25 October 2013
(Translation version)
Written by 王冠一 (http://www.wongsir.com.hk)
In terms of Hong Kong investors , IPO , of course as bigger as possible, because the opportunities for small investors in the ballot is relatively larger, and also many big ibank to support the stock price, the opportunities for small investors to make money in the ballot should more large. However, this culture of IPO bigger the better , in fact, it is expense of the healthy development of SMEs . For SMEs, the traditional IPO market continues to be driven out of the phenomenon , the United States believes that it will soon be launching a new corporate financing.
Twenty years ago, the New York-listed IPO funds are about scale of 5 million to $ 10 million, it were quite common. However, since the introduction of electronic trading stocks , the blind pursuit of stockbrokers started trading volume , the market 's attention has only concentrated on large IPO activity , so that smaller IPO relatively isolated , the result is a whole number of IPO shrinking . Each year about 500 from the previous IPO, reduced to the current annual average of only about 130 ; For IPO funds raised $ 50 million less than the ratio of the number from the previous accounted for 80% of IPO , now shrunk to only 20% . This IPO unhealthy , to drive away a lot of the development of small and medium enterprises who need capital ; additional, bank was doing too meager profits and they simply do not want to SME financing business. Some experts estimate that the current U.S. annual average of only about 30 tiny IPO.
The SEC is planning to allow SMEs to public placement, the insider called it as Crowdfunding, and it is relaxed regulatory requirements than traditional IPO : Financing companies must register via the online platform of Offer Shares, and the annual fund-raising maximum aggregate $ 1M ; it also limited the amount of each annual investment level , while corporate executives must be declared with the financial situation ; non-professional investors, although you can subscribe for shares, but the share is entitled to all investors year lock-up period .
Such Crowdfunding financing market , although convenient SME financing, but administrative costs ( such as processing document disclosure , hiring online trading platform , annual reports , etc. ) pressure which relative to the size of funds raised, it is very large in terms of the ratio, and it may scare of many companies . Moreover, the average investor is concerned , Crowdfunding may have little protection : first, because of the low liquidity of these shares , small investors easy to retreat into difficult to sell shares to cash, therefore , it must be psychologically prepared small investors such shares may take a long hold ; on the other hand, it is needed to worry about market manipulation behavior, because the scale of capital and enterprise funds raised are smaller, low liquidity of the Shares , the stock likely to be brandished from large dealer to make shares price up and down.
Crowdfunding emerges let the U.S. Administration's intention seems to outside the traditional stock market, specifically for SMEs to establish another set of stock market trading of the Shares , the situation with the Hong Kong GEM concept quite alike . Such financing platform can at least encourage SMEs more innovative developments on the real economic recovery and job creation plays a major role, it is worthy of praise .
http://www.wongsir.com.hk/index.php/2008-07-21-20-05-17-sp-1127164607/7224-2013-10-25-09-47-35
對香港股民來講，IPO 當然愈大愈好，因為從小投資者中籤機會相對較大，大行護盤更落力，中籤者賺錢機會自然大好多。不過，這種 IPO 愈大愈好的風氣，其實犧牲了中小企的良性發展。針對中小企持續被趕出傳統 IPO 市場的現象，美國相信不久將會推出一種全新的企業融資方式。
二十年前，在紐約上市的IPO集資金額，規模 500 萬至 1,000 萬美元者相當普遍。不過，自從美股引入電子化交易後，股票經紀開始盲目追求交投量，市場的注意力亦只集中在大型 IPO 活動上，令較小型的 IPO 備受冷落，結果是整體 IPO 數量不斷萎縮。由以前每年約有 500 宗 IPO，減少至目前每年平均只有約 130 宗；至於 IPO 集資額少於 5,000 萬美元的比例，則由以前佔全年 IPO 數目的 80%，萎縮至目前只佔 20%。這種 IPO 歪風，趕絕了許多需要資金發展的中小型企業；加上銀行嫌利潤微薄，根本不想做中小企融資生意。有專家估計，目前美國每年平均只有約 30 宗蚊型 IPO。
美國證交會正計劃容許中小企公開配股集資，行內稱作 Crowdfunding（譯：集液成裘式融資），且監管要求較傳統 IPO 寬鬆：集資企業必須透過註冊的網上平台發售股份，每年集資總額上限 100 萬美元；又限制每名高層每年投資金額，而企業與高層必須申報財務狀況；非專業投資者雖然也可以認購股份，但所有投資者的股份皆有一年禁售期限制。
這類 Crowdfunding 融資市場，雖然方便中小企融資，但行政費用（例如處理文件披露、聘用網上交易平台、年報等）的負擔，相對於集資金額的規模來講，比例顯得很大，可能會嚇怕不少企業。 況且，對一般投資者來講，Crowdfunding 可能無甚保障：一方面由於這類股份的流通性低，小投資者易進難退，賣股套現並不容易，因此，小投資者要有心理準備，這類股份可能需要長時間持有；另一方面亦需要擔心造市行為，因為集資金額與企業資本規模都較細，股份流通性低，股價容易被大戶或莊家舞弄股低。
Crowdfunding 的出現，似乎反映美國當局有意在傳統股票市場之外，另外成立一個專為中小企股份買賣而設的股市，情況跟香港的創業板理念頗相象。這種融資平台至少可以鼓勵中小企更勇於創新發展，對實體經濟復蘇、創造就業起著重大作用，值得推崇。
王冠一
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