□ Our reporter Wang Chengsheng Ma Qingyuan

"How can the closing price be more than 90 cents without value? I don't understand, don't others understand?" After the value of the warrants returned to zero, Mr. Li in Nanjing, who was confused, firmly didn't believe this reality and kept asking questions on the phone.

"I don't understand what your exercise announcement means. Please teach me how to turn the remaining money in the warrant into stock." Miss Zhao from Sichuan still asks on the phone leisurely.

"The warrant price on our book has gone back to zero, where has this money gone? Did your company take it or did the securities company take it? If you took the money, you should also give us some compensation." An investor in Beijing was somewhat "indignant".

The above is China Securities News reporter COSCO Shipping The securities department heard the phone call. On that day, the company transferred eight staff members to act as the operator. The securities department has become a "call center".

On the 18th, the last trading day of COSCO CWB1, this stock warrant, which was already in the form of waste paper, still closed at 0.957 yuan. According to the design of COSCO CWB1, the warrant holders can subscribe the regular shares of COSCO Shipping at a ratio of 1 ∶ 1.01 at a price of 19.26 yuan from August 19 to 25. The closing price of COSCO Shipping was 11.71 yuan on the 18th, and even if COSCO Shipping kept trading up and down within 5 exercise trading days, it could only reach 18.86 yuan.

Therefore, the theoretical value of COSCO CWB1 on the 18th is obviously zero. However, after the warrant stopped trading, some unknown holders called anxiously to inquire about the aforementioned issues. Among these investors, one actually bought COSCO CWB1 worth 1.5 million yuan on the 18th.

In fact, COSCO Shipping has continuously warned about the risk of the warrant more than half a month ago. The lead underwriter Guangfa Securities has also repeatedly warned about the risk of warrant investment in newspapers and in many securities information systems, but there are still investors rushing into the market.

"Some investors don't read the company's announcement at all!" The employee of COSCO Shipping Securities Department who couldn't put down the phone said loudly to the reporter of China Securities Journal, "Now there are many old people coming to inquire about the situation, which makes us feel particularly uncomfortable!"

In recent years, all circles have spared no effort in risk education of warrant market, and various "firewalls" have never stopped from beginning to end. From requiring investors to sign a risk disclosure statement when opening a warrant account, to conducting investor risk education at securities firms, to the company's continuous publication of risk warnings before the warrant transaction is stopped, it can be said that cards are set up layer by layer, but it is still impossible to prevent some investors from falling in the "doomsday round".

"Now, simple education doesn't work. You can't educate all shareholders into professionals. The most important thing is to set the trading threshold to avoid some investors who lack relevant knowledge from entering the market." "You should get an examination paper of relevant knowledge while opening a warrant account. Only those who pass the exam can open an account." "The warrant trading risk reminder signed by investors at the time of opening an account is too formalistic, and some brokers may not have fulfilled their obligation to inform." During the interview, the reporter of China Securities News kept hearing the appeals of COSCO Shipping and some listed companies with similar experience.

"In fact, considering the legal risk, many warrant prompt announcements do not specifically prompt the risk, which is also an important factor in the 'doomsday round' market. It would be much better if the current format of warrant prompt announcements could be changed and a part of the evaluation of warrant value could be added. That is to say, when the actual value of the warrant is determined to be zero, the investor should be clearly informed through announcement, rather than just reminding the exercise date and the stop date of trading as now. " A financial manager of Orient Securities told China Securities News.

On the day COSCO CWB1 stopped trading, Sichuan Changhong 540 million warrants—— Changhong CWB1 Officially listed for trading, the subsequent continuous trading limit repeated the scene when COSCO CWB1 was listed last year. It is hoped that two years later, Changhong Warrant will end peacefully, and there will not be so many investors' grievances and noisy phone rings.