植耀辉: 中概股回归 港交所(00388.HK)有「钱」途
耀才证券研究部总监植耀辉称，踏入2020年，投资市场已出现不少挑战，近期最备受关注莫过於地缘局势。美伊冲突如何演化现时难以预期，笔者认为大规模战事机会不大，但小规模冲突则似乎在所难免，而市场如何解读则要再作观察。不过笔者对短期市况依然较审慎，毕竟自去年12月至今恒指累升不少，何况短期仍要视乎另一因素，就是本月中拟签署之中美首阶段贸易协议。
近期本地投资市场一个热门话题，应该离不开携程及网易有意来港上市之消息。有关中概股回归的消息及憧憬自去年中已不断发酵，而自阿里巴巴(09988.HK)来港作第二上市後，投资者亦预期将有更多中概股登场。早前高盛便有一研究报告，指目前有23只在美国上市之中概股符合回港第二上市资格，相关股份市值便超过3,000亿美元!
事实上，中概股回归有其实质因素，皆因自去年开始，已有不少声音指要加强监管中概股审计事宜，而在去年底美国证交会(SEC)及美国公众公司会计监管委员会(PCAOB)更发表联合声明，建议实施更严格的信息披露要求，以及施加更多有关新证券发行之限制。
问题的核心在於，过往中国公司若打算在美国上市集资，由於实际营运点在中国，审计也都在中国境内进行，而审计团队只需向SEC提交20-F审计报告便可，然而一些较敏感资料，包括审计底稿及具体营运资料等的一些关键资讯并不会交给美国SEC，导致资讯获取上造成市场不公平现象，因此SEC要求日後或须加强信息披露，以及在再融资上须满足更高要求。这对现时在美国上市之中概股而言，未来发展上将构成巨大风险和挑战，亦因此有更大诱因，令更多中概股打算回港作第二上市。
至於另一个因素，则似乎是与投资者的喜好有关。虽然「北水」暂时仍未能吸纳阿里巴巴，但港交所今年有相当大机会在谘询後将同股不同权股份纳入成份股之列，以阿里巨无霸之规模，肯定会得到更多投资者垂青，而中概股中亦不乏大家耳熟能详之股份，例如京东、百度及网易等。
可以预期，当北水可以参与第二上市之股份时，料会对交投以至内地科技股投资气氛有更大正面帮助。而港交所(00388.HK)则有望受此等消息刺激。当然股价近日已累升不少，但若回落至260元附近水平，笔者认为值得买入作中长线持有。
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