从凯利板转到主板会带动股价上涨?

分析师指出,虽然从凯利板转至主板有助扩大企业曝光度,但能否吸引更多资金进入仍取决于企业的基本面,转战主板未必能提振公司股价。

FSM Global
FSM Global24 Sep 2026 7 Views
从凯利板转到主板会带动股价上涨?

随着主板挂牌要求降低,更多凯利板上市公司对转往主板兴趣渐浓。

新加坡交易所监管公司(SGX RegCo)是在去年10月宣布一揽子简化上市流程的举措,其中包括把主板上市的税前盈利门槛,从3000万新元调低至1000万新元。

据《联合早报》报道,截至9月中旬,今年已有九家企业申请或已成功从新加坡交易所凯利板转到主板挂牌,数量远超去年的两家。

近期申请或已完成转至主板的公司包括许兄弟生态工程(Koh Brothers Eco Engineering)、林增创筑(Lum Chang Creations)和中色金矿(CNMC Goldmine)等。许兄弟生态工程在7月1日宣布已获得新交所原则上批准,转至主板交易。

此外,连锁咖啡店业者金味集团(Kimly)在8月宣布转主板计划,但公司要到明年1月才召开特别股东大会寻求股东批准。另据报道,圣和控股(JEP Holdings)正在探讨转往主板挂牌的可能性,但公司其后作出澄清,目前尚未宣布落实转板。

新交所设有两个交易板,即主板及凯利板,两者角色不同但互为补充。2007年推出的凯利板是由保荐机构(sponsor)协助监督的交易板,其准入制度与主板不同,尤其不设最低盈利或营运纪录要求。

凯利板主要为成长型企业提供上市平台,而主板通常面向规模较大、发展阶段较成熟,并符合更高量化上市标准的企业。对于未符合主板挂牌条件的企业,它们可从凯利板起步,在保荐人的支持下逐步积累业绩,扩大规模,并在条件成熟后转至主板。

那么,公司从凯利板转到主板是否意味股价一定会涨?

FSM Global 研究及投资组合管理部高级研究分析员胡悠于9月中旬接受《联合早报》访问时指出,虽然从凯利板转至主板有助扩大企业曝光度,但能否吸引更多资金进入,仍取决于企业的基本面。

她说:“投资者关注的,始终是企业盈利增长、资产负债表,以及管理层的可信度等。转至主板不会对公司业务和投资逻辑带来实质改变。”

胡悠也提到,即使是主板上市公司,股价也可能因一些与业绩或基本面无关的因素而表现欠佳,例如股东或创办人家族持股过高、分析师覆盖有限等。

“例如,永泰控股(Wing Tai Holdings)的每日成交额相对较低,部分原因是股权高度集中于战略股东和创办人家族。”

尽管今年转战主板的公司明显增多,但也有企业选择从主板转到凯利板挂牌。例如,精密注塑与塑料零件厂商富裕集团(Fu Yu Corporation)于8月28日宣布,计划从主板转至凯利板。

胡悠说,投资者不应将公司从主板转至凯利板视为强烈的卖出信号,但仍应对相关企业保持更高警惕,因为部分公司选择转至凯利板,可能与基本面转弱、业务重组或希望采用更适合其规模及发展阶段的上市框架有关。


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