SPAC (Special Purpose Acquisition Company) 是投資界的福袋。
福袋（英文：lucky bag / happy bag，日文：ふくぶくろ，發音：fukubukuro）是日本零售業的玩法：每年元旦，零售商（供應商）推出內含多件商品（例如：服飾、化妝品、食品、文具、生活雜貨）的福袋，（理論上）商品價格總和比福袋售價高，但是買家（消費者）不知道裡面有甚麼東西，即是賭運氣，零售商跟愛購物的女人玩驚喜（嚇）。從零售商的角度看，是用節日抽獎包裝割價促銷，對不對？如果消費者（女性購物狂）因為貪便宜，天未亮就在某商店的門前排隊，購得福袋之後把內容公開（拍照放上社交媒體），七嘴八舌討論那一家商店的福袋最抵買，會產生宣傳效果，從商家的角度看即是一舉兩得（散貨＋促銷）。
SPAC (Special Purpose Acquisition Company) 的中文譯名叫「特殊目的收購公司」，玩法跟福袋很類似：把沒有實質業務的空殼公司（又名：空白支票公司）上市，募集所得的資金日後用於合併或收購目標公司，而 SPAC 必須在首次公開募股之後的 12 至 24 個月內簽署合併或收購意向書。否則它將會被解散，並將信託中所持有的資產歸還給公眾股東。從投資者（機構投資者或散戶）的角度看，不知道 SPAC 日後會收購甚麼公司，以及帶來怎樣的回報，跟女人買福袋一樣，對不對？如果 SPAC 上市之後跟所收購的公司合併，令後者得到上市地位及融資渠道，聽起來跟「借殼上市」 (Backdoor listing) 有相似之處，分別是 SPAC 所用的「殼」比較乾淨，也開宗明義替另一間公司開路和融資，投資者（假設散戶有份參與融資）無須浪費時間猜測那隻「殼股」日後會被收購然後注入資產。也許應該這樣說：SPAC 是投資界的「福袋」，擺明車馬玩「種殼」，願者上釣。
怎樣吸引投資者入局？靠 SPAC 背後的私募基金 (Private Equity) 或投資銀行 (iBank) 的功力，以及請來名人做 CEO，即是賣名氣、看後台。另外，因為上市的時候沒有實質業務，所需的審查程序比傳統的 IPO 簡單，可以節省時間和成本，也可以加速資金的流轉，這是貨（上市公司）如輪轉的道理，不難理解。上市的時候沒有實質業務，日後才知道收購那個行業的公司，也就無須解釋為甚麼要轉換行業，即是煩少一樣，要（向投資者）推銷的時候也比較靈活，對不對？
從投資者的角度看，玩 SPAC 的風險是：那筆錢要被鎖死兩年，回報率沒有保證，萬一最後 SPAC 沒有找到適合的收購對象，即是錯過了其他的投資機會，對不對？假如上市之後股價下跌，便是虧蝕，跟買錯股票一樣。另外就是詐騙風險，由於 SPAC 是沒有業務的空殼（注意：英文叫 Blank Check Company），盡職審查的標準和費用都比傳統的 IPO 為低，對投資者的保障也相對較少。話說回來，金融市場是賭場，所謂十賭九騙，騙徒的手法層出不窮，詐騙風險甚麼時候都存在，就算是經過傳統 IPO 程序上市的公司，（部份）也被揭發是造假賬（提示：Enron），對不對？（男性）投資者是否會變成港式粗言中的「笨 Seven」（提示：荷蘭銀行支票），始終要靠自己，因為專業人士信不過，對不對？女人不便爆粗，你懂的。
插圖來源：互聯網
YouTube 精選：
尹光：＜荷蘭銀行支票＞（尹光龍咁威演唱會）(1:31)
https://www.youtube.com/watch?v=dmwbtALZgew
歌詞：「你開出個張支票直情係廢紙！」
Melody's Portfolio-24 荷蘭銀行梵谷動畫篇 (0:39)
https://www.youtube.com/watch?v=uuqD-RENVeA
ABN-AMRO Bank 的宣傳口號：We grow with you.
Forrest Gump (1/10) Best Movie Quote
- Life is Like a Box of Chocolates (1994) (2:30)
https://www.youtube.com/watch?v=egkrxkiUnoo
經典對白：Life is like a box of chocolates, you never know what you are going to get.
