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Our reporter Li Jianfeng
Today, 407 million Yangtze Power warrants began to be listed on the Shanghai Stock Exchange. As the first equity warrant in China's securities market, the listing of Changdian Warrant is particularly eye-catching. It is estimated that the opening reference price of the warrant is 2.321 yuan.
Unlike the previous warrants issued by major shareholders of listed companies as consideration in the share trading reform, the Changdian warrant is the first one with refinancing function in China at present. From May 18 to 24, 2007, the warrant holder can purchase shares of Yangtze Power at a price of 5.50 yuan. Based on the calculation that all shareholders of the company are allocated 1.5 shares for every 10 shares, the total issuance of long-term power warrants is 1.28 billion, and it is expected to raise 6.754 billion yuan of funds due. The shares listed and circulated this time are those distributed to the holders of tradable shares without restrictions on sales, while those distributed to the holders of tradable shares with restrictions on sales cannot be listed and circulated and can only exercise their rights when they are due.
Guotai Jun'an said that compared with some listed warrants, the Changdian warrants have three characteristics. First, issuers are different. At present, the listed warrants are covered warrants issued by non tradable shareholders of listed companies, while the Changdian warrants are equity warrants issued by listed companies. Secondly, the nature of warrants is different. Long term electricity warrants are issued by the listed company. If the warrants are executed when they expire, the total share capital of the listed company will increase accordingly, resulting in dilution of equity and ex right of share price. At present, the exercise of listed warrants upon expiration will not increase the total share capital of listed companies. Third, there are additional interest protection clauses. G Long term electricity ( information quotation forum ) The major shareholder Three Gorges Corporation promised to purchase the warrant at a price of 1.80 yuan per share during the exercise period, which means that the bottom line of its value during the exercise period is 1.80 yuan.
According to the relevant report of China Merchants Securities, in the future, the profitability of Yangtze Power will continue to grow. At present, the positive shares of G Changdian have obvious bond characteristics, and the price is lower than the reasonable valuation. Due to the hot warrant market recently, investors are constantly looking at high warrants. Based on the current market's expectation of warrants, the price of the Changdian warrants after listing may rise to 3.5 yuan to 4.2 yuan. However, this predicted price will be affected by the market expectation. If the market enters the adjustment and the market expectation turns cold, the long-term power warrant may be greatly affected. Investors should also pay attention to risks.
Some analysts said that, as the first equity warrant, the market performance of equity shares and warrants before and after the issuance of the Changdian warrant ( information quotation forum ) , G Yi The issuance and listing of such warrants in the future is of great reference significance.
Background information:
Changjiang Power and Three Gorges Corporation have formed a benign interaction pattern. Changjiang Power realized the synchronous growth of scale and efficiency by continuously purchasing the generator sets of the Three Gorges Project. The Three Gorges Corporation raised funds for the development of hydropower projects in the upper reaches of the Yangtze River by selling the generator sets of the Three Gorges Project, and gradually realized the historical mission of "building the Three Gorges and developing the Yangtze River".
Changjiang Power raised 6.7 billion yuan from this issuance of warrants to purchase Three Gorges power generation units, laying a solid foundation for the simultaneous growth of scale and efficiency. (Chen Gang)
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