Bursa Msia 让三流中国公司来这里捡水鱼？

留下眼镜

星报这篇文章讲的是比较了新加坡香港上海等地的情况，作者疑问BM是否倾向了给某些刮龙的中国公司来上市。

香港和上海倾向保留给较多中国官营公司上市，而新加坡承包上市的证券行/投资银行会要求欲上市的中国公司给予股票较低的售价。

前次我们也看到了制鞋公司在这里上市却是屡屡下跌，连著名的Guo氏家族也捡了便宜就跑, 业务横跨亚洲的该家族显然是很清楚该股票的真正价值。我们BM的问题到底出在哪里了？难怪外汇流出那么高。奇怪的是，没有多少机构向BM提出质疑，大家似乎都是成精的专家，不会受骗，所以他们才不要理？

可怜的是那么多的小散户，注定是要受骗的。等小散户成了精，他又沉默了。









    http://biz.thestar.com.my/news/story.asp?file=/2010/2/3/business/5598337&sec=businessWednesday February 3, 2010Is M'sia a dumping ground for third rate China firms?Raison D'etre - By Risen Jayaseelan



CONSIDERING the flurry of activity surrounding the listing of Chinese companies on Bursa Malaysia, key questions need to be asked.

First: Is Bursa Malaysia becoming a dumping ground for third-rate China assets? The question may seem harsh but it does merit discussion.

The concern is essentially this – why are these companies coming to list on Bursa, foregoing the chance to list in seemingly more liquid and exciting markets such as Hong Kong, Singapore or even Shanghai.
The standard response seems to be that Hong Kong and Shanghai cater to the larger, mostly state-owned Chinese entities.

Some issuers also complain of long waiting lists on those bourses. That argument does hold water, judging from the size of the listed China companies in Hong Kong and China.

The next question is, what about Singapore? Here is where the story gets interesting. With more than 150 China companies listed on the Singapore Exchange and the ensuing troubles the Singaporeans have had with a handful of such companies, it seems Singapore has had enough.

Unofficially, Singapore just isn’t interested in taking on more China listings unless the asset concern is exceptionally attractive.

The ensuing lackadaisical investor interest in China initial public offerings (IPOs) on the Singapore Exchange has meant that promoters and underwriters there are only willing to take on companies that list based on very low valuations.

Some of the China IPOs coming to Malaysia have expressly said they are listing here because they are fetching a better price for their shares.

According to industry sources, generally speaking, Singapore investment banks are only willing to support a listing of a China company if its issuers are willing to price their IPO at somewhere around three times the earnings of their assets.

But in Malaysia, the China companies are able to get listed at around double that price i.e. at a price earnings multiple of around six or more times.

And this is where the controversy lies – in essence this means that while a Singaporean investor is only willing to pay say 10 sen per share for a particular Chinese company, it seems that the Malaysian investor is willing to pay 20 sen for that same share.

Why the difference? The issue touches on one of the perennial hotly debated topics among finance experts. One school of thought says that where a company lists should not have any bearing on the value of its shares. These theorists go on to say that companies should always strive to list in their home markets, whose investors, which include both domestic and foreign, are better equipped to gauge the value of the company.

On the other hand, it is commonly accepted that certain stock markets are deemed better suited for particular industries. For example, mining companies are said to have the best valuations when they list on the London Stock Exchange because investors there are supposedly familiar with the industry.

Whatever the case, from the standpoint of the issuer, it only makes sense that they want to list on Bursa if they are getting a better price for their shares. A foreign listing here also benefits the country, from the standpoint of growth of our capital market.

Investment bankers, lawyers, Bursa and the Securities Commission all stand to gain financially. No wonder the authorities have gone on international road shows, including China, to promote Malaysia as a listing destination.
No wonder the rules have been relaxed to do away with bumiputra shareholding requirements of foreign listings. And no wonder small consultancies that play some role in bringing China companies to list on Bursa have mushroomed.

The question is, are all these leading towards Malaysian investors buying what no other investors want or is it a situation where the Malaysian market is taking advantage of an opportunity that has presented itself? Time will tell.
<LIDeputy news editor Risen Jayaseelan is not surprised that China companies are seeking to list here, considering the high level of entrepreneurial activity in the soon-to-be largest economy in the world. He also acknowledges the hard sell that needs to be done to Malaysian investors in light of the negative perception surrounding China companies.

there7888

问题只是没有给你赢到钱而以，如果你赢到钱你就会说管它什么股，在股市里最重要就是自己的眼光要好然后赢钱。

留下眼镜

要也不要让它的IPO价定得那么高价嘛！必须真正反映它的价值，值一分就是一分，这样子，欺骗的成份就没那么高了。

there7888

你看到它贵，这是因为你的眼光好。

这样的全世界一样的，马股不是列外的。
IPO不是送钱的ok

HanTuAh

要也不要让它的IPO价定得那么高价嘛！必须真正反映它的价值，值一分就是一分，这样子，欺骗的成份就没那么高 ...
留下眼镜 发表于 3-2-2010 08:12 AM

Hang Seng Index
    China Stock  P/E 30
好货不会来bursa
没得卖贵，烂的都不来

留下眼镜

你们去看那个死鬼公司，EPS一连三四季都是二三十sen，股息也不派个子，这种公司可靠吗？

湖俊

做到账面美美，但没钱派股息，难道你不怕假帐风云啊

留下眼镜

她说拿了多少多少千万在中国买地建厂，你要如何证实土地的价钱呢？

在吉隆坡买一块一千万元的地建厂，十几年后要搬迁，dispose掉地拿得回的钱不会少，中国哦，可以吗？

湖俊

她说拿了多少多少千万在中国买地建厂，你要如何证实土地的价钱呢？

在吉隆坡买一块一千万元的地建厂，十 ...
留下眼镜 发表于 3-2-2010 14:26

    外国股很难考察，实在不怎么好投资。不懂他会有几年的作为。

留下眼镜

第一次做账目可以不被挑剔，她的审计师是谁，好像很厉害耶！

湖俊

如何知道没被挑剔过？

BILLCLINTON

回复 3# 留下眼镜

somethingwrong

Guo氏家族 做了什么事情?