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大供股嚇怕小股東 黃國英

2002-3-26  AD

港股續於窄幅波動，乏善足陳，很少見在業績期內亦如此淡靜，投資氣氛極度審慎。筆者傾向認為不太差，不過兩隻中資電訊股難寄厚望之下，較宜向個別股份入手。 大 市雖靜，不少股份升勢頗為凌厲，主要是一些民企公佈業績後再度吸引資金流入，另外有一批中小型工業股長升長有。這些股份雖然強勁，成交卻不易再如以往炒概 念之時瘋狂，如果宏觀形勢一如97年或00年，經紀行生意不會這樣慘淡，過往泡沫爆破的經驗太慘痛，不少人已是非藍籌不買，而另一方面，樓市也不再如以往 般提供彈藥給股市玩家。 老實說，筆者對民企整體是有保留，較適宜的做法似乎是分散注碼在幾間公司。民企業績太勁，反而令不少人抱有戒心，這 個概念曾經流行一時，可是高峰期時也不算是一個狂潮，但工業股是食正外圍復甦概念，估值又一向偏低，加上財務報表簡單，在現時人人對複雜的報表望而生畏之 時，反璞歸真應更易吸引資金流向，可是不少散戶依然不敢投入，很明顯是被以往的經驗嚇怕，令好公司也受拖累。 宜監管有關資金運用 所 以上市公司數目，絕對不是愈多愈好，目標應是貴精不貴多，太多公司上市不久後就走樣，是有檢討的必要，否則對成交是有害無利。而且應要對公司集資活動有所 規範，現時興起大比例低價供股，由於攤薄效應太勁，原有股東不供股肯定翻身無望，以現時紀錄看，參與供股的通常又會輸得更多，這種公司的存在，只會令不少 受害者遠離二三線股，有關方面應好好監管集資所得的運用，另外也應考慮是否有必要以盈利作準則引入除牌制。 有不少人仍以資產角度去博這些「抽水大王」，但財技高強的公司，長線多數令投資者輸多贏少，不能再存奢望，何況仙股交易效率太低，根本不是好的投資對象。

特首死局　誅殺唐英年　梁振英嚇怕大孖沙

2012-2-23  NM

一身醜聞的唐英年不顧千夫所指，週一火速報名選特首。 翻看唐英年的提名名單，三百七十八個提名人中，長實李嘉誠、恆基李兆基、新地郭氏兄弟和新世界鄭家純等九個地產商仍死撐唐，因為講明要大改土地供應的梁振 英嚇怕他們。另一方面，力捧唐英年的太上皇、中央港澳工作協調小組副組長廖暉，亦不滿唐梁互鬧把選舉搞成大爆陰私的亂局，本週開閘叫曾鈺成出山，分薄梁振 英票源，務求在下月廿五日選舉日中，就算唐被鬥垮，也不許梁勝出，最多重選另覓心水。

多日來一直遭市民唾罵的唐英年，週一不但不退選，還火速到選舉事務處報名參選特首。提名他的三百七十八名選委中，包括四大地產商長實李嘉誠、新地郭氏兄弟、恆基李兆基、新世界鄭家純，還有信和黃志祥、鷹君羅嘉瑞、嘉華呂志和、合和胡應湘、信德何超鳳等二、三線地產商。 「唐英年搞到咁核突，都仲可以行去報名，係佢背後嗰班商家佬一定要佢選到完為止。佢背後班人係佔有香港最大利益版圖。」一名接近唐英年陣營的商界人士透露。 大孖沙沒因唐英年醜聞縮沙，金融界、金融服務界、酒店界、飲食界，加上四大商會包括香港總商會、工業總會、中華廠商會、中華總商會等亦全力提名唐。據悉，原本答允提名他的有四百廿人，由於唐營擔心有人會因醜聞而縮沙，寧願差四十票未收回，包括歌星譚詠麟，也要週一報名。

選戰形勢

地產商反梁
地 產商仍義無反顧全力支持一身蟻的唐英年，並不因為他們覺得天下只有唐唐最好，而是深感若梁振英上場，會對地產商秋後算賬。 長實、新地、恆基及新世界四大地產商，早被詬病為「地產霸權」。例如○三年新世界以八億六千萬元出售居屋樓王紅灣半島，政府少收五億；○一年嘉亨灣項目 中，以酌情權批出一倍多的樓面面積予恆基，縱容地產發水，恆基可額外多賺五億；○九年天匯天價出售，被踢爆實際得四十六樓的天匯，自製跳層到八十八樓。 「梁振英係測量師，競選辦主席張震遠又係市建局主席，兩個人都對地產霸權瞭解，知道發展商點樣鑽空子，搵著數。如果梁做特首，好多地產人士都好驚梁振英會 秋後算賬。」挺唐的一名選委曾說，梁振英已熟讀潘慧嫻寫的《地產霸權》一書，還用螢光筆間了不少段落，經常帶備去演講和開會。 再加上，梁振英的土地政策政綱，嚇怕地產商。「CY建議港人港地政策，部分住屋只可出售予港人，又加速新發展區土地供應，地產商梗係擔心影響樓價，搞到佢 哋無肉食。」知情人士又說。 「眾所周知，梁振英一直在打民粹牌，上場後一定大建公屋，到時輪候時間縮短，確實會益到小市民；但大幅增加土地供應，影響樓價，呢啲都係班大孖沙極不願意 見到。而且今次唐英年咁嘅下場，好多人知道梁振英嘅狠，究竟有幾犀利？」親中人士說。 中大政治與行政學系副教授馬嶽認為，部分商界如大地產商，早已跟梁振英「擘面」，會抱著「就算唔係唐，都一定唔係梁」的心態，「好多商界都會覺得梁振英係 那種會報復的人，譬如有富商有僭建，會俾梁振英上場後揭發。」

