Friday, May 18, 2007

配股集資無王管

恒指微升57點,港股就創收市新高,報20,994點,但始終未能企穩在21,000點以上收市,反映淡友爭持激烈,至於鬧得熱哄哄的紅籌股回歸A股,禤中怡早已提出要注意,雖然又有傳聞,但始終有法律樽頸問題尚待解決,宜繼續留意,而紅籌股指數未有顯著變動,僅微升0.94點至3,610點,顯示這個趨勢尚未反映在指數上。

內地股市未見收斂,深圳A股破1,200點收市,升2.45%,但最厲害的,非B股莫屬,上海B股指數大升8%至357.14點,好像永無終點。

李超人昨日也加入勸內地股民小心,苦口婆心地話內地股市高危。李超人一向頗受內地投資者歡迎,單看書店擺滿有關他的書籍,發跡史、成功秘訣等樣樣俱全,皆因在商場長袖善舞,建立的企業王國遍布全球,的確具備一定分量,故他的一句話分分鐘比全國人大常委會副委員長成思危提出的警告更有效。

至於港股跟著走,故多隻二三線股早前已趁市旺在市場「抽水」。禤中怡一向對配售股份集資抱支持態度,因為公司上市的主要功能就是讓投資者能夠在一個公開資料和透明的交易平台買賣股份,而公司本身也可找到投資者支持其發展。當然,今日私人投資基金、創投基金等資金成行成市,公司要找投資的確容易得多,但上市始終有其好處。

儘管股壇長毛David Webb一直鼓吹限制上市企業的董事會,批股佔總發行股數的比重,從20%大幅減少至5%,甚至建議採用供股方式讓現有股東可參與認購,「無謂益街外人」。但禤中怡則認為配股講求「快」,時機瞬間即逝,故配股集資後如何運用手上的新錢,才是真正關注核心。

以近日配股為例,華南投資(159)用較停牌前收市價折讓14.6%配售1.18億股,集資4,160萬元,主要用作營運資金。新時代集團(166)亦以折讓10%作價配股集資,所得資金擬作一般營運或用於未來出現之投資良機。還有永安旅遊(1189)亦以折讓6%作價配售新股籌2.56億元,而該集團話所獲資金「擬於出現合適機會時進一步投資於休閒和旅遊業」。

禤中怡無意針對上述公司的配售交易,但一般上市公司配售股份時,都較大機會以折讓價配股,即是話,有投資者用更便宜的價格獲得股份,即使股價下跌,也有「cushion」緩衝作用,認購新股的投資者未必會蝕錢,但舊股東就不幸了,因為帳面即時消失了一部分利潤,如停牌前入市就即時被綁。但更重要的是,所謂「營運資金」,即集資有何用途未有明確表示,或可解作將錢拿來做多點生意,因為資金多一點點周轉自然較鬆動,但可以做多少生意,根本無從稽考,對業務有多大幫助亦不會有清楚解釋。

不過,當公司公布全年業績時,由於發行股份數目因配售新股而增多,意味盈利被攤薄,如果不能多賺,每股盈利便會相應減少,即所謂攤薄效應(dilution effect),即使派發股息不變,計算市盈率時,難免也會受到影響,股價當然受波及,可是股東無從反對因為在股東大會股東已批准了董事會有權配股。

至於所謂有合適機會出現的理由,看似令人憧憬有後著,但如果最終真的找不到這個機會又如何處理呢?如果資金最後改變用途,又如何交待呢?大家又或許會話,市場會自行決定,若上市公司的企業管治水平不濟,自然會受投資者唾棄。禤中怡雖不否定這種意見,但認為港交所(388)和證監會可以做得好一點,例如上市公司要配股集資,規定必須有合理投資項目,讓投資者知道公司的發展方向。如果公司配售新股,真的純粹作為集團營運資金,則應自行設定對未來營運方面的看法,更要制定營運指標,如生意可以做多幾多、股本回報率可以有多大程度的改善等。

其實,港交所只要設定指標,公司在公布全年業績時,規定需披露營運實際表現與之前所定指標相差的距離,讓股東可以作出監察,若果數字相差太遠就要解畫,港交所甚至有權可禁止有關企業在新一年度的配售股份能力,以作懲戒,亦能減低對股東權益的損失。

建議十分嚴苛?請大家看看內地上市公司的通告。其實,內地上市公司披露業績時,需將招股上市時所得資金的運用情況,讓股東作參考,可見要執行時不一定有很大難度,只要透過客觀數據去制定指標,更可進一步提升企業管治,鞭策公司管理層好好地考慮如何運用資金,亦不敢貿然在市場集資,保護現有股東權益,而股壇長毛或許不用再發牢騷。

(5月18日刊於《am730》)

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