Borrison/hk-legicost huggingface dataset:
兩地資本市場互通雖然可帶來大量潛在資金，促進內地金融業開放，但同時附帶而來的是市場風險，特別是兩地市場融合後所產生的種種炒風，甚至是股價異動，令香港市場內地化。
While mutual capital market access between the two places may bring about large amounts of potential funds and facilitate the opening up of the Mainlands financial industry market risk may also ensue . In particular the speculative atmosphere resulting from the market integration between the two places and even the abnormal fluctuations of stock prices may lead to the Mainlandization of Hong Kongs market
如果大家仍有印象，內地於今年元旦日實施"熔斷機制"，原意是設立一個防止股市大起大落的穩定機制，但出來的政策效果卻恰恰相反，"熔斷機制"本身變成引發市場波動的機制和元兇。
Members may still remember that the Mainland launched the circuit breaker mechanism on the Lunar New Years Day this year . It was intended as a stabilization mechanism for avoiding drastic stock market fluctuations . But this policy achieved the opposite result in the sense that the circuit breaker mechanism ended up as the very mechanism and culprit triggering market fluctuations
代理主席，兩地市場發展日益緊密，而內地市場不論在監管機構及市場結構上，也與香港有很大分別。
Deputy President the markets of both places are getting increasingly close in ties and the regulators and structure of the Mainland market differ greatly from those of the Hong Kong market
近年，內地與香港資本市場加強合作，不論滬港通、深港通或內地與香港的基金互認安排，都為我們帶來新的監管挑戰。
In recent years the cooperation between the capital markets in the Mainland and Hong Kong has strengthened . The Sh - HK Stock Connect the Sz - HK Stock Connect and also the mutual recognition of funds between the Mainland and Hong Kong have presented new regulatory challenges to us
如果監管做得不好，我們便要賠上市場聲譽作為代價。
If our regulation is not good enough our market reputation will be sacrificed
可是，隨着近年市場北望神州，負責前線監管和協調者都變得越來越着重市場推廣。
However as the market has turned its eyes northwards on the Mainland in recent years our frontline regulator and coordinator are now increasingly concerned about marketing
港交所本身是一間上市公司，要為股東爭取最大回報，但同時又是發行人的前線監管者，要維護公眾利益，以及市場要有良好信譽和秩序。
As a listed company HKEx should strive for greatest profits for its shareholders . But at the same time HKEx as the frontline regulator of issuers should safeguard public interest and maintain the good reputation and order of the market
港交所在審批新股上市的職能上，確實存在潛在利益衝突。
Speaking of the function of vetting and approving new listing applications HKEx honestly has potential conflicts of interest
此外，不少上市公司近年在掛牌後業績便立即走樣，有些甚至在上市不足兩個月便發出盈警，顯示新股質素每況愈下，令人關注現時上市審批的把關工作是否有不足之處。
And in recent years the performance of many listed companies has declined right after listing and some have even issued profit warnings less than two months after listing . This shows that the quality of newly listed stocks is on the decline and has aroused public concern about any gatekeeping inadequacy in the existing process of vetting and approving listing applications
此外，"啤殼"風氣盛行，由"借殼"上市造成的問題等，都令人關注現時的監管環境是否落後於市場發展的需要。
Furthermore due to the prevalence of shell companies and problems associated with backdoor listing people are concerned about whether our existing regulation is lagging behind the development needs of the market
香港聯合交易所有限公司和證監會這次的諮詢建議，目的是希望改組負責審批上市的機制，提升上市程序和上市政策制訂的效率和效能。
The consultation proposals put forth by The Stock Exchange of Hong Kong Limited SEHK and SFC this time around aim to reform the mechanism for vetting and approving listing applications and also to enhance the efficiency and effectiveness of the listing process as well as listing policy formulation
建議包括，聯交所將新增負責上市政策的上市政策委員會，以及負責審批敏感或有重大爭議的上市申請的上市監管委員會。
The proposals include the setting up of a Listing Policy Committee LPC and a Listing Regulatory Committee LRC under SEHK respectively charged with the listing policy and the vetting and approval of sensitive or highly controversial listing applications
在兩者中，證監會的代表均佔一半，明確界定證監會在上市政策制訂及審批中的角色。
And SFCs representatives will account for 50 % of the respective memberships of the two committees and its roles of formulating listing policies and also vetting and approval are clearly defined
可是，當建議提出後，業界確實提出了不少反對聲音，包括擔心權力會否過分集中、會否產生過分干預，以及正如張議員所說般，會否將"金蛋"掐死。
