上市銳減 一葉知秋

環 球股市踏入今年後一片興旺。截至周三止，富時環球股市指數 (FTSE All-World equity index) 今年至今已升逾 1 成，處於 8 個月高位附近；美股三大指數平均表現更佳，標普 500 指數和納斯達克指數升幅分別為 11.76% 及 19.19%，升幅最小的道指亦上升了 7.44%。股市勁升，市場氣氛佳，理應有不少企業會趁機攪上市，奇怪的是，今年首季的上市招股活動卻是自 2009 年次季以來最差，反映股市只是表面風光，實際危機暗藏。

全球四大會計師樓之一的安永會計師事務所 (Ernst & Young) 剛發表的統計數據顯示，今年首季全球只有 157 隻新股上市，集資額合共 143 億美元，較去年同期有 296 家公司招股上市，合共集資 466 億美元，集資額少了足足 69%。

157 家新上市企業，只有1家的集資額是超過 10 億美元。荷蘭有線電視營運商 Ziggo 獨佔鰲頭，惟集資額亦僅為 11 億美元，緊隨其後的瑞士市場拓展服務集團 DKSH Holding Ltd.，集資額為 8.97 億美元，而於上海交易所招股隻資 7.94 億美元的中國交通建設股份有限公司（China Communications Construction Company Limited，上市編號 1,800）亦成功搶佔三甲一席。

首 次公開招股的企業數量銳降，一方面與國營企業上市數量大減有關，另一方面則是由於歐元區主權債務危機的陰影籠罩，前景欠明朗，削弱了企業上市意欲。新上市 企業以科網行業數量較多，美國首季有32家公司招股上市，當中有11家是科技公司，比率逾 1/3，集資額合共 11 億，則是總集資額 48 億美元的不足 1/4。

未 知是否蘋果公司今年股價長升長有，升幅超過 5 成，令股民對科技股產生無限憧憬，尋金熱下，科網股對投資者的吸引力亦較大。最近一隻上市科網股為商業及服務評估網站 Yelp，於 3 月初首次公開上市，首日收報 24.68 美元，較招股價的 15 美元狂漲 65%，難怪股民對科技股趨之若鶩。市場下一焦點必然是盛傳於 5 月正式掛牌的 Facebook，現時市場對 Facebook 估值逾千億美元，上市料可掀起另一番熱潮。

雖 然於亞洲公開招股的企業數量於首季銳減，但香港、深圳及上海仍能保住全球市場頭 5 強的領先地位，隨着上海股市快將對外全面開放，大量外資企業湧往中國上市，估計上海及香港交易所仍可受惠。但在一個真正的牛市，理應百花齊放，今年首季除 了上市公司數量大減，平均交投量亦大幅萎縮，正正反映投資者對後市仍存在疑慮。

正所謂「一葉知秋」，從公開招股企業數量及交投量，不難推斷這個靠央行印鈔推動的牛市，持續上升的能力存疑。歐洲經濟衰退機會大，美國經濟又似好非好，新興市場如中國，經濟更有硬着陸風險，缺乏基本因素配合，股市又如何可以長升不跌？大家高位追入，務須千萬小心。

王冠一

美爆發大規模信用卡個資外洩 Visa萬事達卡已發出警告

美國周五 (30 日) 傳出信用卡資料大規模外洩事件。付款處理公司 Global Payments (環滙)(GPN-US) 證實，其電腦之前恐遭駭客入侵。估計受害用卡人恐逾 1000 萬人。全球兩大信用卡發卡系統Visa (V-US) 及萬事達卡 (MasterCard)(MA-US) 已對主要發卡銀行發出警告。

資安部落格《Krebs On Security》率先披露這起事件，《華爾街日報》隨後報導受害企業為 Global Payments，該公司之後也證實，他們自行發現並通報付款處理系統有部分遭非授權侵入，且本月初確認信用卡資料恐被竊取。

Global Payments 不願說明事關哪些資訊，但表示已通知同業這起事件，好讓持卡人受害程度降到最低。目前無法確定究竟有多少信用卡資料被竊取，也還不清楚是否已有持卡人遭盜刷。

Global Payments 不願證實有多少信用卡可能受到影響。《CNNMoney》報導，資料恐遭竊取的持卡人可能逾 1000 萬名。

Visa 及萬事達卡周五澄清，他們的網路並未受到入侵；但證實所有主要發卡銀行都可能受害，持卡人交易資料恐遭竊取。根據《華爾街日報》取得資料，Visa 告知發卡銀行，今年 1 月 21 日至 2 月 25 日的信用卡交易資料恐外洩。

S.C. House Panel OKs Gold, Silver as Legal Tender

COLUMBIA, S.C. — South Carolina residents would be able to use gold and silver coins as currency under a bill advanced Tuesday by a House panel.

The measure approved by the House Judiciary Committee would let people use the precious metals as money as long as businesses agree to take them. Legislators had made the argument that they didn't want to force businesses to take the metals and have to figure out the worth of the coins from one day to the next and amended the bill to remove such a requirement.

Advocates of the measure say the metal coins are more stable than the dollar, although Rep. Greg Delleney, who chaired the subcommittee that studied the bill, has previously warned that, if the dollar collapses, people will be in trouble no matter what the metals are worth.

The bill that advanced Tuesday would also exempt the coins from any sales tax, a provision also included in the only other similar bill to become law in the country. Last year, Utah became the first state in the country to legalize gold and silver coins as currency, exempting the sale of the coins from state capital gains taxes. Several other states including North Carolina have explored similar bills.

The U.S. and many other countries largely abandoned gold-backed money during World War I because they needed to print more cash to pay for the war. Later, during the Great Depression, President Franklin D. Roosevelt took steps that essentially prohibited gold and silver as legal currency to prevent hoarding.

In 1971, President Nixon formally abandoned the gold standard. The U.S. Mint later began producing the gold and silver American Eagle coins, primarily aimed at investment portfolios and allowing people to trade them at market value but with capital gains taxes on profits.

The bill now moves to the House floor. Delleney has said that, while he sees no downside in the measure, putting blind trust in the value of gold and silver is misplaced.

"We're basically creating an alternative currency," Delleney, R-Chester, said Tuesday.