WHILE Hong Kong should be proud of Dailywin Group for its bold march on to the London exchange, there is little else to be happy about.
The firm's listing sends a timely reminder to Hong Kong stock exchange officials who imposed a new profit record requirements last year, but are reluctant to provide an alternative channel for the smaller companies.
Dailywin Group's finance controller, Norris Leong, said: 'The tightening of the rules are unfair to a certain extent. But small companies can still list on other international exchanges, such as Australia and Canada.' It is unfair because the stock exchange is supposed to create an environment conducive to companies' fund-raising activities.
Dailywin, being left out of the fund-raising game in its home town, is braving a more difficult listing environment in London.
Furthermore, the company will have to face investors who are completely unfamiliar with its Hong Kong operations.
By adopting a philosophy of screening companies to protect investors, the Hong Kong exchange at the same time is, in effect, depriving investors of a wide spectrum of companies from which to choose.