But after the introduction of the proposals the industry has indeed put forth many dissenting views including the concern about the possibility of over - concentration of power excessive interference and killing the goose that lays golden eggs as asserted by Mr CHEUNG
事實上，聯交所並非法定監管機構，這次建議能夠改善上市監管的管治模式，證監會可透過參與上市監管委員會，實際行使根據《證券及期貨規則》獲賦予的權力反對某項上市。
Actually SEHK is not a statutory regulator . The proposals this time around can improve the governance structure for listing regulation . SFC will in effect be able to exercise its power under the Securities and Futures Rules to object to a listing through its participation on LRC
不涉及合適性的問題及更廣泛政策影響的個案，將會繼續由上市委員會負責審批。
Those cases which do not involve suitability issues or have broader policy implications will continue to be vetted and approved by the Listing Committee
這次改革的諮詢期因業界的爭議而延長兩個月。
Due to controversy in the industry the consultation period of this reform was extended by two months
業界其中一項論點，是"合適性問題"及"廣泛政策影響"的定義為何，認為模糊不清。
The industry has raised one point about the definitions of suitability issues and broad policy implications maintaining that the two expressions are ambiguous and unclear
同時，他們亦對上市監管委員會的組成和代表性提出了很多意見，甚至指證監會其實是想透過此制度奪權。
At the same time they have put forth various views on LRCs composition and representativeness and even criticized that SFC actually intends to seize power through this regime
事實上，聯交所的上市職能由《證券及期貨條例》所賦予，然而《條例》亦訂明證監會除規管認可交易所外，亦須為證券上市及處理證券上市的申請程序訂立規則。
Actually SEHK is empowered by the Securities and Futures Ordinance to perform the listing function . But the Ordinance also stipulates that apart from regulating exchange companies SFC shall formulate rules on stock market listing and the procedure for processing applications for stock market listing
其實，新舊制度的差別只在於證監會負責運用這權力的程度和方法。
The difference between the old and the new systems actually lies in the question of how far SFC exercises this power and also the approach it adopts
金融監管需要增強是大勢所趨，而且在港交所積極融合中港市場的策略下，監管機構的把關顯得更為重要。
Strengthening financial regulation is a general trend . And under HKExs strategy of actively integrating the markets in China and Hong Kong the gatekeeping role of regulators is of much greater importance than before
即使這次建議得到落實，香港的做法其實跟國際市場的趨勢仍有一大段距離。
Even if the proposals this time around are implemented a huge discrepancy actually still exists between the practice of Hong Kong and the international market trend
對比英美主要金融市場，有關上市申請的生殺大權都是掌握在市場監管部門手上，例如美國的證券交易委員會、英國的金融市場行為監管局。
In major financial markets such as those in Britain and the United States the ultimate power to approve or reject a listing application rests with their market regulators such as the US Securities and Exchange Commission and the Financial Conduct Authority in Britain
即使監管架構與香港較接近的澳洲及新加坡，當地的上市審批部門雖然屬交易所旗下，但當地的交易所並不實際掌握審批權力。
Even in the case of Australia and Singapore which practise a regulatory regime relatively similar to that of Hong Kong their local exchange companies do not actually possess any vetting and approval power despite the fact that the local departments charged with the vetting and approval of listing applications are under such exchange companies
相對而言，即使香港落實這次改革，港交所在上市審批事宜的參與仍屬主導，一般申請仍然由上市委員會負責審批。
In contrast even if Hong Kong implements these reforms HKExs participation in the vetting and approval of listing applications will remain dominant and normal applications will be vetted and approved by the Listing Committee all the same
在上市監管委員會加入證監會代表，其實只是將證監會原本應該有的否決權明確化。
The sole purpose of including SFCs representatives in LRC is actually to increase the clarity of SFCs veto power which it already possesses
我今天提出的修正案，目的是促請政府在促進兩地資本市場發展的時候，監管機構都要做好監管者的角色，檢討現時法例是否足以應付監管工作上所面對的新挑戰，因為我們的市場參與者，不論是投資者還是上市公司，涉及內地的比例都逐漸提高。
I propose an amendment today with the intention of urging the Government to facilitate the development of the capital markets in both places while also calling upon regulators to properly discharge their regulatory roles and review the ability of the existing legislation to cope with new regulatory challenges . The reason is that the proportion of our market participants from the Mainland be they individual investors or listed companies is gradually increasing
