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由零開始學習股票-何謂合併和分拆?

難度:★☆☆☆☆ (小編按:這裡談的是企業重組的概念,合併是指Mergers and Acquisitions,而分拆是指Demerger。它們跟股本層面的「合股」和「拆股」不同。) 上市公司不時會出現合併和分拆的消息。到底它們是甚麼意思,對股價又有何影響呢? 首先說合併,凡是兩間或以上的公司合併為一間新公司都可歸類為合併。合併的好處是減少同業間的惡性競爭、帶來協同效應、有助開發新業務。最終結果就是要化敵為友,強強聯手,2015年由中國南車及中國北車合併而成的中國中車(1766)就是港股著名例子,當時兩間公司的股價分別上升三成和四成半。 至於分拆則是指一間上市公司將部分業務注入另一間公司上市,分拆兩間上市公司可以令各自定位更清晰,有助投資者評估業務發展,有利提升公司整體估值。一言以蔽之,就是「釋放價值」。同時,分拆出來的業務將有獨立上市地位,這個上市平台亦有助日後進行融資,可謂一舉兩得。 一般來說,分拆主要分為新股上市及實物分派兩種形式,前者指公司分拆業務後,並以新股上市形式集資,例如去年上市的閱文(0772);後者則是按比例分派業務給原有股東,但過程中可以不涉及集資,例如今年上市的碧桂園服務(6098)。 除了釋放價值,分拆還有一個技術上的原因,為散戶製造獲利空間。大型基金由於受投資章程規限,比如只能持有指數成分股或大市值公司,不能沾手分拆出來的股分。 例如是從太古A(0019)分拆出來的太古地產(1972)。由於太古地產並非恒指成分股,追蹤指數基金及大型互惠基金受投資章程所限,需要被動沽出太古地產,於是上市初期股價急挫,但很快就回升幾成。另一個例子是碧桂園服務,在上市初段也出現同樣的沽壓,但後來就快速回升。 當然,不是個個例子都好像太古和碧桂園,要視乎公司的素質。 #合作打大佬 #然後分拆各自搵錢