Tuesday, August 07, 2007

監管上的兩制

港股跌得那麼深,恒指可以一日又不見2.67%,差點以為身在投資新興市場,但成交未見大增,恐怕承接力轉弱,如好友放棄「頂下去」,大跌小反彈局面已形成,加上美國次按風暴夠惡,加上恒指交易區域已下降一級,要有心理準備,短期炒賣入市,隨時變蟹。


不過,內地股市普遍向上,恒指服務公司新推出的恒生AH股溢價指數竟創新高,收164.17點,增5.7%,這代表A股股價平均比H股股價高出64.17%之多!究竟是A股太貴,還是H股太便宜,真的令人摸不著頭腦,只知港股續跌,內地股市向上的背馳情況不變,相信這個差別只會愈來愈大,會否差距進一步拉闊,方便讓內地QDII(合資格境內機構投資者)的資金來香港買平貨呢?除了A股和H股問題,面對內地商業政策與本港有所不同,內地企業仍然存在內資股的問題,而這種股本結構已衍生出新問題。


有間創業板公司叫三門峽天元鋁業(8253),股本由H股和內資股組成,本來無甚特別,但有間叫天瑞集團向其母公司收購所持天元鋁業內資股,每股作價0.1577元人民幣,佔已發行股本67.02%成控權股東,有關交易於06年9月獲國務院批准,之後又獲商務部開綠燈,整項股份轉讓交易於今年4月底完成。


問題來了,天瑞要向其他H股小股東提全面收購建議,但中國有資金管制,天瑞找間香港公司負責向H股股東提出全面收購建議,但如何釐定作價就要研究,故證監會收購及合併委員會展開聆訊,裁定天元鋁業的內資股及H股均有相等投票權,且H股比重少於30%,故投資者要取控制權就要買內資股,更指出無理由兩者作價會不同。


另一個問題是,H股交易不能用人民幣,計算匯價轉換為港元就很重要,天瑞之顧問話以人民幣1元兌1.0187港元計,即每股H股收購價為0.1606元,幸最後裁定有關匯率應在觸發需提出全面建議時,當日人民幣匯率即1兌1.0348港元計算出來,最後每股H股作價為0.1632港元,較天瑞之顧問作價高0.04%,令股東可以多收一點,起碼較停牌前報價0.148元有10.3%溢價,且看今日復牌後,股東如何以行動回應該公司的決定。


不過,該公司內資股交易完成多時,天元鋁業於昨日才公布有關全面收購建議,距離國務院批准日期,足足遲了將近1年,你話做監管機構究竟等甚麼呢?股東權益是否已有足夠維護呢?


這宗交易反映中港兩地之間的監管層面上所面對的問題,相信這類問題陸續有來,目前H股股東先在股價上,跑輸A股股東,若果連權益亦受損的話,真的不知道如何吸引人買H股股票。


(8月7日刊於《am730》)

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