急見中聯辦
不僅大孖沙、商界逼唐英年去馬，港澳事務太 上皇、中央港澳工作協調小組副組長廖暉亦要他頂硬上。唐英年上週四晚公開交代僭建醜聞後，仍堅持繼續參選，翌日本刊發現他下午約三時半左右秘密到訪中聯 辦，約一小時後他上坐駕離開，一上車便難掩高興，即時笑著講電話，似是剛接獲喜訊一樣。據本刊瞭解，唐英年與中聯辦高層會晤，並且要求獲中聯辦力撐參選。 中方消息爆料：「唐背後班人一心癱瘓特首選舉！即使唐攞唔到六百票做唔到特首，梁振英都一樣唔得，總之三月廿五號就無人可以做到特首。呢件事，佢哋同廖暉 傾過，佢老人家心裡面雖然有另一盤算，不過剛好個結果係不謀而合，大家殊途同歸。」 廖暉是六屆中央委員、前總書記江澤民的重臣，多年來一直挺唐，擔任港澳辦主任時，一力促成唐英年晉陞三司，退休後貴為全國政協副主席，亦有份領導港澳工作 協調小組，扶助小組組長習近平。習近平日內外訪後回京，便要落實特首選舉的具體細節。 親北京政府消息人士透露：「中央也正值十八大常委換屆，快將登基國家主席的習近平同時要處理歐美、日本等國際問題，香港嘅事最緊要係順利交接，唔好添煩添 亂就得。香港事務現在係廖暉主導，習近平放手給他做，難怪港澳辦主任王光亞也要聽廖話。」

特首難產
唐營中人爆料： 「廖暉對於唐英年連日來被『追殺』，已經嬲到爆燈，佢覺得對手實在太狠毒，所以諗不如放多一個人入閘，可以吸收唐英年嘅票固然好，扯走梁振英嘅都好。總之 就係唔要喺三月廿五號嗰日，俾到梁振英六百票做到特首。」於是推曾鈺成出山。 在廖暉眼中，曾鈺成就是頂替唐英年的最佳後備。北京揀特首首要聽話，其次是人選能擺平北京兩派利益（胡溫的團派撐梁振英，太子黨撐唐英年，兩派由北京鬥到 香港）和香港大孖沙的利益，最後選出的特首一定要是場good show。曾鈺成固然「聽話」，他又是民建聯創黨主席、立法會主席，商家、左派甚至民主派人士都能接受。唯一欠缺是民望，五月重選正好給曾鈺成足夠時間做 show爭民望。 接近中聯辦消息透露：「如果曾鈺成肯出山，中聯辦及港澳辦呢段時間要做嘅，就係拖延時間，只要三月廿五號特首難產，五月初重選，咁曾鈺成就會有時間去做政 綱、組班底。」這個多月內，若唐英年人氣反彈，他依舊去馬，若他民望死寂，就功成身退，「總之，五月商家佬就聽阿爺話點投就點投囉。」北京消息透露。 據「行政長官選舉條例」，由下週三提名期截止後，參選人將於三月廿五日同一天接受一千二百名選委首輪及次輪投票，如果首輪投票已獲超過六百票，該名人士便 成為特首。但若首輪投票無人超過六百票，便將揀選最高票的兩人參與第二輪投票。若果有人要製造難產局面，只要投白票，兩名候選人少於六百零一票，那便宣佈 選舉難產，要重新提名，五月六日再選。 中大馬嶽指現時形勢混亂，曾鈺成站出來說考慮參選，是表明自己可以做後備，以便唐英年一旦未能正式入閘時，有多一個建制派人士去競逐，「佢要跟唔同嘅利益 集團，好似地產商都要同佢講數有咩利益交換咁，唔係幾日可以做得到。」

鬥爆陰毒
唐英年由特首大熱，突然淪為人人喊 「退選」的落水狗，全因過去十日連環引爆的醜聞炸彈。不單放彈的時間精準、黑材料範圍又廣泛，放彈後還有行動配合，令唐營措手不及。 最新一爆是本週一報章刊登的唐英年紅顏照和三封電郵情信。相中唐英年與鄉議局副主席林偉強女兒林穎妍坐在一起，頭貼頭，唐還攬著林的右肩，相片日期是一○ 年一月廿一日，證明唐英年的私交緋聞，在他當上政務司司長，甚至特首開跑前一年仍出現。這一炸彈一出，唐英年話「做男人要有膊頭」徹底被炸散。 其實唐梁互爆陰毒的局面，始於去年十一月兩人先後宣佈參選。唐英年一邊被揭「感情缺失」，梁振英一邊被內地網站爆他虐妻；《成報》也指他與明天更好基金行 政總裁鄧淑德傳緋聞；隨後親唐富商何柱國旗下的《東周刊》又翻舊賬，指梁振英○二年擔任如心廣場顧問，後來工程延誤引起政府追罰款及補地價。但幾單醜聞的 殺傷力有限，民意調查顯示，梁振英的民望未受事件拖累。 今年一月，《東周刊》和同系的《星島日報》祭出撒手鐧，揭梁振英在○一年的西九概念規劃比賽評審中，旗下的戴德梁測量師行，為其中一個參賽隊擔任顧問，但 他未有申報。醜聞正在鬧得沸沸揚揚，政府又火上加油，一改保持緘默的做法，指梁振英沒有申報與參賽隊伍有關，參賽隊伍因而最終被取消資格。

派傳單　報警
在 報章、政府夾擊下，梁振英快要誠信崩潰的時候，梁得熟悉土地投標運作的幕僚屋宇署前署長鄔滿海和前建築、測量及都市規劃界的立法會議員劉炳章獻計，突然 「曬冷」，反過來要求政府全面公開資料。政府因參賽資料涉及報價、設計等商業資料屬機密，要取得參加者同意始可公開；而且傳聞事件當年沒即時揭發，因為政 府高層介入，若今日政府公開資料，隨時連累早已榮升政協副主席的董建華，政府權衡利害後，當堂不敢再爆料。 這時，一批有關唐英年住所的僭建圖則和相片，上週一起逐日在三大報刊登，爆料人不僅熟知屋宇條例的行內人，還懂得「唧牙膏」逐日放料，引爆話題。 正當全港傳媒在唐宅外架起吊雞車，要求唐英年解畫時，梁振英陣營的「打手」出動，劉夢熊於上週四在唐宅外派單張，敦促唐英年退選。唐英年雖即晚回應，把責 任推在太太身上，兩日後，分屬梁營的的士小巴權益關注大聯盟主席黎銘洪再來一腳，報警指唐英年用假圖則，逼屋宇署、警方介入，醜聞分分鐘鬧上法庭。 梁營手段不僅砌低唐英年，還嚇怕一班大孖沙，現在再加曾鈺成蠢蠢欲動，三月特首選舉前，一定會有更多「血雨腥風」。 ####

