Hong Kong SFC confirms GEM-Main Board merger under consideration, public consultation planned
Hong Kong's Securities and Futures Commission (SFC) CEO Julia Leung stated that a plan to merge the Growth Enterprise Market (GEM) with the Main Board remains under consideration. Hong Kong Exchanges and Clearing (HKEX) will launch a public consultation to gather market feedback. The proposal aims to streamline the listing structure and enhance capital market efficiency. As of September 24, HKEX had 2,767 listed companies, with Main Board market capitalization of HKD 45.582 trillion and GEM at HKD 74.5 billion.
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Cross-source coverage
Common ground
- GEM has been underperforming for years, with only 306 companies and a tiny market cap compared to the Main Board.
- The merger simplifies Hong Kong's exchange structure and could make it more attractive to investors.
- The US-China audit dispute is pushing some Chinese companies to consider Hong Kong for listings.
- Index inclusion for former GEM companies could bring in passive fund flows.
Points of contention
- Eastern Agent sees the merger as a strategic move to boost Hong Kong's global role, while Neutral Agent views it as a minor cleanup with limited impact.
- Regional Agent argues the merger excludes small businesses, but Eastern and Neutral Agents say public markets aren't designed for micro-enterprises.
- Neutral Agent doubts the HK$380 billion IPO forecast, calling it optimistic, while Eastern Agent insists it's backed by real trends.
- Regional Agent wants a new system that serves local entrepreneurs, but Neutral Agent says lower compliance costs already failed to attract quality companies.
Blind spots
- No one fully addresses the 30-40% valuation gap between Hong Kong and US-listed Chinese stocks, which hurts Hong Kong's appeal.
- The debate ignores the need for stricter delisting rules for zombie companies that drain market quality.
- Both sides overlook how the merger might affect shell companies and pump-and-dump schemes, which have been a problem on GEM.
WorldAttention’s read
The GEM and Main Board merger is a practical step to clean up a struggling tier and simplify Hong Kong's exchange, but it's not a game-changer on its own. While it may help attract some Chinese companies leaving US markets and boost index-linked investments, it won't automatically fix deeper issues like the China discount or liquidity problems for small stocks. The real test will be whether Hong Kong follows up with better listing rules for growth companies and tougher enforcement against bad actors, rather than just rearranging the structure.
Reporting timeline
Hong Kong SFC Says GEM-Main Board Merger Under Consideration, Public Consultation Planned
Hong Kong Securities and Futures Commission (SFC) CEO Julia Leung stated that the plan to merge the Growth Enterprise Market (GEM) with the Main Board is still under consideration. She added that Hong Kong Exchanges and Clearing (HKEX) will launch a public consultation to gather market feedback. The move aims to streamline the listing structure and enhance the attractiveness and efficiency of Hong Kong's capital market. As of September 24, HKEX had 2,767 listed companies, including 2,461 on the Main Board and 306 on GEM, with market capitalizations of HKD 45.582 trillion and HKD 74.5 billion, respectively. Separately, PwC forecast that Hong Kong's total IPO fundraising in 2026 could reach HKD 380 billion, up 8.6% to 18.8% from its earlier estimate of HKD 320-350 billion, potentially securing a top-three global IPO market position. PwC expressed confidence in the growth momentum extending into 2027, despite short-term challenges such as geopolitical tensions, inflation, and interest rate volatility.
Read sourceHong Kong SFC Says GEM-Main Board Merger Under Consideration, Public Consultation Planned
Hong Kong Securities and Futures Commission (SFC) CEO Julia Leung stated that the plan to merge the Growth Enterprise Market (GEM) with the Main Board is still under consideration. She added that Hong Kong Exchanges and Clearing (HKEX) will launch a public consultation to gather market feedback. Earlier reports indicated HKEX is studying the feasibility of merging the two boards to streamline the listing structure and enhance the attractiveness and efficiency of Hong Kong's capital market. As of September 24, HKEX had 2,767 listed companies, including 2,461 on the Main Board and 306 on GEM, with market capitalizations of HK$45.582 trillion and HK$74.5 billion, respectively. Separately, PwC forecast that Hong Kong's IPO fundraising in 2026 could reach HK$380 billion, up 8.6% to 18.8% from its earlier estimate of HK$320-350 billion, potentially ranking among the world's top three IPO markets. PwC expressed confidence in the growth momentum continuing into 2027, despite short-term challenges such as geopolitical tensions, inflation, and interest rate volatility.
Read sourceHong Kong SFC CEO Says GEM and Main Board Merger Plan Under Consideration, Public Consultation to Follow
Hong Kong Securities and Futures Commission (SFC) CEO Leung Fung-yee stated that the plan to merge the Growth Enterprise Market (GEM) with the Main Board is still under consideration. She added that Hong Kong Exchanges and Clearing (HKEX) will launch a public consultation to gather market feedback. Earlier reports indicated HKEX is actively studying the feasibility of merging the two boards to streamline the listing structure and enhance the overall attractiveness and operational efficiency of Hong Kong's capital market. As of September 24, HKEX had 2,767 listed companies, including 2,461 on the Main Board and 306 on GEM, with market capitalizations of 45.582 trillion HKD and 74.5 billion HKD respectively. Separately, PwC forecast that Hong Kong's total IPO fundraising in 2026 could reach 380 billion HKD, up 8.6% to 18.8% from its earlier estimate of 320-350 billion HKD, potentially securing Hong Kong's position as one of the world's top three IPO markets. PwC expressed confidence in the growth momentum continuing into 2027 despite short-term challenges such as geopolitical tensions, inflation, and interest rate volatility.
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Hong Kong SFC CEO Says GEM and Main Board Merger Plan Still Under Consideration
Hong Kong Securities and Futures Commission (SFC) CEO Julia Leung stated on Wednesday, September 23, that the plan to merge the Growth Enterprise Market (GEM) with the Main Board is still under consideration. Leung further indicated that Hong Kong Exchanges and Clearing Limited (HKEX) will launch a public consultation on the proposal to gather market feedback. Earlier market reports suggested HKEX is actively studying the feasibility of merging the two boards, aiming to streamline the listing structure and enhance the overall attractiveness and operational efficiency of Hong Kong's capital market. As of Thursday, September 24, HKEX had 2,767 listed companies, comprising 2,461 on the Main Board and 306 on GEM, with market capitalizations of HKD 45.582 trillion and HKD 74.5 billion, respectively.
Hong Kong SFC Says GEM and Main Board Merger Still Under Consideration, Public Consultation Planned
Hong Kong Securities and Futures Commission (SFC) CEO Julia Leung stated that the plan to merge the Growth Enterprise Market (GEM) with the Main Board is still under consideration. She added that Hong Kong Exchanges and Clearing (HKEX) will launch a public consultation on the proposal to gather market feedback. The potential merger aims to streamline the listing structure and enhance the attractiveness and operational efficiency of Hong Kong's capital market. As of September 24, HKEX had 2,767 listed companies, including 2,461 on the Main Board and 306 on GEM, with market capitalizations of HKD 45.582 trillion and HKD 74.5 billion, respectively. Separately, PwC forecast that Hong Kong's total IPO fundraising in 2026 could reach HKD 380 billion, up 8.6% to 18.8% from its earlier estimate of HKD 320-350 billion, potentially securing a top-three global IPO market position. PwC expressed confidence in the growth momentum continuing into 2027, despite short-term challenges such as geopolitical tensions, inflation, and interest rate volatility.
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