Hong Kong’s answer to the Nasdaq, the Growth Enterprise Market (GEM), got off to a healthy start on its first trading day with the share prices of the first two companies to list on it soaring. Timeless Software shares hit a high of $7.70 (99c) from an issue price of $3 before closing at $5.40. Turnover reached HK$415.8m ($53.3m), making it the eighth most-traded stock in Hong Kong, just behind heavyweight Cheung Kong (Holdings). China Agrotech climbed to HK$2.75 from its HK$1.20 issue price. It finished the day at HK$1.92 with HK$233m worth of shares changing hands.
