Wednesday, December 08, 2010

有風無電賣

臨近年尾,新股市場依然熱鬧,近期由兩隻大賣新能源概念的華能新能源(958)和大唐新能源(1798)領軍,相信合新興能源基金的投資口味,至於認購與否,大家悉隨尊便。

不過,望望兩間公司的招股書,面對相同的風險因素,就是電力傳輸和賣電問題,像華能新能源披露,內蒙和遼寧的電網公司對風力發電公司實施限制,引致其於09年及今年首9個月,位於該區的部分風電場需關閉一台或多台風機。該集團更話,無法就此作可靠評估。

至於大唐新能源亦面對輸電限制,特別是其部分項目位於偏遠地區,但當地電網輸電能力不足,難傳送全部發電量,而最大問題是,該集團所產生的電力是不能儲存的,即有電也不能全數售出,似乎為環保仍需努力。

招股書雖然厚度不菲,但內裡所含行業概況等,均值得一讀,以加深認識,有時還可發現一些有趣的地方,如翻閱大唐新能源的招股書時,竟發現該公司有猛人坐鎮,就是﹁董建華﹂也!再望清楚,的確是同姓同名,實際並非
我們的前特首,而是該集團的職工監事而已,只得50歲!

另一個發現,就是華能新能源份招股書披露,中銀集團做基礎投資者,但中文版本竟貼上補充資料,原來舊版話中銀認購額為3,000萬港元,同真正投資額3,000萬美元(約2.3億港元)僅相差一個字,銀碼卻差天共地了,幸好英文版則未見出錯,但若果中文版印了1萬本招股書的話,豈不是趕急安排人手,將1萬本招股書逐本貼上正確資料?

其實新股今年暢旺不止,要數百頁的招股書全部正確無誤,的確是一個挑戰,同一間負責翻譯和協助印製新股招股書公司的朋友談起,他話,今年簡直無停手,與金融海嘯期間等工開不可同日而語,即使臨近年尾,依然忙碌,上仍有幾本書要翻譯。不過,他補充工作怎忙,其實也會作校對,當然有些公司背景相近,一些例行文件隨時搬字過紙便算,但也偶有發現英文版本出現錯誤的地方,例如一些數字,奈何屬法律文件,上司話需依原文照搬。至於日後責任誰屬,便不得而知了。

新股亦帶動公關界增多收入,如人脈網絡大,又具名氣,拿到生意的機會自然較高。最近見公關界朋友,他卻愁眉不展,原來他正忙於做IPO,除了自己直接處理一些正招股的account之外,還要協助其他同事,幫手應付做其他公司的招股工作,至於在周末跑上內地,更已經是指定動作了。

為何生意多仍一面愁容呢?朋友嘆道,今年忙至筋疲力盡,可惜工作的報酬卻不是與公司的生意量相提並論,恐怕全年得個﹁做﹂字。他話可能要等聖誕節才能休市吧!因為新年剛過,可能又要再忙碌起來了。面對這種境況,禤中怡只有拍拍他的膊頭,並提醒有意入行的朋友要有心理準備。

(於12月8日刊於《am730》)

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