资本希望三星电子公司在美国上市发行股票，并利用所得款项回购优先股，称该公司应采取更多措施来缩小这些无投票权证券的折价。
Capital wants Samsung Electronics Co. to list shares in the US and use the proceeds to buy back preferred stock, saying the company should do more to narrow the discount on those securities, which carry no voting rights.
根据其新闻稿，帕利塞尔基金创始人兼首席投资官詹姆斯·史密斯在索恩旧金山投资年会上表示，三星应以溢价发行美国存托凭证（ADR），并利用所得款项用于额外的优先股回购和注销。
Samsung should issue American depositary receipts at a premium and use the proceeds to fund additional preferred-share repurchases and cancellations, Palliser’s founder and chief investment officer James Smith said at the annual Sohn San Francisco Investment Conference, according to its press release.
史密斯在声明中表示：“优先股折价仍是一个被忽视的治理和资本配置异常现象。”“解决这一问题将提升资本效率，为所有股东类别释放价值，并强化韩国持续市场改革的可信度。”三星的优先股在韩国市场的交易价格较其普通股折价超过20%。自该公司在八月宣布创纪录的股东回报计划以来，这一价差引起了新的关注，而回购计划的具体细节仍需董事会讨论。
“The preferred-share discount remains an overlooked governance and capital-allocation anomaly,” Smith said in the statement. “Addressing this issue would strengthen capital efficiency, unlock value for all share classes and reinforce the credibility of Korea’s ongoing market reform.”Samsung’s preferred shares trade at a discount of more than 20% to its common shares in Korea. The price gap has drawn fresh attention since the company announced a record shareholder-return plan in August, while details of the buyback program remain subject to board discussions.
总部位于首尔的对冲基金Life Asset Management上月曾敦促三星回购并注销其优先股，直至其相对于普通股的折价被完全消除。
Seoul-based hedge fund Life Asset Management last month urged Samsung to repurchase and cancel its preferred shares until their discount to the common shares is erased.
史密斯还在声明中表示，三星应探索其他资本配置措施，例如以溢价发行ADR。ADR发行所得款项可用于进一步的优先股回购和注销。
Samsung should also explore additional capital allocation measures, such as issuing ADRs at a premium, Palliser’s Smith also said in the statement. Proceeds from the ADR issuance could fund further preferred-share repurchases and cancellations, he said.
史密斯表示，SK海力士公司的ADR上市及其较韩国上市股票的显著溢价“也为三星展示了一个机遇”，以抓住全球对内存股票的需求并提升资本效率。
The ADR listing of SK Hynix Inc. and their sizable premium over its Korean-listed shares “demonstrate an opportunity” for Samsung as well, to capitalize on global demand for memory stocks and improve capital efficiency, Smith said.
SK海力士的ADR目前较其在首尔上市的对应股票溢价超过40%。
SK Hynix ADRs currently trade at a premium of more than 40% to their Seoul-listed counterparts.
史密斯表示，降低优先股的折价应是韩国“价值提升”进程的下一阶段，指的是政府通过公司治理改革和改善股东回报来提升股市估值的努力。他表示，如果韩国所有上市优先股按面值交易，将可释放超过600亿美元的被锁定价值。
Reducing the discount on preferred shares should be the next phase in Korea’s “value-up” journey, Smith said, referring to the government’s efforts to boost stock market’s valuations through governance reforms and improved shareholder returns. More than $60 billion of trapped value can be unlocked in Korea if all listed preferred shares trade at par, he said.
帕利瑟还呼吁三星和现代汽车公司 — — 其优先股交易价格较普通股折价近50% — — 优先考虑在股东回报政策中进行优先股回购和注销，并在其价值提升计划中明确列出优先股折价目标。
Palliser also asked Samsung and Hyundai Motor Co. — whose preferred shares trade at a discount of nearly 50% to its common ones — to prioritize preferred share repurchases and cancellations within their shareholder return policies and to include explicit preferred-share discount targets in their value-up plans.
帕利瑟表示，根据其数据，韩国优先股的平均折价为46%，而加拿大、美国和英国等发达市场的折价均低于5%。尽管政府在2024年初推出了“企业价值提升”计划，但近年来韩国的这一差距反而有所扩大。
The average discount on preferred shares in Korea is 46%, compared with less than 5% in developed markets such as Canada, the US and UK, according to Palliser. The gap in Korea has widened in recent years despite the government’s “Corporate Value-up” program introduced in early 2024.