the growth pany market – retail, professional and/or institutional? Should the growth pany market be restricted to professional and institutional investors only? 6 没有必要把增长型公司市场的投资者限定为任何特定人或者集团。 机构投资者会受到其认为表现良好的股票所吸引。 对于 AIM 来说，要成功就必须有相当的投资者对有潜在高回报的小型增长型公司有兴趣，以抵销其较大风险。 但是值得注意的是，根据讨论文件，于 2020 年 1 月至 2020 年 6 月这两年半间， FTSE AIM的指数回报比起同期的 FTSE 100 较高，而其风险较低。 随着市场的发展，散户投资者会自己决定是否投资。 伴随特定公司而来的风险应以上市文件中清晰的披 露来处理。 It is not necessary to restrict investors in the growth pany market to any particular group. Institutional investors will be attracted to stocks that they think will perform well. For AIM to have succeeded there must have been considerable investor appetite for smaller growing panies with potential for higher returns to offset the greater risk. It is however worth noting that, according to the Discussion Paper8, the return of the FTSE AIM Index was higher and its risk lower than that of the FTSE 100 for the two and a half year period from January 2020 to June 2020. As the market develops, retail investors will decide for themselves whether they wish to invest. Risks associated with particular panies should be dealt with by clear disclosure in listing documents. 如果把增长型市场定位为针对机构投资者的市场，则可要求上市通过配售方式完成，这会使投资者通过各自的经纪进行投资。 If the intention is to make the growth market effectively a market for institutional investors only, this could be achieved by requiring listings to be achieved by way of placings, thus forcing investors to go through their brokers. 问题五 ： 根据你对上述问题的回答，何种监管制度会适合增长型公司市场。 尤其是增长型公司应否有渠道以低廉的成本向公众集资。 抑或，因其本身风险较高的关系，该等公司应否遵守一套成本比主板相对较高的集资程序。 Question 5: Depending on your answers to the foregoing questions, what kind of regulatory regime would be appropriate for the growth pany market? In particular, should growth panies have lowcost access to public capital, or should they, because of their higher risk, be required to ply with procedures that dictate relatively higher costs than those for Main Board panies? 创业板应跟随 AIM 采用较宽松及以披露为主的制度，并强调保荐人的责任。 其应当成为可同主板媲美的另类市场，就像纳斯达克之于纽约证交所一样。 这将需要把创业板同主板完全分开来监管，拥有自己的工作人员和规则。 GEM should follow AIM in adopting a light, disclosurebased regulatory regime with emphasis on the responsibilities of sponsors. It should be a true alter native market which would pete against the Main Board in the same way as NASDAQ petes against the New York Stock Exchange. It would need to be administered entirely separately 8 Page 42 of the Discussion Paper 7 from the Main Board and would require its own staff and rules. 关于申请成本问题 ，现行创业板上市申请人的批核程序，已加上了相对其商业运作的规模及其集资的金额而言相当重大的开支，而且延误了申请人接触该市场的时间。 因此应当采用一个较简单及流畅的上市申请程序以供小型增长型公司能更快捷及低成本地接触到公众资金。 On the issue of costs, the current approval process for listing GEM applicants already imposes significant costs on applicants relative to the size of their business operations and the amounts they raise and delays applicants‟ access to the market. A simpler, more streamlined listing application process should be adopted to provide small growth panies with faster, low cost access to public capital. 问题 6 ： 根据你对问题 1 至 5 的回答，请就香港是否适合采用下述可考虑的结构性方案设立增长型公司市场这方面表达意见（有关方案的详细资料，见第四章）： Question 6: Bearing in mind your responses to questions 1 to 5 above, please ment on the suitability of the following possible structural options for a growth pany market in Hong Kong: (a) 创业板作为第二板 GEM as a second board (b) 创业板与主板合并成为单一板块 GEM and the Main Board to merge into a single board: (i) 单一通用板块 － 创业板与主板合并成为不分彼此的单一板块 Universal single board – GEM and the Main Board to merge into a single board, with no distinction between them。 (ii) 分 级单一板块 － 创业板与主板合并成为单一板块，增长型市场会是较低级别的市场，而主板则为较高级别的市场；也可增设更多级别。 Tiered single board – GEM and the Main Board to merge into a single board with the growth market forming the lower tier and the existing Main Board the upper tier. Further tiers might be introduced as well. (c) 全新的另类市场 － 创业板与主板合并，然后另设一新市场供增长型公司上市，并强化监管制度。 New alternative market – GEM to merge into the Main Board, and a new market with an enhanced regulatory regime to be launched for growth panies. (d) 其它 － 有没有任何其它创业板结构性方案的建议。 Others – do you have any other suggested structural options for GEM? 8 较为理想的选择应该是（ C）， 即成立一个 全新的另类增长型公司市场。 正如回应问题 5 时阐述的那样，这应为一个 AIM 型的另类市场，能与主板市场完全分开甚至互相竞争，并应为一个轻度监管，买家自负责任及以披露为主的市场。 The preferred option is option (c), namely the establishment of a new alternative growth pany market. As outlined in the response to Question 5 above, this should be an AIMstyle alternative market which would be entirely separate from the Main Board and would pete against it. It should be a lightly regulated, caveat emptor, disclosurebased market. 问题 7 ： 根据你选择的创业板结构性方案，你对下列方面有没有任何具体意见或建议： Question 7: Based on your preferred structural option for GEM, do you have any specific views or remendati。