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》)

4 Comments:

At 9:26 AM, Blogger oakleyses said...

longchamp handbags, michael kors outlet, prada outlet, burberry outlet, prada handbags, oakley sunglasses cheap, jordan shoes, tory burch outlet, nike shoes, michael kors outlet, gucci outlet, louboutin outlet, longchamp outlet, kate spade handbags, air max, nike free, coach outlet store online, ray ban sunglasses, louboutin, kate spade outlet, michael kors outlet, true religion jeans, tiffany and co, coach purses, louis vuitton, tiffany and co, oakley sunglasses, louboutin, ray ban sunglasses, louis vuitton outlet stores, burberry outlet, michael kors outlet, louis vuitton outlet, michael kors outlet, coach outlet, louis vuitton handbags, longchamp handbags, polo ralph lauren outlet, chanel handbags, michael kors outlet, christian louboutin shoes, oakley sunglasses, true religion jeans, louis vuitton outlet, coach factory outlet, air max, polo ralph lauren outlet

 
At 9:48 AM, Blogger oakleyses said...

ugg australia, canada goose jackets, soccer shoes, ferragamo shoes, celine handbags, canada goose outlet, uggs outlet, mcm handbags, lululemon outlet, p90x, wedding dresses, canada goose, marc jacobs, asics running shoes, birkin bag, instyler, soccer jerseys, giuseppe zanotti, jimmy choo outlet, rolex watches, new balance shoes, ghd, chi flat iron, nike roshe run, north face jackets, mont blanc, mac cosmetics, babyliss pro, reebok outlet, ugg boots, ugg boots, insanity workout, hollister, vans shoes, beats by dre, ugg, bottega veneta, north face outlet, valentino shoes, ugg pas cher, nfl jerseys, herve leger, canada goose, canada goose, longchamp, canada goose uk, nike huarache, abercrombie and fitch

 
At 10:03 AM, Blogger oakleyses said...

louboutin, moncler, montre homme, hollister clothing store, lancel, moncler, moncler, karen millen, vans, louis vuitton, parajumpers, moncler, juicy couture outlet, links of london, converse, air max, swarovski, supra shoes, thomas sabo, ray ban, pandora jewelry, converse shoes, oakley, canada goose, toms shoes, gucci, juicy couture outlet, pandora charms, pandora charms, swarovski crystal, moncler, rolex watches, coach outlet store online, wedding dresses, iphone 6 cases, moncler outlet, canada goose, moncler, air max, ralph lauren, baseball bats, ugg, timberland boots, hollister, hollister, ugg

 
At 2:19 PM, Anonymous Anonymous said...

ninest123 10.19
prada handbags, oakley sunglasses wholesale, oakley sunglasses, cheap oakley sunglasses, christian louboutin outlet, uggs outlet, uggs outlet, michael kors outlet, christian louboutin uk, michael kors outlet online, michael kors outlet online, ray ban sunglasses, ugg boots, replica watches, polo outlet, uggs on sale, nike free, tory burch outlet, louis vuitton, christian louboutin, burberry outlet, gucci handbags, michael kors outlet, christian louboutin shoes, burberry handbags, replica watches, tiffany and co, louis vuitton outlet, jordan shoes, longchamp outlet, louis vuitton, michael kors outlet store, michael kors outlet online, oakley sunglasses, chanel handbags, tiffany jewelry, kate spade outlet, louis vuitton outlet, ugg boots, nike air max, nike air max, longchamp outlet, longchamp outlet, prada outlet, ray ban sunglasses, nike outlet, polo ralph lauren outlet online, ray ban sunglasses

 

Post a Comment

<< Home