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回復 Shrimpiggy 的帖子
I am still not sure what all the fuss is about. It does seem to me that you don't understand how these debentures work, why they exist and what has happened in the past.
Let me first respond to your various comments:
- "As you mentioned the secondary market transfer must go through the school and any price difference need to split with the school. As a result, the school taking the profit on the secondary market and controlling the number and price of new issues."
This gain sharing is a new mechanism in recent debentures to make sure that schools benefit from part of the appreciation too as opposed to allowing all of it to be accrued to the debenture holder. In the old days, debentures issued by HKIS and CIS do not carry gain sharing mechanisms and both of those were recalled at par. I believe, though not 100% sure, HKIS recalled them at a low value and then issued new ones with gain sharing at higher values. This gain sharing mechanism can protect the debenture holder to a certain extent as well since technically they are all callable at par at any time. This also benefits the school by providing them with part of the appreciation. For ISF debentures, prices have gone up substantially in recent years. As a current parent, I think it is great that they can issue less debentures and receive more money to fund their capital plan (i.e. new buildings and facilities of the school).
- "it is better to make their book more transparent to parents, debenture holders and potential parents"
It would be nice to have but aside from CDNIS, whose annual report carries next to no financial info, and ESF, what other schools in HK disclose their books? Even for those who issue debentures, CIS and HKIS do not disclose theirs either.
- "For CDNIS, HKIS, the debenture can only purchase directly from the school, and in fact, there is not new issues for the last decades and there is a fixed price when u subscribe it."
Issuance of debentures are tied to the capital need of a school. CIS, CDNIS and HKIS have most of their campuses built so why would they need to issue debentures? Their debentures also trade in the secondary market at what the buyer and seller agree upon.
- "it is so risky to buy it as school has not much asset to liquidate for your money back if anything goes wrong"
These are NOT investments. These are debentures held by either current or prospective parents who want to send their children to the school.
- "GSiS got yearbooks open to parents and alumni only and their debenture is one of the lowest among all top tier IS in HK, $375k only, but you can buy it when the school offer you a place."
You should look at this page first (http://www.isf.edu.hk/en/admissions/fees-and-tuition/). You are mixing up the "high value" debentures which carry certain rights with capital levy which all students have to pay. ISF is actually cheaper at HK$200k.
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