其中最為明顯的是，近來內地公司來港上市的數目有增無減。
Most obviously the number of Mainland companies listed in Hong Kong is ever increasing
在2015年，內地公司在香港透過首次公開招股籌集的資金佔市場總集資額達92%，可見香港的首次公開招股市場非常依賴內地企業來港上市，相關中國股份的股票成交量亦在過去5年均超過五成。
In 2015 the funds raised by Mainland companies through initial public offering IPO in Hong Kong accounted for 92 % of the total funds raised in the market . This indicates a heavy reliance of Hong Kongs IPO market on the listing of Mainland companies in Hong Kong . And the trading of China - related stocks accounted for over 50 % of the total trading volume over the past five years
以市值計，在主板的相關中國股份之市價總值佔股份總市值超過四成，由此可見，我們的股票市場與內地的關聯性越來越高。
Speaking of market capitalization the market capitalization of China - related stocks on the main board accounted for over 40 % of the total market capitalization . It can be seen from this that the connection between our stock market and the Mainland is increasing
在深港通開通前夕，我想借此機會指出，香港市場已經變得更大及更複雜。
On the eve of launching the Sz - HK Stock Connect I wish to take this opportunity to point out that the Hong Kong market is increasing both in size and complexity
近年，企業管治缺失及披露問題有嚴重趨勢。
In recent years the problems of corporate governance deficiencies and disclosure have shown a serious trend
證監會涉及這個範圍進行的調查數目在過去5年急速上升，由2011年的36宗增至2015年的177宗。
The number of SFCs investigations into cases in these areas surged in the past five years from 36 in 2011 to 177 in 2015
另一方面，滬港通、深港通無疑會令AH股的關連性變得更快更強，而兩地市場的環境、交易規則、法律制度等方面均存在重大差異。
Besides the Sh - HK Stock Connect and the Sz - HK Stock Connect will undoubtedly speed up and enhance our connection with AH shares . And there are huge differences between the markets of both places in areas such as market environment trading rules and legal system
此外，內地的信息披露制度未如香港般完善，人治色彩較濃，政策對市場的影響更大，而且不透明，敏感消息容易泄漏，令有心人有機可乘。
Furthermore the Mainlands disclosure system is not as comprehensive as the system in Hong Kong in the sense that it is marked by a heavy rule - of - man aura greater policy implications on the market a lack of transparency and also a susceptible leakage of sensitive information . This may enable those with ulterior motives to manipulate the loopholes
由於涉及跨境違法行為，中港監管雙方不能就本土以外的不法行為執法，我希望兩地監管機構能夠加強在執法層面的合作，堵塞監管漏洞，增加投資者對市場的信心。
As cross - boundary illegal conduct may be involved and the regulators in China and Hong Kong are unable to take enforcement action against any illegal conduct outside their respective territories I hope the regulators of both places can enhance their law enforcement cooperation and plug the regulatory loopholes so as to enhance investors confidence in their markets
我現在向各位提出的待議議題是：涂謹申議員就張華峰議員議案動議的修正案，予以通過。
I now propose the question to you and that is That the amendment moved by Mr James TO to Mr Christopher CHEUNGs motion be passed
代理主席，就有關的議案，大家必須留意的，便是香港作為《禁止酷刑和其他殘忍、不人道或有辱人格的待遇或處罰公約》的締約方，基於國際人道的責任，香港是有道義及責任必須妥善處理尋求庇護的難民，是不能逃避這種責任的。
Deputy President with regards to the relevant motion Members should pay attention that Hong Kong as a contracting party to the Convention Against Torture and Other Cruel Inhuman and Degrading Treatment or Punishment has the moral obligations and responsibilities to properly handle refugees who seek asylum in Hong Kong in accordance with the international humanitarian protocol . It should not evade such obligations and responsibilities
現時的狀況、真正的問題是因為審核甄別的機制、過程很冗長，所以才形成大量免遣返聲請人士在香港滯留，而且滯留的時間很長，令到我們無法消化一直累積的增長，亦令到香港政府要處理有關聲請 人士滯留所帶來的公共財政負擔。
The actual cause of the existing problem is that the examination and screening mechanism is far too lengthy thus a large number of non - refoulement claimants are stranded in Hong Kong . Besides they have been stranding in Hong Kong for a substantial period of time so much so that we cannot absorb the growth that keeps on accumulating and hence the Hong Kong Government has to bear a heavy burden of public expenditure for handling claimants stranded in Hong Kong
因此，如果問題是因為審核機制冗長，解決的方法就一定要針對原因，加快審核甄別的機制。
