2009年1月13日星期二

我反對你反對

大口仔諗極都唔明點解會有二百多家上市公司夠膽公然反對延長董事買賣股票限期的新規定,先不論反對者當中的管治質素有幾"優質",但反對者的理據如斯牽強兼不按正常程序辦事,但又看似得到不少傳媒支持,卻是大口仔所始末的。

公開反對者所持的理據,不外乎新規定令公司大股東可以及時地為公司的股價"護航",因為新規定要求上市公司在中期業績及全年業績的截數日後,直至公佈業績前都不可買賣公司股票。由於現行規定上市公司在中期及全年業績截數日後,享有三個月及四個月的期限才施施然公佈業績,所以新規定便變相令上市公司全年"最多"有七個月時間不能買賣公司股票,即反對者口中所提到的"護航"。

不過,大口仔想問點解上市公司成日都覺得要為公司的股價"護航"呢?仲有,業務複雜如匯控都可以在年結後兩個月公佈業績,我實在想像唔到點解反對者口中的七個月時間不能買賣公司股票從何說起!要避免公司董事有七個月時間不能買賣公司股票,最有效的方法係盡快公佈業績,與公司股東們共同進退,而不是等人家諮詢期完結後才鬼鬼祟祟走出來"公然"反對。

要解開迷團好簡單,大家即管看看走出來"公然"反對的公司名單,相信大可略知一二,大口仔不敢信名單上的公司都沒有投資價值,但若有其他更好選擇,何苦要迫自己選一些有私心的公司投資?

匯控(0005)一早走出來說新規定對自己沒有影響,恆隆(0101)更適時澄清沒份反對新規定都值得一讚!

那些終日要為公司股價"護航"的董事們,你估你地識反對我地小股東又唔識反對咩?我反對你反對!再嘈寫建議書俾政府提議早日要求上市公司公佈季度業績,進一步保障股東利益!

13 則留言:

匿名 說...

請問有冇反對的二百多家上市公司的名單?

匿名 說...

其實季報好重要, 連國內A 股都有, 點解香港要收埋?
可以既話, 加埋四季息, 咁股市會更穩定, 散戶更多現金流.

Edward 說...

人越大越迷茫,發覺很多事並非表面咁簡單.
為了入WTO,香港放棄了一些投標的規定,讓外國的大公司以低價去搶香港工程,推行WTO最熱的美國,仍在農產品上補貼以低價輸出.美國國內特別是政府用品受很多限制(保護)用國貨.聯想買了IBM使IBM不再競爭政府合約.
想講的係聽聞證監內坐了很多外國代表,所以最好是要人捆起手讓佢.同意年結後縮短公佈期,但以這方法達此目的是否迂迴點?就算我都看錯誤會了,延長禁售期為了解決那些常發生的現象?為何有效又有多少數據?
大口仔你說的對,時間上他們沒有把握好,但為何他們會覺得"護航"很重要?我"猜"他們經驗過股價過份低迷(人為或市場)而由大戶推低吸納,把他們努力經營的成果低價奪去,現在又把他們手中的工具(回購)拿走,如何去確保香港股市不會成為外國大戶的提款機?
我從百多元持匯控,至今仍保持信心,但當股價留在73~78時,匯控也不得不考慮集資,即我的利益分薄了.股市就是大眾心理價值的反映,若市場能手操控投資者情緒,作為小股東除了看著他們舞高弄低或期待政府入市,把大股東廢了武功,只有把銀包打開讓他去拿吧.
我認為是兩大勢力在角力!爭取有利自己的游戲規則吧!

匿名 說...

CHICAGO, Jan 14, 2009 (Reuters via COMTEX)
....
And about 85,000 puts and 31,000 calls pegged to the U.S.-listed shares of HSBC Holdings, Europe's biggest bank, traded, four times the normal level, according to option analytics firm Trade Alert.
...
In HSBC Holdings, some traders reached for the March $25 strike puts, which were 45 percent out-of-the money and a $50/$60 call spread, perhaps expecting the stock to move to $60 and beyond by March expiration, said WhatsTrading.com options strategist Frederic Ruffy.

