홍콩 자본시장의 상장제도와 규제 − 성장기업시장(GEM)을 중심으로 −

This paper analyzes the Growth Enterprise Market (GEM) whch is a stock market set up by Stock Exchange of Hong Kong for growth companies that do not fulfill the requirements of profitability or track record. GEM operates on the philosophy of buyers beware and let the market decide based on a strong disclosure system. Its rules and requirements are designed to foster a culture of self compliance by listed issuers and sponsors in the discharge of their respective responsibilities. Meanwhile, the Korea Exchange launched the new market which was named the Korea New Exchange (KONEX) market for small-and mid-sized companies. Small and medium enterprises (SMEs) often find it hard to finance themselves even if their growth potential is high. The KONEX will facilitate direct financing of these small businesses with growth potential, which are unable to make it to either the main bourse known as the KOSPI, or the tech-heavy KOSDAQ. To qualify for the KONEX, SMEs only need to meet one of the three following requirements: ① equity capital of 500-million won about half a million dollars, ② sales of 900-thousand dollars or ③ a net profit of 270- thousand dollars. Companies eligible to list on the KONEX will also be provided with necessary support from so-called “nominated advisors”, which will be drawn from large securities firms. This paper introduces that the basic structure, listing system, regulations of disclosure of KONEX by comparing with GEM. The paper suggests that the role of the KONEX market would be suitable and maintain its establishment meaning. Also, the paper proposes that specific and various system should be implemented by rules, codes, guidelines, and so on. In conclusion, it is the time when we should look at the global change with great interest in order to harmonize with the trend of current international capital markets. It will be the turning point of our system and regime.