Monday, May 12, 2014

投行爭刁

傳統「Sell in May」,恒指於本月雖然暫時只回落了1.2%,但各類股份均面對壞消息衝擊似的,尤其是佐丹奴(709)的盈警和莎莎(178)銷售倒退更嚇怕人,更憂慮天價租下的門市也要結業等情況浮現,隨後自然是被裁銷售人員能否被市場吸納。
至於騰訊(700)則無懼風浪,藉發行票據集資25億美元(約195億港元),似乎為借平錢(年息分別僅2厘及3.375厘)而部署海外併購。該批票據聯席全球協調人及聯席牽頭經辦人分別為德意志銀行、巴克萊及摩根大通。該批票據成功發行,投資銀行可袋多少?盛惠1,186.5萬美元(約9,254萬港元),佔集資額0.47%,但金額非細矣。
再看看阿里巴巴集團赴美上市的保薦人陣容,包括瑞信、德意志銀行、高盛、摩根大通、摩根士丹利和花旗,可見德銀和摩通兩邊通吃。市場估上市費用高達2.25億美元(約17.55億港元),不過,若果落實籌200億美元,即費用僅佔1.1%,未算收得貴,無他,若果成功上市,在年終集資排名榜上,投行能夠進佔前列位置,反映投行集資能力愈高,肯定有助日後生意,故分分鐘倒貼也願意。
不過,投行為爭奪這項世紀大刁,無可避免要放棄面前一些類近項目,避免出現利益衝突,且看騰訊入股的京東赴美上市保薦人陣容便知,美銀美林、巴克萊和瑞銀等,兩者團隊可謂截然不同,今次認真考功力。
當然,陣容大也不代表必勝,且看最新鮮熱辣的莫過於萬洲國際(288),聯保推薦人多達7個,再計及其他協調人、聯席帳簿管理人及聯席牽頭經辦人,合共多達30間投行上陣,可惜臨門一腳縮集資規模也無法力挽狂瀾,未知公司管理層還有甚麼可揀?
(5月12日刊於《am730》)

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