匯豐主席抱怨監管者：管的太多員工都嚇怕了

來源: http://wallstreetcn.com/node/102883

匯豐集團主席範智廉（Douglas Flint）警告稱，因為害怕犯錯誤被懲罰，員工正變得過度厭惡風險，這是一種“日益壯大的危險”。該最新跡象表明，大銀行正對監管規定展開新的抵制。

範智廉表示：

一種可以察覺且日益加大的過度厭惡風險的情緒已經在我們的商業決策過程中蔓延。在面對不確定性時，因擔心事後可能會被批評以及認為有關方面對錯誤的零容忍態度，員工會選擇保護自己以免將來受公司譴責。

範的言論發表在匯豐不及預期的財報之後。匯豐昨日發布的財報顯示，今年上半年集團實現稅前利潤123億美元，同比下滑12%，不及市場預期。這是自2009年以來匯豐控股盈利首次出現下滑。

自金融危機以來，監管者對銀行的高風險業務采取了更加嚴厲的態度。盡管範的言論反映出銀行業對於更加嚴格的監管規定對業績表現的影響普遍感到擔憂，但是資深銀行家在公開場合談論這個問題的情形卻並不常見。因為大多少銀行家都擔心這樣做會惹惱監管者。

而且，即使有銀行家公開批評監管環境，也是收效甚微。2011年，巴克萊前首席執行官Bob Diamond就曾跟一位英國議會委員會的委員說，“反省和道歉”的時間已經過了。誰知不到一年時間，他就因為巴克萊操縱Libor的醜聞下臺了。

範智廉還舉了幾個例子表明，監管讓業務難以開展。例如，因為存在遭不當銷售指控的風險，理財產品缺乏創新；由於需要進行盡職調查，不得不推遲發放給商業客戶的貸款。

盡管他承認監管者關註銀行行為和金融犯罪“顯然是對過去（銀行業）的不足之處的正確回應”，但他還補充道，來自監管者的要求令匯豐銀行的“關鍵職能部門變得越來越疲憊”。他認為，“這凸顯了將監管改革議程在近期敲定的重要性。”

華泰廣告嚇怕芬佬

2015-06-04 NM 有基金經理睇完華泰證券國內一個畫公仔畫出腸嘅廣告，就冇乜興趣認購華泰嘅新股；廣告術語讀起來十分鏗鏘又押韻——「足不出戶萬三開戶」；「萬三」唔係廣東話萬三蚊喎，意思係萬分之三，即係話股票買賣佣金只收0.0003，香港金融界叫「三滴」，以往佣金都有「八滴」，證券行爭生意爭崩頭，減佣吸客至得番「三滴」。 見到咁嘅形勢，芬佬話華泰上市後公布半年業績可能唔錯，因為佣金未減至「三滴」，但之後如何？唔樂觀喎！所以華泰證券雖貴為新股凍資王，但雷聲大，雨點小，首日掛牌升幾個%，每手僅賺兩嚿幾，夠飲餐茶囉。 霍孫照稿讀 冇創過業嘅霍孫霍啟剛出席貿發局分享創業心得，認真搞笑，貴為香港青年聯會主席，經常都要公開「讀稿」演講，原來霍孫以往在高盛和所羅門兄弟做分析員時就經常要讀稿，讀俾邊個聽？咪佢阿爺霍英東呢個潛在大客，睇吓個孫仔可唔可以impress到阿爺攞嚿錢來投資熱吓身；相較於其他冇咁富貴嘅二、三代，入投資銀行做暑期工，一般都係做「影帝」，同埋「影后」，影乜，影印囉！霍孫可以對住阿爺讀稿，已屬另一層次。 金融逍遙客人靠賣相 游走於中港台併購、私募投資的金融多棲動物，現為多間上市公司主要股東及董事。年紀愈大，見人愈多，就愈覺得「相由心生」這四字真是古人智慧。雖然小時候父母教導不要以貌取人，但經歷的事多了，總結下來，以貌取人真有一定可靠性。環顧香港政壇，各政客政論水平，沒有令人印象深刻，論相貌卻各有突出之處。逍遙客之見，從政僅靠學歷或IQ只是基礎，一副好賣相才是關鍵。現時政棍政毛當道，日嘈夜吠，每日看電視上那幾副尊容，就恨不得馬上轉台以免影響食慾。無論建制、民主派、造反派或港式紅衞兵，百思不得其解，點解連搵個四正啲嘅都難呢？先講吓所謂特首首席智囊的佳叔，講嘢一嚿嚿，一句話也要斬件碎上，永遠聽唔到一句完整句子，肚裡更有墨水，都冇法讓聽眾有耐性等佢講完。還有不斷為市民提供茶餘飯後笑料的樹根叔，及有事無事都先藐嘴藐舌的掃把頭。這邊廂民主派的袋巾梁，大熱天三十幾度，即使去濕

胡孟青：券商內部監控缺失嚇怕R.O.

1 : GS(14)@2011-11-10 22:09:33

上周申請破產保護的明富環球，除了一夜成名，成為繼三年前雷曼兄弟爆煲後，美國最大宗的金融機構倒閉個案之外；很快便爆出賬目問題，公司承認內部有高管動用了客戶資金，導致公司在紐約的賬戶內出現約9.5億美元的差額。
現時全球主要市場的監管規定，證券公司必須把客戶資產與公司資產分離，縱使江湖救急等錢周轉，也不可能貿然動用客戶資金。明富環球這一鋪顯然是犯了監管大忌，後果非同小可。
金融業的可持續發展有賴金融機構的至高誠信，投資者信心卻一次又一次被衝擊。已辭職CEO科爾津雖出身自宇宙最強大行高盛，但就未有把高盛的嚴密內部監控技巧帶進明富，始終是前線出身，有前無後打死罷就，為跑數犧牲內部監控之故也。
上周才談及過上市公司大股東被交易所指令再培訓，話說回來，與其亡羊補牢，倒不如趁違規事件未發生前，做出預防措施。
港交所上市科可考慮，在批准正在申請上市之公司之上市申請前，要求公司董事履行24小時的董事責任培訓課程，確保上市公司成功掛牌前，董事已清楚明白自己的責任，既可防患未然，又可賺一筆學費，日後仍要犯錯就加鐘，明顯咎由自取者再也休想抵賴。
至於股票經紀行，把關人除了依賴內部合規部門對交易與資金交收進行監控外，也必須有一位熟悉內部運作的Responsible Officer即負責人員，作為與監管機構定期溝通的橋樑，平日職責也必須負責製作業務營運守則、監察經紀與持牌代表的交易行為，當然最大責任與風險來自如有人員違規，自己同樣要上身。

