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Two months ago the SEHK and SFC introduced standardised waivers of the GEM listing rules. Despite its denials of preferential treatment, the Exchange has still not levelled the playing field by tightening the waivers on share options and lock-ups granted to Tom.com and Hongkong.com. Indeed, the wording on Tom.com's option limit has been relaxed further. Now the Exchange proposes a similar amendment to the option limits on the main board. Dilution city here we come.