An outline and commentary on the proposals for a second board in Hong Kong.

GEM (the SEHK's 2nd board)
3 October 1999

David Webb, Editor of, was a member of the now-defunct Working Group on New Market Development of the Stock Exchange of Hong Kong. Their most recent project was the outlining of a "2nd board" for smaller and emerging companies that might not otherwise satisfy the criteria for listing (such as a 3-year track record and a certain level of profitability) on the main board. This led to a consultation paper being published. We made one of the most detailed submissions on this, and as a result of the consultation process a number of changes were made. You can read our recommendations in our submission. The net result was the Growth Enterprises Market, or GEM, which is now proceeding to launch.

©, 1999

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