延伸閱讀／參考資料：
福袋是什麼？福袋怎麼買？關於日本福袋相關合集
https://kknews.cc/news/me4354p.html
節錄：福袋是什麼？福袋，HAPPY BAG，日文叫ふくぶくろ（福哭不哭咯），顧名思義就是福氣滿滿的福利袋子。每年年初元旦日本商家會準備內含多件產品的福袋或者禮盒。產品總和價格會比福袋本身販賣的價格要高出很多！例：福袋標價 1 萬日元，但其實內里產品的價值遠遠超過 1 萬日元，而是 5-6 萬日元，這樣買到手對買家來說是非常划算的購物體驗！也是每年福袋這麼熱門的原因。簡單來說就是大禮包，以更低的價格買到更多的商品。
大部分福袋裡的內容是不會被公開的！（但衣服的尺碼、種類會公開）對於喜歡驚喜感的朋友很適合，拆福袋的每一瞬間都是期待感爆棚。福袋的種類有很多，服飾、化妝品護膚品、電器、食品、文具、消耗品、生活雜貨等，各個方面的福袋都有！有品牌自身出的福袋，也有各大百貨商場出的專屬福袋，甚至一些私人小商鋪也會自己包裝做一些促銷福袋。福袋購買的方式有兩種：一是元旦當天去店頭排隊購買（部分商場 1 月 1 號會休息的為 1 月 2 號開賣）二是在網上提前預定。（適合沒辦法親身去日本；稍微懂得日本網站操作方式的人）但福袋到手日期也是 1 月頭左右。
維基百科：特殊目的收購公司
https://zh.m.wikipedia.org/wiki/特殊目的收购公司
節錄：特殊目的收購公司（英語：SPAC）是一種投資基金，允許公共股票市場投資者投資私募股權交易，特別是槓桿收購。SPAC 是殼公司或空白支票公司，它們沒有業務但是上市的目的是與 SPAC 首次公開募股（英語：IPO）的收益合併或收購公司。根據市場慣例，SPAC 首次公開發行募集資金的 85％ 至 100％ 以信託方式持有，以便日後用於合併或收購。 2017 年美國的所有上市公司中，SPAC 的數量占據了約 20%。
SPAC 必須在首次公開募股後 12 至 24 個月內簽署合併或收購意向書。否則，它將被迫解散並將信託中持有的資產歸還給公眾股東。但是，如果在 18 至 21 個月內簽署意向書，SPAC 可在 24 個月內完成交易。今天， SPAC 與 24 個月的有限終身租約合併，要求 SPAC 在其提供兩周年之前與合併或收購目標不成功時自動解散。 SPAC 通常由經驗豐富的管理團隊領導，該團隊由三名或三名以上成員組成，擁有先前的私募股權，併購和／或運營經驗。
Investopedia - Special Purpose Acquisition Company (SPAC)
https://www.investopedia.com/terms/s/spac.asp
Extract: A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. Also known as "blank check companies," SPACs have been around for decades.
KEY POINTS:
- A special purpose acquisition company is formed to raise money through an initial public offering to buy another company.
- At the time of their IPOs, SPACs have no existing business operations or even stated targets for acquisition.
- Investors in SPACs can range from well-known private equity funds to the general public.
- SPACs have two years to complete an acquisition or they must return their funds to investors.
How a SPAC Works. SPACs seek underwriters and institutional investors before offering shares to the public. The money SPACs raise in an IPO is placed in an interest-bearing trust account. These funds cannot be disbursed except to complete an acquisition or to return the money to investors if the SPAC is liquidated. A SPAC generally has two years to complete a deal or face liquidation. In some cases, some of the interest earned from the trust can be used as the SPAC's working capital. After an acquisition, a SPAC is usually listed on one of the major stock exchanges. One of the most high-profile recent deals involving special purpose acquisition companies involved Richard Branson's Virgin Galactic. Venture capitalist Chamath Palihapitiya's SPAC Social Capital Hedosophia Holdings bought a 49% stake in Virgin Galactic for $800 million before listing the company in 2019.
What Are SPACs and Where Are the Risks?
