Thursday, October 23, 2008

兒戲定易欺

見到中信泰富(267)炒燶槓桿外匯合約後,監管機構終於跳出來話會調查,希望能夠讓股東、甚至向身處這個金融中心的所有人交代清楚。看似與其他人無關,但實在是關係密不可分,試問公司巨虧,交稅少了,政府庫房會否受影響呢?此外,一間具中資背景的企業如此運作,其他外國投資者又會有何看法,日後如何說服他們安心來港投資,畢竟今次出事的,是一間本港藍籌股公司!

該股洗倉未完,雖然成交股數大減至9,000多萬股,但股價仍續挫24.6%,只剩4.91元,大手成交只剩137宗,但考慮有隨時停牌助查、分分鐘筆資金被綁的因素,還是少沾手為妙。

見到該集團解釋愈描愈黑,禤中怡立刻找商界朋友談談,是否財務高層真的有如此巨大權力,輕輕一揮就可處理大額交易。商界朋友第一句就話:「梗係唔信啦!」,更舉出自己曾經參與類似投資的經驗。商界朋友當年經營工廠,自然要買原料供生產,以及出糧予員工等等,少不免用人民幣找數,為免受人民幣持續升值影響,引致所需成本負擔日益沉重,亦找方法作對沖,減低人民幣升值風險,並選擇了安排作人民幣遠期合約。

不要以為隨便簽名就可,安排進行有關合約時,銀行會了解公司狀況,並且設定一個額度供使用。正式落實後,銀行自然要安排簽定協議,而這份協議主要參考International Swaps And Derivatives Association(ISDA),或可稱為國際掉期及衍生產品協會,當中提供的一份master agreement,或可稱作主要協議,畢竟是衍生工具。

最重要的是,銀行還會要求公司所有董事簽名作實,甚至要作個人擔保安排,並非找幾個職員簽名便可完成手續。商界朋友話,所涉金額亦不過是數百萬元人民幣,但已經如此認真,何況中信泰富今次對賭所涉金額,即接貨金額逾90億澳元,即相等於超過470億港元,數目認真不小,試問主席怎可以不清不楚,真的是耐人尋味,更建議監管機構應該叫中信泰富拿份master agreement出來望望,究竟是甚麼職員簽名作實,而經手銀行又是何方神聖,中間又有否涉及疏忽成分。

操作方面,商界朋友話,當年滙豐、渣打和工銀亞洲(349)都有做人民幣遠期合約,而在操作上,會接駁往銀行的電腦系統,看看銀行盤房內的人民幣交投情況,從而買入所需人民幣。不過,他質疑今趟中信泰富批槓桿外匯合約的安排銀行是否有外資背景,因為規模太大,本地銀行或會較謹慎。當然,中信泰富在商界的地位、財政實力,以及股東背景等,商界朋友的確是難望項背,故該間藍籌股安排進行這些合約時,可能有些優勢也說不定。

(10月23日刊於《am730》)

9 Comments:

At 12:56 AM, Anonymous Anonymous said...

I am a RM in one of the local bank in HK, most of the banks have some kinds of hedging products to sell to corporate client.

This kinds of products can be linked for various sector such as USD/HKD, CNY/USD, Libor/CNY, Oil price/CNY.

Most of the banks are doing HKD/USD right now
As the appreication rate of CNY/USD is not enough much, a lot of client is lossing $$ in it.

G7 currency hedging is a high risk with good revenue to the bank.

 
At 10:31 AM, Blogger oakleyses said...

oakley sunglasses, ray ban sunglasses, coach purses, oakley sunglasses, louboutin, air max, polo ralph lauren outlet, tiffany and co, longchamp handbags, louis vuitton handbags, nike shoes, longchamp handbags, louis vuitton, louis vuitton outlet, polo ralph lauren outlet, michael kors outlet, jordan shoes, michael kors outlet, michael kors outlet, kate spade outlet, true religion jeans, prada handbags, christian louboutin shoes, chanel handbags, nike free, louis vuitton outlet, gucci outlet, air max, burberry outlet, ray ban sunglasses, coach outlet, prada outlet, oakley sunglasses cheap, burberry outlet, tory burch outlet, louis vuitton outlet stores, michael kors outlet, louboutin, kate spade handbags, louboutin outlet, true religion jeans, coach outlet store online, michael kors outlet, coach factory outlet, tiffany and co, michael kors outlet, longchamp outlet

 
At 10:38 AM, Blogger oakleyses said...

nike roshe, oakley pas cher, hogan outlet, sac hermes, abercrombie and fitch, longchamp, nike free pas cher, michael kors, lululemon, barbour, nike tn, louis vuitton, nike trainers, converse pas cher, sac louis vuitton, new balance pas cher, michael kors, air jordan, nike blazer, nike free, north face, vanessa bruno, north face, polo ralph lauren, sac guess, vans pas cher, hollister, true religion outlet, air max, sac burberry, air force, air max pas cher, louboutin, ralph lauren, true religion outlet, nike roshe run, sac longchamp, timberland, hollister, michael kors pas cher, polo lacoste, ray ban pas cher, ray ban sunglasses, air max, nike air max, sac louis vuitton, louis vuitton uk, mulberry

 
At 10:45 AM, Blogger oakleyses said...

