A shot in the arm for Hong Kong's ailing Growth Enterprise Market (GEM) may come this month with the HK$400m listing of Mainland internet service company FibrLink Communications.
After its launch in the heady days of the dotcom boom, GEM has gone nowhere, with just three listings this year raising a total of HK$136m, market capitalisation of HK$65bn and average daily turnover running at just HK$70m.
A FibrLink float would be the largest since Tom Online raised HK$1.5bn in March last year. This year's listings were Finet Group Ltd (financial information), Sungreen International Holdings Ltd (Chemicals) and Shanghai Donghua Petrochemical Co Ltd (Petrochemicals).
FibrLink is a subsidiary of the mainland's largest electricity grid builder, State Grid Corp of China, and calls itself 'an integrated provider of solutions and services that support the internet and other public and private data, voice, and multimedia communications networks, using terrestrial and wireless technologies'.
Parent company State Grid is engaged in linking up the six provincial grids managed by itself and by and China Southern Grid. FibrLink uses the power lines to transmit broadband Internet; currently it provides service in in Beijing, Shandong, Jiangsu, Sichuan and Guangdong.
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