香港小盤股遭遇第二天“血洗”
Forty out of the 50 members of the “Enigma” network at the heart of a Hong Kong market crash fell on Wednesday as a bloodbath among the city’s small caps spilled into a second day.
The selling dragged the city’s GEM index, which tracks its junior board listings, to a record low on Wednesday as Tuesday’s selling, which erased $6bn in market capitalisation and left some companies down 90 per cent, widened to include other small caps.
此輪拋售使追蹤二板市場上市公司的香港創業板(Growth Enterprise Market，簡稱GEM)指數週三跌至創紀錄低點。週二抹去60億美元市值、導致一些股票暴跌逾90%的崩盤，擴大了波及面，把另外一些小盤股也扯了進來。Tuesday’s price plunges, which happened in less than an hour, took traders by surprise.
週二的崩盤在不到一小時內發生，令交易員們措手不及。
The only clear link between most of the stocks caught up in the sell-off was their membership of the “Enigma” network — a map of cross-shareHoldings among 50 otherwise unrelated companies published in May by David Webb, the independent investor and stock commentator, under the title “The Enigma Network: 50 stocks not to own”.
被捲入這股拋售潮的多數股票具有的唯一共同點，就是它們都是“謎之網絡”成員。5月，獨立投資者和股評人戴維?韋布(David Webb)發表了一份交叉持股示意圖，上面是50家貌似無關聯的上市公司，標題是“謎之網絡：50只不能買的港股”。Mr Webb said he compiled the network from earnings updates and annual reports after last year asking the Hong Kong Exchange, the city’s front-line regulator, to enforce more firmly its disclosure rules.
韋布表示，他在根據盈利更新和年報繪製這幅網絡地圖之前，去年曾促請香港的第一線監管機構——香港交易所(HKEx)加強執行其披露規則。The Securities and Futures Commission has refused to deny that it was already looking into some of the companies involved in the sell-off and described the stocks as characterised by thin turnover, small public floats and highly concentrated shareholdings — conditions, it said, that could be “conducive to market misconduct”.
香港證券及期貨事務監察委員會(SFC)沒有否認其已經在調查崩盤所涉及的其中一些公司，並稱這些大幅下挫的股票具有成交量小、流通股少、持股集中度高等特點，而這些特點容易導致“市場失當行爲”。“By misconduct, we’re thinking about things ranging from manipulation and the ways in which that might be assisted through to shareholders who may not be fully independent when voting,” Ashley Alder, chief executive of the SFC, told the Financial Times on Wednesday.
“所謂的失當行爲，我們考慮的是多種行爲，從操縱和可能協助操縱的方式，到股東在投票表決時可能並不完全獨立，”證監會行政總裁歐達禮(Ashley Alder)週三告訴英國《金融時報》。He said, too, that the regulator had been increasing its focus on corporate issues — which were traditionally the domain of the HKEX, which sets listings rules.
他還表示，證監會近來已經在加大對公司問題的關注，傳統上這些問題屬於香港交易所的管轄範圍。上市規則是由香港交易所設定的。“Something which is particularly concerning is networks of companies and brokers in this small-cap area which may be involved with teams that are deliberately manipulative,” he added.
“尤其令人擔憂的是小盤股領域的公司和券商形成網絡，這些網絡可能與蓄意操縱的團隊有來往，”歐達禮補充道。Worst-hit on Wednesday among the Enigma stocks was Hao Wen Holdings, a money lender and trader of biomass fuel, which fell 56 per cent, and KPM Holdings, a Singapore sign-maker, which closed down 44 per cent.
週三遭受最沉重打擊的謎之網絡股票是放貸機構和生物質燃料交易商皓文控股(Hao Wen Holdings)，下跌56%，以及新加坡招牌製作商吉輝控股(KPM Holdings)，收跌44%。GreaterChina Professional Services, an asset valuer best known for an offer last year to buy Hull City FC for ￡130m, closed down 34 per cent following a 93 per cent fall on Tuesday.
資產估值機構——漢華專業服務(GreaterChina Professional Services)在週二暴跌93%後，週三進一步收跌34%。該公司最出名的是去年對赫爾城足球俱樂部(Hull City FC)發出1.3億英鎊收購報價。In an example of the effect of those crossholdings, one of the network, Amco United, on Wednesday warned it would report a “substantial” half-year loss due to its share trading activities. The company is primarily a maker of medical devices.
突顯交叉持股影響的一個例子是，謎之網絡股票雋泰控股(Amco United)週三警告，由於其股票交易活動，它將報告“重大”半年虧損。該公司的主營業務是醫療器械製造。Regulatory filings on Wednesday revealed three of the Enigma companies were among those adding to China Jicheng’s woes — the umbrella maker that lost as much as 94 per cent on Tuesday — by selling some of their holdings.
週三的監管申報文件透露，3家謎之網絡公司加劇了雨具製造商、週二暴跌94%的中國集成控股(China Jicheng)的困境——它們減持了各自持有的這隻股票。Lerado Financial Group, China National Culture Group and QPL International all dumped shares amid the rout. Combined, their sales represented only 14 per cent of the 22.5bn shares traded on Tuesday in the umbrella maker.
隆成金融(Lerado Financial Group)、中國國家文化產業集團(China National Culture Group)和品質國際集團有限公司(QPL International)均在崩盤期間拋售了中國集成的股票。三家的拋售量加在一起，佔這家雨具製造商週二225億股交易量的14%。
