Vincent Lo Hong-shui, the newly-appointed chairman of Hong Kong Trade Development Council, has called for a relaxation of the public float threshold for firms listed on the local Growth Enterprise Market.
Small and medium-sized enterprises are facing difficulties in raising funds through public listings on the GEM board amid its slow development, the Hong Kong Economic Journal cited Lo as saying.
The GEM board may need to lower its share float threshold if Hong Kong wants to lure more tech listings, Lo said, adding that more channels for angel funds and low-risk capital should also be encouraged.
Lo plans to focus on three key initiatives during his term as head of the Trade Development Council.
Encouraging active participation in China’s “one belt, one road” strategy, expansion of Hong Kong’s exhibition and convention venues, and ensuring more funding sources for SME and technology development are important tasks, he said.
Hong Kong should propose proactively to Beijing on how the city can play a useful role in the “one belt, one road” strategy, Lo said.
In other comments, he said that Hong Kong should join the Asian Infrastructure Investment Bank to be a member like Taiwan.
Translation by Vey Wong
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