Wen/Pi Haizhou
June 13 was the last trading day of the China Southern Airlines warrant, which ended its one-year trading process with "zero value" without any doubt, and finally reported 0.003 yuan. Since then, the China Southern Airlines Warrant has withdrawn from the stage of the warrant market, which also means that the last stock reform warrant in Shanghai Stock Exchange and the last stock reform put warrant in China Stock Market have come to an end.
The one-year transaction of China Southern Airlines warrants is short. However, as the last share reform warrant that can be created in China's stock market, China Southern Airlines Warrant is different from all other share reform warrants, and has become the most created share reform warrant in the history of China's stock market. The initial issuance number of China Southern Airlines warrants was 1.4 billion, but the total number of China Southern Airlines warrants created reached 12.348 billion, 8.82 times of the initial issuance, making it a unique stock market in China. It is also around the huge creation of China Southern Airlines warrants that the way of China Southern Airlines warrants is also full of many rights and wrongs. As a result, the establishment of securities companies gained huge profits, while the investors of China Southern Airlines' warrants suffered heavy losses. China Southern Airlines Warrants undoubtedly staged the biggest farce in the history of share reform warrants.
The warrant of China Southern Airlines has gone like this, but the problems exposed by it are still there. The warrant of China Southern Airlines left too much doubt to the Chinese stock market and investors in the stock market. It also left three questions for the author, which is not only a query on the warrant of China Southern Airlines, but also a query on the variety of stock reform warrants.
First question: Why is China Southern Airlines warrant launched? As a share reform warrant, like all put warrants, the introduction of China Southern Airlines warrants is obviously a deception to the holders of A-share tradable shares. Originally, the share reform is a good thing. It can solve the problem of split share structure. Let the holders of non tradable shares pay the consideration to the holders of tradable shares, so that the cost of non tradable shares is close to the cost of tradable shares, so as to achieve the goal of making non tradable shares listed and circulated. But unfortunately, the non tradable shareholders represented by state-owned shares in the share reform were unwilling to pay consideration to the tradable shareholders. Therefore, with the cooperation of the CSRC, the so-called innovative consideration method of share reform warrants was developed to fool the shareholders of tradable shares. For example, China Southern Airlines Warrant Southern airlines China Southern Airlines Group, a major shareholder of China Southern Airlines Group, was promoted for the purpose of not paying consideration to shareholders of tradable shares. It is precisely because of the launch of 1.4 billion put warrants that China Southern Airlines Group will no longer pay any consideration to the shareholders of tradable shares. Facts have proved that the warrant of China Southern Airlines has never had a theoretical investment value in a year of trading, and the final death of the warrant at 0.003 yuan also shows that this warrant has no real value at all. Management and major shareholders jointly use such means to fool investors, which is no wonder that size has become the most important problem that plagues the healthy development of China's stock market, which is actually the root of the curse from the time of share reform.
Second question: Why is China Southern Airlines allowed to create warrants? The introduction of China Southern Airlines' warrant is a consideration for share reform, which has legal effect after being reviewed by the shareholders' meeting. Therefore, although the China Southern Airlines warrant has no investment value, its speculative value is also protected by law. However, it is surprising that such put warrants launched in the name of the consideration of share reform were created by a large number of securities companies. Their creation scale reached 12.348 billion, 8.82 times the initial issuance scale, which is undoubtedly a flagrant violation of the resolutions of the shareholders' meeting and the existing laws and regulations.
Not only that, since the creation of China Southern Airlines warrants as stock reform warrants is allowed, why is it only limited to innovative securities companies. In the case that the theoretical value of China Southern Airlines warrants is zero, the creation of warrants is clearly a matter of huge profits. Therefore, only some brokers are allowed to create warrants, which is not to transfer benefits to them?
Not only that, the scale of warrants created by securities companies is also seriously "excessive". The number of warrants created by securities companies reached 12.348 billion, and if they act at a ratio of 2:1, the corresponding A-share shares will be 6.174 billion. However, the total number of A-shares of China Southern Airlines is only 3.2 billion, which is obviously not enough for the exercise of rights. It can be seen that the creation of China Southern Airlines warrants by bonds has seriously "exceeded the standard". In order to steal money from the stock market and deliver benefits to some securities companies, no rules have been set.
Moreover, the Interim Measures for the Administration of Warrants of the Shanghai Stock Exchange clearly stipulates that the duration of warrants from the date of listing is between 6 months and 24 months. However, it is puzzling that when the warrants of China Southern Airlines expired on June 13 this year, the Shanghai Stock Exchange actually allowed brokers to create China Southern Airlines warrants in January this year. On January 23 this year, Qilu Securities also created 7 million China Southern Airlines warrants. Can China's stock market obey orders like this?
Third question: Why should securities companies redeem and cancel against common sense? How can securities companies restrict investors from buying warrants of China Southern Airlines? According to common sense, when the actual value of China Southern Airlines warrants is zero, the securities dealers do not cancel the created warrants, which is more in line with the principle of maximizing benefits. However, it is incredible that from March this year to June 11 this year, the creation brokers have redeemed and cancelled all the previously created China Southern Airlines warrants, and will sacrifice about 6 billion yuan of profits for this purpose. What is the reason for this unreasonable cancellation? Moreover, it is even more puzzling that when securities companies redeem and cancel warrants, there are securities companies that restrict investors to buy China Southern Airlines warrants and deprive investors of the right to normal trading. Who gives them the right? Can some people change the rules of the game in China's stock market? What are the responsibilities of regulators? Where is the integrity of China's stock market?
