Monday, October 07, 2013

馬主席:返內地上市吧

阿里巴巴集團「話」上市已鬧得滿城風雨,而整個科技界好像忙於上市多於做生意。其實,對阿里巴巴集團上市與否的正反評論已如恒河沙數,禤中怡無意踩多腳,但見到傳媒放風之盛,簡直變成戰場般,兼且好像不投資便蝕底般,實在令人唏噓。
馬雲只持少數股權,擔心自己被踢出局,實屬可理解,只要看看蘋果(Apple Inc.)當年踢走教主喬布斯(Steve Jobs),甚至拍成電影,而上周更傳有微軟(Microsoft)主要股東或逼宮,要求主席蓋茨(Bill Gates)下台,便可知持50%股權以下的大股東,其控制權分分鐘受挑戰,好像森林生存之道般,只要實力一降便隨時被推出權力圈。
馬主席不妨跟李超人學習,可能有好處。且看長和系近年推出的「作品」便可見,即使分拆上市,大權依然在握,全靠一招:信託,如長江實業(001)分拆泓富產業信託(808)、匯賢產業信託(87001),而於2011年,和記黃埔(013)則將其香港及鹽田的港口業務分拆成和記港口信託,成為全球首項公開交易的貨櫃碼頭信託,並於新加坡主板上市。即使是近期的電能實業(006)也跟隨集團「食過翻尋味」,將本港電力業務港燈分拆掛牌時,也用投資信託方式進行。
不過,馬主席如真的安排阿里巴巴往美國上市,可能要轉趨沉靜方可,披露稍有不慎,美國證交會分分鐘不賣帳。
科技股有多熱?先看美國,Twitter準備籌10億美元(約78億港元)外,其實內地多間不為港人熟悉的科技股已賺個盤滿缽滿,如蘭亭集勢(LightInTheBox Holding Co)6月上市至今漲27%,瀾起科技(Montage Technology Group Ltd)已累漲37%,而百度亦傳分拆網上旅遊服務供應商「去哪兒」(Qunar)上市籌1.25億美元(約9.7億港元)。
至於香港上市隻雲遊控股(484)上周五收報71.5元,已較招股定價51元漲40%,而該股未計特殊虧損,半年賺1.5億人仔,一年估計賺3億人仔,即3.8億港元計,粗略計市盈率約23.8倍,同騰訊(700)的48倍差很遠!況且若果阿里巴巴集團真的放棄在港上市,騰訊變相成為可投資內地科網市場的稀有品種,試問另一位馬主席怎不開懷。
要趕搭本港科技股列車的還有隻新加坡網絡遊戲公司(IGG)(8002),傳集資加碼至最多9.5億元不算多,但難免成為焦點。
至於阿里選那裡掛牌不重要,反正要炒的話,對象多多,最重要的是,監管機構做好保障小股東的政策,建立口碑,自然會吸引人排隊上市。或許阿里直接於內地上市,可能更配合國策。

(10月7日刊於《am730》)

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