For that reason if the problem is due to the lengthy examination and screening mechanism the solution should be focus on the cause and speed up the examination and screening mechanism
我建議甄別程序可以分為兩階段，在第一階段用短時間及高效益的方法，分別出較有可能最終獲得難民身份的聲請者。
I suggest that the screening process should be divided into two stages . In the first stage we should spend a shorter period of time and adopt some highly effective measures to identify those claimants who are more likely to award refugee status
如果他們在第一階段甄別成功，將會獲得從事特定工種的工作或獲指派特定工作的機會，為聲請者提供誘因，讓他們自發、主動的提供相關證明，從而可以在很短時間內獲得確認難民的身份及工作機會，重投社會，重新生活。
If they are successfully screened during the initial stage then they will be awarded the opportunities to engage in specific types of jobs or to be assigned to do some specific jobs . In so doing we can provide this as an incentive to applicants . In return they will take the initiative to provide the relevant identifications with self - motivation for the purpose of being granted the refugee status and the job opportunity within a short period and rejoining society and leading a new life
至於收容中心的安排，其實不適宜以禁閉的形式限制人身自由。
As to the arrangement for the holding centre actually it will be inappropriate to throw them into confinement and to restrict their personal freedom
相反，如果用剛才所提議分兩階段的方法，我們可以同時加強執法、打擊非法"黑工"、加重刑罰，令到在第一階段未能夠獲得甄別成功的難民在那段時間沒有資格在香港工作；而加重刑罰及加強執法就會帶來適當的阻嚇力，阻止有關的聲請人士想透過拖延時間在香港從事非法工作。
On the contrary if we adopt the proposed two - stage mode then we can step up the enforcement action against illegal workers and increase the penalty so that those claimants who fail to pass the initial stage of screening will not be eligible to work in Hong Kong during that time period . Besides the increase of penalty and the stepping up of enforcement will enhance the deterrent effect which will deter claimants from engaging in illegal work by delaying the screening process
最後，關於法律援助方面，大家必須留意，法律援助是用來緩減訴訟人士面對法律時因為財政能力差異而造成的不公平。
Lastly as to legal aid we should note that the purpose of legal aid services is to help litigants to mitigate the inequality due to a disparity in financial strength
所以，如果透過設立援助上限，其實會剝奪了財政能力有限而又需要透過司法程序尋求公義的人士，更有可能因而帶來很多誤判或錯誤的審批甄別，最終令香港不能履行作為相關的國際公約的締約方應有的道義及責任。
Therefore if we limit the ceiling for legal aid we will actually deprive the rights of people who have limited financial means but have the need to seek access to justice through legal process . Besides it is even possible to cause errors of judgment or erroneous examination and screening resulting in preventing Hong Kong from fulfilling the moral obligations and responsibilities as a contracting party of the relevant convention
因此，總括而言，我認為有關的議案必須在加強執法的同時，需要加快甄別審批程序，避免有人濫用。
In sum I consider that as far as the motion is concerned we should step up the enforcement and speed up the examination and screening process in order to prevent abuse
但是，如果是符合資格的，亦要讓他可以更有效及更適切地融入香港社會。
Nevertheless if claimants are found to be eligible we should ensure them to effectively and properly integrate into the Hong Kong society
收容中心方面應該以安置作為前設，令他們可以在有人身自由的情況之下，適應香港的生活。
The prerequisite for the setting up of a holding centre is that it should be set up for the sake of settling down so that they can exercise personal liberty and adapt themselves to the life in Hong Kong
主席，證券及期貨事務監察委員會和香港聯合交易所有限公司發表有關"改善上市監管決策及管治架構"的諮詢文件，引起業界不少反對聲音，其中有意見指現時審批上市程序行之有效，改革建議是證監會想奪權；亦有人指改革會根本改變現時的上市審批原則，由披露為本，轉為監管為本。
President the consultation paper on Proposed Enhancements to the Stock Exchange of Hong Kong Limiteds Decision - Making and Governance Structure for Listing Regulation released by the Securities and Futures Commission SFC and The Stock Exchange of Hong Kong Limited SEHK has aroused lots of opposing voices from the industry . There are views among others that the process of vetting and approving listing applications has been effective the reform proposals are just meant to serve SFCs purpose of usurping power . There are also views that the proposed reform will mean an overhaul to the existing principles of vetting and approving listing applications turning a disclosure - based system into a regulation - based one
