Tuesday, December 12, 2006

創業板笑話 裕興發達之謎

禤中怡昨日談到企業管治(Corporate Governance),其中藍籌股財雄勢大,加上顧及公司名聲,自然會小心處理事務,相反二三線股份集中業務發展,分分鐘忽略了這個重點,最新的例子就是創業板上市公司裕興科技(8005)。

這間公司從事生產數碼科技產品等,最令人側目的是,雖然公司掛有「科技」二字,卻原來不務正業。早於04年8月該集團透過旗下全資附屬金裕興動用高達約2.12億港元,向三水健力寶購買一間深圳江南的公司10.435%股權,而深圳江南本來持有平安保險(2318)內地法人股,金裕興應佔僅5,100萬股。最特別的地方是,裕興主席祝維沙當時又是三水健力寶控股公司的股東之一,而三水健力寶附屬的健力寶卻出現財政困難,及後三水健力寶更被少數股東接管,但金裕興卻仍然向三水健力寶收購資產,那麼是不是有人想趁勢為資產找出路呢?至於那批平保法人股並非在交易所流通的普通股,要脫手並非易事。

對裕興而言,也是問題多多:第一,裕興當時市值才不過1.24億元,公司律師亦曾指根據中國法例,該股旗下金裕興並無足夠資產淨值進行收購,莫非有人很想很想塞錢讓裕興小股東賺?第二,亦是最重要的,這宗交易以規模計,已被視為非常重大收購,但股東們卻原來一直被蒙在鼓裡,當然無法提出任何意見,直至該股披露方知底蘊;第三,一間經營科技產品的公司卻不務正業,協助大股東接收一些與業務不相關的資產,究竟對股東有多大效益,對視作投資科技股的投資者而言,又是否入錯市?好了,若果這宗投資變成無價值的話,又是甚麼回事呢?董事指倘投資深圳江南被視為無價值,最壞財務結果是要為認為深圳江南的投資帳面值逾2億元作撥備,即變相損失,以及為一項用逾1,800萬股平保法人股作抵押的貸款共1,200萬元作撥備。

雖然股價復牌後一度急升9倍有多,但投資者若憧憬所持平安保險法人股而高價追入,恐怕大有可能損手爛腳離場,皆因股價之後一直在1.5至1.7元之間上落,賺錢的或許又是大股東!更重要的是,請不要忽略整項交易可能變成沒有價值,屆時以為執到寶,可能換回兩根草!

禤中怡無意將創業板地位貶低,相反這個融資渠道確可提供另一個平台讓小公司成長,如不少創業板公司轉往主板掛牌後股價表現不俗,可惜的是,企業管治不應只停留在大企業身上,細公司也應有嚴格企業管治水平,分分鐘比大企業要求更高,為甚麼?假若不幸出事,如公司資產流失1億元,請問對一間市值數十億元的企業和市值1億多元的企業來說,哪個影響更嚴重呢?

內地有政策 香港無對策
面對毒菜、毒魚、毒豉油、毒……,毒到禤中怡都不知怎算好。內地政府一片好心,繼突然禁止輸出淡水魚來港後又有新政策,昨更禁止利用陸路運輸,將內地鹹水海產輸入香港,涉及的產品由魚類產品,擴闊至蝦蟹及貝殼類產品,真正做到魚蝦蟹通殺。話雖可找替代品,如急凍魚類產品及其他海外出口貨,以香港這個號稱「國際金融中心」,相信不愁欠缺揀擇這個問題。可惜的是,內地的政策已開始讓香港人體會其「主客」之分,隱約看到香港出現一種束手無策之感。

首先,在食物進口方面,香港的衛生要求的確較內地高,但不代表內地同胞生命不值錢,相反香港更要扮演牽頭角色,讓內地的食物衛生標準追上來,儘管孔雀石綠、抗生素等等含量超標,進食一點點不會致命,但香港這個「國際金融中心」應建立榜樣,令內地人明日食物衛生的重要性,「食得多才有危險」的言論亦不應宣之於衛生署之口吧!對著香港順民這樣說還未至大問題,如對著老外還誇誇其談「少少毒無事論」,反嚮會有多大呢?至於內地執行政策時的確令人不知所措,如上周九廣直通車突停駛,旅客不知怎算好,之前兩周,禤中怡的朋友往上海公幹,可惜上海浦東機場卻又突然不明所以地關門,飛機只好急轉往杭州降落,難為那位朋友滯留在機上等復飛,最後短短約3小時航程,慘變8小時長途旅程,場面慘淡之外,實在說不出其他話來。

(12月12日刊於《am730》)

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