香港小盤股遭遇第二天“血洗”

Forty out of the 50 members of the “Enigma” network at the heart of a Hong Kong market crash fell on Wednesday as a bloodbath among the city’s small caps spilled into a second day.

被稱為“謎之網(wǎng)絡(luò)”(Enigma Network)的50只港股中的40只股票周三暴跌，使香港小盤股崩盤延續(xù)至第二天。

The selling dragged the city’s GEM index, which tracks its junior board listings, to a record low on Wednesday as Tuesday’s selling, which erased $6bn in market capitalisation and left some companies down 90 per cent, widened to include other small caps.

此輪拋售使追蹤二板市場(chǎng)上市公司的香港創(chuàng)業(yè)板(Growth Enterprise Market，簡(jiǎn)稱GEM)指數(shù)周三跌至創(chuàng)紀(jì)錄低點(diǎn)。周二抹去60億美元市值、導(dǎo)致一些股票暴跌逾90%的崩盤，擴(kuò)大了波及面，把另外一些小盤股也扯了進(jìn)來(lái)。

Tuesday’s price plunges, which happened in less than an hour, took traders by surprise.

周二的崩盤在不到一小時(shí)內(nèi)發(fā)生，令交易員們措手不及。

The only clear link between most of the stocks caught up in the sell-off was their membership of the “Enigma” network — a map of cross-shareholdings among 50 otherwise unrelated companies published in May by David Webb, the independent investor and stock commentator, under the title “The Enigma Network: 50 stocks not to own”.

被卷入這股拋售潮的多數(shù)股票具有的唯一共同點(diǎn)，就是它們都是“謎之網(wǎng)絡(luò)”成員。5月，獨(dú)立投資者和股評(píng)人戴維•韋布(David Webb)發(fā)表了一份交叉持股示意圖，上面是50家貌似無(wú)關(guān)聯(lián)的上市公司，標(biāo)題是“謎之網(wǎng)絡(luò)：50只不能買的港股”。

Mr Webb said he compiled the network from earnings updates and annual reports after last year asking the Hong Kong Exchange, the city’s front-line regulator, to enforce more firmly its disclosure rules.

韋布表示，他在根據(jù)盈利更新和年報(bào)繪制這幅網(wǎng)絡(luò)地圖之前，去年曾促請(qǐng)香港的第一線監(jiān)管機(jī)構(gòu)——香港交易所(HKEx)加強(qiáng)執(zhí)行其披露規(guī)則。

The Securities and Futures Commission has refused to deny that it was already looking into some of the companies involved in the sell-off and described the stocks as characterised by thin turnover, small public floats and highly concentrated shareholdings — conditions, it said, that could be “conducive to market misconduct”.

香港證券及期貨事務(wù)監(jiān)察委員會(huì)(SFC)沒(méi)有否認(rèn)其已經(jīng)在調(diào)查崩盤所涉及的其中一些公司，并稱這些大幅下挫的股票具有成交量小、流通股少、持股集中度高等特點(diǎn)，而這些特點(diǎn)容易導(dǎo)致“市場(chǎng)失當(dāng)行為”。

“By misconduct, we’re thinking about things ranging from manipulation and the ways in which that might be assisted through to shareholders who may not be fully independent when voting,” Ashley Alder, chief executive of the SFC, told the Financial Times on Wednesday.

“所謂的失當(dāng)行為，我們考慮的是多種行為，從操縱和可能協(xié)助操縱的方式，到股東在投票表決時(shí)可能并不完全獨(dú)立，”證監(jiān)會(huì)行政總裁歐達(dá)禮(Ashley Alder)周三告訴英國(guó)《金融時(shí)報(bào)》。

He said, too, that the regulator had been increasing its focus on corporate issues — which were traditionally the domain of the HKEX, which sets listings rules.

他還表示，證監(jiān)會(huì)近來(lái)已經(jīng)在加大對(duì)公司問(wèn)題的關(guān)注，傳統(tǒng)上這些問(wèn)題屬于香港交易所的管轄范圍。上市規(guī)則是由香港交易所設(shè)定的。

“Something which is particularly concerning is networks of companies and brokers in this small-cap area which may be involved with teams that are deliberately manipulative,” he added.

“尤其令人擔(dān)憂的是小盤股領(lǐng)域的公司和券商形成網(wǎng)絡(luò)，這些網(wǎng)絡(luò)可能與蓄意操縱的團(tuán)隊(duì)有來(lái)往，”歐達(dá)禮補(bǔ)充道。

Worst-hit on Wednesday among the Enigma stocks was Hao Wen Holdings, a money lender and trader of biomass fuel, which fell 56 per cent, and KPM Holdings, a Singapore sign-maker, which closed down 44 per cent.

周三遭受最沉重打擊的謎之網(wǎng)絡(luò)股票是放貸機(jī)構(gòu)和生物質(zhì)燃料交易商皓文控股(Hao Wen Holdings)，下跌56%，以及新加坡招牌制作商吉輝控股(KPM Holdings)，收跌44%。

GreaterChina Professional Services, an asset valuer best known for an offer last year to buy Hull City FC for £130m, closed down 34 per cent following a 93 per cent fall on Tuesday.

資產(chǎn)估值機(jī)構(gòu)——漢華專業(yè)服務(wù)(GreaterChina Professional Services)在周二暴跌93%后，周三進(jìn)一步收跌34%。該公司最出名的是去年對(duì)赫爾城足球俱樂(lè)部(Hull City FC)發(fā)出1.3億英鎊收購(gòu)報(bào)價(jià)。

In an example of the effect of those crossholdings, one of the network, Amco United, on Wednesday warned it would report a “substantial” half-year loss due to its share trading activities. The company is primarily a maker of medical devices.

突顯交叉持股影響的一個(gè)例子是，謎之網(wǎng)絡(luò)股票雋泰控股(Amco United)周三警告，由于其股票交易活動(dòng)，它將報(bào)告“重大”半年虧損。該公司的主營(yíng)業(yè)務(wù)是醫(yī)療器械制造。

Regulatory filings on Wednesday revealed three of the Enigma companies were among those adding to China Jicheng’s woes — the umbrella maker that lost as much as 94 per cent on Tuesday — by selling some of their holdings.

周三的監(jiān)管申報(bào)文件透露，3家謎之網(wǎng)絡(luò)公司加劇了雨具制造商、周二暴跌94%的中國(guó)集成控股(China Jicheng)的困境——它們減持了各自持有的這只股票。

Lerado Financial Group, China National Culture Group and QPL International all dumped shares amid the rout. Combined, their sales represented only 14 per cent of the 22.5bn shares traded on Tuesday in the umbrella maker.

隆成金融(Lerado Financial Group)、中國(guó)國(guó)家文化產(chǎn)業(yè)集團(tuán)(China National Culture Group)和品質(zhì)國(guó)際集團(tuán)有限公司(QPL International)均在崩盤期間拋售了中國(guó)集成的股票。三家的拋售量加在一起，占這家雨具制造商周二225億股交易量的14%。