WEDNESDAY, NOVEMBER 27, 1905
39
+ INDEED, A NEW MARKET ONCE CAPTURED SHOULD DESERVE EVERY EFFORT TO PRESERVE IT, HE SAID.
IN PARALLEL, THE PROGRESSIVE NEED FOR DIVERSIFICATION AND HIGH TECHNOLOGY INDUSTRIES WAS CONSPICUOUS AND IMPERATIVE, HE ADDED.
+NEVERTHELESS, COMMON TO THESE HIGH TECHNOLOGY INDUSTRIES
IS THEIR HIGH RISK OF FAILURE ENDEMIC IN THEIR EARLY STAGES OF GESTATION AND DEVELOPMENT.
+GIVEN OUR CONVICTION IN FREE ENTERPRISE, IT IS PATENTLY UNREALISTIC TO RELY UPON THE GOVERNMENT TO SPONSOR AND DEVELOP THESE INDUSTRIES.
+PRIVATE INITIATIVES, IN TERMS OF CREATIVITY AND ENTERPRENEURAL CARE, ARE THEREFORE ESSENTIAL TO THE CONCEPTION, BREEDING AND SUSTENANCE OF OUR HIGH-TECH INDUSTRIES,+ HE SAID.
HE SUGGESTED THAT TO CATER TO THESE UNIQUE CAPITAL NEEDS HONG KONG SHOULD CONSIDER PROVIDING A VENTURE CAPITAL MARKET FOR RAISING VENTURE CAPITAL SIMILAR TO AN OVER-THE-COUNTER MARKET ELSEWHERE IN THE WORLD.
DR CHAM SAID THIS COULD BE ACHIEVED THROUGH THE RELAXATION OF EXISTING LISTING GUIDELINES OF MINIMUM CAPITAL TO PERMIT SMALLER AND YOUNGER COMPANIES TO BE TRADED.
+UPON MATURITY, THIS MARKET FOR VENTURE CAPITAL CAN BE FURTHER EXPANDED TO PERMIT THE LISTING AND TRADING OF CONCEPT STOCKS' IN OUR EQUITY MARKET.
+ IN THIS WAY, WE CAN CHANNEL SURPLUS CAPITAL INTO NEEDY VENTURES OF HIGH TECHNOLOGY AND RISKS BUT THERE MUST BE CORRESPOND ING SAFEGUARDS ON THE ADEQUATE DISCLOSURE OF THE RISKS INVOLVED IN VENTURE CAPITAL STOCKS, HE SUGGESTED.
PROVIDED THAT THE PROSPECTIVE INVESTOR INVESTED WITHIN HIS MEANS AND WAS WELL AWARE OF THE IMPLIED RISK, DR CHAM SAID HE BELIEVED SUCH STOCKS WOULD HELP BRIDGE THE NEED FOR HIGH- TECHNOLOGY INDUSTRIAL INVESTMENT ON ONE HAND AND INVESTORS WHO HAD THE CAPACITY TO TAKE RISKS ON THE OTHER,
+STRATEGICALLY SPEAKING, WHILE A VENTURE CAPITAL MARKET WITH LIBERAL LISTING GUIDELINES AND ADEQUATE RISK DISCLOSURE MAY HELP. TO STIMULATE INVESTMENTS IN HONG KONG, A VENTURE CAPITAL MARKET WILL ALSO BE CONGRUENT TO AND SUPPORTIVE OF THE MODERNISATION PROGRAMME IN THE PROVISION OF VENTURE EQUITY FINANCING IN CHINA.
+THI'S WILL ENABLE OUR ECONOMY TO REMAIN COMPLEMENTARY AND COMPATIBLE WHILE EXPENDING THE UNIQUE FUNCTIONS OF OUR FREE ENTERPRISE ECONOMY, HE SAID.
140
¿.
Page 40Page 41
No comments yet.
Private notes are available after approval.