Thursday, July 17, 2008

創業板乾塘

正當黃金期貨面世如箭在弦,其實港交所(388)於本月初已實施兩項新政策,未知能否刺激交投。

第一個較熱鬧的,就是簡化創業板公司轉往主板上市的資格和程序,在短短兩周時間,已有多達8間創業板公司,申請轉往主板再炒過,最矚目的,除了李嘉誠的長江生命科技(8222)外,何鴻燊公子何猷龍的匯盈控股(8101)、還有微軟做背後支持的浪潮(8141)也有份。

看看這些公司的規模,直至6月底,原來其中5間屬創業板50大市值公司,其中長科和浪潮更分別排名第五和第七位,這5間公司合共市值約100億元,佔創業板總市值逾9%,連同另外3間齊齊轉板後,創業板日後可能失去一成市值。雖然所涉轉板公司數目僅佔總數約4%而已,但創業板何去何從,的確令人憂慮,因為創業板新上市公司數目,原來已經連跌5年之多,去年大旺市也僅有兩間新公司上市,變成轉板公司數目比新上市的還多,引致總數連跌3年,與衍生產品蓬勃發展,可謂南轅北轍。

此外,創業板成交疏落已是不爭的事實,自99年11月成立以來,每日平均成交額逾1億元,直至07年大旺市時,日均成交額才高見逾12億元,可惜跟隨大市回落而急速萎縮,6月的日均成交額不足2億元,好像長不大的幼苗般,靜待「打靶」。過去發展衍生產品市場,無疑為港交所帶來豐厚利潤,但這間獨家專利的金融機構,會否考慮為中小型企業建立融資,以及擴大股東基礎的策略呢?

禤中怡當然明白,資金流向並非港交所能夠控制,更不應控制,但除了大型國企,內地中小型企業也是未來爭奪來港上市的客源,倘若這些貴客選擇在深滬交易所上市,不打「世界波」,香港便會輸掉「滬港盃」了。

其實,港交所同時推出其他搵錢大計,就是香港預託證券計劃,希望吸引更多海外公司到香港上市,為包括不准在海外發行股份或設置股東名冊的企業,提供來港上市途徑。初看這項生意確吸引,因為專做託管的美國紐約銀行梅隆公司一份報告指,全球預託證券交易額今年首6個月顯著增加85%至2.4萬億美元(約18.7萬億港元),有14個國家的公司共發行27項預託證券項目,共集資近90億美元。目前,美國3個主要交易所如紐約證券交易所(NYSE)等已佔全球預託證券交易額86%之多,而單是上半年,中國有6間公司揀在當地掛牌。

想起港交所於2000年引入號稱納指七雄的重磅股,包括戴爾(4331)、英特爾(4335)、星巴克(4337)和微軟(4338)等,可惜交投之疏落,簡直是慘不忍睹,零成交的日子多,可見要吸引買賣並非易事。面對這種情況,究竟如何殺出一條血路?

(7月17日刊於《am730》)

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