1998年12月,做卫生纸的私营企业恒安国际在香港上市,次年2月,第一家乡镇企业,鹰牌控股在新加坡上市,而另一家私营企业,做交换机的侨兴集团在美国纳斯达克上市。此后,民企纷纷跟进,形成了民企海外上市的3个主要场所。而到1999年底香港创业板的设立,形成了民企海外上市的一个高潮 In December 1998, Heng An International, a private-owned tissue maker of toilet paper, went public in Hong Kong. In February the following year, the first township enterprise, Eagle Holding, was listed in Singapore while another private-owned company, Qiao Xing Group, which makes switches, Duck listing. Since then, private enterprises have followed up, forming the three major private enterprises overseas listing. By the end of 1999, the establishment of the Hong Kong GEM created a climax in the overseas listing of private enterprises