📖 ZKIZ Archives

金融人語：長實核數費勁平之謎

1 : GS(14)@2012-04-16 23:12:59

http://hk.apple.nextmedia.com/te ... 307&art_id=16250955
至於幾隻大國企中移動（ 941）、中石油（ 857）、中石化（ 386）的核數費用，核數費則遠遠拋離其他上市公司，市值 1.7萬億元的巨無霸中移動，核數費便上億元計。

藍籌生招牌　四大行必爭

以長實約 2300億元市值來講，德勤上個財年只收區區 700萬元，在同等市值的上市公司中可說平通街，實在是異數。好似與長實市值相若的中銀（ 2388），核數費用超過 3000萬元。連市值及不上長實十分之一的電盈（ 008），去年核數費用定亦逾 2000萬元。
合夥人同我哋講，長實這類型傳統藍籌，是四大的生招牌，無疑是必爭之地，四大藍籌在還價能力方面，根本無甚牙力。其實不單止是長實，其他傳統藍籌如太古（ 019），其業務繁多，去年的核數費用也不過 2700萬港元。合夥人話，四大一年目標吸引數百個新客，需要靠藍籌客，建立品牌效應，因而令長實這類大藍籌得益不少。

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金融人語： 《時代》影響力榜　乍見神秘港人

1 : GS(14)@2012-04-23 22:47:23

http://hk.apple.nextmedia.com/te ... 307&art_id=16272715

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2 : GS(14)@2012-04-23 22:48:54

http://realforum.zkiz.com/thread.php?tid=31583
原來他個仔投馬?

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3 : Sunny^_^(11601)@2012-04-24 07:47:38

成先生個FD係羊先生...佢地都係一D好黑既勢力.到底係陳少姐想借香港人發展在港既業務定係以上2位借陳少姐發展在大陸既人脈?

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金融人語：洪良保薦人　開班教企業管冶

1 : GS(14)@2012-04-26 00:28:48

我覺得他們成日寫漏野
http://hk.apple.nextmedia.com/te ... 307&art_id=16279175
兩年前洪良（ 946）爆煲，證監會日前公佈史無前例咁重罰保薦人台資兆豐資本，但會否追究幾名負責上市的兆豐員工，仲係未知數。但我哋知道，當年兆豐幾位負責 IPO的高層，依然喺金融界行走江湖，好似兆豐前董事總經理康曉龍，好大機會已轉行去做財經顧問公司，仲喺中港兩地開班授徒，教授企業管治的課程，應該有大把第一身體驗可以分享。
2010年初，上市不足三個月的洪良旋即爆煲。當時傳媒追訪負責洪良上市的康曉龍，先發現佢同兩名高層早已各散東西。

康曉龍加入邦盟做董事

前身倍利證券的台資券商兆豐， 2002年開始活躍於香港資本市場，保薦一些中小型中台民企上市。康曉龍喺 2003年加盟兆豐，其間多次接受訪問，力銷台資股 IPO前景。自 2004年起，康曉龍高調現身多隻兆豐任保薦人的 IPO記者會。 2010年初離開兆豐之後，曾經有傳聞話康曉龍獲另一間證券行的聘書，但佢多項證券牌照至今都冇再續期，相信已冇喺證券行工作。不過我哋發現，有一位同名同姓的康曉龍，其實喺同年 10月已加入邦盟匯駿顧問（ BMI Consultants）公司做董事。
邦盟匯駿顧問專門為有意在港上市的公司做顧問，喺灣仔設有辦公室，母公司邦盟匯駿集團 2001年曾經喺香港創業版上市。據公司網站介紹，康曉龍喺邦盟匯駿顧問擔任董事總經理，有十幾年投資銀行的經驗，履歷冇講明佢出身自邊間投資銀行，但提到康曉龍成功保薦 30家香港上市公司，包括自然美（ 157）、安德利果汁（ 2218）、崚凌（ 1997）、新焦點等等，以上間間保薦人都係兆豐或前身倍利證券，所以好有理由相信此康曉龍，與帶領洪良上市的為同一人。

負責上市規則培訓課程

康曉龍亦都有為邦盟匯駿的培訓中心做導師，負責企業培訓課程。康曉龍有份教授的上市規則培訓課程，涵蓋董事責任、企業管治等的課題，有關課程仲獲得港交所（ 388）上市科認可。此外，康曉龍與其他幾個金融界從業員同會計師，為邦盟匯駿喺上海開班教授金融分析就業實務班，主要教金融分析理論。
至於洪良爆煲臨頭各自飛的另外兩位高層，依然喺行內任職。好似兆豐主管資本市場部的孫村華，先後去過海通、招銀國際，舊年中過檔信達證券。而另一位曾經喺洪良上市時公開露面的兆豐聯席董事黃麗洳，前年過檔招銀國際，一直至今。

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2 : GS(14)@2012-04-26 00:31:20

http://www.sfc.hk/sfcprd/eng/pr/ ... =ACA025&applNo=0002
康曉龍

http://www.sfc.hk/sfcprd/eng/pr/ ... =AFE038&applNo=0002
黃麗洳

http://www.sfc.hk/sfcprd/eng/pr/ ... =AFP060&applNo=0004
孫村華

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3 : GS(14)@2012-04-26 00:35:56

http://www.bmiptc.com/programmes/corporate-finance/2011/8/
23-08-2011
18:30-21:00   CF-CPT-13   成功上市案例分析   Mr. Terence Hong (康曉龍)
  2.5   700
http://www.bmiptc.com/instructors/


Mr. Terence Hong (康曉龍)
Professional Qualification

   Associate member of the Hong Kong Society of Accountants
  fellow of the Association of Chartered Certified Accountants

Education

   Bachelor degree in physics, The University of Hong Kong

Working Experience

   The Managing Director of BMI Consultants Limited.Mr. Hong is responsible for the Group’s consulting business and promotional activities
   More than16 years experience in investment banking, Mr. Hong has acted as sponsors and successfully arranged and participated for about 30 IPO companies listed on the Main Board and GEM Board of the Hong Kong Stock Exchange.
  He has also rendered financial advisory services for over 100 listed companies as a proof of his solid experience and professional judgment.

