Our reporter Su Jiang
After the put warrant of China Southern Airlines JTP1 (580989. SH) was pulled up and down last Friday, this week the only put warrant in the two cities continued the previous crazy performance.
In the four trading days from May 26 to 29, the price of China Southern JTP1 soared from 0.331 yuan to 0.596 yuan on May 29, a rise of up to 80%; In these four trading days, China Southern Airlines JTP1 is a positive stock Southern airlines (600029. SH) fell only 4.9%.
Recently, the reporter learned through an interview that the main reason for this round of market of China Southern Airlines JTP1 is the large-scale purchase of securities companies for cancellation. Most of the securities companies interviewed said that the cancellation of warrants was required by the management.
The reporter sought confirmation from the relevant personnel of the Exchange on this matter, but the other side did not give a positive response, just said that he hoped investors would pay attention to risks and not blindly pursue higher prices.
According to the data from wind information, the founding securities firm started buying China Southern Airlines JTP1 on May 13, and large-scale buying started about last week. Last week (5.19-23) included Everbright Securities and citic securities Five securities companies including China Southern Airlines wrote off 2.622 billion JTP1 in total.
Since May 26 this week, more than three companies have joined the cancellation list almost every day. According to incomplete statistics by the reporter, 13 securities companies cancelled a total of 3.489 billion copies of China Southern Airlines JTP1 in four trading days from 26th to 29th.
On May 29, China Southern Airlines again issued a special notice on the last trading day and expiration date of China Southern Airlines JTP1, stating that, according to the relevant provisions of the Interim Measures for Warrant Management, China Southern Airlines JTP1 will terminate trading five trading days before the expiration date (June 20), that is, June 13 will be the last trading day of the put warrant.
According to the analysis of market participants, according to the characteristics of put warrants, if the stock price of China Southern Airlines falls below the exercise price of 7.43 yuan before the closing of the last trading day, China Southern Airlines JTP1 will have exercise significance. As of May 29, China Southern Airlines closed at 10.28 yuan.
On the contrary, if China Southern's closing price on June 13 is still above 7.43 yuan, the actual value of China Southern JTP1 will be zero.
Therefore, in view of the fact that it is difficult for China Southern Airlines JTP1 to have intrinsic value before its expiration, Ouyang Xiaohui of Datong Securities made it clear in a comment report on China Southern Airlines JTP1 on May 21 that "it is not likely to create a large-scale buyback and cancellation".
In fact, it is precisely because of the large-scale purchase of warrants by securities companies for cancellation that China Southern JTP1 has recently gone out of such a fierce market.
In accordance with the relevant rules on the creation of warrants by securities companies, the warrants created by securities companies do not need to be completely cancelled. So why do securities companies frequently buy China Southern Airlines JTP1 for cancellation in the past two weeks?
The reporter learned from many securities companies involved in the cancellation that the purchase was mainly based on the requirements of the management. "It is unnecessary for us to spend this amount, but since we have to buy it back and cancel it, we have to do so."
Taking GF Securities as an example, the company announced on the 27th that it would cancel 665 million copies of China Southern JTP1 created previously. Based on the recent minimum price of China Southern Airlines JTP1 of 0.305 yuan, the purchase of the above warrants will still cost the company 202 million yuan; In fact, the company's purchase cost may be higher than this amount.
According to the analysis of market personage, more than 6 billion copies of China Southern Airlines JTP1 have been written off in the last two weeks, and all participating securities companies have invested between 2.5 billion and 3 billion in the purchase of these securities companies. "If we survive until the day of exercise, these funds, except for a few other expenses, will be the profits of the securities companies."
A person familiar with the matter said in an interview with a reporter on the 29th that "the put warrants of China Southern Airlines have gone down all the way since its inception, many retail investors are deeply involved in it, and the management is also under pressure to require the securities firms that made a lot of profits from the establishment to buy back the warrants before the exercise of rights and cancel them, which to some extent also calmed the complaints of retail investors."
The reporter learned that as of January 23 this year, Qilu Securities had created 7 million China Southern JTP1, and the securities companies had stopped the creation of China Southern put warrants.
According to the statistics of China National Securities on the establishment of China Southern Airlines JTP1 by securities companies in 2007 in January this year, as of the end of 2007, the balance of China Southern Airlines JTP1 created by securities companies was 10.952 billion, which brought profits of nearly 20.4 billion yuan to participating securities companies.
Among them, CITIC Securities alone is undoubtedly the biggest beneficiary of the whole China Southern Airlines JTP1 creation feast. The establishment of 3.17 billion shares has brought the company profits of 5.5422 billion yuan, accounting for 85% of the total warrant creation profits of CITIC Securities; In addition, China Merchants Securities, GF Securities, Everbright Securities, Guosen Securities Haitong Securities 7 securities companies, including Shenyin Wanguo and Orient Securities, earned more than 1 billion yuan in the establishment of China Southern JTP1.
In fact, according to Paragraph 2 of Article 3 of the Guidelines on Real time Monitoring of Abnormal Securities Transactions, "for out of the money warrants whose market price is significantly higher than the theoretical price and the previous closing price is more than 0.100 yuan (including 0.100 yuan) within two months before the maturity date, the intraday trading price has increased by more than 20% for the first time and more than 50% accumulatively from the opening price of the day", The SSE will suspend its trading in the order.
Accordingly, China Southern Airlines JTP1 has been temporarily suspended on May 23 and 27, respectively. The management requires China Southern Airlines, the principal stock of the warrant, to issue special notice one after another while reminding of risks; In addition, the Shanghai Stock Exchange also requires the members of securities companies to disclose the risks of their customers holding China Southern Airlines JTP1 to prevent the risks of warrant trading.
