金融雲端：嘉能可隨時 ByeBye
1 :
GS(14)@2012-02-16 00:04:25http://hk.apple.nextmedia.com/te ... 60&coln_id=15523464
如果嘉能可（ 805）在成功合併 Xstrata後，部署從香港除牌，我不會覺得意外。
香港股市去年能夠連續第三年被譽為全球最大 IPO市場，全賴集資額達 100億美元的嘉能可。這些排名榜的計算方法， Double Count嘉能可的集資額，讓本來在該 IPO中僅擔當次要角色的香港，也能夠全數分享為嘉能可集資 100億美元的榮譽，成就了 IPO三連霸的美名。
可惜的是，嘉能可沒有為香港市場帶來與市值相符的成交量，其流動性之低，已迫使絕大部份機構投資者放棄在香港買賣嘉能可。可以預期，嘉能可用換股方式，合併主要在倫敦上市的 Xstrata之後，公司股份的買賣會更集中在倫敦進行，香港的交投變得更微不足道，更缺乏效率。
香港交投量僅及倫敦 2%
如果把嘉能可去年 5月上市至今接近 9個月的時間，以每隔 3個月取其 50天平均交投量作比較，可以發現香港和倫敦的成交量此消彼長。嘉能可初期在香港的每日成交股數，相當於倫敦的 8%，到了現在，這比率已大幅下跌。嘉能可過去 50個交易日在香港平均每天只有 19.5萬股交投，倫敦有 907萬股，香港僅是倫敦的 2%。
嘉能可過去 50天在香港平均每日成交金額，僅 1千萬港元，比起鄭裕彤的兩隻變身資源股蒙古能源（ 276）和新時代能源（ 166），還有所不如。嘉能可不少日子其實僅得百多萬至幾百萬元成交，近日因為併購消息而稍有起色的交投量，也只得兩日貨色，很快就打回原形。
投資者難忍流通性偏低
稍具規模的機構投資者，都難以容忍股份流動性偏低，原本在香港有貨在手的，都情願把股份調到倫敦交易。這形成了惡性循環，導致嘉能可在香港的交投越來越低。根據港交所披露的中央結算系統參與者總持股量，放在中央結算系統隨時可作買賣的嘉能可股份，由上市初期曾超過 1億股，降至現在僅得 6920萬股，減幅在 3成以上。
一向神秘和低調的嘉能可，去年願意上市，主要目的是為了收購 Xstrata。藉上市讓公司股份流通，並獲得市場估值，嘉能可才有以股換股、兼併 Xstrata的「貨幣」。
上市本來就是為了併購
在倫敦之外，增添香港 IPO部份，相信是要借助中國及亞洲資金的動力，盡量提升公司估值，可惜事與願違，亞洲投資者似乎對嘉能可的興趣不大。
外國企業在香港交投不振，通常與不為區內投資者熟悉，本地券商缺乏研究有關；嘉能可因為是兩地上市，更多了一個倫敦交易所與港交所兩個平台互相競爭的因素。在香港及亞洲多國屬於家喻戶曉名字的渣打（ 2888），也要花 5、 6年時間，才能夠慢慢建立起亞洲投資者基礎，改善了在香港股市的流動性。
嘉能可未必有渣打當年那份耐性。而且一旦與 Xstrata合併成事， Xstrata原有股東將會獲得嘉能可大量新股，他們順理成章繼續在倫敦交易所買賣這些股份，香港的成交量恐怕會進一步萎縮。到時候由於上市目的已達，嘉能可也許已沒有需要保留香港上市地位。
金融雲端： AIG唔嫁又嫁
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GS(14)@2012-03-06 23:26:05http://hk.apple.nextmedia.com/te ... 307&art_id=16129329
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GS(14)@2012-03-06 23:27:58AIG行政總裁 Robert Benmosche上月中接受外電訪問時，還表示年內會考慮如何處理手上的 33%友邦股權，並煞有介事指出，其中一個方案是增持股權至 51%，令公司可以名正言順，重新把友邦的賬目，以附屬公司的形式綜合至 AIG的賬目內，令 AIG的業績不用再將友邦的股權以市價入賬，從而減少對 AIG盈利造成的波動。
http://www.reuters.com/article/2 ... USTRE81E10L20120215
(Reuters) - American International Group Inc (AIG.N) will take its time on deciding the future of its investment in Asian insurer AIA Group (1299.HK), AIG Chief Executive Bob Benmosche said on Wednesday.
Benmosche, speaking at a Bank of America Merrill Lynch insurance conference, said one option would be to raise AIG's one-third stake in AIA to 51 percent, in order to decrease the volatility that affects AIG's results every quarter.
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GS(14)@2012-03-06 23:29:04言猶在耳， AIG昨日突公告，已委託投資銀行安排，減持手上 13%友邦的股份，套現 60億美元，而餘下的 20%股權，則承諾半年內不會出售。
http://www.sec.gov/Archives/edga ... 0/d309295dex991.htm
AIG ANNOUNCES PROPOSED SALE OF ORDINARY SHARES
OF AIA GROUP LIMITED
NEW YORK, March 4, 2012 — American International Group, Inc. (NYSE: AIG) announced today that it has commenced a sale of ordinary shares of AIA Group Limited (AIA) by means of a placing to certain institutional investors. AIG expects the pricing of the placing to occur no later than March 6, 2012.
AIG expects to use the net proceeds from the placing of AIA ordinary shares to reduce the balance due to the U.S. Department of the Treasury (Treasury) on Treasury’s preferred equity interest in the special purpose vehicle through which AIG holds the AIA ordinary shares.
The ordinary shares have not been and will not be registered under the Securities Act of 1933, as amended (the Securities Act), or any other applicable law, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any other applicable law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the ordinary shares, nor shall there be any sale of the ordinary shares in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release is not for distribution or release in or into the Hong Kong Special Administrative Region of the People’s Republic of China.
# # #
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, no assurance can be given that AIG will be able to complete the placing of the AIA ordinary shares, or, if completed, what the net proceeds will be from the placing. These forward-looking statements reflect AIG’s current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Except for AIG’s ongoing obligation to disclose material information as required by federal securities laws, it does not intend to provide an update concerning any future revisions to any forward-looking statements to reflect events or circumstances occurring after the date hereof.
# # #
180 Maiden Lane — New York, NY 10038
http://www.hkexnews.hk/listedco/ ... TN20120306031_C.pdf
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GS(14)@2012-03-06 23:32:51事實上， AIG手上的剩餘友邦股份，早就用作抵押品，友邦 2010年上市的目的，正是讓 AIG賣股集資千億元還債，當年 AIG便賣掉了友邦 67%股權。
http://www.hkexnews.hk/listedco/ ... 299_915068/C119.pdf
http://www.hkexnews.hk/listedco/ ... 299_915068/C122.pdf