港交所(00388.HK)陳翊庭:修訂主板盈利規定有利把關 維持市場質素
港交所(00388.HK)上市主管陳翊庭在最新一集播客指出,就主板盈利規定的諮詢,收到了大量回應意見。她認為某程度上,這反映了市場的多元性,擁有著很多不同背景的市場參與者。被問及該所將主板盈利規定調高幅度降低至60%,她回應稱,這個幅度大致反映了過去廿六年的通脹。其次,按照修訂後的盈利調高幅度,不合資格在主板上市的盈利規定申請將會減少。更重要的是,這幅度與大部分回應人士所提議的增幅一致,介乎20%至100%之間。
陳氏稱,關於主板盈利規定,今次是港交所26年來第一次作出修訂,理解市場上出現的不同看法。然而,從回應中得出的市場共識是,維持高水平的市場質素至為重要。事實上,市場人士都了解必須正視處理失當行為的風險,以保障投資者的權益。所以,需要做好把關,而提高主板盈利規定是其中一種重要的把關方式。
她引述港交所早前與證監會的聯合聲明所指,注意到有愈來愈多上市申請人,首次公開招股(IPO)時僅僅符合盈利規定的最低要求,但市值卻非常高。其中,一些IPO與精心策劃的「唱高散貨」計劃有關,並向包銷商支付異常高昂的包銷佣金。陳氏相信,提高主板盈利規定有助減少此類失當行為。
陳氏稱,明白部分中小企的確有實際的融資需要,而港交所作為上市平台,應該提供他們通過IPO集資的機會。不過,整體而言,港交所的諮詢總結在兩者之間取得了很好的平衡。
另被問及GEM未來定位時,她表示,聯交所將會檢討GEM的定位和市場看法。除了將專注於如何致力滿足市場需求,亦期望能加強主板上市與GEM上市的區別。如果檢討後認為聯交所必需修訂《GEM上市規則》,將發表諮詢文件徵詢市場意見。
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