我認為這些說法是言過其實。
Well I think people have overstated the facts
今次諮詢建議出台，其實是有很多背景的，當中第一點，當然是香港股票市場新股集資額位列世界前端，我們必須時刻保持市場活力和香港的優勢；第二，市場的新發展形勢是北水南調、互聯互通，繼"滬港通"外，亦即將推出"深港通"，但在深交所之前發表的《港股通交易風險揭示書必備條款》中，就特別指出了對香港"老千股"交易風險的提示。
There are actually many factors behind the decision of rolling out this consultation on the proposed enhancements among which are firstly since the Hong Kong stock market is at top of the world in terms of the volume of capital raised by new stocks we have to maintain the vibrancy of our market and Hong Kongs advantageous position at all times; secondly a new trend of market development has formed with capital inflows from Mainland and the implementation of the China Connect Programme under which the Shenzhen - Hong Kong Connect is due to launch soon following the launch of the Shanghai - Hong Kong Connect . However the trading risks associated with the cheating shares in the Hong Kong market has been highlighted in Mandatory Provisions for the Risk Disclosure Statement for Hong Kong Connect Trading released earlier by the Shenzhen Stock Exchange
事實上，與創業板的股票炒賣和"啤殼"風潮大同小異，市場上近年的新股和"細價股"經常大上大落，出現不合理波動的事件越來越嚴重，問題屢屢出現，包括上市數個月便發出盈警，以及涉及造假帳而被撤銷上市地位或停牌遭查。
Actually speculation in the shares listed on GEM is more or less the same as the prevalence of shell companies . In recent years prices of newly listed shares and penny stocks fluctuated drastically while incidents involving unusual movements in stock prices are getting more serious and problems occurred more frequently including instances of issuing profit warning only a few months after listing as well as false accounting that had led to delisting or revocation of licence pending inquiry
只有針對性地減少不良市場活動，我們才能夠長遠地維持本港證券市場的吸引力，確保香港作為金融中心的地位。
Only by targeting on minimizing market malpractices can Hong Kongs securities market maintain its attractiveness in order to safeguard Hong Kongs status as a financial centre
文件提到的建議，特別是LPC，即上市政策委員會，我留意到市場上對這項建議的反對聲音較少，其中主要便是提出要加入更多市場持份者，我認為這項意見值得參考，相信當成立上市政策委員會後，上市政策就可以參考更多持份者的意見。
I noticed that certain recommendations in the paper in particular the one regarding the establishment of the Listing Policy Committee LPC has met with less opposition and people are mainly suggesting participation by more stakeholders . I think this suggestion is worthy of consideration and believe that upon the establishment of LPC reference can be made to views of more stakeholders in the formulation of the listing policy
主席，2013年發生了阿里巴巴事件，由於該公司要求沿由它同股不同權的制度來港上市，並不符合本港同股同權的上市規則，結果證監會最終不同意阿里巴巴在香港上市。
President the Alibaba incident took place in 2013 in which SFC eventually disapproved of Alibabas coming to Hong Kong to go public because the companys demand of listing its shares in accordance with the regime of dual - class share structure was against Hong Kongs listing rule of one share one vote
所以，文件中亦建議一個新成立的委員會LRC，而對於成立這個委員會的爭議性就較大，因為建議成員有6位，由證監會和香港交易及結算所有限公司各佔3位。
As such the establishment of the Listing Regulatory Committee LRC is also recommended in the paper but has become a relatively more controversial issue since LRC will comprise six members with three representing SFC and another three representing the Hong Kong Exchanges and Clearing Limited HKEx
批評聲音指出它的成員遠較現時上市委員會的28人少，單6個人就可以就涉及上市合適性的問題，或引致更廣泛政策影響的新股進行審批，業界認為它確實是奪走了現時上市委員會的一些實質權力，我亦理解由於這個委員會確實可以就着合適性及更廣泛政策影響的新股進行審批，所以請政府當局或證監會應更清楚地釐定哪些股票會列入合適性或更廣泛政策影響，使市場的疑慮可以減少。
People criticized that its membership is too small as compared to the 28 members of the Listing Committee . In light of the empowering of only six members to vet and approve new listing applications that involve listing suitability issues or have broader policy implications the industry opines that LRC has indeed usurped certain substantive power of the existing Listing Committee . I also understand that LRC will indeed vet and approve new listing applications that involve suitability issues or have broader policy implications and so will the authorities or SFC please clearly define which stocks will be put under the category of suitability or that of broader policy implications in a bid to allay market concerns
