“Rights issue”这里指的可不是权利问题,它属于金融术语,一般译为“供股”。供股(Rights Issue)即公司发行新股,让现有股东按持股比例认购新股。每当上市公司有资金需要,如有意集资还债、扩充业务、进行并购、充实资本等,便可向现有股东提出供股集资要求。而为了吸引股东供股,供股价往往较股份现价为低。
投资百科中对其的释义如下:
A rights issue is an invitation to existing shareholders to purchase additional new shares in the company. This type of issue gives existing shareholders securities called rights. With the rights, the shareholder can purchase new shares at a discount to the market price on a stated future date. The company is giving shareholders a chance to increase their exposure to the stock at a discount price.
具体而言,比如说,你拥有A公司1,000股股份,每股价值5.5元。公司财务出现了问题,需要筹集资金偿还债务,因此A公司就宣布了供股,计划以每股3元的价格发行1000万股,筹集3000万元。但供股的比例是10比3,即各股东每拥有10股,即可以3元购买一股新发行的股份。但作为股东,你并不是一定要使用这一权利的。你可以购买新股,也可以忽视这一权利,或是将这一权利进行转卖。
以下为相关双语示例:
The register may, on 10 business days' notice (or on 6 business days' notice in the case of a rights issue) being given by advertisement published on the Exchange’s website, or, subject to the Listing Rules, by electronic communication in the manner in which notices may be served by the Company by electronic means as herein provided or by advertisement published in the newspapers, be closed at such times and for such periods as the Board may from time to time determine, either generally or in respect of any class of shares, provided that the register shall not be closed for more than 30 days in any year (or such longer period as the members may by ordinary resolution determine provided that such period shall not be extended beyond 60 days in any year).
以于证券交易所网站刊发广告的方式提前10个营业日发出的通告(如为供股则提前6个营业日发出的通告),或在不违反上市规则的情况下,本公司按本细则规定以电子通讯或于报章刊发广告发出通告后,本公司可在董事会不时决定的时间及期间暂停办理所有或个别类别股份的登记,惟暂停办理登记的时间在任何年度不得超过30日,或股东以普通决议案厘定的较长期间,惟该期间在任何年度不得超过60日。
rights issue 或 rights offer (供股)是一种典型的上市后股份增发方式。具体而言,指上市公司面向现有股东发行新股(primary shares),现有股东有权依据其持股比例进行认购。
nil-paid rights; warrant
在供股过程中,现有股东获得上市公司发行的认股权(nil-paid rights)。实际操作中,上市公司会向现有股东发行权证(warrant),“权证”在实务中也叫“认股权证”或“供股权证”。
如果现有股东不希望参与供股,可以选择向市场出售“认股权证”。
nil-paid 与 fully-paid 相对而言,意为“未缴纳股款”。我们理解,nil-paid rights 取“未缴纳股款(即可转让)的权利”之意,而权利的载体体现为“权证”。
具体语境中,“认股权”可以换用上位词 “权益”(entitlements)表述。
供股
实际用法中,中文“供股”有广义和狭义两种用法。广义的“供股”包括狭义的“供股”(rights issue)和“公开发售”(open offer,也叫“公开招股”)。
所谓“公开发售”与“供股”类似,也面向现有股东发行,主要区别在于其供股权不能上市交易和转让。
“公开发售”的“认股权”,不体现为“权证”,不能叫 nil-paid rights,只能叫“权益”(entitlements)。
但专业用语中的“供股”一般取狭义,即 rights issue。
配股
rights issue 与大陆A股市场的“配股”类似。A股市场上的“配股”也是面向现有股东发行配股权,同样,该配股权也体现为“配股权证”。只是,依据大陆法律规定,“配股权证”无法转让。
港股市场也有“配股”一说,但此“配股”与彼“配股”相去甚远。它的英文是 placing,相当于大陆语境中的“定向增发”(private placement)。