January 21, 2021
by IntegrityRisk Team
https://www.integrityriskintl.com/news-insights/what-is-a-spac?utm_content=153852833&utm_medium=social&utm_source=linkedin&hss_channel=lcp-10486723
Extract: You don’t know what you might get. SPACs are created without targets in mind, so as an investor you are committing your funds blind with no guarantee of what the returns might be. A recent Financial Times analysis of US blank check companies found that the majority lie below the standard price they were first issued at. With more SPACs on the market than ever before, and the clock perpetually ticking toward the deadline, inexperienced sponsors may be forced to consider a bad deal instead of no deal at all. With fewer due diligence requirements in place than a traditional IPO, investors may also find themselves encumbered with the “old donkey” instead of the unicorn.
There is significant potential for fraud. Blank check corporations first appeared in the 1980s and had a bad reputation that some say remains today. Though more recent SPACs have less dicey origins, due diligence is essential to weed out potential fraud. Moreover, some market observers have noted that some investors remain reluctant to to purchase shares of a firm that went public via a SPAC because of concerns that due diligence requirements may be lower than those required by the SEC for ordinary IPOs. You are relying on sponsor reputation. Much of the interest associated with SPACs lies in the hands of the sponsors. With so many high-profile names involved, expectations can run high. But just how much do investors know about the reputations of these sponsors, especially if it is their first foray into this type of investment vehicle? Even for experienced industry veterans, a sponsor’s reputation should not replace robust due diligence as a vital step in the investment process.
Why Are Top CEOs Flocking To SPACs (Blank Check Companies)?
Rick Smith
Forbes (2018-06-20)
https://www.forbes.com/sites/ricksmith/2018/06/20/why-are-top-ceos-flocking-to-spacs-blank-check-companies/?sh=48ab222b32d3
Extract: In just the last few weeks, three prominent Chief Executives: Dave Cote of Honeywell, Thomas Farley of the New York Stock Exchange, and Baudouin Prot of BNP Paribus all announced they were taking on significant new roles. But not as CEOs of large, global organizations. Rather, all three announced they would be leading blank-check companies, or “SPACs”. What are these relatively unknown entities, and why are they attracting so many of the world’s top leaders?
Why the attraction? For many recently retired Chief Executives, leading a SPAC offers the optimal combination of opportunity and activity. The large majority of former public company CEOs are not interested in jumping back into a similarly all-consuming leadership role. They have been there, done that, and most have taken enough chips off the table to be choosy. But most CEOs aren’t satisfied with simply improving their golf game. They want to stay active in business and are eager to pursue interesting opportunities.
The dilemma that many CEOs face is that the time commitment for many of the opportunities they are presented with is prohibitively long. Pursuing a private equity deal holds great uncertainty and often requires a 7+ year commitment. Committing to one or two board seats is likely to be just as inflexible and can be similarly difficult to exit. With a SPAC, the CEO is required to only make a 24-month commitment, work part time with a small team, and focus on an industry sector they are excited about. SPACs can also be extremely lucrative, with payouts often reported in the tens of millions of dollars.
外電指李嘉誠擬於美國透過 SPAC 上市集資約 4 億美元
RTHK 2021-02-24
https://news.rthk.hk/rthk/ch/component/k2/1577343-20210224.htm
節錄：彭博引述消息人士指，長和系創辦人李嘉誠正計劃，透過特殊目的收購公司 (SPAC) 於美國上市集資約 4 億美元，但未落實具體條款。消息指，由李嘉誠家族支持的 1 家公司，正就潛在的 SPAC 首次公開發行，與顧問團隊合作，最快本周向美國證券交易委員會 (SEC) 提交註冊文件。
投資 Zoom 賺翻了 李嘉誠重奪香港首富
中時新聞網（2021/02/25）
https://www.chinatimes.com/realtimenews/20210225005735-260409?chdtv
節錄：Forbes 25 日公佈的最新香港富豪榜，長和系大股東李嘉誠重奪香港首富之位，身家按年增加 20％ 至 354 億美元，主要受到其持股的視訊通訊公司 Zoom 股價大漲帶動。在美國那斯達克上市的 Zoom 股價從前年底不到 70 美元，一度在 2020 年漲到 588 美元，2020 年底收在 337 美元，年漲幅 395％。李嘉誠持有 Zoom 約 8.5％ 股權，以目前 Zoom 每股 385 美元計算，持股市值接近 100 億美元。
Amid SPAC frenzy, the Hong Kong Stock Exchange is looking at options
Khamila Mulia
kr-asia (23 Feb 2021)
https://kr-asia.com/amid-spac-frenzy-the-hong-kong-stock-exchange-is-looking-at-options
Extract: The special purpose acquisition company (SPAC) model, which gained huge momentum in the US last year, recently also enticed Asian tech companies as possible way to go public. They might soon have options closer to home as the Hong Kong Stock Exchange (HKEX) reportedly considers the introduction of SPACs, for which it has already been in contact with securities firms. SPACs are shell companies that raise funds via public offerings to acquire unspecified enterprises. They don’t have a business model of its own beyond these financial transactions. Companies in technology and healthcare are especially popular targets for this model.