公司錢客戶錢不分
可惜在現實世界實行起來又談何容易！有一位剛剛由經紀行負責人位置下崗的行家，早前未下崗轉為獨立人士前，就曾感慨地呻自己間經紀行因職員均只懂有前無後銷售理財產品賺佣金，任由他如何解釋，都不能令對方明白為什麼公司錢要與客戶錢分開擺，而整家公司的銷售部門與結算部門亦未有如證監要求分隔開。
最大的奇景是，客戶的開戶文件竟在公司內部隨處擺放，毫不重視客戶私隱；更加恐怖的場面，竟然係監管機構人員來進行實地考察時也未有發現如此重大違規現象。
正如該負責人所說，這家股票行稱得上是證券及期貨條例內，所有可以違反的條例都已經違反了，職員本身並非證券業出身不打緊，唔識就要聽內行人指導，切戒自把自為。
只可惜，負責人員面對一群冥頑不靈的「生番」，已苦無對策兼意興闌珊；與其擔心自己遲早將因下屬犯例而受累、甚至可能隨時連自己清白之身的R.O.牌照都保唔住，情願急急抽身而退，回復自由身，成為場內另一個體戶。

胡孟青
獨立股評人

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胡孟青：富三代怪行　嚇怕投行

1 : GS(14)@2012-05-23 23:36:39

http://www.sharpdaily.hk/article/fin/20120523/92961
延續上周對「富X代」靠祖蔭晉身銀行與投行的話題，隨金融海嘯後的小陽春漸褪色，連資深Banker或iBanker擔心自己坐不穩，今年初以來，裁員甚至凍薪消息從未休止，且更由以往Cost Centre的分析員擴散至Profit Centre的Trader；亦有從業員因近年業務重組之際，被動式更換卡片牌頭，沿途遭殺錯的良民更不少數。
地球已好危險，投行更不安全，金融業予客戶忠實形象早大不如前，連打正旗號坐正的都面對Too many bankers, too little deals（賓架太多、生意太少）的困局，畢業後進投行實習的「富X代」，早已被視為hea做兼不會做得長，投行唔敢刻薄他們，但不委以重任；有富豪千金年初參與公佈年度風水指數發佈工作曝曝光，算很有貢獻。
真正iBanker之路是不可蒙混過關。小女子曾聞宇宙最強大行內，有富三代天天無所事事在辦公室來回踱步，當正寫字樓係屋企，天天走來走去，話佢又唔係，但怕有損投行形象，更頂癮係還在自己個位唱歌，同事懷疑這仁兄最初志願是參加歌唱比賽，聽講後來人事部有辦法，騰出玻璃房給他，中環寸金呎土，唔係Director級或以上，休想有房。小朋友沾沾自喜，還未知人家有意隔離，為防其怪行影響其他同事士氣。

胡孟青
獨立股評人

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「公安拉人」嚇怕渾水 呢條路不通

1 : GS(14)@2012-09-11 23:34:32

http://hk.apple.nextmedia.com/financeestate/art/20120911/18013171

【本報訊】沽空機構渾水（Muddy Waters）上週透過電郵，向本報記者否認轉戰沽空A股的傳聞，同時澄清無意在內地高薪聘請財經記者擔任調查工作，及後渾水再以電郵發出加拿大《環球郵報》日前有關希爾威金屬礦業（Silvercorp）專題報導的連結，似乎反映其難言之隱，間接解釋了放棄空襲A股的原因。記者：楊智佳、倪敏慧
《環球郵報》日前報導，描述紐約及多倫多上市的中國公司希爾威被沽空研究機構Alfredlittle.com狙擊過後，如何促使洛陽公安反狙擊肇事調查員黃昆（Huang Kun），及促使後者身陷囹圄的事件。
黃昆曾參與Alfredlittle.com於2011年9月份發佈有關希爾威的負面研究報告，指後者誇大產量及礦儲量數據，拖累希爾威股價下跌，及後希爾威亦向涉事沽空機構進行起訴。
特別查問恆大資料
希爾威的負面報告推出過後，黃昆於同年12月於北京首都國際機場被捕，然後押送予洛陽公安局囚禁四天，之後再轉送至一家二星級酒店進行三週的查問，1月底才獲釋放，並不准離開中國境內。黃昆再於今年7月被捕。
黃昆的王姓律師向該報章指出，洛陽公安曾強調，除非黃昆交出其他令到美國上市中國公司股價大跌的沽空機構報告資料，才能讓黃昆的案件得到寬限處理，而洛陽公安局更是特別希望獲取恆大地產（3333）及新東方教育的資料，而新東方教育便是渾水最近的狙擊對象，事情反映內地公安亦有意針對渾水。自從渾水7月18日首發新東方教育的負面報告過後，便沒有再發出其他報告。
公安疑獲「財政援助」
黃昆一口咬定希爾威與洛陽政府串通，是因為今年2月公安局要求黃昆於如家酒店留住兩天，以便調查，然後於2月10日退房，他竟然聽到有關官員要求酒店將另一家房間的收據，寫上希爾威持有77.5%的附屬公司名稱，顯示是次公安調查是獲得希爾威的「財政援助」；其後黃昆折返酒店，向酒店拿取收據的副本，而《環球郵報》亦確認了收據副本資料具真確性。另外，黃昆亦指出，公安局曾利用由希爾威上述附屬公司登記車牌的車輛，接載黃昆。
對於上述公安開支單據及文件，可能顯示希爾威曾出資協助公安局調查黃昆及其關連人士，希爾威主席馮銳對此矢口否認，並指單據及文件屬虛假。
事實上，曾協助沽空機構調查股份的個別人士，不少已決定暫時離開調查工作，一名參與渾水狙擊嘉漢林業報告的調查員指出，希爾威明顯與政府有關連，令他不得不離開該行業一段時間，並不再於內地接受此類調查工作。由此可見，內地沽空調查員收到有關黃昆被捕的消息甚至詳情，紛紛「劈炮唔撈」，令渾水等沽空機構很大機會面對「請人難」的問題，加上公安干涉事件令調查難度增加，迫使他們打退堂鼓。
沽空機構屢被反狙擊
12/2011至7/2012
洛陽公安兩度拘留調查員，指後者協助沽空機構Alfredlittle.com狙擊希爾威
9/2012
前Google中國高層李開復，聯同六十多名內地科網界、財金界知名人仕聯署發出聲明，聲討香櫞（Citron）
7/2012
恆大（3333）就一家沽空機構的欺騙及行賄等行為報警

