The recent spate of Internet listings and a further easing of listing rules will see the Growth Enterprise Market (GEM) achieve market capitalisation of $100 billion a lot faster than the original 12-month target, according to public offer sponsors. Tai Fook Securities managing director Peter Wong Siu-hoi, who is also a member of the GEM listing committee, said the listing of sizeable companies such as Tom.com and Hongkong.com and the pending Sunevision all float would help boost liquidity and investment sentiment in the new market. 'Both investors and issuers are attracted to the GEM board due to the recent hype of the GEM issues,' Mr Wong said. 'I think the 12-month target of growing the GEM board into $100 billion total market capitalisation can easily achieved.' Sponsors yesterday welcomed the move to ease listing requirements, saying it would also improve transparency and competitiveness in the new market. On Saturday, regulators at the Stock Exchange of Hong Kong and the Securities and Futures Commission reacted to recent criticism by saying they would shorten the share lock-up period for initial management shareholders of GEM listing candidates from two years to six months. Sponsors had complained of unfair treatment after the stock exchange granted waivers to a number of companies, including Li Ka-shing-controlled Tom.com and the Internet portal Hongkong.com. The waivers allowed initial management shareholders of these companies to dispose of their interests six months after the flotation. George Hongchoy, corporate finance director at Jardine Fleming Securities, welcomed the regulators' decision. 'This will improve the transparency of the GEM board. Companies can follow that same set of rules and avoid confusions aroused from granting waivers,' he said.