Hong Kong welcomed major tech companies such as JD.com and NetEase on its bourse last year. As Asia’s preeminent financial hub, the city is set to benefit from the SPAC adoption across the region and HKEX could become the world’s second-largest SPAC market after the US. It doesn’t yet support SPAC listings, but the recent response signals that it is reviewing the idea. Singapore has meanwhile been more straightforward in expressing its interest, hoping to list its first SPAC later this year if there is enough support from the industry, reported Bloomberg. It is not a new trend for the exchange as it had looked at the scheme back in 2010. At the time, there was not enough interest.
MBA 智庫百科：借殼上市 (Backdoor listing)
https://wiki.mbalib.com/zh-tw/借壳上市
黃兆琪：殼股入門投機攻略
Metro Radio (29/5/2014)
https://www.metroradio.com.hk/mfd/InvestmentHotshotsDetail.aspx?id=a8b41101-72cc-4c37-9955-5ecafcdfc6b9
節錄：所謂「殼股」，就是指擁有上市地位、業務簡單的公司股份。「殼」這個單字，會令人聯想起「空殼」二字。沒錯，一隻殼就是沒有甚麼「實際內容」。上市的地位可以方便融資發展業務，也可以取得更大的信用額度去借貸，自然有價有市。現在大眾默認的主板殼價約三億多，創業板為一億八千萬左右，視乎公司質素，計算價當中包括了上市費用、律師費、會計師費、投行顧問費等上市開支。投機殼必須留意，炒「殼」的玩法有兩種：第一種是憧憬會被收購，第二種是真的會被收購。
Investopedia - Unicorn
https://www.investopedia.com/terms/u/unicorn.asp
Extract: What Is a Unicorn? A unicorn is a term used in the venture capital industry to describe a privately held startup company with a value of over $1 billion. The term was first popularized by venture capitalist Aileen Lee, founder of CowboyVC, a seed stage venture capital fund based in Palo Alto, California. A unicorn is what most people in the financial world call a startup that is privately-owned with a valuation exceeding $1 billion.
Some of the more popular unicorns based in the U.S. include home-sharing giant Airbnb, video game company Epic Games, as well as fintech companies Robinhood and SoFi. According to Lee, the first unicorns were founded in the 1990s. Alphabet (GOOG)—then Google—she noted, was the clear super-unicorn of the group with a valuation of more than $100 billion. Many unicorns were born in the 2000s, though Facebook (FB) is the decade's only super-unicorn. Unicorns and Venture Investing. Since the publication of Lee's article, the term has become widely used to refer to startups in the technology, mobile technology, and information technology sectors—usually at the intersection of all three—with very high valuations questionably supported by their fundamental finances.
KEY POINTS:
- Unicorn is the term used in the venture capital industry to describe a startup company with a value of over $1 billion.
- The term was first coined by venture capitalist Aileen Lee.
- Some popular unicorns include Airbnb, Uber, SpaceX, Robinhood, and SoFi.
While unicorns are startups with valuations of over $1 billion, companies with valuations of over $10 billion are sometimes referred to as decacorns. Some familiar U.S.-based unicorns include Uber, Airbnb, SpaceX, Palantir Technologies, WeWork, and Pinterest. China claims a number of unicorns as well, including Didi Chuxing（滴滴出行）, Xiaomi（小米）, China Internet Plus Holding (Meituan Dianping), and Lu.com.
Understanding differences in startup financing stages
https://startupxplore.com/en/blog/types-startup-investing/
Extract: The startup funding landscape has changed significantly over the past few years in Europe. While five to ten years ago the options available to startups were few, lately we’ve witnessed an important surge in Venture Capital available for startups at all stages. From seed to growth, from Series A to Series C.
This increase in capital has been accompanied by the creation and development of alternative financing vehicles such as crowdfunding, investment syndicates and new and fresh Venture Capital firms that bring different approaches to the market. With this post we’ll analyze what types of fundraising vehicles are being used at the different stages of a startup’s life.