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2 : GS(14)@2012-09-11 23:34:51

http://hk.apple.nextmedia.com/financeestate/art/20120911/18013173


除沽空機構外，不少大型基金亦會為其所投資之公司，作深入的實地調查，甚至聘請專業的企業情報公司。內地政府出手反狙擊沽空機構調查員，可能令調查員害怕誤中副車，寧願退下火線，增加基金公司抽出「造假」公司的難度。
對於基金公司調查工作會否受影響，著名「金手指」惠理基金的發言人拒作評論。
歐洲股神聘五企調查

雖然派員實地調查並非基金公司的指定動作，但民企造假手法層出不窮，不少基金公司為免再三中伏，也會委派調查員進行詳盡的考察，以便獲取鮮為人知的資訊。
歐洲股神安東尼．波頓（Anthony Bolton）於5月接受英國《金融時報》訪問時便承認，他曾就旗下的富達中國特殊情況基金，聘請五家企業情報公司進行深入的盡職審查，更成功揭發造假，當中一家由他決定投資的公司，真實店舖數目與公佈的相差一半，亦有公司虛報客戶。

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3 : barryruger(14987)@2012-09-12 00:02:24

寧願使橫手都唔正經做生意, 唉...

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4 : 自動波人(1313)@2012-09-12 00:04:58

3樓提及

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寧願使橫手都唔正經做生意, 唉...

大家搵快錢

呢D生意,唔洗生產,唔洗有客仔,UP兩UP,問人借貨沽就可以
仲有乜好撈過佢

佢咁趕住搵快錢,唔知快唔快得過世界未日呢?

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5 : barryruger(14987)@2012-09-12 00:18:08

4樓提及

---

3樓提及

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寧願使橫手都唔正經做生意, 唉...

大家搵快錢

呢D生意,唔洗生產,唔洗有客仔,UP兩UP,問人借貨沽就可以
仲有乜好撈過佢

佢咁趕住搵快錢,唔知快唔快得過世界未日呢?

我講比人沽果間...

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6 : 自動波人(1313)@2012-09-12 00:41:21

5樓提及

---

4樓提及

---

3樓提及

---

寧願使橫手都唔正經做生意, 唉...

大家搵快錢

呢D生意,唔洗生產,唔洗有客仔,UP兩UP,問人借貨沽就可以
仲有乜好撈過佢

佢咁趕住搵快錢,唔知快唔快得過世界未日呢?

我講比人沽果間...

SOR...

其實大家都一樣,都可套用

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7 : GS(14)@2012-09-12 23:37:20

各取所需，各取所需

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8 : greatsoup38(830)@2012-09-15 16:55:51

http://www.theglobeandmail.com/r ... le4528671/?page=all
On the afternoon of Dec. 28, Huang Kun was about to board a flight to Hong Kong when his Canadian passport was flagged by officials at Beijing's International Airport, and he was taken into custody by Chinese police.

It was the beginning of a prolonged and often frightening ordeal for Mr. Huang that has landed the 35-year-old from British Columbia in a Chinese jail – sharing a one-bed cell with 20 other men. He is expected to soon face charges of criminally defaming a Vancouver-based mining company called Silvercorp Metals Inc.
Mr. Huang knew when he went to the airport that day that police in the city of Luoyang, where Silvercorp's flagship mining operations are located, had arrested and interrogated two associates of his. The men had helped him prepare a scathing research report that, when its allegations were published, sent Silvercorp's share price tumbling 20 per cent in one day on the Toronto Stock Exchange.

What he didn't know was that in the wake of a series of scandals involving Chinese companies listed on North American stock exchanges, authorities in China had decided to push back hard against those attacking the credibility of Chinese firms. Many of these critics had made small fortunes by 「shorting」 the stocks of those firms, essentially betting that their share prices would fall once the new information was revealed. Mr. Huang worked for one of those short-sellers.

In this case, documents obtained by The Globe and Mail may suggest that Silvercorp and its executives were working in concert with local authorities, and helping to pay for the investigation against Mr. Huang and his associates. Legal experts say Silvercorp's alleged actions may be in violation of both Chinese and Canadian law.

The campaign to clear Silvercorp's name – and the apparent official support for it – appears to be part of a remarkable effort to punch back against North American short-sellers who have badly damaged the image of Chinese firms over the past two years with a stream of reports alleging fraud, flawed accounting and corporate governance failures. More than a dozen Chinese companies listed on North American exchanges have collapsed as a result.

The failures have damaged the country's corporate reputation and prevented many Chinese companies from raising money from North American investors, at a time when China's corporate and political leadership is trying to play a bigger role in global business and finance. This week, China's official Xinhua newswire, a mouthpiece for the Communist Party government, praised a group of Chinese businessmen who have publicly attacked short-sellers like those who employed Mr. Huang. Xinhua connected the fight to China's broader effort to be treated as an ordinary player on the global capital markets.

「Due to differences in political systems, economic structures and culture, foreign investors are prone to view Chinese companies with suspicion and prejudice,」 Xinhua wrote. The newswire linked such 「suspicions」 to foreign governments blocking takeover bids by champion Chinese firms such as China National Offshore Oil Corp. (whose $15.1-billion (U.S.) bid for Calgary-based Nexen Inc. is currently being reviewed by Ottawa) and telecommunications giant Huawei Technologies Co. Ltd.

