李小加呼吁擴(kuò)大香港上市程序評(píng)估

The head of Hong Kong’s stock exchange has suggested the city dramatically widen the scope of an “emotional” review of its process for listing new companies — potentially offering regulators a way of dealing with the tricky issue.

香港交易所(HKEx)行政總裁李小加(Charles Li)建議，香港應(yīng)大幅擴(kuò)大對(duì)新公司上市程序的評(píng)估的范圍，這可能會(huì)為香港監(jiān)管機(jī)構(gòu)解決上市制度改革這一棘手問題提供一種辦法。該評(píng)估引起了“情緒化”的反應(yīng)。

The proposal comes as the Hong Kong Exchange celebrates a second year as the world’s largest new listings venue, despite growing criticism of the behaviour of its smaller stocks.

此際，港交所第二年成為全球最大新公司上市地，盡管越來越多的人對(duì)香港小盤股的行為提出批評(píng)。

Charles Li , chief executive of the HKEx, yesterday suggested the city expand a current review of its listings process by adding an examination of its Growth Enterprise Market — broadly equivalent to London’s AIM exchange for smaller companies. Views could also potentially be sought on a new board designed to attract smaller start-ups.

李小加昨日建議，香港應(yīng)通過增加對(duì)創(chuàng)業(yè)板市場(chǎng)(Growth Enterprise Market)的審查，來擴(kuò)大目前對(duì)上市程序的評(píng)估。香港創(chuàng)業(yè)板市場(chǎng)大致相當(dāng)于倫敦針對(duì)較小公司的另類投資市場(chǎng)(AIM)。香港還可能就設(shè)立新板以吸引較小初創(chuàng)企業(yè)征求意見。

“We can spend another three years debating every single thing in isolation and we will still not get anywhere as we are not looking at all the elephants in the room, we are loo king at only one elephant — that is why we propose we do everything potentially together,” he said.

他表示：“是時(shí)候以全盤形式進(jìn)行咨詢，如果將各個(gè)議題分開處理，可能數(shù)年后仍然原地踏步。一些人士選擇支持或者反對(duì)上市監(jiān)管架構(gòu)咨詢，其中牽涉到現(xiàn)有的創(chuàng)業(yè)板市場(chǎng)存在的問題，以及是否需要設(shè)立新板等問題。需要將所有相關(guān)的問題放在一起，做一個(gè)全面的討論。”

Some bankers and brokers say privately that the review, which is being driven by the regulator the Securities and Futures Commission, has not been constructed very well. 一些銀行家和經(jīng)紀(jì)商私下表示，這次上市程序評(píng)估的設(shè)計(jì)不是非常合理，該評(píng)估由香港證監(jiān)會(huì)(Securities & Futures Commission)推動(dòng)。

A broader process could, therefore, provide the SFC with a way of bringing the critics onside. Last year the city’s Financial Services Development Council, a government advisory group, publicly opposed the plan.

因此，擴(kuò)大評(píng)估范圍可能會(huì)讓香港證監(jiān)會(huì)獲得批評(píng)者的支持。去年，政府顧問機(jī)構(gòu)香港金融發(fā)展局(Financial Services Development Council)公開反對(duì)該計(jì)劃。

The SFC said it welcomed the HKEx’s efforts to develop Hong Kong as a financial centre, but declined to comment further until the exchange developed its idea further. Last year, the HKEx raised $25bn through initial public offerings with some big deals included in the numbers. This matches the funds raised on the New York Stock Exchange and Nasdaq combined.

香港證監(jiān)會(huì)表示，對(duì)港交所讓香港成為金融中心的努力表示歡迎，但在港交所進(jìn)一步論述其觀點(diǎn)之前拒絕發(fā)表更多評(píng)論。去年，港交所的首次公開發(fā)行(IPO)融資額為250億美元，包括一些大規(guī)模IPO。這一融資額相當(dāng)于紐約證券交易所(NYSE)和納斯達(dá)克(Nasdaq)融資額的總和。

But a rise in unexplained volatility and a lack of transparency, particularly among smaller stocks, are clouding the city’s reputation. The SFC has almost doubled the number of its investigations in the past five years, while complaints about what it calls “problematic” companies have risen sharply.

但無法解釋的波動(dòng)性上升以及透明度缺乏(特別是小盤股)正給香港的聲譽(yù)蒙上陰影。過去5年，香港證監(jiān)會(huì)的調(diào)查數(shù)量幾乎翻了一番，同時(shí)外界對(duì)于證監(jiān)會(huì)所說的“問題”公司的抱怨也大幅增多。

The HKEx and the SFC are currently studying responses to their jointly launched listings review, which would reduce the power of the city’s Listing Committee and increase the regulator’s role. Made up of professionals including bankers, lawyers, accountants and investors, the committee vets all would-be IPOs and membership is much prized.

港交所和證監(jiān)會(huì)目前正對(duì)二者聯(lián)合推出的上市評(píng)估所獲咨詢意見進(jìn)行研究。擬議的上市制度改革將削弱港交所上市委員會(huì)(Listing Committee)的權(quán)力并提高證監(jiān)會(huì)的作用。上市委員會(huì)由專業(yè)人士組成，包括銀行家、律師、會(huì)計(jì)師和投資者，負(fù)責(zé)對(duì)所有上市申請(qǐng)進(jìn)行審查，其成員資格備受重視。

Mr Li described the current consultation as “one of the most debated listing consultations we’ve ever seen”.

李小加稱當(dāng)前的意見征詢是“我們看到過的爭(zhēng)議最多的上市咨詢之一”。

He added: “It has continued to be controversial. The feedback has been massive — it’s been emotional, very substantive and it reflects a very broad range of opinions.”

他補(bǔ)充稱：“爭(zhēng)議持續(xù)不斷。反饋很多，它們帶有情緒，數(shù)量多，反映出非常廣泛的意見。”

The HKEx leader sought, however, to downplay suggestions of a rift with the SFC over the issue. “I don’t want this to become an awkward moment for my friends,” he said. “At the end of the day their hearts are in the right place, but we may have slightly different views about things.”

然而，李小加試圖弱化與香港證監(jiān)會(huì)在這個(gè)問題上存在分歧的說法。“我不希望這成為讓我的朋友們感到尷尬的時(shí)刻，”他表示，“最終，他們的心是好的，但我們對(duì)事情的看法可能略有不同。”