郭思治: 研祥智能(02308.HK)私有化到尾声 小股东接纳要趁早
香港股票分析师协会副主席郭思治称,受到股份长时间成交量不活跃、流动性及估值偏低的情况影响下,公司难以在利用上市平台进行募资,研祥智能(02308.HK)要约人按每股H股1.5港元收购所有H股独立股东股份。由於公司注册地在中国,并无强制收购条件,所以上月通过特别股东大会议决案以後,需要有90%独立股东接纳要约,私有化才达成无条件。因此,愿意接纳要约的独立股东,需要指示托管券商或银行来接纳要约。公司早前接连发布公告指出,由於托管行处理私有化手续的程序各有不同,加上现时疫情仍不明朗的情况下,如欲接纳要约的H股股东,需提早立刻办理相关手续。
倘若股东未有接纳要约而最终公司私有化成功,将随公司从联交所退市,变成私人公司小股东,股份流通性将受到影响,届时套现非常困难。此外,若私有化失败的话,股价几可肯定下跌,甚至打回原形至私有化公告发布前的水平,而且公司在未来12个月也不能重启私有化方案,加上受外围经济及行业情况影响,公司经营及资金将造成一定程度的压力。
其实,港股市场具投资价值的公司非常多,小股东可以趁要约款项到账後进行「换马」,用来投资其他成长型公司,收益或比持有研祥智能更高。
(笔者为证监会持牌人)~
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