Morgan Stanley analysts suggested the dividend might be cut in half, which would be negatively reflected in the HSBC share price and that led traders to dabble in their puts, said Andrew Wilkinson, senior market analyst at Interactive Brokers Group.

匿名 說...

D option 點玩 ga???

U.S. stock market report [.N]
1406 ET-13Jan2009-Investors eye HSBC Holdings options
------------------------------------------------------------------------------ About 69,000 puts and 29,000 calls traded in HSBC Holdings Plc (HSBA.L)
(HBC.N), three times the normal volume as traders position for a share price
move in the bank, said WhatsTrading.com analyst Frederic Ruffy. One customer
bought 25,000 March $25 puts that were 46 percent out-of-the-money. The March
$50/$60 call spread traded 10,000 times in what appeared to be a purchase as an
investor bought the $50 strike and sold the $60 strike, perhaps expecting the
stock to move to $60 and beyond by March expiration, he said. Ruffy said open
interest in the March $45 puts rose by more than 85,000 contracts following a
day of heavy trading on Monday. Some of that volume appeared to be put buying.
But the bulk of the trading on Monday was a customer purchase of 75,000
contracts in the $45 put strike along with the purchase of 650,000 shares at
$47, he said. Reuters Messaging: doris.frankel.reuters.com@reuters.net
1354 ET 13Jan2009-Markets modestly lower on earnings worries

Andre 說...

It appears HSBC share price will drop through 60 but will it drop to 52 as MS predicts ?
What is our strategy if we wish to get some HSBC shares ?

Audi 計數佬 說...

當你有機會在一間上市公司做管數人既時候,就知盡快出業績唔係一件易事. 而且你亦會知點解對長禁售期有咁大反應

pisces 說...

13.01.2009 20:35

About 69,000 puts and 29,000 calls traded in HSBC Holdings Plc , three times the normal volume as traders position for a share price

move in the bank, said WhatsTrading.com analyst Frederic Ruffy. One customer

bought 25,000 March $25 puts that were 46 percent out-of-the-money. The March

$50/$60 call spread traded 10,000 times in what appeared to be a purchase as an

investor bought the $50 strike and sold the $60 strike, perhaps expecting the

stock to move to $60 and beyond by March expiration, he said. Ruffy said open

interest in the March $45 puts rose by more than 85,000 contracts following a

day of heavy trading on Monday. Some of that volume appeared to be put buying.

But the bulk of the trading on Monday was a customer purchase of 75,000

contracts in the $45 put strike along with the purchase of 650,000 shares at

$47, he said.

---------------------
(my comment: 1 investor bought 25000 puts out of total 69000 puts).

匿名 說...

What is your advise on 0005? The price has dropped for more than half from $15x.

匿名 說...

盡快出業績唔係一件易事... Yes, for some normal listed company, Fast or Quarterly reporting is not that critial, instead sometimes need to allow enough time for the company to complete their accounting closing work and prepare a good report instead.

Some listed Company management is good but due to insufficient Accounting headcount or waiting time for overseas subsidiary to complete the accounting book, they need more time to complete the record.

Pushing too hard for result announcement will result more rough estimation and poor result sometimes...

zgokli

大口仔 說...

Audi 計數佬:願聞其詳....

Audi 計數佬 說...

唔係間間公司都係大藍籌,冇咁好既資源去請好既人才,好既ERP system,好既internal controls,要知道根本唔會有老闆願意投資咁多落一個supportive units度

至於blackout period,以前要求公報業績前一個月先唔準買賣,咁公司董事當知道年結時盤數,仲可以有足夠時間做買賣。

當然以上只係其中之一

大口仔 說...

"至於blackout period,以前要求公報業績前一個月先唔準買賣,咁公司董事當知道年結時盤數,仲可以有足夠時間做買賣。"

呢個論點好有趣,這不就是對小股東的不公平之處嗎?大口仔仲係唔明點解反對....因為要方便董事做買賣?

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