HKEX And Cyberport Host Seminar On Proposed New Board To Accelerate Growth Of Emerging New Economy In Hong Kong
Hong Kong Exchanges and Clearing Limited (HKEX) and Cyberport today jointly hosted a seminar at Cyberport entitled "Hong Kong's Evolving Regime: New Board for New Economy Companies" that gathered representatives of HKEX, industry leaders and aspiring technology entrepreneurs for a discussion of HKEX's New Board proposal.
In June, HKEX released a concept paper to seek public feedback on the proposed establishment of a New Board, separate from the Main Board and the Growth Enterprise Market (GEM), to widen capital market access in Hong Kong by opening up the market to a more diverse range of issuers. The proposed New Board is divided into two segments, New Board PREMIUM and New Board PRO, with shareholder protection standards based on the level of perceived risk in each segment. The deadline for comments on HKEX’s New Board proposal is Friday, 18 August.
The Cyberport community is an integral part of the city's digital tech ecosystem. Thus, in July, Cyberport conducted a survey through the Cyberport Start-up Alumni Association to collect views on HKEX’s New Board proposal from start-ups, tech companies, investors and industry bodies. Its aim was to provide valuable insights conducive to an enriched IPO platform that can benefit new economy companies.
Cyberport announced the results of its survey at today's seminar. They showed more than 90% of Cyberport's digital tech companies agreed that the proposed New Board will have a positive impact on Hong Kong’s ability to advance the growth of the new economy companies which are fundamental to the digital transformation for the industries. For key findings of the Cyberport survey, please refer to Cyberport’s website.
Cyberport is very committed to help start-ups springboard to success and we are proud to have grown our community to 900 digital tech companies by now," said Dr Lee George Lam, Chairman of Cyberport. "One of the biggest challenges start-ups face is seeking investments. Cyberport welcomes the proposed New Board by HKEX, as it complements and supplements the current listing framework. We are excited about the opportunities that the proposed New Board will bring to fortify the growth of start-ups and New Economy companies, as well as foster the development of Hong Kong's digital tech ecosystem."
"Our New Board proposal resulted from a review of our current listing regime that identified gaps that need to be addressed to meet the needs of companies from new economy industries and serve a wider range of issuers. We welcome participants from the industry to tell us their views and look forward to working with them for the future of Hong Kong’s financial market," said Romnesh Lamba, HKEX Co-head of Market Development.
To provide one-stop support to start-ups on their entrepreneurial support, Cyberport provides training/workshops and consultation with its partners of professional bodies to help potential start-ups prepare for fund-raising. Regular meet-ups with investors are arranged to facilitate deal matching.
Back to News