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Reporter Xu Guojie reports from Shanghai
The CSRC recently issued a notice inviting the investment directors and legal affairs department personnel of relevant fund companies to Beijing to discuss warrant investment matters.
This marks that the regulatory authorities have accelerated the preparation of the Fund Investment Warrants.
The regulations need to be clarified
Along with the Yangtze River on August 5 power ( information quotation forum ）The share reform plan was passed by a high number of votes at the general meeting of shareholders, and there was little doubt about the appearance of warrants. However, the market is still at a loss as to whether mainstream investors such as funds can participate in the investment of warrants, how to trade warrants, and whether there are restrictions on investment proportions.
From the current laws and regulations, there are no clear regulations on whether the fund can invest in warrants and how to invest. According to Article 58 of the Law of the People's Republic of China on Securities Investment Funds, fund assets shall be used for the following investments: shares Bonds, other securities specified by the securities regulatory authority under the State Council. The fund's investment scope stipulated in the contract is the same. Obviously, warrants should be classified as other financial instruments. In other words, if the fund wants to invest in warrants, it needs to be regulated by relevant departments. The investment director of a fund company said that all fund contracts did not mention whether the fund could engage in warrant trading. From the perspective of risk control, there is no basis for domestic funds to buy warrants at present, but funds should be able to sell warrants that have been obtained free of charge in the secondary market. Because the sale of warrants does not increase the risk of the fund itself. In fact, according to the consideration plans of some companies, no matter whether the fund company is willing or able to invest in the warrants, with the implementation of these consideration plans containing warrant clauses, the funds holding the shares of these companies will passively obtain the corresponding warrants. Therefore, it is urgent to formulate a detailed rules for warrant investment as soon as possible.
Warrant risk cannot be ignored
The Shanghai and Shenzhen Stock Exchanges have recently issued the Interim Measures for the Administration of Warrants, which marks that the introduction of this innovative product of warrants has entered a substantive stage. It is reported that the main purpose of the two exchanges to launch warrants is to meet the market's demand for product innovation. At present, we have launched warrant products Non tradable shares Reform provides a tool. The consideration plans of Changdian and Baosteel both contain warrant clauses, while relevant people said that SSE 50ETF（ information quotation forum ）Warrants are also under study, and the variety of warrants will be more and more abundant. In this context, warrants will also enter the vision of institutional investors, and for mutual fund industry, how to control risk is a topic in front of us.
Relevant people remind that warrant is a high-risk financial securities product with leverage effect and has certain investment risks. Investors need to pay attention to the risk of sharp price fluctuations, timeliness risk and performance risk.
Some analysts pointed out that warrant trading can play the role of investment leverage, affect the market's bullish or bearish, and have a direct impact on investors' investment behavior. In addition, although warrant trading can ease the short-term pressure on the market caused by the share reform, warrant trading is somewhat speculative. If the operating rules are not standardized and transparent, it is easy to be used as a tool to manipulate market share prices.
Therefore, for funds, after solving the problem of whether they can invest in warrants, a more important problem emerges, that is, the investment proportion. For this high-risk product, can all types of funds conduct warrant trading, or is it limited to high-risk stock funds? Is it feasible to uniformly limit the proportion of warrant investment for all types of fund varieties? Each fund has a clear positioning for its own risk characteristics in the fund contract. If the investor purchases the fund according to this contract, if the fund is allocated with warrants and intends to participate in warrant trading, should the contract be modified? These issues need to be further clarified.
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Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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