7 sources of start-up financing
https://www.bdc.ca/en/articles-tools/start-buy-business/start-business/start-up-financing-sources
Extract: Whether you opt for a bank loan, an angel investor, a government grant or a business incubator, each of these sources of financing has specific advantages and disadvantages as well as criteria they will use to evaluate your business. Here's an overview of seven typical sources of financing for start-ups:
- Personal investment
- Love money
- Venture capital
- Angels
- Business incubators
- Government grants and subsidies
- Bank loans
相關的文章：
東尼（一）
2010 年 4 月 2 日
http://xiaoshousha.blogspot.hk/2010/04/blog-post.html
節錄：東尼 (Tony
Measor, 1933-2015) 應該是香港知名度最高的鬼佬股評人。東尼的投資哲學非常 Old School、王道、正路。他主張「價值投資法」(Value Investing)，發掘有潛力但是現階段被低估的股票，然後長期持有 (Buy and Hold)，即是巴菲特 (Warren Buffett, 1930-) 的那一套。上一代阿媽教女兒揀老公，也是這樣的。
光棍姻緣（一）
2008 年 9 月 1 日
http://xiaoshousha.blogspot.hk/2008/09/blog-post.html
節錄：明明公司的業務已經走下坡，股價長期低殘，但是老闆依然帶著知名度甚高的女藝人出入娛樂場所，招搖過市，夜夜笙歌。聰明的銀行家，見狀都懂得第一時間上門追數，同時大幅削減甚至取消企業和老闆本人的信貸限額。因為他們都知道，這是一種桃色煙幕。
細價股
2017 年 8 月 25 日
https://xiaoshousha.blogspot.hk/2017/08/blog-post_25.html
節錄：新一代的細價股莊家，據說不乏老牌華人慈善團體的總理（贊助商）又或者馬會會員。換言之，他們一邊做壞事一邊替自己贖罪，還是一邊洗底一邊尋找客戶？聽起上來，跟黑社會返教會差不多。而推介這些細價股的財經演員（莊家的傍友兼寫手），又不乏有案底或曾經入獄的男人，即是蛇鼠一窩。古惑仔開俾面派對，局外人避之則吉，誤闖可能會無命的。
Boiler Room
2020 年 9 月 12 日
https://xiaoshousha.blogspot.com/2020/09/boiler-room.html
節錄：「炒股群組」所用的行騙手法，源於一種叫 Boiler Room 的騙局。何謂 Boiler Room？騙徒透過電話、電郵或社交媒體（例如：WhatsApp）聯絡受害人，用高壓手段推銷股票，亦可以是未上市的投資項目，又或者是其他投資產品（例如：債券、商品、外匯）。如果受害人購入騙徒所推介的股票，令股價大幅飆升，然後幕後玩家趁機出貨獲利，便是操控股價即是造市。
官商角力
2016 年 9 月 9 日
http://xiaoshousha.blogspot.hk/2016/09/blog-post.html
節錄：有些商品或服務，消費者有需求，但是供應不足或者質素欠佳，頭腦靈活的生意人，於是採用另類的手法去滿足需求。可以是公然違反法例，走法律罅又或者是靠燒錢搶佔市場佔有率（例如：Uber），希望造成聲勢又或者是既定事實，試圖衝擊官府的底線以及測試官員的容忍程度，看看能否開闢新的市場空間，最終迫使官府修改法例或遊戲規則，讓這些新推出的商品或服務由非法變成合法。
瓣數多（三）
2014 年 9 月 18 日
http://xiaoshousha.blogspot.hk/2014/09/blog-post_18.html
節錄：企業多元化發展
(Diversification) 的原因，離不開：增長放緩、成本上升、利潤微薄、競爭激烈、官府改例、行業衰落及科技發展改變商業模式等。多元化發展，有幾種做法。可以是進軍相關或不相關的產業（甚至是徹底放棄本業）。也可以是利用現成的產品，進軍高增長的新興市場（例如：迪士尼在香港和上海開設主題公園），又或者是在現有的市場推出全新產品（例如：McCafe）。
