Wednesday, December 24, 2008

監管董事不要手軟

大市果然跌個四腳朝天,特別是國企股指數全日重創5.4%,而國指成分股更是全線向下,最少也跌2.5%,中海發展(1138)大挫11.66%,屬最重傷國指成分股。

無辦法,淡戶要推低,兼遇上成交疏落,再配合好消息欠奉,自然要出擊。由於港股總成交勉強只有320億元,認真稀少,可算是乾跌,如果扣除窩輪和牛熊證分別錄得的23.28億和40億元成交額,股份成交額僅有256億元,除了假期氣氛濃罩,相信見到國企股累升巨大,買貨意欲多少有點影響。

至於昨日談到的期貨市場就熱鬧得多,因轉倉活動關係,現貨和下月期指就已經有超過12.5萬張合約成交,而國指兩個月份的合約成交量也逾10萬張,表現絕不遜色。成交不多,大戶舞高弄低的能力相對增加,大家要留意。

若果覺得股市戰鬥氣味不夠濃,不如望望港交所(388)快於明年1月起修訂《主板規則》的角力戰。話說港交所年頭有份《綜合諮詢文件》,提出多項建議,其中最具爭議性的,就是延長上市公司董事禁止買賣期,現行規定是,上市公司公布業績前1個月,該公司董事禁止買賣公司股份,而新修訂將會由公司財政期結束日起,直至刊發有關業績為止,也不准董事買賣有關公司的股份。

舉個例,港交所已公布於明年3月4日,公布截至08年12月31日止全年業績,若果以新例來看,港交所行政總裁周文耀在明年1月1日至3月4日期間,便被禁止買賣港交所股份,而不是由2月4日起至3月4日。當時獲大多數回應者贊同,特別是認為,現有「禁止買賣」期未必能防止擁有內幕消息人士,做出損害市場行為。

不過,在回應文件中,由大摩、美林、中銀國際和瑞信等12間大行組成的統一意見卻反對該項修訂,認為現行制度已足夠,而新修訂會對信託人和投資經理均構成影響,特別是不少公司於12月底年結,有關人士就要在禁止買賣期以外沽貨,有關交易或會被迫集中進行,引致市場出現不穩定情況。

由於有關修訂執行時間逼在眉睫,市場開始有人發功,希望取消有關規定,面對這種場面,股壇長毛David Webb自然反擊話,曾在其網站統計97.5%的回應贊成修訂,更反駁鷹君(041)主席羅嘉瑞曾表示,新修訂將令大股東難以抵擋敵意收購的論點,因為既然是大股東,再計及一致行動人士,分分鐘揸逾半股權,要動搖一間公司的江山談何不易!

禤中怡一直堅持寧緊勿鬆,有質素的公司自然受投資者歡迎,監管嚴,上市難,公司內部人士想鑽空子困難,出事機會自然下降,故不要貪圖短暫利益,隨便放寬規定,只要望望堪稱先進大國的美國股市就知道下場會怎樣。況且若果看好公司前景,董事肯定不惜在禁止買賣期以外的時間吸納股份,甚至將股份鎖入夾萬等升值,為何還會怕狙擊,除非間公司……

(12月24日刊於《am730》)

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