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Firm makes first application for shift to main market as second index continues slump

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In an unprecedented move, one of the first two companies to be listed on the Growth Enterprise Market is seeking approval to switch from the beleaguered second board to the main board.

Fertiliser maker China Agrotech Holdings said yesterday it had submitted an application to Hong Kong Exchanges and Clearing for a main-board listing last Friday.

The company is also seeking the exchange's approval to withdraw from the GEM.

However, such a withdrawal is subject to obtaining a listing on the main board.

The news was a big blow to the market's sentiment towards the already-battered GEM, analysts said.

However, exchange spokesman Henry Law said Agrotech's plan would have no impact on the GEM's operation.

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