Training Experience

   Financial advisory Services
   Mergers and acquisitions
   Restructuring
   Fund – raising
   British Institute of Certified Public Accountants

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4 : GS(14)@2012-04-26 00:36:12

http://www.bmiptc.com/instructors/
一堆毒霸

http://realblog.zkiz.com/greatsoup/15000

文剛銳
http://www.sfc.hk/sfcprd/eng/pr/ ... =ABV019&applNo=0002

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5 : GS(14)@2012-04-26 00:41:09

邦盟匯駿顧問專門為有意在港上市的公司做顧問，喺灣仔設有辦公室，母公司邦盟匯駿集團 2001年曾經喺香港創業版上市。

知唔知之後點呀?
http://www.hkexnews.hk/listedco/ ... 20010711163049U.htm

盧先生賣晒D股，買番晒原本個業務
http://www.hkexnews.hk/listedco/ ... LN20080527041_C.doc
http://www.hkexnews.hk/listedco/ ... LN20080730040_C.pdf

轉型
http://www.hkexnews.hk/listedco/ ... LN20080715001_C.pdf

部分業務變了8020個核心
http://realforum.zkiz.com/thread.php?tid=25455

成日唔知寫乜鬼，寫一半就驚點玩呀

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6 : GS(14)@2012-04-26 00:41:44

http://webb-site.com/dbpub/articles.asp?p=13754&hide=
唔識睇下Webb對呢班死老千寫過D乜

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7 : 草帽(1253)@2012-04-26 12:12:48

佢教既企業管治就係咪呃Q晒股東D錢之後走佬.

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8 : GS(14)@2012-04-26 22:24:46

7樓提及

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佢教既企業管治就係咪呃Q晒股東D錢之後走佬.

個個都是呢味的箇中高手，華哥同榮弟都掠唔少啦

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9 : GS(14)@2012-06-09 15:55:08

http://www.sfc.hk/sfcPressReleas ... ervlet?docno=12PR59

證監會撤銷康曉龍的牌照

證券及期貨事務監察委員會（證監會）撤銷兆豐資本（亞洲）有限公司（兆豐資本）前董事總經理康曉龍（男）擔任代表的牌照，並撤銷核准其擔任負責人員（註1）。

兆豐資本是洪良國際控股有限公司（洪良）上市申請的唯一保薦人，當時負責監督兆豐資本內處理洪良上市事宜的交易小組的負責人員及保薦人主要人員共有兩名，而康是其中一人（註2及3）。

證監會調查發現，康沒有履行其作為保薦人主要人員及負責人員的職責。證監會的主要調查結果如下：

1. 拒絕承認責任

  康否認他負責監督兆豐資本內處理洪良上市申請的交易小組，並試圖將責任推卸給兆豐資本的另一名負責人員及保薦人主要人員X先生（註4）。

  康聲稱他是董事總經理，其工作是監督兆豐資本不同部門，而負責洪良上市申請的人是X先生。

  康看來並不知道，他與X先生須一起就履行其身為保薦人主要人員的職責承擔共同及各別責任（註5）。


2. 監督不力

  雖然兆豐資本內處理洪良上市申請的交易小組成員確認，康有份參與兆豐資本就洪良上市申請所進行的保薦人工作，並不時向小組成員發出指示，但有證據顯示，康並沒有對交易小組予以妥善及充分監督。

  舉例而言，康雖可以透過獲抄送的電郵，審閱交易小組的工作及監察上市項目的進度，但他承認未有閱讀大部分與洪良上市申請有關的電郵。

  此外，康未有審閱交易小組在向洪良的主要客戶及供應商作出查詢時所填寫的盡職審查問卷，因而沒有發現，多數問卷都遺漏了與洪良相關的交易數據等重要資料，而康亦沒有指示交易小組跟進遺漏了的資料。


3. 違反保薦人承諾及向香港聯合交易所有限公司（聯交所）申報不實聲明

  康及X先生作為洪良上市申請的保薦人主要人員，曾一同簽署並向聯交所分別呈交承諾及聲明，確認兆豐資本已經進行合理盡職審查的查詢，以及向聯交所提供的所有資料在各重大方面均屬真實，且並無遺漏任何重大資料。

  不過，康並沒有採取合理步驟以確保交易小組已按照《第21項應用指引》的規定進行盡職審查；他只是倚賴X先生及交易小組來確保盡職審查工作的質素，自己卻沒有履行保證質素的職責（註6）。

  證監會認為，康沒有監督由兆豐資本的交易小組所執行的盡職審查的查詢，亦沒有確保有關查詢的充分程度。

  證監會並無發現證據顯示康涉及任何欺詐，亦無裁斷康曾作出不誠實行為或曾藉其缺失獲取不公平優勢。

  證監會法規執行部執行董事施衛民先生（Mr Mark Steward）表示："康身為兆豐資本的負責人員及保薦人主要人員，卻沒有確保兆豐資本的交易小組對洪良在其首次公開招股章程中所聲稱的事項進行恰當而有效的盡職審查。"

  他續說："撤銷牌照是非常嚴厲的制裁，亦反映出其缺失為一眾買入洪良股份並因洪良事件而至今仍蒙受重大金錢損失的投資者所帶來的後果是何等嚴重。"


