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1、外文翻译HongKongGrowthEnterpriseMarketResearchMaterialSource:www.hkex.com.hkAuthor:HongKongStockExchangeThedifficultiesthatHongKonghasexperiencedinitsattemptstoestablishasuccessfulgrowthmarketaresimilartothoseencounteredintheUnitedKingdom.ItwasonlyafterthefailuresoftheUnlistedSe
2、curitiesMarketandtheso-calledRule4.2tradingsystemthattheLondonStockExchange(theLSE”)cameupwiththeconceptofalightlyregulated,disclosure-based,caveatemptormarketasthemodelforitsAlternativeInvestmentMarket(“AIM”).AsdetailedintheDiscussionPaper,AIMisnowbymostmeasurestheleadinggr
3、owthenterprisemarketintheworld.Indeed,theviewhasbeenexpressedthatAIMistodaymorelikelytobethefirstportofcallofanysubstantialcompanyseekingalisting,totheexclusionoftheLSE’smainmarketArticle“WillsmallcapscontinuetotakeAIM”:MartinWallerinTheTimes,June18,2005.Whileostensiblyagrow
4、thcompanymarket,ithasattractedanumberofsubstantialcompanies:thetop50companiesallhaveamarketcapitalizationofmorethan£100million,whileSportingbet,thelargestcompany,andhasamarketcapitalizationofover£1.5billion.Inaddition,deterredbytheincreasingburdenofregulationontheLSE’smainma
5、rket,thenumbersofcompaniesthathavemovedfromthemainmarkettoAIMvastlyoutnumberthosetransferringintheoppositedirection.In2005,40companiestransferredtoAIMfromthemainmarketwhileonly2transferredfromAIMtothemainmarketAIMMarketStatisticsat31December,2005.Inthefirstthreemonthsof2006,
6、therewere8transferstoAIMfromthemainmarketandnoneintheoppositedirectionAIMMarketStatisticsat31March,2006.AIMhasalsogainedacceptanceamonginstitutionalinvestorsandistodayregardedasanestablishedmarketwhichisunlikelynowtofail.Incontrast,HongKong’sGrowthEnterpriseMarket(“GEM”),des
7、cribedas“A‘BuyersBeware’MarketforInformedInvestors”ontheStockExchangewebsite,hadonly10newlistingsin2005Page23oftheDiscussionPaper.AsoutlinedintheDiscussionPaper,theoriginalinitiativesforGEM,namelythatitshouldbeadisclosure-based,lightlyregulatedmarketadministeredseparatelyfro
8、mtheMainBoard,havebeenabandoned.Indeed,thegreaterregulatoryburdensonGEMcomp
