李小加呼吁擴大香港上市程序評估

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，香港應大幅擴大對新公司上市程序的評估的范圍，這可能會為香港監(jiān)管機構解決上市制度改革這一棘手問題提供一種辦法。該評估引起了“情緒化”的反應。

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香港小盤股的行為提出批評。

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，香港應通過增加對創(chuàng)業(yè)板市場(Growth Enterprise Market)的審查，來擴大目前對上市程序的評估。香港創(chuàng)業(yè)板市場大致相當于倫敦針對較小公司的另類投資市場(AIM)。香港還可能就設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：“是時候以全盤形式進行咨詢，如果將各個議題分開處理，可能數年后仍然原地踏步。一些人士選擇支持或者反對上市監(jiān)管架構咨詢，其中牽涉到現有的創(chuàng)業(yè)板市場存在的問題，以及是否需要設立新板等問題。需要將所有相關的問題放在一起，做一個全面的討論。”

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. 一些銀行家和經紀商私下表示，這次上市程序評估的設計不是非常合理，該評估由香港證監(jiān)會(Securities & Futures Commission)推動。

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，擴大評估范圍可能會讓香港證監(jiān)會獲得批評者的支持。去年，政府顧問機構香港金融發(fā)展局(Financial Services Development Council)公開反對該計劃。

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)會表示，對港交所讓香港成為金融中心的努力表示歡迎，但在港交所進一步論述其觀點之前拒絕發(fā)表更多評論。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。這一融資額相當于紐約證券交易所(NYSE)和納斯達克(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.

但無法解釋的波動性上升以及透明度缺乏(特別是小盤股)正給香港的聲譽蒙上陰影。過去5年，香港證監(jiān)會的調查數量幾乎翻了一番，同時外界對于證監(jiān)會所說的“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)會目前正對二者聯(lián)合推出的上市評估所獲咨詢意見進行研究。擬議的上市制度改革將削弱港交所上市委員會(Listing Committee)的權力并提高證監(jiān)會的作用。上市委員會由專業(yè)人士組成，包括銀行家、律師、會計師和投資者，負責對所有上市申請進行審查，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”.

李小加稱當前的意見征詢是“我們看到過的爭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.”

他補充稱：“爭議持續(xù)不斷。反饋很多，它們帶有情緒，數量多，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)會在這個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刻，”他表示，“最終，他們的心是好的，但我們對事情的看法可能略有不同。”