完

備註：
1. 康曾根據《證券及期貨條例》獲發牌進行第1類（證券交易）、第4類（就證券提供意見）及第6類（就機構融資提供意見）受規管活動，並在2010年3月1日之前隸屬兆豐資本。康在從事上述行為時，是兆豐資本的負責人員及董事總經理。
2. 證監會亦已因為同一項調查對兆豐資本採取了紀律處分行動。請參閱證監會2012年4月22日的新聞稿。
3. 洪良在2009年12月24日在聯交所主板上市。有關證監會就洪良提出訴訟的詳情，請參閱證監會2010年4月8日，2010年9月7日，2010年11月12日，2011年5月19日，2011年6月15日，2011年8月8日，2011年10月3日，2011年11月28日及2011年12月12日的新聞稿。
4. 證監會在完成調查前，不會披露X先生的身分。
5. 請參閱證監會《適當人選的指引》附錄1〈適用於申請或繼續以保薦人和合規顧問身分行事的法團及認可財務機構的額外適當人選指引〉第1.3.3段。
6. 《聯交所證券上市規則》〈第21項應用指引〉。

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10 : GS(14)@2012-06-09 16:07:08

http://www.mpfinance.com/htm/Finance/20120608/News/ec_ech1.htm



洪良拒退款10億 打官司

另外，洪良被指招股書失實，遭證監會以《證券及期貨條例》第213條起訴，要求洪良向投資者退還9.97億元上市集資款項。洪良不滿證監會以民事形式興訟，認為高院不應受理，但高院昨決定待案件審結後，才處理司法管轄權的爭議，案件將於今日正式開審，而洪良則就裁決提出上訴。

過去保薦人負責人失職，最重罰則為京華山一當年任東大照明上市保薦人，京華山一的溫天絡及印國庭分別被證監禁止重投業界6年及4年。

明報記者 毛婷婷

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11 : GS(14)@2013-04-07 16:21:49

http://www.mpfinance.com/htm/finance/20100408/News/ec_eca1.htm
洪良上市搞手 爆煲前先跳車
業界人士指不尋常
  2010年4月8日



【明報專訊】半新股洪良(0946)上市不足3個月即爆煲，但在被證監會指令停牌前，原來保薦人兆豐資本的兩名高層卻一早跳車。當中主力負責洪良上市的兆豐投資銀行董事總經理康曉龍，根據證監會的資料，剛好於洪良停牌前一個月離開兆豐，現時仍未加入其他金融機構，至於另一名主管資本市場部的董事，則在1月離職，距洪良去年底上市僅個多月。

洪良爆煲後，已有投資者質疑保薦人及其他中介機構有否做好把關工作，而現時保薦人的兩名高層短時間內雙雙跳車，雖未知與洪良被指帳目有問題一事有否關連，但業內人士坦言情並不尋常。本報記者昨日致電兆豐留言查詢人事變動的消息，直至昨晚截稿前仍未獲回覆。

康曉龍新職未獲批牌照

洪良上月30日遭證監指令停牌當日，市場就有傳言稱保薦人兆豐資本的高層已辭職，但一直未能證實。然而根據證監會的資料，兆豐在證監會的持牌代表，亦是洪良上市主要負責人的康曉龍，原來早於上月1日已離開兆豐。洪良上市一事一直由康曉龍主理其事，無論上市記者會及上市掛牌儀式，都有親身出席，可見其重視程度。

有金融界人士表示，原於兆豐資本擔任投資銀行董事總經理的康曉龍，離開兆豐後原本已獲一家證券行安排職位，但當時並未知道發生了這麼大件事，現在出了事，未知最新安排。金融界人士轉職往新公司，通常很快便獲證監會批出新牌照，最快7天便可取得，但康曉龍離職1個多月還未取得有關牌照，也不知道與證監調查洪良有沒有關係。而據證監會資料，康曉龍現時持有「證券交易」、「就證券提供意見」及「就機構融資提供意見」的3個「負責人員」牌照，但備註上標明「沒有主事人。不准從事這受規管活動。 」

了解情況的人士並指，康曉龍最初在太平洋興業(現稱新時代集團，0166)涉足證券業務，其後加入兆豐資本前身倍利國際證券。倍利曾推出在港上市的台資企業指數，以台灣客為服務對象。

兆豐另一聯席董事認計劃離職

至於另一名在洪良上市後離開兆豐的持牌代表，主管資本市場部工作的董事孫村華，據資料顯示，已在今年1月離任，當時距洪良上市約一個月。孫村華離開兆豐後，曾在2月時短暫在海通證券(香港)任職，但未知何原因，僅一個月左右即離開，消息人士指現時孫氏已加入招商銀行(3968)旗下的招銀國際任職。

至於康曉龍下屬，洪良上市時亦經常露面的兆豐聯席董事黃麗洳，據兆豐員工稱現時仍未離職。不過，本報記者日前向黃查詢時，她聲言早已計劃離職，但由於現時仍在放大假，故此不便多談。

除了協助洪良上市的保薦人高層紛紛跳車外，兆豐本身已在洪良停牌前一日，被證監會暫時禁止從事上市相關的保薦或顧問工作。

(明報記者楊曦報道)

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金融人語：「雷」「峰」殺入上市委員會

1 : GS(14)@2012-05-08 00:04:50

http://hk.apple.nextmedia.com/financeestate/art/20120507/16313144

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金融人語：基金豬變狼　狙擊冇用董事

1 : GS(14)@2012-05-15 00:26:34

http://hk.apple.nextmedia.com/financeestate/art/20120514/16333854



細心睇睇香港上市公司的股東大會，近年喺董事連任議題上，基金比往常更積極參與，舊年就有領匯（823）股東將盛智文踢出董事會，事前都是毫無先兆。上個月也有恒隆地產（101）獨立董事夏佳理，連任議案遭到三成的股東高票反對。用當日股東投票數目推算，唔計陳啟宗家族的票數，估計出席的獨立股東入面，高達78%都反對夏佳理連任，比重十分高。
夏佳理任恒隆獨董　反對票飆

