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香港创业板的开设为大陆中小企业开辟了一条崭新的筹资途径。近年来,一大批大陆高新技术产业的佼佼者率先抢滩香港,成为资本运营和商品运营的双重赢家。骄人的业绩令众多大陆中小企业羡慕,追随者不乏其人,于是掀起一股香港创业板上市热潮。然而由于大多数企业缺乏对香港创业板市场特点的直接了解和切身感受,盲目制定上市计划,有的效仿大陆A股模式,有的委托不到适合的保荐人,上市道路曲折艰辛,难免中途夭折。更有受骗上当者,陷入上市速成的骗局中,直至幻梦在严峻的事实面前破灭。这通常是因为企业对创业板上市的目标、难易程度、关键要求缺乏清晰的认识。作者在海内外,特别是香港长期从事金融投资的实践和研究工作,对国内外业界人士认知上的距离有切身感触,愿就以上几方面问题谈一谈看法,希望对大陆中小企业创业板上市有所帮助。
The opening of the Hong Kong GEM has opened up a new financing channel for mainland SMEs. In recent years, the leader of a large number of high-tech industries in mainland China has taken the lead in hitting Hong Kong and has become the double winner of capital operation and commodity operation. The remarkable performance envies many small and medium enterprises in mainland China, there is no shortage of followers, so a wave of Hong Kong GEM fever. However, most enterprises lack direct understanding of the market characteristics of Hong Kong GEM. They blindly set a listing plan, some emulate the mainland A-share model, and some do not subscribe to suitable sponsors. Difficulties in listing the stock market will inevitably lead to a halt . More cheated, into a quick scam, until the dream in the face of harsh facts burst. This is usually because of the lack of clear understanding of the goals, ease and criticality of the company’s listing on the GEM. The author has long been engaged in the practice and research work of financial investment both at home and abroad, especially in Hong Kong. He is very much concerned about the cognitive distance between domestic and overseas professionals. He is willing to talk about the above issues and hopes to provide his opinions on the mainland SME GEM Listing helpful.