soccer jerseys, marc jacobs, canada goose, canada goose, ghd, nfl jerseys, nike huarache, north face outlet, ugg pas cher, ferragamo shoes, ugg, asics running shoes, mac cosmetics, birkin bag, valentino shoes, vans shoes, giuseppe zanotti, instyler, longchamp, reebok outlet, hollister, bottega veneta, chi flat iron, canada goose jackets, ugg australia, mcm handbags, mont blanc, abercrombie and fitch, uggs outlet, soccer shoes, jimmy choo outlet, canada goose uk, insanity workout, beats by dre, canada goose outlet, babyliss pro, new balance shoes, nike roshe run, celine handbags, wedding dresses, canada goose, lululemon outlet, ugg boots, north face jackets, rolex watches, herve leger, ugg boots, p90x

 
At 10:45 AM, Blogger oakleyses said...

air max, lancel, moncler, moncler outlet, supra shoes, moncler, juicy couture outlet, hollister clothing store, oakley, timberland boots, juicy couture outlet, ray ban, louboutin, vans, karen millen, pandora charms, converse, canada goose, thomas sabo, links of london, hollister, coach outlet store online, toms shoes, pandora charms, iphone 6 cases, moncler, parajumpers, louis vuitton, ugg, converse shoes, canada goose, swarovski, pandora jewelry, ugg, ralph lauren, moncler, air max, swarovski crystal, montre homme, gucci, moncler, hollister, wedding dresses, moncler, baseball bats, rolex watches

 
At 2:14 PM, Blogger ninest123 Ninest said...

ninest123 11.11
iphone 5s cases, air max, insanity workout, iphone 6 plus cases, celine handbags, ghd, instyler, ralph lauren, iphone 6 cases, soccer shoes, vans, baseball bats, reebok outlet, air max, iphone 6s plus cases, asics running shoes, beats by dre, lululemon outlet, wedding dresses, babyliss pro, new balance shoes, converse, abercrombie and fitch, gucci, ipad cases, ray ban, s6 case, soccer jerseys, p90x, jimmy choo outlet, birkin bag, mont blanc, vans shoes, timberland boots, giuseppe zanotti, north face jackets, chi flat iron, oakley, iphone cases, ferragamo shoes, mcm handbags, north face outlet, mac cosmetics, herve leger, bottega veneta, nfl jerseys, abercrombie, nike roshe run, iphone 6s cases, louboutin, valentino shoes, hollister clothing store

 
At 2:22 PM, Blogger ninest123 Ninest said...

canada goose, doke gabbana, sac louis vuitton, marc jacobs, moncler outlet, sac lancel, toms shoes, ugg, louis vuitton uk, canada goose, links of london, thomas sabo, hollister, swarovski, pandora charms, canada goose jackets, pandora jewelry, converse shoes, pandora charms, moncler, barbour, rolex watches, canada goose outlet, moncler, michael kors handbags, moncler, ugg, louis vuitton, moncler, montre homme, karen millen, canada goose, pandora jewelry, sac louis vuitton, michael kors outlet, supra shoes, moncler, moncler, ugg pas cher, swarovski crystal, juicy couture outlet, moncler, canada goose, coach outlet store online, wedding dresses, ugg, canada goose, juicy couture, ugg boots, michael kors outlet online, louis vuitton, canada goose uk, barbour

 
At 2:30 PM, Blogger ninest123 Ninest said...

oakley sunglasses, louis vuitton outlet, burberry outlet, cheap uggs, louis vuitton outlet, longchamp handbags, michael kors outlet, michael kors outlet, jordan shoes, burberry outlet, ugg boots clearance, chanel handbags, louboutin outlet, michael kors outlet, polo ralph lauren outlet, christian louboutin, oakley sunglasses cheap, nike shoes, louis vuitton, air max, prada handbags, prada outlet, tiffany and co, air max, tiffany and co, ray ban sunglasses, ugg outlet, uggs, longchamp handbags, michael kors outlet online sale, ray ban sunglasses, replica watches, longchamp outlet, louis vuitton outlet stores, michael kors outlet, oakley sunglasses, cheap oakley sunglasses, uggs outlet, gucci outlet, polo ralph lauren, ray ban sunglasses, rolex watches, louis vuitton handbags, tory burch outlet, louboutin, louboutin shoes, nike free, oakley sunglasses, michael kors outlet

 
At 2:35 PM, Blogger ninest123 Ninest said...

nike air force, sac hermes, hogan outlet, michael kors, coach purses, nike trainers, nike roshe run pas cher, air max, ray ban sunglasses, air max, air jordan, coach factory outlet, vans pas cher, polo lacoste, michael kors uk, nike tn, ralph lauren, sac guess, sac burberry, polo ralph lauren, vanessa bruno, longchamp, mulberry, hollister, nike free pas cher, michael kors outlet, nike air max, nike roshe, north face, sac longchamp pas cher, hollister, air max pas cher, nike huaraches, true religion outlet, converse pas cher, ray ban pas cher, true religion jeans, timberland, nike free, new balance pas cher, oakley pas cher, coach outlet store online, longchamp, north face, true religion jeans, nike blazer, abercrombie and fitch, louboutin, michael kors pas cher, lululemon outlet online, true religion outlet
ninest123 11.11

 

Post a Comment

<< Home