Our reporter Li Qi reports from Shenzhen
Stir fry! Stir fry! On October 25, when the Shanghai and Shenzhen stock markets fell sharply CIMC ZYP1 The put warrants represented by (038006) fell first and then rose, making a sudden rise, with the closing up 34.54%.
Beat down! suppress! In addition to the three intraday suspension, on October 26, the Shenzhen Stock Exchange issued a new regulation: adjust the limit on the rise and fall of the "CIMC put warrants", and from October 30, only limit the price rise, not the decline.
The notice stipulates that the price increase limit of "CIMC put warrants" will be adjusted according to its current closing price range: (1) On trading days when the current closing price is above 0.100 yuan (including 0.100 yuan), the price increase rate will be 10%; (2) On the trading day when the current closing price is between 0.010 yuan and 0.100 yuan (including 0.010 yuan), the price increase rate is 20%; (3) On the trading day when the current closing price is lower than 0.010 yuan, the price will increase by 50%.
"This shows that the management has been intolerant of the distorted performance of the put warrants, and a new approach has been taken, which does not rule out the introduction of follow-up measures." Guoxin negotiable securities Ge Xinyuan, chief analyst of financial engineering, said.
Shenzhen Stock Exchange's own theory is that the new rules introduced this time are more targeted risk control measures taken against the characteristics of CIMC put warrants and trading characteristics on the basis of summing up the previous regulatory experience. The purpose is to more effectively curb the speculation that may occur in the maturing deep out of price warrants, and better protect the legitimate rights and interests of investors, especially small and medium-sized investors.
Just the previous month, since September 25, CIMC ZYP1 has achieved the highest increase of 115.96% in two days. At the same time, Shenzhen Stock Exchange has suspended its trading for six times in two consecutive days. On September 27, CIMC ZYP1 ended with a sharp drop of 36.61%.
"It will certainly have an effect, at least the volatility will decrease, and it will also have some effect on the relatively reasonable price positioning, but how strong the effect will be remains to be seen, and it is not easy to say at present," Ge Xinyuan said.
According to relevant regulations, the exercise price of CIMC's ZYP1 put warrant after dividend and ex dividend adjustment is 7.302 yuan. Every investor who holds a copy of CIMC's ZYP1 put warrant has the right to sell 1.370 shares of CIMC A to COSCO Pacific at a price of 7.302 yuan during the exercise period shares 。 At present, the stock price of CIMC A is around 26 yuan, which means that the put warrant of CIMC ZYP1 is a piece of waste paper.
"We have issued weekly risk warnings as arranged by Shenzhen Stock Exchange, and will continue to do so in the future," CIMC Securities representative told reporters.
Then why do so many people rush to buy CIMC warrants? "The main reason is that its plate is small and its price is low. It is easy to rise and fall sharply under the hot pursuit of hot money." Market insiders think.
A private equity fund in Shenzhen told the reporter that many of their peers had moved to the Hong Kong market, specializing in Hong Kong stocks and warrants (warrants in the Hong Kong market), and had no time to take into account the warrants in the mainland. "The fluctuation of CIMC warrants should be caused by hot money".
"The sharp fall of the stock market and the sharp rise of the put warrants are just speculation. These warrants are too speculative. Investors should pay attention to risk control." Ge Xinyuan finally thought.
The relevant person in charge of the Shenzhen Stock Exchange said that the Shenzhen Stock Exchange would continue to closely monitor warrant transactions, crack down on deliberate manipulation, adhere to the implementation and continuous improvement of the intraday temporary suspension system, further study and explore more effective and targeted risk control mechanisms, and spare no effort to curb excessive speculation and maintain market order.
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