一個集資計劃，弄得滿城風雨。當中既反映內地股民的不理智，亦凸顯了香港股市對大陸的重要性。
事緣中國平安保險在年初於A股市場拋出千億融資計劃，該配股規模之大，固然破A股有史以來的紀錄，就連各方的反應，亦是史無前例的「踴躍」。自平保融資方案曝光，各大小傳媒及股民為之嘩然，紛紛指摘平保就是跌市的元凶，網上留言區的聲討更無日無之。就連中證監亦開腔，指出「再融資絕不應是惡意圈錢行為......要慎重考慮投資者的利益」。
其實，甚麼是投資者利益？在香港股市打滾多年，木石從未聽過匯豐有責任要照顧長實股東的利益。同一道理，何解平保要考慮其他投資者的利益？平保只有責任為平保股東謀福利。若然平保預期股市將崩盤，它更有理由於股價暢旺之時集資，以備日後收購或擴展業務之用。
越保護越愚昧
大陸既然要堅決開放改革，大陸股市那種不倫不類的運作便需要修正。股票市場之所以發達，在於它提供一個可融資的平台，政府只需要確保各參與者在一個公平的環境下競技，不需干預甚麼行業公司需要融資，更無必要營造一個只賺不蝕的市場，處處照顧投資者回報。事實上，在市場機制正常運作下，若然沒有人願意買平保的股票，那它的集資自然會泡湯。集資成功與否，市場自有決定，根本犯不著政府操心。其實，在投資市場內，政府應做的是投資者教育，而不是左一句照顧廣大民眾利益，右一句顧及市場承受能力，這些「教條」只會加深道德危機（Moral Hazard），即投資者會以為政府會救市而罔顧風險地投資。木石在此大不諱地講，內地股民跟世界其他股民一樣，都需要經歷一次非常慘烈的洗禮，才會步上康莊大道。香港股市要不是經歷了七三年的大股災，往後也不會高速地發展起來。政府越強行保護，只會令民智越封閉。人總要在風浪中成長，在股海亦然，中國政府成熟點吧，不要盲目救市！
時機決定一切
集資講求時機，平保的融資一波三折，以內地現時低迷的投資情緒，相信融資方案胎死腹中的機會很大。若然時光倒流，整個集資活動是發生在香港，平保又何須耗費那麼多時間心機。在香港，一通電話，十五分鐘內，精通企業融資的銀行家、會計師及律師便能為閣下效勞，以中國保險這性感行業而言，憑各投資銀行的廣泛客戶網絡，千億的融資額又算得上甚麼。時機決定一切，來香港集資吧，平保！
5 則留言:
大大，
個女o岩o岩先林惦個老豆話比佢同人出街，而家就話唔番泥訓。咁其它細佬妹惦睇。
對唔住，俺唔覺得香港股海同胞成熟過國內既。論技術分析，俺識得國內開車果位人兄都識強弱相對，RSI，同長短 K 線，支持位，有自已的講股blog 同forum....
國內好多野系外邊人費解既，正如一向睇得咁緊，惦解西甘四呢單野都會蒲頭，有人估系賊喊捉賊，或者又玩百花齊放，who knows.
俺既感覺系黨已經好順應百姓既要求，咁多人反對就叫停，咁仲唔系邁向民主！
thx Seikomatic 兄, I have no intention to say anything bad to PRC investors. In fact, I know a lot of veteran PRC investors...
my point is: In general, ppl in HK are more loyal to market mechanism, while you know market mechanism is crucial to a successful stock market. But in China, the government always mixed the concept with planned economy and mkt mechanism... So, the stock market cannot function well... It also misleads the public that the government would save them...
木石兄:
Seiko 是小姐黎ga!!
企係商人角度看，我支持快刀高價做Placement，Cash左$$就入Equity。
政治太複雜，自己搞唔掂 ^_~
木石兄:
I think the Chinese government has its own way and culture of doing thing.
I believe the Chinese government is doing the right thing esp. when they see how these foreign investors treat the Hong Kong stock market as a ATM and how HKEX cooperate with them.
If this is the market mechanism you talk about which I believe is a zero sum game, then it is important to have the Chinese government step up and play a role of peace maker before the general public become more experienced with the rules of this game.
Right, I agree that the PRC government has its own way in doing things. It may make the stock market as a tool to settle the state share reform, e.g.
But it is worth to think about why foreign investors are so smart to invest? cos they experienced diff market environment from the past and investor education did the job. In other words, market trained up them...
This is always arguable for whether government should intervene, But for me, i buy what Robert Rubin said (the former US financial secretary), the government only intervenes when some contagions happen to destroy the market mechanism... e.g. like Asian financial crisis...
but for the current status of PRC stock market, it is far from there...
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