Thursday, September 13, 2007

證監check保薦人

恒指周一應跌反升,昨日更表演升空之旅,皆因有和黃(013)炒落後,又有傳賣意大利3G,股價就彈高,兼且母公司長實(001)也受惠,兩隻股份已幫恒指多升85點,加上有地產股幫手,總之一片歌舞昇平的景象。


其實,新股陸續湧來,大大小小公司加起來,集資額非同小可,大家當然要齊心合力,營造良好氣氛,投資者才會甘心排隊拿表格,並且樂於參與認購。未知這個原因,算不算為大市創新高提供一個理想藉口呢?


不過,新股背景始終較陌生,有些更令人驚歎,像恒鼎實業(1393)做焦煤這種大生意,主席鮮揚才33歲,之前任職當地警隊和海關部門,與業務好像風馬牛不相及。他的弟弟鮮帆年紀更輕,只有30歲就擔任公司銷售總監,加入公司前在手提電話公司工作,認真年青又有為。鮮揚堂兄來頭也不弱,做生產部總經理,曾在攀枝花市藥業集團工作5年,今年才33歲已可負責生產,真的是青出於藍勝於藍!


雖然現時有保薦人制度,但並非萬無一失,證監會最近在若干上市申請個案中發現一些問題後,保薦人才如夢初醒。好像有上市申請人透過在另一司法管轄區成立的營運公司,經營業務,但該司法管轄區的法規卻禁止外資參與相關行業。由於無法持有任何股權或投票權,上市申請人遂透過與該等營運公司的法定擁有人訂立合約,取得實質控制權,在帳目上更將這些營運公司列作附屬公司入帳,即來自這些公司的收益可變成利潤。


不過,這種合約安排十分複雜,隨時可能受當地機關質疑,反映存在風險。更嚴重的是,證監會發現上市申請人,未能清楚解釋如何達致控制營運公司的日常運作、如何組成董事局及高級管理層和現金流等。申請人亦未能全面披露,若各方未依據合約安排履行其責任,或合約的合法性被質疑時所產生的影響。監管機構提出質詢後,保薦人才就有關公司架構的合法性作進一步的盡職審查。


證監會又試過在一項上市申請中,發現申請人委聘顧問公司調查本身的市場佔有率時,採用其他主要同業數據,原來明顯不能作比較之用,故有關市場佔有率被誇大,保薦人在監管機構指出有問題後才察覺有錯誤。


而在另一已審核個案中,監管機構提出質詢後,保薦人才發現所披露多名關連人士之間關係的訊息並不正確,其中一名人士更在上市申請前早已不再是關連人士。


保薦人連番被check(即下棋「將軍」之意),令人質疑究竟保薦人在遞交申請前,有否嚴格執行盡職審查程序,充分了解申請人業務及行業。更讓禤中怡擔心的是,大市暢旺,保薦人幫公司趕搭上市列車,質素會否受影響,故宜小注怡情。


(9月13日刊於《am730》)

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