Wednesday, August 15, 2007

交易所強化戰

過去一個月,恒指原來才累積跌了1,000點,跌幅約4.7%,似乎外圍更凶狠,但本地樂觀情緒卻較預期強勁,否則恒指應該還有下沉空間,港股究竟算不算已調整也很難說,因為環球央行「揼水」,能否救近火尚待觀察,起碼先穩定市場情緒,而次按炸彈就讓他們逐個爆開,然後逐個救,市場可能視為正面因素,告之大家可以繼續玩。


不過,港股成交額就愈縮愈有,主板總成交由周一的630.3億元,再減至532億元,其中藍籌股成交額更只有172億元,莫非大家無方向,先靜觀其變,抑或有大浪將至?


幸好上半年成交氣勢如虹,港交所(388)今日公布中期業績,證券商大都預測該股純利好到不得了,升超過1倍的估計大有人在,皆因證券交易所的運作成本,就是建設交易系統而投入的固定投資支出,若成交增多,可變運作成本卻不一定相應擴大,利潤自然可以提升,這一方面歸功於規模效應的好處,加上純粹在原有平台上提供交易服務,再多的生意就成為額外的利潤來源,否則港交所股價怎能在之前一飛沖天。


要人家前往你的交易所進行買賣,就要不停諗計。日本Jasdaq證券交易所便開設新交易平台「NEO」,主要針對創業科技公司。顧名思義,「NEO」這個簡稱,N代表New,即創新;E則有兩個意思,包括Entrepreneurs和Evaluation,可解作創業家和評價;而O就是Opportunity,機會也。


這個是日本第7個股票市場,希望吸引如發展機械人技術、生物科技等公司,總之就是任何創新技術或產品足以商品化,即變成可賣錢的東西就是了。不要小覷這種市場,因為正合創投基金(Venture Capital Fund)的脾胃,將投資的公司安排上市,然後售出股份套現,再覓新投資。


羅兵咸永道和美國國家創投組織於美國統計顯示,第二季投資的創投項目達977個,創2001年第三季以來新高,涉及投資額71億美元(約553.8億港元),生物科技佔223宗交易,涉22億美元(約171.6億港元)。有趣的是,投資內地的也有34宗,約4.08億美元(約31.8億港元),金額為03年以來新高,而這些公司會否捨香港而取「NEO」上市呢?


另外,德國證券交易所則與瑞士證券交易所組成合營企業,專門提供結構性投資產品交易服務,並將該交易所命名為「Scoach」,希望進一步拓展一般證券產品以外的市場,如窩輪、結構性投資證券等。單是6月,「Scoach」成交總額便較去年增加1倍,交易量亦升85%,可見無論在升市或跌市中,交易所也是贏家,最重要的是,投資者有興趣來買賣。


(8月15日刊於《am730》)

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