Wednesday, January 13, 2010

阿里巴巴股東排第三

中國人民銀行終於出手,新發行的1年期央行票據提高息率後,晚上也公布調高存款準備金率0.5個百分點,幅度雖然不高,但正好應驗市場預期,進一步收緊銀根政策啟動,如果貨幣供應減少的效果不理想,加息亦是央行下一步可用的手段。

無疑,全球經濟才略為有起色,市場又已憂慮政府退市而破壞這個剛復甦的勢頭,但內地情況和歐美始終有異,畢竟經濟增長持續,且內地傳媒話今年首周新增貸款達6,000億元人民幣之多,情況無疑觸動監管部門的神經,若果繼續容許其膨脹,要控制便不易,故煞一煞車並非壞事。

市場早已預期人行出手,內銀股又散,像建設銀行(939)昨日便挫2.1%至6.42元,而今年以來已累積回落3.7%。至於工商銀行(1398)昨亦跌2.2%至6.15元,令今年以來共跌了4.5%之多,連同其他內銀股,足以拖累恒指昨日下降逾100點,但有中國移動(941)與及和記黃埔(013)這兩隻落後股造上,才令恒指僅跌84點而已。

現貨月期指從22,450點推落迫近22,000點後,午後再抽上見逾22,500點,之後再直插至22,241點收市,淡友有兩個浪食胡,尾市轉炒低水85點收市,而成交量亦增至8.1萬張,相信即日鮮有波幅炒,而周二未平倉合約亦增至8.13萬多張,即單日增加逾2,900張,反映大戶博弈開始增強,加上有消息配合,相信波動情況將加劇。

其他政策方面,工信部和商務部等聯合發布通知,話國家規劃布局內的重點軟件企業,如當年未享受低於10%的稅率優惠的,將按10%的稅率徵收企業所得稅,當中阿里巴巴(1688)和騰訊(700)便屬受惠股,因為現行所得稅率為25%,反映稅務支出將可下調。

不過,阿里巴巴未知為了進一步節省開支,抑或為了高級管理層的往來交通安排,今年5月舉行的股東周年大會,將會移師往深圳舉行,與過往兩年分別在金鐘萬豪和灣仔君悅有所不同,畢竟要跨境過關,與百利大(495)於屯門黃金海岸酒店開股東大會比較,路程更是遙遠。若果長毛議員已經買入阿里巴巴股票,那麼他又能否向中方申請回鄉卡,回內地參加股東大會呢?

像中國人壽(2628)這類A加H股的龍頭股於北京開股東大會,當然會減少接觸更多海外股東的機會,但仍情有可原,但為何一間邁向國際市場多時,又沒有發A股的上市公司,為何要改變股東會地點,甚至移師至深圳呢?莫非內地市場真的變得如此吃香?不過,只要有高鐵,日後即使深入內地哪處,也可以安排即日來回,兼可欣賞風景啦!

阿里巴巴集團最近擊敗包括招商銀行(3968)、華為及海爾等強敵,在「2008—2009年度中國最受尊敬企業評選」中,獲年度「中國最受尊敬企業」獎,而該集團的商業原則原來是:客戶第一、員工第二、股東第三。相信足以解釋,何以公司要更改地點,或許做該集團的客戶會較佳。

(1月13日刊於《am730》)

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