购买港股的过程中,你可知道有些“老千股”碰不得?(上)

15th January, 2022

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前言

2017年有那么一天,你可记得,香港多只股票开始集体闪崩,场边堪称壮观,而其中多为令投资者深恶痛绝的著名老千股。而香港证监会发言人表示,当天股价大幅下挫的股票多有与不同公司和上市券商存在多重关联、持股集中度高、成交量小、流通股少等特点。这些特点容易导致股价极度波动和市场失当行为。其实大多数就是我们俗称的老千股。不论引起暴跌的导火索是什么,作为投资者,如何辨别老千股,在投资购买港股中保护自己的切身利益才是最重要的问题。

什么是老千股?

老千,出自《孙子兵法》,是战争的一种特殊赌博,能用于战争的中的各种诈术,清朝慢慢演变成一个贬义词,特指在赌场上用各种手段作弊来获取非法利益。那么什么是老千股呢? 自然就是骗取普通投资者钱财的一类股票。港交所行政总裁李小加曾撰文对此下过一个定义:主要指大股东不以做好上市公司业务来盈利,而主要通过玩弄财技和配股、供股和合股等融资方式损害小股东利益的个股。

香港股票市场为什么会有老千股?

老千股是香港股市的土特产,是A股市场所没有的。这一方面是由于香港特有的监管(监管宽松)和发行制度(资本授权制,发股灵活),香港股票市场相较于大陆股票市场开放性更为大一些,香港股票市场不仅投资品种众多,而且投资工具也很全面。以市场为主导的制度会激活市场的活力、促进市场的繁荣,但任何制度都是有利有弊的。“老千股”便是在这种开放资本市场下由财务技术衍生出来的,这种技术是大股东专门“捕杀”小股民的手段。

根据香港的会计准则,上市公司削减股本后产生的资本公积金可转至未分配利润专案弥补亏损。经过此类帐面数字“游戏”,亏损公司可能会扭亏为盈。因此,并股及削减股本等形式的股本重组是一些“仙股”公司常用的弥补亏损的方法。港股的价值陷阱在于很多符合价值投资指标的老千股,市盈率市净率很低,实际上却是个大坑,简单点说就是“打着价值股旗号的垃圾股”。

 

香港市场老千股具体是怎么运作的?

在港股市场,大股东配售的股票只要给港交所报备一下,第二个交易日就可以在市场买卖。正是这种便利的融资制度,为“老千”们创造了一个绝妙的“吸血”赚钱模式。通常老千股都喜欢玩合股与拆股的游戏。

以香港的“合股大王”民信金控(0273.HK)为例,这个公司经常登上港股涨跌幅榜的前10位,动辄涨跌30%以上。该股18年来从未盈利,年年亏损,累计亏损高达40多亿元,公司也历经多次改名,从最早的 “互联控股” 改为 “华汇控股” ,后又改名为 “首创” 、 “怡南实业”、“威利国际”,再到如今的“民信金控”,根据公司最新资料显示,目前再次拟更名为 “茂宸集团控股有限公司”的议案已获股东大会通过。

根据港交所资料显示,仅从1999年开始至2014年,威利国际就经历2合1,5合1,50合1,25合1,10合1,5合1,10合1,5合1,5合1,10合1等超过10次的合股记录,简单计算2×5×50×25×10×5×10×5×5×10=1,562,500,000,也就是说,假设你在1999年买入15.625亿股威利国际,到了2014年就变成了1股,1999年公司合股前的股价约为0.05港元,今日价格约为0.1港元,那么假如你是1999年以每股0.05港元买入15.625亿股威利国际,投资总金额约为7800万港币,按照现价每股0.1港元计算,股民投资15年来,总投资由7800万港币跌至0.1港币,损失率高达99.9999%,可以说本金几乎是全部亏损。而当股价上涨时,大股东就通过配股来摊薄散户持股。这样不停地配股与合股,上市公司年复一年的总能再讲一个动听的故事,诱使下一批投资者买入这类公司的股票,投资者可能是新入市的大户,也可能是贪图公司的配股价较现在股价的高折扣,总之,又有新人买公司的股票,公司融到了钱,再通过收购、资本支出、管理层高额薪酬等把钱花出去,使得这些钱再度流入管理层的腰包。

这类股票在香港本地现在几乎没有人碰,因此流动性很差。 这些股票永远不分红,却年年圈钱。董事高额薪酬,一年数千万。股价跌到几分钱,可以再合股然后继续跌重新骗钱。套上了不但永无解套之日,而且会被公司吃的干干净净。这类股票并不以实现经营性盈利为目的,而是依赖“挖坑”,通过频繁的关联交易、融资,不断赚取散户财富。

 

关键词:股票,香港股市,港股,权证(窝轮),老千股,认购权证,香港IPO,香港市场主要交易规则,交易港股,新加坡交易港股,中国A股,股市资讯, 碎股”交易,港股涨跌幅限制,香港市场主要指数,恒生指数,恒生综合大型股指数,恒生综合中型股指数,恒生国企指数,港股市场

来源:信息数据来源:港交所,Webb-site,华尔街见闻,凤凰财经,东方财富网,新浪财经,辉立证券

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