平保建議匯控戰略重組 原則上同意小股東兩項決議案
平保(02318.HK)旗下平安資管董事長兼首席執行官黃勇表示,關注到以呂宇健為代表的匯控(00005.HK)小股東,提出了第17和18項匯豐股東周年大會決議案,要求匯豐承諾將股息恢復到新冠疫情前的水平,推動管理層定期考慮結構性改革。經過仔細研究,平安原則上支持這兩項議案,認為有一定的可取之處,希望匯豐以開放的態度聽取、研究股東意見。
黃勇指出,平安研究了部分股東提出的分拆方案,亦認真聽取了匯豐及其它市場專業人士的反饋和意見,因此建議從原來的分拆方案調整為戰略重組方案。戰略重組方案完全可以解決匯豐的顧慮,包括但不限於環球價值、營運成本、法律障礙等問題。無論是哪個方案,都堅持兩個原則:第一,匯豐仍是總部在亞洲的上市銀行的控股股東,以維持全球業務線的協同效應;第二,都將為匯豐股東帶來巨大收益,包括釋放價值、減少資本要求、提升長期效率、緩解地緣政治風險和重新定位競爭局勢。
黃勇稱,結構性重組方案在初期會產生一些增量成本,但認為應該以開放的態度權衡這些成本與收益,又認為管理層反對分拆跨大許多成本和風險,他承認結構性重組方案在初期會產生一些增量成本,但認為應該以開放的態度權衡這些成本與收益。對於「根據獨立適用於匯豐亞洲的規則,須建立約400億美元的MREL債(符合自有資金與合格負債的最低規定),再融資成本約為數十億美元」。 他認為,數十億美元的再融資成本已是極端情況。匯豐約400億美元的MREL債務將於未來兩至三年內到期,如果香港金融監管局能夠給予 匯豐亞洲過渡期或寬限期,這將極大減少甚至避免MREL的再融資成本。
另外,黃勇提到,對匯控在5個方面感擔憂,包括擔心加息周期將完,匯控業績利好因素可能到尾聲。儘管絕對業績有所改善,匯豐控股和匯豐亞洲業績仍大幅落後同業。匯豐管理層設定的RoTE及成本目標不夠充分。匯豐管理層未能從根本上解決關鍵業務模式面臨的挑戰。匯豐將匯豐亞洲的分紅與所需資本,用以支持回報相對較低的非亞洲業務。
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