Wednesday, March 12, 2008

小股民可欺

見到大市一日又大迴轉,短線炒賣兇險增,反而外幣匯價愈升愈有,若果準備去歐洲旅行的朋友,就真的要祝句好運,因為今日歐元兌港元匯價,已經歷史性突破12港元,可見揸港元(不是同美元掛鈎嗎?)連匯價都損失不菲,有否實施分散投資呢?


見到港交所(388)更進一步提升資訊流通速度,周一起,上市公司於下午12時半至2時在披露易(網址為http://www.hkexnews.hk/)刊登通告,已可繼續於下午買賣,毋須像以往般停牌半日,周一和昨日的該個時段各有8個和5個通告刊登,所以日後就要連午飯時間也要望一望,否則走漏眼就錯失投資機會。


雖然披露易運作暢順,但有上市公司為免股東錯失所公布的消息,也樂於花數以萬元於報章刊登通知,告知投資者有公告,可瀏覽港交所網站及有關公司的網站。好了,若股東無法上網閱覽,上市公司亦安排股東去一個地點,如公司辦事處或指定地點免費查閱公告,算是無微不至。但若要拿份副本慢慢回家看清楚,就請拿出真金白銀。


曾經看過四川成渝高速(107)一份公告,講明去東亞(023)旗下卓佳專業商務閱覽,如要拿副本,每頁盛惠4元,幸好僅一頁,但單價實在嫌貴。勿以為此收費「天價」已算,原來高處未算高,近日見洛陽欒川鉬業(3993)也在報章刊登公告通知,同樣叫股東往卓佳專業商務於太古廣場3座28樓地點免費閱覽,但索取副本的話,費用竟然是每頁5元,公告有3頁,股東請付15元方能取得一份完整的副本,試問算不算一門好搵的生意,有1萬個股東捧場就有15萬元收入!會否列為特殊收益?這當然是不好笑的笑話,禤中怡亦並非吹毛求疵,更不是針對該兩間公司,只想引伸出兩個問題。


首先,為何大家都是利用同一間公司的服務,收費卻有異,真的看公司規模去釐定收費,抑或收貴一點代表矜貴些呢?第二,上市公司倘有重大交易,需要尋求股東批准,股東都會免費收到一份股東文件,每份十數元的成本,總也少不免。好了,今日有股東可能真的無法上網,肯自己安排交通,親身去辦事處看公告,估不到還要額外多付一筆支出,豈不是雙重成本?為甚麼上市公司還要吝嗇那區區數塊錢而令股東感到尷尬及不便,何況已花錢登廣告,只要嚴限免費影印一份便能杜絕浪費,成本也不會太高吧!


做得上市公司,自然要撥出資源,做好與股東及投資者的溝通工作及提升企業管治水平,當然不應單單只照顧機構投資者。上市公司遇到問題,第一個撤退的,就是那些所謂機構投資者,認為公司無問題,兼且在股價顯著回落時仍願意去「溝貨」的,卻是那些彈藥不多的散戶,但反要額外使一筆拿份副本,確實諷刺,怎不叫人激心!


(3月12日刊於《am730》)

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