雖然在大股東支持下，夏佳理最後也順利連任恒隆董事，但比起上一次只得2.4個巴仙的反對率，今次的反對票數激增至三成，相信是源於一班基金對他去年董事會出席率只有四成的抗議。類似事件在香港藍籌上市公司當中，過去並不常見，但近年一些被認為屬大孖沙好友的獨董，例如是新世界（017）的獨董查懋聲，都有好多股東反對佢哋連任。
另一隻藍籌利豐（494）的獨董、本身是偉易達主席（303）的黃子欣，去年連任亦危危乎，反對票近兩成，估計有超過三成的出席獨立股東反對。2008年，黃子欣連任董事的議案，只有不足1%的反對票。利豐一年9至10次董事會，黃子欣近兩年董事會出席率亦有近八至九成，出席率算唔錯，點解反對聲音飆升，就不得而知。
基金的反對票不限於獨董，捲入貪案調查的新地（016），去年底股東大會投票當中，非執董郭炳湘、胡寶星及執董黃植榮，連任議案分別有13.8%至19.7%的反對票，相等於有三成半至五成有投票的獨立股東反對。不過，三名董事在08至09年得到的反對票，都是6個百分點之下，顯示喺近兩、三年內，反對率明顯增加。
東亞（023）主席李國寶與煤氣（003）主席李兆基，互相為對方的上市公司出任獨董超過廿年。呢種現象過往已被 David Webb炮轟過，近年確實多咗股東表達不滿，李兆基及李國寶於今年東亞、去年煤氣的股東大會上，各自亦有逾一成股東反對。
Webb實企管　功不可沒

David Webb曾經提出，不再容許大股東參與投票選出獨立董事，只有小股東可以投票選出獨董，讓獨董真正代表小股東利益。如果真的按照 David Webb的提議，以上有頭有面的董事名人，大有機會被踢出董事會。即使現實中港交所（388）極不可能推行咁大膽的措施，也無阻基金積極喺鐵票壓陣下表態，用投票令當事人出醜，迫使佢哋檢討表現。
我哋樂見管理 Other people\'s money的基金，近年認真咗，更積極參加股東大會， David Webb過去咁多年的功勞不可抹殺。他不但實上市公司的企業管治，03年任職港交所獨董期間，發起「殭屍行動」（ Project VAMPIRE），親身踩場股東大會，呼籲基金反對上市公司每年增發新股的議案，防止大股東無理攤薄小股東股權。此後，不少上市公司增發新股議案，反對票節節上升，近年起碼也有兩、三成，連帶其他受爭議的議案都大受關注，基金由被動變主動，股東大會也由做騷，逐步轉變為真正的決議大會。

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金融人語：給香港人一個選擇

1 : GS(14)@2012-05-17 00:31:52

http://hk.apple.nextmedia.com/financeestate/art/20120516/16341010

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金融人語：李嘉誠豐收的一星期

1 : GS(14)@2012-05-22 00:46:21

http://hk.apple.nextmedia.com/financeestate/art/20120521/16354400
社交網站 facebook（ fb）上周五終於掛牌，正當人人關心 fb為超人身家進賬多少之時，原來李嘉誠另一科網投資——網上串流音樂公司 Spotify上周也借 fb上市時機，在私人市場融資，公司估值急升。我哋估計，超人在 Spotify投資回報最少有15倍，仲和味過 fb的投資。
fb首日上市表現麻麻，尾市在保薦人護航下，先能守在招股價之上收市，依然無阻 fb成為市值逾千億美元的公司，高過不少科網巨擘。我哋不妨為超人在 fb投資回報計計數。他2007、08年共動用1.2億美元買入 fb約0.8%股份。不過，李嘉誠今年3月的業績會上首次披露，外界低估了他的投資額。原來佢投資 fb的總成本有4.5億美元，比外界預算的還多了3.3億美元。
fb賬面獲利84億

雖然我哋唔知李嘉誠幾時再買入 fb股份，但有分析指，好大可能是2011年初透過高盛安排的非公開股權交易入貨，當時 fb的估值大約是500億美元。如果傳聞屬實的話，李嘉誠在 fb的總投資賬面獲利10.8億美元（約84億港元），回報大約有2.4倍。
來自瑞典 Spotify上周承接 fb上市的氣勢，打算在私人市場抽水2.2億美元，公司估值將會攀上40億美元，比今年2月估值再增長3倍。這個被視為 iTunes主要對手的 Spotify，喺08、09年已吸引了李嘉誠的創投公司維港投資，聯同數家創投基金先後投資超過7000萬美元。雖然唔知李嘉誠實際投資金額，但09年超人與其他基金向 Spotify泵水5000萬美元時， Spotify的估值只有2.5億美元。對比今日，超人呢手貨在短短三、四年已升值15倍，遠遠超過同期投資 fb的回報。
Spotify2006年於歐洲創立，是最先一批利用雲端技術，讓用戶可以透過手機或電腦上網免費聽歌的軟件。李嘉誠睇中 Spotify其中一個原因，相信是希望促成與和黃（013）旗下的流動電訊業務合作。
Spotify向音樂公司買歌開支龐大，近年引入無廣告版的月費計畫，嘗試行出一個 Business Model。公司早兩年引入有份創立 fb的帕克（ Sean Parker）投資，透過帕克幫 Spotify接入 fb平台，增加用戶互動，谷起用戶數目。現時 Spotify活躍用戶就超過1000萬，收費用戶有300萬人。 Spotify有今日的估值， fb亦間接有功勞。
Spotify的高估值能否繼續，亦不是毫無懸念。由於 Spotify要向唱片商支付巨額版權費用，即使2011年的收入有成4.5億美元，仍然蝕5900萬美元。類似未有 Business Model的公司好似 Pinterest同 Instagram近排的估值創出新高，即使都是私人市場發生，股票市場依然相對冷靜，但已有人開始擔心是否科網泡沫重臨的先兆。

