Thursday, July 19, 2007

惠理第三季登場

連同明日掛牌的翔龍基金(820),及於下周四上市的天工國際(826)後,相信新股上市潮又暫告一段落,畢竟辛苦了幾個月時間,賓架相信也要抖抖,齊齊去放暑假,然後才再搏殺過。


不計從創業板轉主板的股份,今年以來,已經有44間公司招股集資上市,認真熱鬧,但市場蓬勃,不代表賓架做夠quota,可以有生意不做,下半年要繼續搶生意。禤中怡便聽到曾經獲獎無數的基金公司Value Partners(惠理)傳聞已獲批准在香港上市,集資額達2億美元(約15.6億港元),預計在本年第三季正式IPO(Initial Public Offering)。


由於聯交所不像外國交易所如Nasdaq般,包括公布獲批上市、正在申請上市、甚至撤回申請上市的公司名單,禤中怡只能從投資界好友中求證,誰不知他隨手就拿出物證來 - 原來是麥格里即將推出以投資於中國地區之新上市公司基金資料,當中提及下半年籌備上市的公司名單,由著名基金經理謝清海主理的Value Partners當然榜上有名。


要講Value Partners,禤中怡先要申報利益,我已持有多年由Value Partners管理的數隻零售基金,包括專注投資於亞州,特別是中國的惠理價值基金(Classic Fund)以及其中華ABH基金,顧名思義就是投資於內地A股B股及香港H股的基金,今年以來的回報率分別為30.4%及37.5%,成績OK吧。禤中怡欣賞惠理基金表現較平穩,更精於挑選投資於一些被市場忽略的公司,補足及省回禤中怡不少精力。當然,投資以上兩隻惠理基金也要考慮其買賣彈性較低,分別是每周三及隔周才可買賣,不一定適合只想極短期靠股市波幅賺錢的人。


最近,該公司從金鐘力寶中心搬到PP3(太古廣場3期),更全面革新了公司網頁,有消息指他們已在籌備以農業或環保為主題的基金,但只聞樓梯響,不知是否與上市有關,而遲遲未有人下來。不過,有人就擔心惠理管理層專注搞公司IPO,甚至借此機會套現,就會忘卻本業,小心!


有趣的是,惠理剛於3月底將旗下Value Partners China Greenchip Fund Limited撤銷在聯交所的上市地位。這間簡稱VP Greenchip的公司主要投資在大中華地區的上市及非上市公司,持有的資產有內地B股和一堆H股,包括中國石油天然氣(857)和中國神華能源(1088)等,奈何管理層統計顯示股價長期較資產淨值為低,以去年為例,折讓幅度介乎3%至16%,故此撤銷上市地位好過。


由於投資內地熱潮一直未有冷過,而且最近類似形式上市的投資公司股價飛升,比資產淨值高出數倍屬等閒事,那麼是否反映其掌握投資時機的功力呢?


不管惠理上市能否真的為你上市兼且惠及你,我想惠理公司的口號“Investing through discipline”還是很值得大家深思!


另外,就讀者Jay Jay的查詢,想知道多點有關早前提及的Pre-IPO fund的資料,禤中怡所指的是一些Venture Capital Fund(創投基金),專注於投入資金在一些有IPO潛力的未上市公司。這些創投基金的典型回報是,當被投資的公司日後上市時,或之後售出其持有的股票。說實話,由於投資金額較大,一般小投資者是較難參與的。


(7月19日刊於《am730》)

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