You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
植耀輝: 中概股回歸 港交所(00388.HK)有「錢」途
阿思達克 01-08 11:26
耀才證券研究部總監植耀輝稱,踏入2020年,投資市場已出現不少挑戰,近期最備受關注莫過於地緣局勢。美伊衝突如何演化現時難以預期,筆者認為大規模戰事機會不大,但小規模衝突則似乎在所難免,而市場如何解讀則要再作觀察。不過筆者對短期市況依然較審慎,畢竟自去年12月至今恆指累升不少,何況短期仍要視乎另一因素,就是本月中擬簽署之中美首階段貿易協議。 近期本地投資市場一個熱門話題,應該離不開攜程及網易有意來港上市之消息。有關中概股回歸的消息及憧憬自去年中已不斷發酵,而自阿里巴巴(09988.HK)來港作第二上市後,投資者亦預期將有更多中概股登場。早前高盛便有一研究報告,指目前有23隻在美國上市之中概股符合回港第二上市資格,相關股份市值便超過3,000億美元! 事實上,中概股回歸有其實質因素,皆因自去年開始,已有不少聲音指要加強監管中概股審計事宜,而在去年底美國證交會(SEC)及美國公眾公司會計監管委員會(PCAOB)更發表聯合聲明,建議實施更嚴格的信息披露要求,以及施加更多有關新證券發行之限制。 問題的核心在於,過往中國公司若打算在美國上市集資,由於實際營運點在中國,審計也都在中國境內進行,而審計團隊只需向SEC提交20-F審計報告便可,然而一些較敏感資料,包括審計底稿及具體營運資料等的一些關鍵資訊並不會交給美國SEC,導致資訊獲取上造成市場不公平現象,因此SEC要求日後或須加強信息披露,以及在再融資上須滿足更高要求。這對現時在美國上市之中概股而言,未來發展上將構成巨大風險和挑戰,亦因此有更大誘因,令更多中概股打算回港作第二上市。 至於另一個因素,則似乎是與投資者的喜好有關。雖然「北水」暫時仍未能吸納阿里巴巴,但港交所今年有相當大機會在諮詢後將同股不同權股份納入成份股之列,以阿里巨無霸之規模,肯定會得到更多投資者垂青,而中概股中亦不乏大家耳熟能詳之股份,例如京東、百度及網易等。 可以預期,當北水可以參與第二上市之股份時,料會對交投以至內地科技股投資氣氛有更大正面幫助。而港交所(00388.HK)則有望受此等消息刺激。當然股價近日已累升不少,但若回落至260元附近水平,筆者認為值得買入作中長線持有。 (筆者為證監會持牌人,並未持有相關股份)~ 阿思達克財經新聞 網址: www.aastocks.com
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account