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金融人語：歐洲股神進化3D版

1 : GS(14)@2012-05-22 00:48:11

http://hk.apple.nextmedia.com/financeestate/art/20120521/16354400
《金融時報》上周有篇訪問富達的神級基金經理波頓（ Anthony Bolton）的文章，寫法輕描淡寫，卻有足以讓波頓支持者感驚嚇的內容。
深受民企弄虛作假所害的波頓，為咗加強對投資對象的調查，佢話俾 FT知，僱用咗五間企業情報公司，對自己基金投資組合內的公司，作深入盡職審查（ Deep Due Diligence），通過明查暗訪上市公司的供應商、客戶和競爭對手，望能及早發現公司不尋常的蠱惑招。
查民企　結果嚇死人

呢個3D行動，應該未完成，但係結果已好嚇人，波頓買中咗的其中一家公司，擁有的分店的真實數目，原來只有公司自己聲稱的一半。另一家公司的所謂四大客戶，其中三個客戶都表示，根本不認識這家公司。兩間公司老作成咁，文章冇交代公司名字，亦冇講波頓知道後有乜行動，但可以估到他應該即時沽貨；可惜佢個基金冇玩沽空，唔係冇理由唔反手 Short兩間公司，隨時追番唔少回報。
本版《金融雲端》欄作者丘亦生，原來都同一啲內地企業情報公司合作過，佢同我哋講，由於跟內地企業交易信唔過，呢類公司近年越開越多，幫好多外商、機構投資者、會計師行等等做調查工作，針對上市公司做深入盡職審查，係收錢最多的調查工作。這些調查公司由於辦法多、門路廣，有時查吓查吓，甚至會查到公司跟官員勾結的貪腐材料，不過呢啲猛料當然唔會亦冇必要畀晒個客。丘亦生話佢見過一份未經刪減的調查報告，當中提到某部門高官同某富商的金權關係。幾年後東窗事發，官商兩人都被捕，證實調查報告內容係堅料。
丘亦生又話，這些調查公司的老闆及主管，不少係出身自內地公安或法檢系統，有好多非一般的搵料渠道，例如某人的詳盡個人資料，又或曾被公安部門立案調查過的檔案，調查公司都有辦法拎到個 File出來睇。具體係點樣做，客戶不能問，亦唔想知。
倚賴八十後少女助手

有「歐洲畢菲特」之譽的富達基金經理波頓，如果揀股策略早啲進化為3D版，或者可以減少損手機會。波頓抵受不住中國故事的誘惑，兩年前押後退休，東來獻技，成立4.6億英鎊的富達中國特殊情況基金，點知水土不服，基金表現不濟，過去一年更深受民企醜聞、爆煲事件影響。香港上市的霸王（1338）、國美（493）、寶姿（589），納斯達克掛牌的西安寶潤和雙威教育等民企，不是醜聞不斷就係賬目出問題，股價大挫已經係小事，寶姿一直停牌；寶潤更已除牌，係波頓輸得最盡的其中一筆投資。
富達中國特殊情況基金的價格，過去一年跌三成，一直跑輸大市，亦長期比 NAV有折讓。波頓之前已公開承認，低估投資中國市場的難度，過於依賴報表分析，以後投資前會加強盡職審查。
報表信唔過，波頓亦唔識中文，要揀股就要其他人幫手多做功夫，但係 FT話富達的12人中國分析員隊伍，原來都唔熟悉波頓鍾情投資的小型民企；最幫得波頓手的，竟然係佢自己一名助理，一名八十後內地少女 Doris Yang。
Doris Yang在2007加入富達做見習生，波頓讚 Doris才能全面，「我可以叫佢研究任何一家公司，佢都可以交出有價值的評估。」我哋查過 LinkedIn，富達有一名叫 Doris Yang的香港員工，任投資分析員，2004入讀北京大學，相信佢就係波頓十分依賴的八十後少女。
FT文章最有意思的一段，係搵嚟接連踢爆民企的渾水話事人 Carson Block講番兩句，佢以勝利者姿態、語重深長咁話：「來自西方，嗰度個個人屋企都有兩部車、幾部電視，我哋根本唔明白中國人有幾咁渴求金錢，亦唔了解這種渴求點樣影響到人的行為。佢哋情願今天賺盡一元，亦唔會等待之後幾年每年賺你兩元。」 Carson Block曾經在上海創業被騙，他的切膚之痛和覺悟，波頓現在應該有共鳴了。

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2 : GS(14)@2012-05-22 00:50:41

http://hk.linkedin.com/pub/doris-yang/49/4a0/100
Doris Yang's Overview

Current

    Investment Analyst at Fidelity Worldwide Investment

Education

    Peking University

Connections

  52 connections

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3 : GS(14)@2012-05-22 00:50:58

http://www.ft.com/cms/s/2/abbd1f ... .html#axzz1vVjQnpel
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Here be dragons: Anthony Bolton

By Robert Cookson
Anthony Bolton, the guru of British investing, was tempted out of retirement to launch a £460m fund in China. But after two years of poor returns, can he turn things around?
Anthony Bolton©Daniele Mattioli

Anthony Bolton may be one of the world’s most accomplished investors, but using chopsticks is still a struggle. The man known as “Britain’s Warren Buffett” dips his head low over a steaming bowl of noodles and attempts to slurp them up without splashing broth on his white shirt. Success! A meal the previous day left a couple of greasy spots, so he is being careful. We are in Shanghai, in one of the 700 branches of Ajisen, a Chinese chain of Japanese noodle restaurants that was booming until last summer, when an unfounded food scare sent sales tumbling.

“It’s very tasty,” says Bolton, 62, who normally sticks to sandwiches for lunch. Surrounded by hungry Chinese consumers, Bolton is in his newfound investment heartland. We are on a four-day trip through Shanghai, Tianjin and Beijing, visiting some of his favourite companies. So strong is his faith in the rise of China that Bolton ditched his retirement plans two years ago and moved from London to Hong Kong, to launch a £460m fund that invests in companies like Ajisen. Things have not exactly gone to plan.

