It has been a particularly grim first half of the year for the Hong Kong Stock Exchange. The benchmark Hang Seng index has fallen by more than 20%, its poorest performance for 14 years and many are saying there will be worse to come.

An even more dismal trading record has been seen on the second-tier GEM market, home to several stocks that rarely trade. Despite hopes that GEM would be a vibrant market for up-and-coming companies, it rarely manages to attract new listings.