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Author: Gao Xiang
Without an interim meeting on Friday night, many investors who are preparing to make a big profit on the first day of the listing of Baosteel's warrants will find that they can only "sell" Baosteel's warrants during the trading period and cannot complete the "buy" order, thus missing the opportunity of unlimited round trip trading arbitrage (the warrants are T+0 transactions, which can be bought and sold many times in a day).
All the changes took place in one day.
Last Thursday
52 securities companies suddenly lose trading qualification
On the morning of last Friday, many institutional investors who speculated in the securities business departments in Beijing received an unexpected news one after another: Baosteel's warrants could not be traded on the 22nd when they were listed, and if they had to trade, they would have to transfer their accounts.
According to the reporter, the reason for this embarrassing situation was Shanghai last Thursday negotiable securities There are only 63 brokers on the warrant settlement qualification list released by the Exchange, while 52 brokers, including Galaxy Securities, Huaxia Securities, Beijing Securities, Xiangcai Securities and many other well-known brokers, were excluded. That is to say, only investors who open accounts in the business departments of 63 securities companies on the list can buy and sell warrants, and investors who open accounts in the other 52 securities companies will have no right to participate.
A staff member of a securities company told reporters that many securities companies could not believe this "unexpected disaster" until the list was released. What makes it most difficult for securities companies to accept is that there will be two major losses if they fail to obtain the warrant trading qualification: one is the high commission that "T+0" trading will bring; Second, it is very likely that the lost customers will be institutional customers with large funds.
Last Friday night
Urgent meeting and re approval of 30 securities firms
Since receiving the notice, the securities companies out of the list have been busy organizing staff to notify and appease customers. Many business departments have been faced with the dilemma of investors' request for account transfer. "The loss is huge, and the customer's requirements are very normal. We can only let the customer transfer if they can't transfer the warrants here. The most difficult thing is that some customers say they don't want to transfer their accounts, but they still want to speculate on the warrants. We can't explain it at all." The staff in the business department of a securities firm that can't trade warrants felt very helpless.
The reason for the exchange's move was that most of the securities dealers said they were unaware of it, but coincidentally, most of the unqualified securities dealers had some historical problems, or were restructuring or about to restructure. However, many investors believe that the Shanghai Stock Exchange's move is unreasonable for whatever reason. Because they only have an agency relationship with the securities firm, they should not deprive investors of their due rights just because their securities firm has problems.
According to the news obtained by the reporter, perhaps because of the feeling that something was wrong, the relevant departments held an emergency meeting on Baosteel's warrants last Friday night. In the end, it is said that more than 30 securities companies, including Galaxy Securities and other major securities companies, suddenly got good news and almost got the "qualification" at the last moment.
Today, the normal trading of Baosteel warrants by investors in Beijing should not be a big problem. However, investors should be reminded that they must sign the Warrant Risk Disclosure Statement at the counter of the Business Department before trading warrants.
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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