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1999年7月22日香港联交所颁布了《创业板上市规则》,并于8月初成立“创业板上市委员会”。创业板以公司(高科技公司)增长为目标,该市场容纳没有完备业绩记录的增长公司,致使其上市标准远较主板低。对没有往绩可寻的增长公司的未来表现一般较难预测,存在着较大的未知因素,因此,投资于该等市场的风险就远远高于主板市场。为此,创业板采用“买者自负”的理念。发行人需于《招股说明
July 22, 1999 Hong Kong Stock Exchange promulgated the “GEM Listing Rules” and in early August set up “GEM Listing Committee ”. The Growth Enterprise Market (GEM) targets growth of companies (high-tech companies) that accommodate growth companies that do not have a proven track record, leaving their listing standards far lower than their motherboards. The future performance of growth companies with no track record is generally more difficult to predict and there is a large unknown factor. Therefore, the risk of investing in such markets is much higher than that of the main board. To this end, the GEM uses “buyer ” concept. Issuers need to "prospectus