There are only 9 trading days left before the exercise period. The overseas Chinese city warrant investors are in a hurry
The reporter of the Securities Times jumped
The OCT warrant (OCT HQC1), which has been suspended for 22 days, makes investors uneasy. The last trading day on November 16 is approaching day by day, while OCT HQC1 and its regular shares OCT A But it is still suspended.
"If the warrant expires, OCT Still suspended, is the warrant still useful? " A few days ago, many investors called our newspaper to inquire.
Since 13:00 pm on the 16th of last month, due to OCT A's promotion of the main business integration and listing, it issued an announcement and began to suspend trading, and made it clear that "the time for resumption of trading is still uncertain".
It is precisely because of the "uncertainty of resumption of trading" near the exercise period, which has led to a wide range of opinions in the industry - a common saying at present is that "even if the normal shares and warrants are suspended when the exercise occurs, the exercise can still be carried out"; Another is that "the exercise will be postponed synchronously until the overall listing plan is announced, and the normal shares and warrants can be resumed together"; Another voice in the market said, "Can we resume trading first, and after the exercise of warrants, the trading of positive shares will continue to be suspended due to major issues of overall listing?"
As for the feasibility of the above questions, the reporter learned from the experts of the authoritative department that: the second one is the extension of exercise, which involves many legal issues, so it is unlikely to be realized; The first resumption of trading without publishing the overall listing plan is also prohibited by the listing and trading rules of the Exchange. The only one that meets the requirements of the operation level is the first statement - the suspension and exercise of regular shares are carried out as usual.
Experts believe that the simple exercise of equity and warrants during the suspension period may bring some inconvenience to investors.
One inconvenience is the inability to roll exercise. An expert from the derivatives research department of a large securities firm in Guangzhou said that some investors were not enough capital, and if the positive shares could still be traded and the exercise period was five days, they could choose to exercise the rights in batches on a daily basis. However, this practice cannot be carried out after the suspension of OCT's regular shares, so it is really a problem for some investors.
The second inconvenience is the inability to exercise leverage. Chen Weiran, an analyst of Guotai Junan Warrants, analyzed that if only the exercise, it means that the warrants and the regular shares can only be exchanged for one to one exercise, and the change into a regular share can only have a maximum increase of 10% a day, but the warrants could have enjoyed a daily increase of about 30%. Therefore, the warrants and the regular shares continue to be suspended for exercise, and investors will have no choice to use leverage, Therefore, there is the possibility of income reduction.
The third inconvenience is the inability to exercise. An investor told the reporter that he currently has 1 million OCT warrants, which also requires nearly 7 million yuan at the exercise price of 6.958 yuan. If he does not resume trading to cash in the funds, he will not be able to exercise his rights at all.
However, analysts also pointed out that if the company resumed trading in time before the exercise period on the 19th, these problems would be solved.
It is understood that the regulatory authorities have repeatedly urged this matter and sent an official letter requesting the resumption of trading before exercise. Li Kehui, the secretary of the board of directors of OCT, responded to the reporter that the listed company is also urging the group to complete the overall listing as soon as possible, but the specific problem still depends on the communication between the group and the regulatory department.
