Friday, August 24, 2007

另類內幕交易

美國財長保爾森的確是高手,見招拆招,次按有問題嗎?即時注入「新水」給銀行,又使出減貼現率,更讓市場憧憬減息,拯救黎民於水深火熱之中,兼且保帥(股市)成功,且看美股帶領全球股市出現如此強力反彈就可知其威力!


面對銀行又有「新水」,之前基金沽貨後,增加現金比重,兼且日圓匯價又軟下來,套息活動怎會放棄這個機會,在天時地利人和配合下,或許可以視為近期全球股市再度進入亢奮狀態的原因之一,適逢內地「巧合地」推出資金自由行,兼且「獨家」只准買港股,試問好友怎不趁機大撈一筆。


恒指升至如此位置,能否再升一級,要看保爾森的功力,能否進一步推高美國股市,特別是有金融機構已準備出手入股次按機構,符合逐個爆,逐個救的策略。


面對市場如此好景,無不引起大家想賺錢的慾念,當慾念轉化成歪念的話,很容易就會把持不定,誤踏「地雷」,惹來「一身蟻」。


最普遍的,就是犯上內幕交易(Insider Dealing),所謂內幕交易,根據內幕交易審裁處的資料顯示,其定義詳釋於香港法例《證券(內幕交易)條例》第9條。內幕交易可以多種形式進行;概括而言,法例的目的,是禁止任何與某上市公司有關連的人士在掌握關於該公司的明確消息情況下,濫用有關消息(或鼓勵其他人利用該消息),買賣該公司的股份,從而獲取利潤或避免損失。


最近日本便發生一宗「特別」的內幕交易,話說日本證券交易監視委員會(Securities and Exchange Surveillance Commission)(SESC)準備起訴一名「宝印刷株式會社」(Takara Printing Co.)前員工,涉嫌藉內幕交易賺取數百萬日圓。


這名前員工的犯案手法也算簡單,因為他的前僱主「宝印刷株式會社」,本身是一間專門印製上市公司文件的印刷公司,已創業超過55年,員工約575名,負責印製招股文件、上市公司中期報告、年報等。這些文件的內容當然有些尚未曝光,屬市場敏感資料。


該公司收到一份印刷合約,一間公司準備向另一間上市公司(簡稱「A公司」)展開收購,故需印製有關收購建議文件,通知A公司股東,讓股東決定是否接納有關建議。


正當有關收購建議尚未正式公布前,這名前員工便在證券市場買入A公司股份,而消息正式公布後,A公司股價自然水漲船高,這名前員工亦趁勢沽貨獲利離場。


儘管未有披露如何偵破這宗內幕交易,但已再一次印證「天網恢恢,疏而不漏」的道理。


(8月24日刊於《am730》)

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