The most high-profile Chinese corporate meltdown was that of Sino-Forest Corp., which was once Canada's largest publicly traded forestry company, boasting a market value of more than $6-billion (Canadian). Short-seller Carson Block and his firm Muddy Waters accused the timber company of fraudulent activity in June of 2011. Sino-Forest has now been de-listed from the Toronto Stock Exchange, is insolvent, and the Ontario Securities Commission has levelled fraud charges against several of its top executives.

Chinese authorities are understood to be deeply concerned about the reputational damage caused by the wave of corporate scandals. And they want the bad press to stop.

「The attacks by shorters and the issues related to a number of U.S.-listed Chinese companies have caught the attention of officials at the Ministry of Commerce and the National Development and Reform Commission,」 said a Canadian lawyer with high-profile Chinese corporate clients who is well connected in Beijing and spoke on the condition of anonymity.

「They don't think it is necessarily a single isolated action. So things like this have started to climb to the top of attention among senior officials.」

『I was freaking scared'

That day in December, police strip-searched Mr. Huang at the airport, seizing his cellphone, cash, two laptops, his eyeglasses and his passport. He was placed in a cell in the Beijing First Detention Centre with 12 other inmates.

Within days he was in Luoyang, in China's central Henan province, being interrogated by officers from the local Public Security Bureau, or PSB. The Canadian citizen has been prevented from leaving China for more than eight months, and was made to pay $32,000 in a form of unofficial bail, before being re-arrested in July. Mr. Huang's lawyer, Wang Yuehong, believes he will be charged any day now with 「disseminating false facts to impair another person's commercial reputation,」 a criminal offence that carries a maximum punishment of two years in prison. If charged, Mr. Huang's chances of winning his argument in court are exceedingly small: conviction rates in China are above 98 per cent.

Mr. Huang's troubles are connected to research he helped compile for a report published in September, 2011, on a website called Alfredlittle.com. The report alleged Silvercorp had overstated its production and the amount of precious metals contained in its mines.

The company aggressively denied the allegations in a series of press releases and statements by its chairman and chief executive officer, Feng Rui. In a recent interview with The Globe and Mail, Mr. Feng attacked the credibility of Mr. Huang, his associates and his employer, Jon Carnes, whose firm EOS Funds has, through short positions, profited from a decline in Silvercorp's share price.

「These people have a habit to lie,」 Mr. Feng said, adding 「These guys have a habit of fabricating things.」

Documents and evidence obtained by The Globe and Mail – including a number of receipts for police expenses, if authentic – may support allegations that Silvercorp helped fund the PSB investigation against Mr. Huang and his associates. During the investigation, Chinese police seized Mr. Huang's laptop; it appears that personal information from it, including addresses and phone numbers, was later used in a court filing by the company in the United States.

Mr. Feng strongly denies these allegations and asserts the documents obtained by The Globe have been falsified. He also said that information in the court filing was obtained from publicly available documents, or from the company's own private investigators.

The company and its share value have, so far, fared much better than other Chinese companies that became the target of short-sellers. In 2011, the company hired KPMG Forensics to probe its financial results. Silvercorp said the firm produced a report that, although it was not made public, cleared it of any financial fraud allegations.

Its stock rebounded sharply after it announced the findings of the KPMG report in response to the Alfrelittle.com allegations.

Silvercorp's offensive appears to be part of a co-ordinated counterattack by Chinese companies and government authorities – who are often closely linked – against North American short-sellers. Mr. Huang's lawyer, Ms. Wang, said the officers handling the case made it clear to her that the only way her client could expect lenient treatment was if he gave them information related to other recent short-seller reports that caused sharp drops in the share prices of U.S.-listed Chinese companies.

She said the Luoyang PSB specifically sought information about negative reports on China's No. 2 property developer, China Evergrande, and on New Oriental Education & Technology Group Inc. Ms. Wang said Mr. Huang has no knowledge of either case.

Others individuals who, like Mr. Huang, have made money investigating whether Chinese firms are accurately representing themselves to foreign investors, admit they have been temporarily chased out of the mini-industry. 「There was something about the way [Silvercorp] defended itself – the obvious government connections it had – that made it obvious to me that I should leave it alone for a while,」 said one investigator who had played a role in uncovering Sino-Forest's flaws and now says he no longer takes on such jobs in China. He spoke on condition of anonymity.

Mr. Huang's experience is instructive. Three days after his arrest at Beijing airport, he was transferred into the custody of PSB agents, who put him in the back seat of a rental car and drove 900 kilometres southwest of Beijing to Luoyang. It was 11 p.m. on Dec. 31 when they reached Luoyang, a gritty industrial city of 1.5 million residents, and Mr. Huang was taken straight to the office of the local PSB's economic crimes unit and interrogated. He said the PSB wanted to know who had hired him to investigate Silvercorp, how the investigation had been done, and who made money off it.

「I was freaking scared. I had been in jail for four days, and I didn't know what they were going to do to me,」 Mr. Huang said in an interview in Beijing before his re-arrest in July. 「I mean, I hadn't even been able to call anybody. So I started telling them.」

Mr. Huang said the PSB told him that his interrogation was part of an international investigation, one that had been approved at the highest levels in Beijing, and one in which the RCMP was also taking part. When contacted by The Globe and Mail, Feng Yi, the PSB officer responsible for the case, acknowledged Mr. Huang was in custody and predicted a conviction. He said other cases where Chinese firms were targeted by foreign short-sellers would also be investigated.

It was during that initial questioning that Mr. Huang said he first noticed the lead PSB officer was receiving text messages on his mobile phone that seemed to spark new and more-specific lines of questioning.

Mr. Huang said he explained to the police that he had worked for EOS Funds – the Vancouver-based investment fund – since 2006, and that his main job was to 「investigate investments,」 focusing on Chinese companies that had obtained listings on North American stock exchanges via a tactic known as a 「reverse takeover.」 That involves acquiring an already-listed shell company, and thereby bypassing an exchange's lengthy approval processes and the scrutiny of securities regulators.

Mr. Huang said he hired local investigators who made videos of the trucks going to and from Silvercorp's main mining property, and collected ore samples from the side of the road. That evidence led to the report alleging that Silvercorp had overstated the production, quality and resource estimates of one of its mines. Silvercorp strongly denied the allegations.