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Over three decades in the west, Bolton boasted an unparalleled track record. When he moved to China there were great expectations that the guru of British investing would work his magic in the world’s fastest-growing major economy. But since its launch in 2010, his China Special Situations fund has lost 17 per cent of its net asset value and lagged behind its rivals. A few months ago, Bolton was “forced” – in the words of The Daily Telegraph – “to issue a humiliating apology” for his performance. Bolton has become the latest in a long line of westerners to be seduced by the prospect of tapping into the growth of the Middle Kingdom only to get burned in the process. Revelations that he made a string of dud investments in China – including in companies now accused of fraud – have raised questions about whether the man who produced a 147-fold return for investors during 28 years in the UK has lost his touch.

The mild-mannered money manager desperately needs a recovery: for the sake of his reputation and the fortunes of the 80,000 investors in his fund. His experience highlights the peril facing even the most sophisticated foreign investors in the complex, cut-throat world of Chinese business. Hundreds of billions of dollars are expected to flood into China from the UK, US and Europe in the coming years. Much of that money will be managed by people like Bolton.

As we hurtle by speed train from Beijing to Tianjin, a 33-minute ride, Bolton insists his faith in China is undiminished. “I still believe people will make a lot of money in China over the next few years,” he says with conviction. As the train glides through green fields at 300km per hour, Bolton assures me that we are not on the track where two collided last year, killing at least 38 people and leaving more than 200 injured.
19.5%

compound annual rate of return on Anthony Bolton’s UK funds

While Bolton puts on a brave face, his fund is still suffering – even now, two years into his China foray. In March and April alone, two stocks in his portfolio were suspended from trading amid corporate governance controversies. Ports Design, a fashion retailer listed on the Hong Kong stock exchange, failed to file its annual accounts on time. Meanwhile, ChinaCast Education, a Nasdaq-listed provider of higher education, has accused its former chief executive, Ron Chan, of refusing to hand over the company “chops”. These are the intricate seals that are used in lieu of signatures, without which no business can be done in China. Chan, who was sacked in March, denies taking any company property, claiming he is the victim of a plot by western investors. These are just two of the investments that have not, to put it mildly, lived up to expectations. A sobered Bolton likens the experience of investing in US-listed Chinese stocks to “looking for gold in a minefield”.
Models promote luxury goods in a mall in Pudong, Shanghai©Corbis

Models promote luxury goods in a mall in Pudong, Shanghai

Four years ago, London’s star money manager was about to retire. Exhausted from decades searching for cheap stocks, he planned to devote himself to composing classical music. (You can download A Garland of Carols, Bolton’s album of harp and piano songs, from iTunes.) The sexagenarian and his wife Sarah, who have two sons and a daughter, expected to spend most of the year at their Old Rectory in a small West Sussex village and the winter at their holiday house in Antigua.

At the time, his reputation was impeccable. Jonathan Davis, author of Investing with Anthony Bolton, was ebullient in his praise: “Quiet and thoughtful, and anything but flash, Bolton is a model of what the modern professional investment manager should be: clear-sighted, disciplined, hard-working and conscientious, with a track record of consistent outperformance in all his funds.”

With typically exquisite timing, Bolton stepped down from managing Fidelity’s UK Special Situations fund in 2007, right at the top of the bull market, warning that stocks would soon fall. Over 28 years, since 1979, his fund had boasted a compound annual rate of return of 19.5 per cent, 6 percentage points above the benchmark FTSE All Share index. That made him, by many measures, the most successful professional investor in Britain.
Shanghai©Corbis

Shanghai, the heartland of Bolton’s investment

Apart from his stellar track record, Bolton is remarkably ordinary. The son of a barrister, he studied engineering at Trinity College, Cambridge, only accidentally stumbling into finance through a family connection. For most of his career, he shunned the limelight. It was only in 2003, when he led a shareholder revolt to oust Michael Green as chairman of ITV, that the media crowned him “the Quiet Assassin”, a nickname he hates.

Green, now a Freudian psychotherapist at a Mayfair clinic, says he was unsurprised to learn of Bolton’s stumble in China: “Why somebody who spent the majority of their career as a fund manager in the UK thinks that they can outwit the Chinese on their own territory baffles me.”

At the end of 2009, just before his retirement, Bolton spent three months in Fidelity’s Hong Kong office training junior colleagues on the art of stockpicking. Dazzled by the rise of China, which he described as “the biggest economic and investment story of our generation”, he came to the conclusion that the opportunity to test his skills in the world’s largest emerging market was simply too good to be missed.

. . .

Fidelity embraced Bolton’s plan to conquer China. By April 2010 his China Special Situations fund had raised £460m from investors and listed on the London Stock Exchange. Bolton announced his plan to focus on China’s consumer sector and invest mainly in small, private companies rather than big, stodgy state enterprises.
gold-plated Infiniti©AFP

Demand for luxury cars – such as this gold-plated Infiniti sports model – is growing at 30 per cent a year

Arguably, it was Bolton’s enthusiasm for small companies, many of them with track records of only a few years, that proved his undoing. A matter of months after he launched his fund, fears of a slowdown in the Chinese economy and worries about fraud caused Chinese stocks to tumble. Small stocks suffered sharper falls than big ones, and Bolton’s use of debt to acquire part of his portfolio only amplified his losses.

He soon discovered that several of the 100 or so companies in which he had invested suffered from serious corporate governance problems or appeared to be acting fraudulently.