主席，在推行政策前，當局必須繼續與持份者溝通，我亦知道持份者確實仍有不同的批評和擔心。
President the authorities have to keep communicating with all stakeholders before taking forward any policy . I appreciate the fact that stakeholders still have different comments and concerns
當局亦可考慮一些在市場上收集到的意見。
The authorities may also take into consideration the views received from people in the market
我留意到金融發展局亦提出了意見，說除了考慮LRC外，其實亦可以考慮在現時的上市委員會中，加入兩名證監會的行政人員；而LPC，證監會的行政總裁就未必需要擔任它的當然成員。
I noticed that the Financial Services Development Council has also voiced its views suggesting that apart from LRC two executive officers from SFC can be added to the current membership of the existing Listing Committee but for LPC it is not necessary for the Chief Executive Officer of SFC to be its ex - officio member
此外，我亦留意到香港會計師公會提出的意見，並認為其內容值得參考，包括LRC應該加入更多不同背景的成員，以避免因與上市委員會重複成員而出現自己評審自己的現象。
Besides I have also noted the views from the Hong Kong Institute of Certified Public Accountants which I find worthy of attention including that people from diverse backgrounds should be included in the membership of LRC in order that without overlapping membership of the Listing Committee instances of its members being judged themselves can be avoided
我再次強調，在制訂及推出任何政策時，我們也必須照顧不同持份者的意見，當局有推出諮詢文件的理由和背景，但事實上，持份者的疑慮我們亦不得不考慮，亦需要在聽取他們的意見後再作合適優化。
Let me reiterate once again We have to take into consideration the views of different stakeholders in formulating and implementing any policy . It is true that the authorities launched the consultation paper as driven by different reasons and factors but it is equally important to pay heed to stakeholders concerns . It is also necessary to carry out appropriate enhancements after listening to their views
總的來說，我認為諮詢文件只是開始，由於改革內容基本上並沒有針對多位議員剛才提到，包括我們也有提到的"老千股"，或以財技炒上炒落，懷疑是欺騙小投資者的情況，令我認為諮詢文件的內容也是未有足夠對焦。
All in all I regard this consultation paper as a beginning only . Since the contents of reform have neither targeted on the cheating shares as mentioned by various Members including us nor on the manipulation of financial techniques in bringing up and down the stock prices through speculation with the suspected intent of deceiving small investors I am of the view that the contents of the consultation paper are somewhat out of focus
我希望這只是第一步，將來會有更具體的建議或更實質的行動，包括以執法來處理這些不法、或是不誠實的行為。
I hope that this marks only the first step and more specific proposals or more concrete actions will come in the future including law enforcement actions to combat such unlawful or dishonest practices
我認為有數點值得提出一起研究。
There are a few points which I think are worth mentioning for our discussion here
代理主席，香港新股上市市場集資一直在全球享有領先地位。
Deputy President Hong Kong has been holding the leading position in market capitalization of initial public offerings IPO in the globe
自從2009年至2011年連續3年成為全球IPO金額最高的市場後，香港在2014年、2015年再次成為全球之冠。
Since it became the market with the highest market capitalization in the whole world for three successive years from 2009 to 2011 Hong Kong came to the first in the world again in terms of market capitalization in 2014 and 2015
去年，香港IPO的總集資額達到335億美元，遠超第二位紐約交易所的196億9,000萬美元。
Last year Hong Kongs IPO market capitalization reached US33.5 billion in total which was way above the US19.69 billion in the New York Stock Exchange that ranked second
雖然香港IPO市場的表現十分亮麗，不過，近年新股上市屢屢出現問題。
Despite the brilliant performance of the Hong Kong IPO market there are problems with IPOs in the recent years
每年在香港聯合交易所有限公司上市的IPO之中，有不少屬於股權極為集中、股份在市場流通量極少的"微型股"。
Every year among the IPOs listed on The Stock Exchange of Hong Kong Limited SEHK not a few are micro caps with high shareholding concentration and very low liquidity in the market
由於這些"微型股"本身具有股權極為集中，以及股份在市場流通量極少的特質，往往在正式上市後的短短數個交易日內，股價倍升，甚至是數十倍地大幅上升，吸引不少投資者買入。
Since these micro caps are characterized with high shareholding concentration and very low liquidity in the market after they are formally listed on the market within just a few trading days their share prices will often multiply and even drastically rise for a few dozen times thus attracting not a few investors to purchase