Thursday, April 09, 2009

中信泰富手尾多多

中信泰富(267)炒燶外匯爆煲,單是這筆交易已經讓公司蝕足逾150億元,公司兩大首腦榮主席連同范總終於肯離開董事會席位,讓其他人接手,總算還股東一個交代,但事件仍有很多手尾,值得大家關注。

首先,榮主席一向是中信泰富主要股東之一,仍然持有11.53%股權,奈何他今日失去統治這個王國的權力,變成純粹投資者一名,會否還有興趣持有該批股份,只是等收股息(如有的話),也成疑問,或許他將所持股權售回母公司中信集團,會是較理想的解決方法之一,萬一榮主席卻選擇在市場配售,難免對股價進一步構成向下壓力,造成不明朗因素。

此外,商罪科能夠在上周高調操入中信泰富總部,搬走大量文件作調查,似乎已經準備好打大老虎,雖然時間遲了一點,畢竟事件披露至今,也有超過5個月時間,會否失去最佳查案時間,就不得而知,但總勝過讓事件不了了之。還記得范總曾話不用報警,已經惹起外界質疑,因為整件事件存在太多問號,已經並非單純的企業管治問題,當中有否刑事成分,值得讓股東了解清楚「死因」,不致輸得不明不白。

由於榮主席背負紅色資本家的稱號,同內地關係深厚,今次肯退下來(無論是被迫或是自願),起碼能夠向企業界建立一個負責任的形象,讓其他國企股高層作警惕。不過,中信泰富其他管理高層亦可能因此事而落馬,整個指揮系統隨時需要重新整理,故需小心對業務所產生的影響。此外,所謂新官上任三把火,當整頓人事安排完成後,還要處理那批外匯槓桿合約,日後會否再沽售業務套現,應付資金需求,亦是未解之謎。

至於范總跟隨求去,也是負責任做法,有趣的是,究竟行政會議的席位能否得保呢?他會否重投他的大律師工作?唯一肯定的是,若果他招手,相信很多大企業頭頭,都會肯定樂於收留。

其實,相對外國而言,本港企業換CEO(行政總裁)算罕有,且看Challenger,Gray & Christmas,Inc統計顯示,去年美國便有多達1,484位CEO離職,都算是一個紀錄,當中包括那些金融機構的頭頭。即使是今年首兩個月,仍然有196位CEO失去職位,只是比去年同期的248位少21%,當中辭職的就佔57位,佔29%,而請下台的也有53名,佔27%,真正被炒魷魚的僅6位而已,或許與他們選擇自行辭職有關,所以范總離開工作多年的公司,不容輕視其影響。

還記得中銀香港(2388)總裁劉金寶被免職後,股價不跌反升,分析員認為該股的不利因素已消除所致。套用在中信泰富目前的情況,隨著高層下台,應該已告一段落,股價或會反映出來,但禤中怡認為,企業出現問題,不會即時改善過來,何況榮主席所建立千絲萬縷的商業關係,離職後對公司的影響亦未知,還是少掂為妙。

(4月9日刊於《am730》)

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