China Integrated Energy will go down as one of Bolton’s worst investments. Little did he know at the time that hedge funds had dispatched investigators to secretly film the company’s biodiesel plants, seeking to prove they were a scam. While China Integrated Energy claimed that its 100,000-tonne plant in Tongchuan, Shaanxi province, was running at full capacity in 2011 – a level that would require more than a dozen tanker trucks to visit the site each day, delivering raw materials and removing biodiesel – the investigators saw only six trucks arrive during four months of almost constant surveillance. (Intriguingly, five of the trucks arrived on a single day: March 10, 2011, when a group of foreign investors was in town to tour the facility.) China Integrated Energy was expelled from Nasdaq last summer, after its auditor, KPMG, resigned, citing “doubts” about information provided by management.
80,000

the number of investors in Bolton’s China Special Situations fund

“The challenge is to work out whether what you’re being told is accurate or not,” Bolton says in a professorial tone, as our minibus crawls through Shanghai traffic. Outside, a haze of pollution obscures the sky. No longer able to take financial statements at face value, Bolton hired five corporate intelligence firms to conduct “deep due diligence” on the groups in his portfolio. These investigators contact the suppliers, customers and competitors of each company to search for anomalies. The results of the probes so far are startling: one company in which Bolton invested owned only half the number of stores it claimed to hold, while another was unknown to three of the four companies it said were its biggest customers. “If people want to rip off people here, they’re very inventive,” says Bolton, with a hint of admiration.

. . .

Bolton is not the only big western investor to lose millions. John Paulson, the US hedge fund manager who made his name betting on the sub-prime mortgage meltdown, lost $460m on his investment in Sino-Forest, a Chinese forestry group that filed for bankruptcy protection in March after being hit by allegations of fraud.
Anthony Bolton©Daniele Mattioli

Anthony Bolton, photographed at the Park Hyatt in Pudong, Shanghai last month

In another notorious case, Longtop, a Chinese software company, delisted from Nasdaq last year after its auditor, Deloitte, accused the company of “very serious defects”, including faking its bank statements. What made the collapse all the more striking was that Longtop had raised $210m in 2007 via a share sale organised by Deutsche Bank and Goldman Sachs, while its shareholders included well-known names such as Calpers, the California public employees’ pension fund.

Before Bolton moved to China, critics warned that his inability to speak Mandarin was a critical weakness. Bolton disagrees, arguing that his lack of Norwegian or Polish or Portuguese did nothing to prevent him making money in Europe. Martha Wang, who runs a $4bn fund for Fidelity and was born in Shanghai, insists that speaking the language is not essential. However, she adds that native investors like herself “may have some edge” when it comes to understanding what makes local entrepreneurs and policymakers tick.

While Fidelity’s 12-strong team of China analysts have provided crucial assistance to Bolton, they were not familiar with many of the small companies that attracted his attention. For help researching these little-known companies Bolton turns to his assistant, Doris Yang, a Chinese who joined Fidelity as a graduate trainee in 2007. “She’s amazingly versatile,” says Bolton. “I can give her almost any company to look at and she’ll give me a valuable assessment.” For someone who is still in her 20s, it is quite a responsibility.

Tim Clissold, a British businessman who documented his painful experiences investing $400m in China in the early 1990s in the best-selling book Mr China, argues that the country is just as risky now as it was 20 years ago. “Some things have changed,” he concedes. “The people across the other side of the table are infinitely more sophisticated. They are Harvard-educated, very smart, young Chinese, very fluent in English, whereas 20 years ago they were plodding cadres in Mao jackets. But for a foreign investor,” Clissold adds, “the underlying risk of not being able to understand what’s really going on, unravel related party transactions, [or] enforce governance via a board… it hasn’t changed at all.”
Workers in Guizhou province prepare sorghum©Bloomberg

Workers in Guizhou province prepare sorghum for use in Kweichow Moutai liquor, one of Bolton’s investments

Fraud is a global phenomenon, as Bernard Madoff highlighted, with a $65bn Ponzi scheme that destroyed charities and led to the suicide of his eldest son. In China, however, rampant corruption and a weak rule of law mean that when things go wrong there is little recourse. These factors have, ironically enough, allowed people like Carson Block to make a fortune. Block is the American who accused Sino-Forest of fraud and profited from its collapse by betting that its shares would fall. “You have to learn the hard lessons in China in order to understand how to invest there,” says Block, whose first venture in Shanghai, a warehouse called Love Box Self Storage, almost bankrupted him. “Coming from the west, where everybody grew up with two cars on the driveway and multiple televisions in the house, we don’t understand what desperation for money is, and how that affects people’s behaviour. It means they will sell you out for a dollar today, rather than trying to make two dollars in the next three years with you.”

Bolton has little in common with the entrepreneurs to whom he entrusts his money. One of his top 10 holdings is Gome, the electronics retailer whose founder traded batteries on the streets of Beijing on his way to becoming China’s richest man. Huang Guangyu was jailed for bribery in 2010, but he still owns 30 per cent of Gome and exerts influence from behind bars. It’s a long way from the Hong Kong Club, the ultra-exclusive, 166-year-old private members’ venue where Bolton mingles with the city’s elite.
17%

loss of net asset value of Bolton’s China fund, since its launch in 2010

Bolton also holds a stake in Kweichow Moutai, a Shanghai-listed manufacturer of a fiery liquor whose taste has been likened to swallowing “liquid razor blades”. He rarely drinks alcohol himself. “I’ve tasted it,” he says of Moutai, wincing at the memory. “It’s not my forte, boozy evenings with Chinese businessmen,” he adds, referring to the way much business gets done in China. As someone who likes to take meticulous notes, he prefers sober meetings in offices. Over the years he has filled hundreds of notebooks with descriptions of every company meeting – without a single doodle.

At weekends, Bolton and his wife skim across the South China Sea in his motorboat. The former choirboy relaxes by composing songs on his MacBook Air. He recently set eight Chinese poems, four of them love songs, to piano music.

While music is transportable, pets are not. Bolton recalls disagreeing with his wife about whether to bring Merlin, their chocolate labrador, to Hong Kong. In the end, Bolton won out. “To take him from the British countryside and to stick him in an air-conditioned flat on the 17th floor of an apartment building in Hong Kong wasn’t fair,” he explains. If Merlin had made the trip, he would have had more space than most dogs in the city. The Boltons’ 2,900 sq ft flat cost HK$72.8m (£5.8m) and is located in a tower called The Mayfair, overlooking Hong Kong’s Victoria harbour.