Mr. Huang slept the night of Jan. 1 on a couch in the PSB office before being moved next door into Green Tree Inn, a two-star hotel that would be his home for the subsequent three weeks of off-and-on interrogations.

The PSB still had his passport, cash and laptops, and Mr. Huang was told that he wouldn't be allowed to leave Luoyang until he paid 200,000 yuan (about $32,000), a seemingly arbitrary amount that the PSB officer said Mr. Huang needed to hand over because he had made 「illegal proceeds」 from his investigation of Silvercorp.

Mr. Huang began to get suspicious about who was really investigating him when the PSB officers asked him to provide passwords for his company e-mail and trading accounts.

The police officer, he said, didn't have the laptop with him, and wasn't familiar with the English-language programs. He was getting instructions over the phone from someone who didn't appear to work for the PSB.

「I heard a female voice on the other end asking 『does your [PSB] office in Luoyang have anyone who knows Outlook Express?』 」 Mr. Huang recalled. 「They were getting orders from the other side of the phone … it had to be from the company.」

While Mr. Huang was allowed to leave Luoyang at the start of the Chinese New Year in late January, he was told he could not leave China and was repeatedly summoned back to Henan province for further questioning.

Mr. Huang's belief that Silvercorp was managing the PSB investigation grew firmer after he and the lead PSB agent travelled together in February to the city of Wuhan, where Mr. Huang was born. The trip was made in order to cancel his Chinese passport and extend the visa in his Canadian one, a necessary precondition to keeping Mr. Huang in the country for further questioning. (China doesn't allow its citizens to be dual nationals.)

When Mr. Huang and the PSB agent checked out of the Home Inn on Feb. 10 after a two-day stay, Mr. Huang paid his own room bill. But he said he was shocked to hear the officer ask to have the second room's receipt made out to Henan Found Mining Co., a subsidiary owned 77.5 per cent by Silvercorp. Later, while free from Luoyang but still unable to leave China, Mr. Huang returned to the hotel and asked for a copy of the two receipts.

The Globe and Mail confirmed with the local tax office in Wuhan that the sequential tax receipts Mr. Huang obtained were indeed issued by the Home Inn. The hotel itself confirmed that someone with the name of Feng Yi, the PSB officer who led the investigation of Mr. Huang, checked out of the hotel on Feb. 10 and paid a bill of 493.30 Chinese yuan, an amount identical to that on the receipts provided by Mr. Huang.

A similar paper trail appears to exist for a later trip to Chengdu. Luoyang PSB officers escorted Mr. Huang to the southwestern city so they could interview other researchers. The room bill for a March 13 stay at the Kang Ting Wen Miao Hotel in Chengdu is made out to Feng Yi, but the matching tax receipt, seen by The Globe and Mail, is made out to Henan Found Mining. The red stamps on the receipt match the numbered stamp issued to the hotel by the National Administration for Code Allocation in Beijing.

Mr. Huang claimed Officer Feng was at times less-than-guarded in front of him, at one point asking someone over the phone if someone from the mining company could provide a car. The next day, Mr. Huang was driven to Zhengzhou, a city 150 kilometres away from Luoyang, in a black Lexus 240. Mr. Huang wrote down the licence plate number and, according to a search conducted for The Globe and Mail by a private investigator in China, the plate number belongs to a black Lexus owned by Henan Found Mining.

Silvercorp's apparent financial backing of a Chinese police investigation, if proved, and the sharing of information between Chinese law enforcement officials and a private company, could represent a violation of Canadian law, according to legal experts. Mr. Huang's Chinese lawyer claimed such tactics would also be a clear violation of Chinese law, although she said it's not a widely enforced section of the country's criminal code.

Chinese law stipulates that police cannot accept any form of payment for an investigation, including having an outside party pay for an officer's expenses. 「It's illegal,」 Ms. Wang said of Silvercorp allegedly subsidizing the PSB investigation against Mr. Huang. 「But this kind of behaviour is taken as common practice in China.」

Such accusations might have more weight in Canada. Milos Barutciski, an expert on international corruption cases, said the documents obtained by The Globe and Mail suggest Silvercorp's actions 「may also contravene Canadian law where related acts or communications have occurred in Canada.」



Contact list

In mid-March, Silvercorp, which was already suing EOS and its founder Jon Carnes in the Supreme Court of New York, filed a motion to obtain documents from Royal Bank of Canada and RBC Dominion Securities. In the filing, which was withdrawn about two weeks after it was first made, Silvercorp provided what appeared to be 44 phone numbers and 20 addresses. The filing asked that RBC be ordered to provide any trading account numbers and contact information associated with the phone numbers and addresses.

Mr. Huang says the list filed by Silvercorp's lawyers could only have come from a contact list he keeps on his laptop, which has been out of his hands since it was seized at Beijing airport. 「They even had my boss's wife's Asia Air Miles number [appearing as a phone number in the court filing],」 Mr. Huang said. 「They could only have gotten it from my laptop.」

Mr. Huang says he confronted Officer Feng at one point about Silvercorp's involvement in the investigation. He said the PSB agent's reply was aggressive. 「He said, 『You have to take responsibility for what you have done. This company is very powerful at the local level. They pay a lot of tax to the local government and Luoyang is a very poor city. They contribute a lot to the local economy.』 」

But Silvercorp CEO Feng Rui said his company had no involvement in helping to pay for the PSB investigation of Mr. Huang and his associates. He insisted that Mr. Huang, Mr. Carnes and others are fabricating the evidence.

「These are bad people for me. They are my enemy. I am raped. I tell police. Right? The police sometimes do contact me and with us. We are victims. We are big taxpayers in the Luoyang County,」 Mr. Feng said in a telephone interview from Beijing.

When asked why the hotel receipts for the PSB officer were made out to a division of Silvercorp, the CEO suggested they were fakes. He noted that it is relatively simple to create false receipts in China.

As for the allegation that the PSB had used a company car to transport Mr. Huang, the Silvercorp CEO suggested that Mr. Huang had recorded the car makes and licence plates of the mining company's vehicles when he and other researchers were secretly videotaping the company's operations in 2011.

Mr. Feng also denied that Silvercorp has received any information from the Luoyang PSB that was obtained from the investigation. When asked about the addresses and phone numbers submitted in New York court, Mr. Feng said some of the data was publicly available on the Internet while other parts were uncovered by Silvercorp's own investigators.