瓣數多（四）
2014 年 10 月 31 日
http://xiaoshousha.blogspot.hk/2014/10/blog-post_31.html
節錄：香港幾間華資地產商，都是綜合企業 (Conglomerate)。發展過程，大同小異。七十年代賣樓起家，上市之後作橫向式多元化發展。最初是拓展與地產相關的行業，例如：物業管理、零售、酒店、交通、公用事業。踏入九十年代，則順應潮流進軍電訊、科網和傳媒行業。中間又可能利用香港的賣樓收入，收購海外的基建項目。結果幾十年下來，公司慢慢演變成為一個以地產為主的多元化投資組合。從地產商的角度看，多元化發展有以下的好處。
去留之間
2013 年 7 月 26 日
http://xiaoshousha.blogspot.hk/2013/07/blog-post_26.html
節錄：香港很多上市公司都是綜合企業，可以用 BCG Matrix 來分析，當中包括幾大華資地產商：正考慮放售百佳超市 (Park N Shop) 的長和系、新鴻基系、新世界系、九龍倉系。以長和系為例，其業務涵蓋地產、酒店、零售、電訊、運輸、基建等多個範疇，而每一門生意的遊戲規則、成功要素 (Critical Success Factor) 、生命週期 (Product Life Cycle)、市場定位 (Market Positioning) 和顧客需求都不盡相同，對管理層來說難度極高。
死亡筆記
2017 年 6 月 30 日
http://xiaoshousha.blogspot.hk/2017/06/blog-post_30.html
節錄：中資玩財技，還是停留於抄襲的階段，左抄右抄，炒埋一碟，似科學怪人 (Frankenstein)。特徵：用人頭隱藏真老闆、高槓桿收購、回購股份托價、大股東抵押股票（然後被斬倉）、自製同股不同權、持有上市業務的控股公司上面還有幾重的離岸公司（例如： TVB）。對付妖怪，監管機構用律師的方法，狙擊手用古惑仔的手段，中外決戰，看誰的本領高。股市有洋人狙擊手出沒，可以令生態環境稍為平衡一點，不至於向紅色勢力一面倒。
變形記
2015 年 4 月 20 日
http://xiaoshousha.blogspot.hk/2015/04/blog-post_20.html
節錄：眼前的香港股市，是卡夫卡 (Franz Kafka, 1883-1924) 的＜變形記＞(The Metamorphosis)：男主角是孝順兒子，任職旅行社推銷員，連續五年努力工作，替父母還清債務，某日從睡夢中醒來，發現自己變成甲蟲。起初還有人類的意識，但是日子久了，語言能力退化，行為跟甲蟲無疑（倒掛在天花板）。由於被家人厭惡，缺乏照顧，自我放棄。他死後，家人的反應是：「感謝上帝！」
翻身的日子
2017 年 12 月 27 日
https://xiaoshousha.blogspot.hk/2017/12/blog-post_27.html
節錄：中資的收購合併活動，不但令港人難以翻身，也令到這個世界變得越來越複雜和脆弱（提示：海航）。甚麼時候偉大祖國終於成為席捲全球同時禍及香港的金融風暴的源頭，天曉得。中國人集體「翻身」的日子，恐怕是地球人付出代價之時，而香港會首當其衝，率先陪葬。（原因：香港銀行業的內地相關貸款佔資產總額的比例升至接近兩成，而紅籌國企 H 股佔恒生指數的比重已經超過一半。）
爆粗的女人
2014 年 5 月 6 日
http://xiaoshousha.blogspot.hk/2014/05/blog-post.html
節錄：男人不會明白，女人爆粗，需要多大的勇氣。粵語粗言，由於頻頻亮劍（拔出男性的生殖器官），又經常問候女性的生殖器官，容易令女性覺得受侮辱，又或者是勾起被強姦的恐懼。女人當中，又以學院派的女權份子，高學歷的女性專業人士，以及有性潔癖的女性基督徒，最為抗拒粗口。
路姆西
2013 年 12 月 19 日
http://xiaoshousha.blogspot.hk/2013/12/blog-post_19.html
節錄：有些學院派的女權份子，又或者是高學歷的女人，認為男人講粗口是一種性暴力，故意讓女人勾起被強姦的恐懼，應該被嚴厲譴責和懲罰（例如：總之講粗口就係唔啱！）。
Auntie 是這樣看的：男人講粗口，原因複雜，不能一概而論。年輕時大概是為了貪玩，中年時應該是為了發洩工作壓力，老年時則肯定是為了哀悼性功能衰退、感嘆如廁日益困難。
Revised 27/02/2021
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