Hours after arriving in Beijing, we pull up on the street outside Wumart, a hypermarket packed with goods from mops to microwaves, almost all made in China. As we make our way into the store, it becomes clear that Wumart is no Tesco or Walmart. Heaps of raw chicken feet glisten on ice. A whiff of durian fruit wafts through the air. “Pile them high, sell them cheap” is the strategy of choice, and from the look of things, it appears to be working.
Ajisen noodle restaurant©Weng Lei/Imaginechina

He has also invested in Ajisen noodle restaurants

In the shampoo aisle, we come across bottles emblazoned with pictures of kung fu star Jackie Chan, made by a company called Bawang. Bolton bought shares in Bawang in 2011, the year after the company fell victim to news reports that its shampoo contained dioxane, a chemical that can cause cancer. Although government tests showed that the shampoo posed no danger to consumers, and market research pointed to a recovery in sales, Bawang has continued to perform poorly, and Bolton has lowered his stake, at a loss. He admits that he has never used Bawang – he prefers Head & Shoulders anti-dandruff shampoo.

If there is a driving theme in Bolton’s stock portfolio, it is the emergence of the Chinese middle class. As more and more of the 1.3bn people in China become richer, and as peasants move from rural areas to the cities, the idea is that companies that cater to their needs will make big profits.

Bolton’s investment in Brilliance China, BMW’s joint-venture partner, has paid off handsomely, thanks to the fact that luxury-car demand is growing at 30 per cent a year. He also has high hopes for groups such as China Lodging, a budget hotel chain whose revenues have tripled since 2008, and Modern Media, a magazine publisher whose Shanghai headquarters contains works by British artists Tracey Emin and Damien Hirst.

In contrast to Bolton, Hugh Young, head of Aberdeen Asset Management in Asia and one of the region’s most experienced fund managers, says he rarely finds attractive Chinese companies in which to invest: “Just because a country’s economy grows dramatically doesn’t mean that you’ll make lots of money in the stock markets.”

. . .

Analysts say part of the problem is the ferocity of competition, which squeezes profits. Take mobile phones: besides global names such as Nokia, Samsung and Apple, China boasts more than 840 mobile phone brands, according to Group M, the media investment agency. Consumers can choose from more than 11,000 mobile phone models and buy smartphones for less than $20. Picking a winner out of that lot is likely to be difficult even for the smartest investor.
£460m

raised by April 2010 for Bolton’s China Special Situations fund

One of Bolton’s oldest supporters, 87-year-old Harold Killingback, from Oakham, Rutland, believes he will bounce back. Killingback first invested £3,000 in Bolton’s UK fund in 1980, just months after its launch. By the summer of 2006 his holding was worth £299,000. Although Killingback is disappointed in the performance of China Special Situations so far, he bought more shares in the fund last month – “only a tiny amount, but a gesture of confidence”. Killingback recalls that during brief periods of underperformance during the 1990s, Bolton kept his cool: “He said, ‘Keep your nerve’, and those of us who did are very glad we did.”

Chris Ruffle, a Yorkshireman who has lived and invested in China for decades, and recently built a Scottish-style castle in Shandong province, also reckons Bolton could well prove his critics wrong. “There is no reason why he can’t make it back,” Ruffle says by phone from Ningxia, a desert region in the north. “Everybody who comes to China pays a learning fee. That’s just the way it goes.”

Bolton is sticking to his guns. “My strategy, rightly or wrongly, is more of the same,” he says. “If I’m right about China, there’s a ton of money to come into the country and at some stage the valuations will need to be pushed up.”

Last month, Bolton extended his minimum tenure at China Special Situations by a year, to April 2014, giving him more time to claw back his losses. As we head towards Tianjin, one of more than 160 cities in China with a population over 1m, he is in reflective mood. He tells me that he feels great responsibility towards his investors and that he will be “very depressed” if his fund does not recover in the next two years. Nonetheless, he insists that he has few regrets. “If I ruin my reputation,” says Anthony Bolton, speaking softly, “it won’t be the end of the world.”

Robert Cookson is the FT’s Asia markets correspondent.

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4 : GS(14)@2012-05-24 00:02:09

4樓提及

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成日都有D XX畢菲特(XX為地方名), 真係聽到想嘔

多到是中國每一個城市都有

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5 : GS(14)@2012-05-24 00:20:24

6樓提及

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仲有 大學名, 系名, 論壇名, "呢...果個G字頭ge 會員咪就係人稱RF 畢菲特ge XXX 囉"

我都唔知乜水

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6 : GS(14)@2012-05-24 00:39:34

8樓提及

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我都唔知, 我是舉個設例

所以我唔想有巴菲特

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7 : sinting(14007)@2012-06-04 02:52:19

來自西方，嗰度個個人屋企都有兩部車、幾部電視，我哋根本唔明白中國人有幾咁渴求金錢

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8 : GS(14)@2012-06-04 21:26:38

10樓提及

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來自西方，嗰度個個人屋企都有兩部車、幾部電視，我哋根本唔明白中國人有幾咁渴求金錢

咁他有錢囉

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金融人語：寶姿老闆現形記

1 : GS(14)@2012-05-24 00:26:31

http://hk.apple.nextmedia.com/financeestate/art/20120523/16360604

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金融人語：誰拆了我們的學校？

1 : GS(14)@2012-05-29 00:42:11

http://hk.apple.nextmedia.com/financeestate/art/20120528/16373934

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2 : GS(14)@2012-05-29 00:44:01

http://www.epochtimes.com/b5/12/ ... B%E5%AD%90%EF%BC%9F
姜維平：富彥斌案，又一個打開的薄家錢袋子？

http://www.mingjingnews.com/2012/05/blog-post_2654.html
大連億萬富翁富彥斌被薄熙來一手扶起來

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3 : GS(14)@2012-05-29 00:44:46

http://boxun.com/news/gb/china/2012/05/201205051733.shtml
薄熙來金主紅頂巨商王健林不倒的秘密

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