Wednesday, April 25, 2012

美國重手打新股

港鐵(066)前CEO周松崗快速變身做港交所(388)主席,統領另一間經營壟斷的半政府機構,延續政府安排外行人管內行人的傳統,君不見政務官鄧忍光做廣播處長,另一名政務官利敏貞則曾擔任電訊管理局總監,他們相信也不具備相關專業能力,卻也獲政府委任嗎? 既然證券業界憂慮新主席不明白其苦況,或許可以加強游說,建議政府下次考慮找Paul Chow,即港交所前CEO,現時已轉戰數碼港做主席的周文耀,出任港交所主席,相信會皆大歡喜。 另一個大快人心的,就是證監會終於釘了於09年幫洪良(946)上市的兆豐資本的保薦人牌照,兼罰巨款,算是重判了。 其實,新股表現走樣經已存在久遠,可惜始終難以減少這種情況出現,甚至不斷挑戰爆煲紀錄,且看於2000年尾被撤銷上市地位、經營廚櫃生意的威樂也要在上市7個月後才停牌,創下當時最快爆煲紀錄,估不到洪良上市僅3個月便叫停,被指在招股書中披露重大虛假或誤導性資料,雖然事隔多時,但除了這些嚴重問題外,新股上市後,業績走樣等情況依然未見改善,實在令人擔心新股的質素不進且退。 除了證監會把關外,還應否檢討港交所上市委員會的審批工作,讓各監管機構齊心想方設法堵塞漏洞,最低限度減少劣股充斥,否則質素下降,交易所的吸引力無法提升。證監會話要檢討現行保薦人制度,甚至要讓他們負刑責,確可起阻嚇作用。 且看美國證券交易會頻出重拳,在短短1年內,向那些赴美上市的中國公司提出第六宗訴訟,最新鮮滾熱辣的,就是控告於2010年底於美國上市的中國能源技術(SinoTech Energy Ltd.)及兩名高級管理層,涉嫌偽造公司資產規模及將集資所得資金運用的指控。 最恐怖的,就是董事長Qinzeng Liu從01年6月底至8月17日期間,持續虧空公款,計一計,合共累積竟高達4,000萬美元(約3.1億港元),該公司卻讓他任意妄為,不但未有為此在帳目作紀錄,甚至繼續讓他擔任董事長職位。 該公司當時還在新聞稿中聲稱,銀行戶口內仍擁有多達9,300萬美元結餘,根本沒有扣除董事長所拿款項在內,變相表達虛假陳述,投資者也被蒙蔽。 或許大家覺得,美國監管機構頻頻嚴打內地企業,可吸引其他內地企業轉移上市陣地,包括香港或新加坡,但若果這些公司內部問題多多,甚至有些公司上市就是為了脫手的話,港交所便要小心,避免讓香港成為人家的提款機。 (4月25日刊於《am730》)

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