EOS founder Jon Carnes said Mr. Feng's explanations were 「preposterous.」 In an interview in Vancouver, Mr. Carnes said that the data entered into court by Silvercorp could only have come from Mr. Huang's laptop as his own laptop and that of another associate with the same information had not been compromised. He confirmed that one of the 「phone numbers」 filed in New York court was, in fact, his wife's Asia Miles frequent flier number.

Mr. Carnes conceded that he currently has a $2-million (U.S.) short position on Silvercorp shares and will benefit financially if the stock declines. He pointed to his lengthy track record of exposing frauds or unscrupulous behaviour at other Chinese companies as proof that he and his researchers are not fabricating evidence in Mr. Huang's defence.

「In the Silvercorp case, I would say I have absolutely no reason to fabricate any of this stuff. I have built up a substantial track record exposing fraud and to do something as stupid as fabricating evidence would be stupid,」 Mr. Carnes said.

Huang Kun's father, Huang Youcai, said he just wants his son to get out of China. In an interview from his Vancouver home, the elder Mr. Huang said he and his wife were unaware of his son's legal troubles until he was arrested for the second time in July and lost all communication. Now Mr. Huang is pleading with the Canadian embassy in Beijing and the Department of Foreign Affairs in Ottawa for help.

Ms. Wang, the lawyer, said the Canadian embassy has met with Mr. Huang twice, including once in the Luoyang PSB office since his most recent detention. 「The embassy says it will go on working through diplomatic channels but they're not sure how much effect they will have,」 she said.

Before his latest arrest, Huang Kun said he was worried that Silvercorp's connections to the police investigation meant he would likely spend a prolonged time in jail.

「Yeah, of course I'm worried … there's not enough evidence to charge us, but [the police] are getting pressure from the higher officials – the provincial level and the federal level … to investigate this case and punish us,」 he said in mid-May, drinking green tea in the lobby of a five-star hotel in Beijing while out on bail.

「The law in China is very flexible.」

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災場點滴：蟒蛇嚇怕搜救人員

1 : GS(14)@2016-02-09 12:13:31

除了貓狗，還有蛇！維冠大樓倒塌現場，搶救人員日夜進入搜救，竟有蟒蛇（圖）流竄，嚇得搜救人員退避三舍。動物保護人員在現場捉到四條球蟒和六隻保育類陸龜，分由動物收容中心與農業局森保科安置。為免影響現場搜救人員情緒，消息曾一度被封鎖。有民眾說，上址可能有上百條蛇。




民眾春節假湧災區

地震發生後，許多民眾竟趁春節連假進入事故現場（圖）。由於至今仍有百多人被困等待救援，facebook粉絲專頁「我在台南」昨日轉發台南市政府的訊息，呼籲民眾自覺，不要持續湧入災區一帶，將空間留給救災團隊，避免資源耗在驅離圍觀的民眾身上。




「芒果王子」熬湯送暖

台語歌手「芒果王子」楊哲（圖）與顏正國等和30多名友人，昨日前進台南災區，他們以4班制、24小時煮熱湯如藥燉排骨、玉米、貢丸及薑湯，提供救難人員及在災區等候的家屬飲食取暖。楊表示，其實是受到秦楊大哥號召，但他很低調，想透過多做點事來幫助台南，預計在當地停留7天，會視情況延長。





來源: http://hk.apple.nextmedia.com/international/art/20160209/19484855

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600萬網軍謾罵攻擊特朗普嚇怕異己

1 : GS(14)@2016-02-28 16:25:18

美國民主共和兩黨總統提名戰，後日就到關鍵的「超級星期二」。共和黨參選人特朗普繼續氣勢如虹，分析指共和黨建制派阻不了他，全因他靠在社交網站追隨他的600多萬粉絲大軍，對批評者作人身攻擊甚至性侮辱，令政客金主都怕了他。共和黨政治策略師雅各布斯（Cheri Jacobus）在電視節目，批評特朗普上月底在艾奧瓦黨團會議舉行前缺席當地辯論，是「糟透的辯論者」，特朗普反指她因被拒加入競選團隊才口出惡言，觸發Twitter追隨者紛紛狠批雅各布斯，部份更附上她的不雅改圖。



「連金主都買他怕」

新罕布什爾州最大報章《The Union Leader》出版人麥奎德（Jose McQuaid）因不肯表態支持特朗普，被特朗普咒罵「精神失常」、「卑鄙小人」，還指麥奎德曾逼他在該報落廣告，令麥奎德亦淪為攻擊目標。任何人開罪特朗普似乎都沒好下場，有法律專家坦言特朗普煽動追隨者所做的不是反擊，而是網絡欺凌，更甚的是他的反駁根本非事實。麥奎德堅稱沒逼過特朗普落廣告，雅各布斯更發出律師信，澄清是特朗普邀她出謀獻策被她回絕，卻令「我在Twitter已被摧毀及唾棄」。專家續指特朗普的行徑，跟誹謗及煽動針對個人或團體的暴力，只有一線之差。雜誌《國家評論》編輯勞里形容：「我未遇過一個美國政客教人畏懼到這個程度──連金主都買他怕。」美國《紐約時報》





來源: http://hk.apple.nextmedia.com/international/art/20160228/19508459

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向海嵐俾無綫亂局嚇怕

1 : GS(14)@2016-03-15 16:08:01

98年港姐冠軍向海嵐離開無綫，轉戰內地撈到風生水起，前日着短裙騷腿到廣州做商演，有男粉絲拿手機給她簽名，她昨在電話說：「第一次簽手機，好搞笑。」問到會否返無綫拍劇？她被無綫內部混亂嚇怕：「暫時未有傾過，我見佢哋而家都好亂，我覺得要睇劇本同角色。」近年無綫劇被網民狂批質素下跌，還有興趣返無綫嗎？她說：「佢哋間唔時都有啲好嘢，所以真係要睇囉。」現在無綫內部鬥爭激烈，問仍否有朋友？她說：「其實真係唔多，上次同幕後傾開，大家都話台前幕後都變晒，自己都有興趣同其他台或製作單位合作。」採訪：皓騫





來源: http://hk.apple.nextmedia.com/entertainment/art/20160314/19528402

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