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Although for the emergence of new things, the market should take a positive attitude to promote their improvement. However, the introduction of "fuzziness" in the continuous creation and issuance of covered warrants not only undermines fairness, but also increases instability. The uncertainty in the creation of Shenzhen warrants will only bring opportunities to speculative funds, making the warrant market rise again
Reporter Zhang Wei
Continuous creation is regarded by the management as an important means to curb warrant speculation. However, it has been one week since the three warrants were listed on the Shenzhen Stock Exchange, and there has been no change in the approval of the establishment application.
The warrant of Shenzhen Stock Exchange was "negligent" to the introduction of continuous creation mechanism. After the introduction of continuous creation of WISCO warrants listed on the Shanghai Stock Exchange, the dispute over whether securities companies are qualified to create warrants arises. The WISCO warrants are part of the consideration paid by WISCO Group for share reform. Without the consent of the warrant holders, they forcibly change the conditions for exercise and trading of the warrants by means of external intervention. Even with the consent of the original issuer of the warrants and the exchange, they will inevitably be criticized by the warrant holders. In response, Chen Zhizuo, head of the warrant working group of SSE, said that the warrant creation mechanism was approved and in line with the Securities Law.
However, Chen Zhizuo's explanation of the legality of warrant creation did not completely dispel the doubt that Shenzhen warrants could be opened as quickly as WISCO warrants. Shenzhen Stock Exchange showed caution in the creation of warrants, saying that "we are preparing to launch the warrant creation system, but we will carefully study and observe, and learn from the experience of Hong Kong and Shanghai markets." On the other hand, after all parties in the market questioned whether the creation of warrants is legal, the attitude of share reform companies also changed subtly. New steel vanadium（ information quotation forum ）The Secretary of the Board of Directors said to the public that the New Steel Vanadium Warrant is part of the consideration in the split share structure reform. In consideration of protecting the interests of investors, he has communicated with Shenzhen Stock Exchange and hopes that the creation of its warrants can be delayed for two weeks. Vanke（ information quotation forum ）The Secretary of the Board also stated that the warrant is the only consideration of Vanke and hopes to postpone the creation of the warrant.
The attitude of New Steel Vanadium and Vanke responded to the dispute on the legality of the creation of warrants from another aspect. The warrant is also WISCO（ information quotation forum ）As part of the consideration for share reform, the creation of the consideration within a few days after listing will inevitably affect the value of the consideration actually obtained by the shareholders of tradable shares. One explanation said that the reason why WISCO warrants were first created was that they were two-way subscription and put, and WISCO Group and securities companies were easy to lock in risks. However, in fact, this kind of reason for creation runs counter to the protection of the circulating shareholders of WISCO. Since warrants came out to serve the reform of non tradable shares, it is impossible to break away from the "share only reform theory". It is the securities companies that benefit from the continuous creation, which is equal to letting the securities companies divide the consideration income of the shareholders of tradable shares, and also suppressing the consideration results of the shareholders of tradable shares. As for curbing excessive speculation in the warrant market, it is far from the original intention of the management to launch a continuous creation mechanism.
On last Thursday (December 8), the number of Vanke warrants traded reached 4.6564 billion, setting the record for the largest single variety transaction in a single day in Shanghai and Shenzhen. The circulation of Vanke warrants was 2.14 billion shares, and 217.6% of the turnover in a single day was 3.83 billion yuan, a typical manifestation of excessive speculation in warrants. Vanke Warrant's "infatuation" is no inferior to Wugang Warrant, but its creation of warrants is still under the management's "customization". The different attitudes of the two exchanges towards the creation of warrants, and the slowing requirements of the stock reform companies on the creation of warrants, make the warrant market riddled. Due to the marginalization of the A-share market, it is an inevitable policy arrangement for the management to curb the overheating of the warrant market. A securities firm disclosed that the management's discussion on the creation rules has been in the stage of studying from the creation of warrants to covered warrants. According to other sources, Guotai Jun'an negotiable securities Everbright Securities and others actively applied for Baosteel's covered warrants. Once the covered warrants come out, the value of the consideration actually received by the holders of tradable shares in the stock reform companies will change.
Chen Zhizuo explained that the creation of WISCO warrants was legal, saying that "the creation of warrants was not decided suddenly, but after our consideration, research and demonstration for more than half a year, and after approval, there was legal evidence." Before the establishment of WISCO warrants, the Stock Exchange had asked the relevant people of WISCO Group to make a commitment, Legal issuers such as securities companies are allowed to create their covered warrants. Finally, this article is added to the risk disclosure. But the problem is that although the warrant transaction has been reopened, the introduction of continuous creation and issuance of covered warrants under what circumstances lacks sufficient prediction in advance, and investors are also in a state of information asymmetry. At present, Vanke warrants are in a dilemma of creation or not. There is a tolerant view that the market should take a positive attitude towards the emergence of any new things, instead of blaming everything. However, the introduction of "fuzziness" in the continuous creation and issuance of covered warrants not only undermines fairness, but also increases instability. The uncertainty in the creation of Shenzhen warrants will only bring opportunities to speculative funds and make the warrant market rise again.
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