Wednesday, January 04, 2012

蚊型股佣金吸得深

踏入新一年,禤中怡首先祝大家身體健康,理財有道。

正當大家歡度聖誕,再享受新年假期之際,竟然有4隻新股在去年底開始招股,雖然屬蚊型規模,但可見趕在去年12月31日「死線」之心。畢竟過去一年的努力不能白費,業績已計至12月底,如錯過便要花功夫再製作損益表了。

另一有趣的地方是,這些新股保薦人無獨有偶,並非大家熟絡的歐美大行,竟然清一色由中資證券商的投行部門包辦,莫非內地沒有聖誕節假期,所以有多幾天時間工作,或者找內地投資者幫手無難度乎?此外,在這些保薦人中,國泰君安和光大證券平分春色,包括合作助允升(1315)招股外,各分別參與華眾(6830)和滙力資源(1303)的上市工作,而招商證券則幫開世中國(1281)籌最多1.8億元,如成功掛牌,可算新年先飲頭啖湯。

新股趕掛牌實屬正常,他們由招股至上市時間約兩周,故多於本月12日登場,但從事樓宇建造的允升雖然將於本周五截止認購,上市日期卻安排在本月18日,意味截飛至掛牌時間長達12日,以集資最多1億多元來看,等待時間認真長,若期間有甚麼負面消息衝擊大市,多少會影響反應,甚至最終上市目標無法達成。幸好該集團需支付包銷佣金為集資額的2.5%,及加保薦費,料按中間價計,上市開支才1,870萬元,已佔集資額近20%。

不過,滙力和華眾均需支付包銷佣金達3%外,更要隨時加額外獎勵,滙力要多付酌情獎金達0.5%,但華眾的額外獎勵卻達1.75%之高,豈不是總佣金達集資額4.75%?

至於開世也不遑多讓,除了包銷佣金已高達3.5%,如成功集資逾1.6億元,牽頭經辦人還可按集資所得的0.5%,為額外獎勵費用。假設以中間價1.04元計,集資才1.56億元,雖不用付獎勵費用,但開支估計要2,980萬元,意味每集資1元,便要付約0.19元作為上市費用,若果真的能集資更多,費用便更多,著實成本非輕。

投行或證券商在香港有大茶飯吃,難為了歐洲的投資賓架了,且看《彭博》統計,投行從歐洲的IPO中所獲佣金僅1.88%,創13年新低,畢竟生意少,又要爭,難免搶爛市,如瑞信更平均僅收1.63%,較2010年再減0.17個百分點。

至於香港平均佣金水平為2.2%,較全球平均數3.8%要低,可惜從4隻新股的費用來看,似乎相對貴了,究竟是蚊型股風險高,證券商才將叫價提高,抑或是細公司們抱著小財唔出,大財唔入的心態,一朝掛上上市編號,真的可以聲價十倍?

(1月4日刊於《am730》)

14 Comments:

At 9:05 AM, Blogger Orchidee said...

一朝上市,未必聲價十倍,但是,至少封了虧本門。一來是不夠資本也可擴大業務;二來可以轉嫁業務風險予投資者;三來,除了董事袍金外,尚有各房屋、醫療...等各項津貼,年終尚有花紅、認股權等,即使業務不賺錢,各種所得照收不誤,真是穩賺不賠。若不上市,經營就得自負盈虧,難以擴大(用人家的錢,不肉痛,用自己資金,處處小心,步步為營)。

 
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