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郭思治: 研祥智能(02308.HK)私有化到尾聲 小股東接納要趁早
阿思達克 10-14 09:47
香港股票分析師協會副主席郭思治稱,受到股份長時間成交量不活躍、流動性及估值偏低的情況影響下,公司難以在利用上市平台進行募資,研祥智能(02308.HK)要約人按每股H股1.5港元收購所有H股獨立股東股份。由於公司註冊地在中國,並無強制收購條件,所以上月通過特別股東大會議決案以後,需要有90%獨立股東接納要約,私有化才達成無條件。因此,願意接納要約的獨立股東,需要指示託管券商或銀行來接納要約。公司早前接連發布公告指出,由於託管行處理私有化手續的程序各有不同,加上現時疫情仍不明朗的情況下,如欲接納要約的H股股東,需提早立刻辦理相關手續。

倘若股東未有接納要約而最終公司私有化成功,將隨公司從聯交所退市,變成私人公司小股東,股份流通性將受到影響,屆時套現非常困難。此外,若私有化失敗的話,股價幾可肯定下跌,甚至打回原形至私有化公告發布前的水平,而且公司在未來12個月也不能重啟私有化方案,加上受外圍經濟及行業情況影響,公司經營及資金將造成一定程度的壓力。

其實,港股市場具投資價值的公司非常多,小股東可以趁要約款項到賬後進行「換馬」,用來投資其他成長型公司,收益或比持有研祥智能更高。

(筆者為證監會持牌人)~

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