(START div)Hello (START b)world\b/!\div/
why ever you would want this.But despite all the flexibility offered by SGML and because probably nobody implemented HTML parsing by using a SGML parser, we ended up with malformed HTML documents who's interpretation was essentially defined by whatever the ad hoc HTML parser implementations in browser did.
HTML5 finally abandoned the idea of basing HTML on SGML and a DTD and instead essentially formalized the status quo of HTML parsing and put it into the specification. At least this is my understanding as a non-web developer who gets to work with HTML only occasionally.