Page 135 - 大舜基金（十周年紀念特刊）

我認為，這不但關係共同利益，我們也有責任指正此等 investments in the shares is telling. Such actions will
不良發展。打著「自由市場」的旗號，縱容此等妨害
性、掠奪性的行為是不能接受的— 我們歡迎國際參
與，但必須以香港金融市場的整體利益和持久發展為大
前提。盈富基金事件只是一個例子，只是金融市場能否
維持有效監控此一核心問題的冰山一角。必須採取有力
措施或取代方案，杜絕像SSGAA一樣的機構，確保香港
將來能自立自強，不被目的可疑、道德操守不足、忠誠
度不明的外國公司所挾持。我相信香港和內地的金融機
構絕對有能力取得成果，我很樂意協助推展進程。
The recent sanctions announced by the US
government, to unilaterally impose restrictions on a
number of mainland Chinese companies with shares
listed on the local HKEx, along with the subsequent
actions taken by some US-based Banks which
operate in HK, bring to the surface issues which will
not only adversely impact the integrity and future
development of the HK financial industry, but present
a clear political and national security issue also. both the financial means and internal resources to
Specifically, following the announcement of the
sanction, which restrict US companies from investing
in the listed-shares of mainland companies such as
China Mobile, China Unicom and China Telecom, a
multitude of US Banks and Investment companies
have responded by announcing plans or taking
actions to comply with such sanctions. To cite:
- State Street Global Advisors Asia (“SSGAA”),
which manages the locally listed Tracker Fund
(2800), first announced they will cease buying
additional shares of the sanctioned companies
immediately, then retracted a few days later and
announced that they will resume their investments
in these shares;
- BlackRock Inc (”BR”), which is one of the largest
shareholders of the sanctioned companies, began
selling shares in these companies;
- Goldman Sachs, JP Morgan and Morgan Stanley
announced they will delist almost 500 investment
products such as derivative warrants linked to
these sanctioned shares
Of those examples above, the actions taken by
SSGAA are unquestionably the most glaring and
present the biggest disruption to the local financial
industry. While the episode might appear, on the
surface, to have been resolved following their
course reversal, the fundamental issues of these US
companies exerting undue influences through their
whimsical and politically-motivated actions remain
unresolved, and as such is a clear and present
danger to both Hong Kong and China should they be
allowed to continue unchecked and unabated.
The fact that SSGAA initially decided to comply
with the US sanctions and not make additional
no doubt make it difficult, if not impossible, for them
to properly manage the Tracker Fund and deliver its
mandated objective of tracking the performance of
the HSI. Yet, SSGAA clearly believed that complying
with an ad-hoc decision from the US government is
of higher importance than meeting its obligations
to the HK government, which for all intents and
purposes, is its true “employer”. It showed, in no
uncertain terms, who they believe they need to be
ultimately accountable to.
While it is understandable that at the inception of
the Tracker Fund, the local and mainland financial
industries might not have yet possessed the
necessary resources and knowledge to implement
and manage the underlying structure and trading
mechanism; both local and mainland financial firms
have since made significant and very substantial
progresses in the interim 21 years and are now some
of the leading financial operators in the world, with
capably handle many of the services and functions
traditionally handed out to foreign firms.
We must not condone behaviors by such US banks
whose sole interests are to embark on market
activities which generate substantial return for
them, their shareholders, and by extension, the US
government, but provide few contributions and have
little or no interest in promoting and safeguarding
the healthy and ongoing development of the local
financial industry. The fact that these companies
simply rest on the laurels of legacy appointments
and mandates and will, at a moment’s notice, betray
the well-being of the markets they operate in, in
order to comply with a whimsical sanction, speaks
volume about their nature and true intentions.
I believe it is not only in our interests, but indeed
our obligations, to address these unhealthy
developments. It is no longer acceptable to simply
cite “free market” and allow these prejudicial and
predatory behaviors to continue – we welcome
international participations, but the overall well-
being and longevity of our financial markets must
take precedent over all other considerations. This
incidence with the Tracker Fund and SSGAA is just
one example of the core issue of maintaining control
of our own financial markets and national securities -
it must be addressed forcefully and alternative to the
likes of SSGAA much be found to ensure that, going
forward, we are self-reliant and not be held hostage
by foreign companies with questionable objectives,
ethics and allegiances. I believe it is well within our
capabilities to achieve such outcomes with the local
and mainland financial institutions, and I will be
happy to assist in driving these efforts forward.
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