港交所(00388.HK)陈翊庭:修订主板盈利规定有利把关 维持市场质素
港交所(00388.HK)上市主管陈翊庭在最新一集播客指出,就主板盈利规定的谘询,收到了大量回应意见。她认为某程度上,这反映了市场的多元性,拥有着很多不同背景的市场参与者。被问及该所将主板盈利规定调高幅度降低至60%,她回应称,这个幅度大致反映了过去廿六年的通胀。其次,按照修订後的盈利调高幅度,不合资格在主板上市的盈利规定申请将会减少。更重要的是,这幅度与大部分回应人士所提议的增幅一致,介乎20%至100%之间。
陈氏称,关於主板盈利规定,今次是港交所26年来第一次作出修订,理解市场上出现的不同看法。然而,从回应中得出的市场共识是,维持高水平的市场质素至为重要。事实上,市场人士都了解必须正视处理失当行为的风险,以保障投资者的权益。所以,需要做好把关,而提高主板盈利规定是其中一种重要的把关方式。
她引述港交所早前与证监会的联合声明所指,注意到有愈来愈多上市申请人,首次公开招股(IPO)时仅仅符合盈利规定的最低要求,但市值却非常高。其中,一些IPO与精心策划的「唱高散货」计划有关,并向包销商支付异常高昂的包销佣金。陈氏相信,提高主板盈利规定有助减少此类失当行为。
陈氏称,明白部分中小企的确有实际的融资需要,而港交所作为上市平台,应该提供他们通过IPO集资的机会。不过,整体而言,港交所的谘询总结在两者之间取得了很好的平衡。
另被问及GEM未来定位时,她表示,联交所将会检讨GEM的定位和市场看法。除了将专注於如何致力满足市场需求,亦期望能加强主板上市与GEM上市的区别。如果检讨後认为联交所必需修订《GEM上市规则》,将发表谘询文件徵询市场意见。
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