|
Morning Post reporter Chen Qijue, editor in charge Xia Feng
SSE started the continuous creation of the third warrant. The reporter learned from the Shanghai Stock Exchange yesterday that Baiyun Airport, which will be listed this Friday（ information quotation forum ）Put warrants can be created continuously from the same day, and the created warrants can be listed and traded as early as next Wednesday. This made the rumors of "difficult production" of airport warrants in the industry break down.
According to SSE, Baiyun Airport Put warrants (transaction code: "Airport JTP1", transaction code: "580998", exercise code: "582998", exercise code: "AS061222") will be traded on the Exchange on December 23. Qualified securities companies can create the same kind of Baiyun Airport put warrants according to the relevant provisions of the Notice on Matters Related to the Creation of WISCO Warrants by Securities Companies issued by the Shanghai Stock Exchange. The created warrants can be traded on December 28, 2005.
The reporter confirmed from the relevant personnel of Shanghai Stock Exchange that the continuous creation of warrants launched from WISCO warrants will become a consistent and unchanging system in the future. The warrants launched by SSE since then will be allowed to be created. This is not only out of the consideration of restraining warrant speculation, but also out of the hope of building a stable institutional innovation.
"As for the earliest Baosteel Warrant（ information quotation forum ）The reason why it was not allowed to be created was for some special reasons. " The person told the Morning Post that both the WISCO Warrant and the Baiyun Airport Warrant had given a hint in the stock reform prospectus that the warrant might be created, but Baosteel Warrant had not given this hint at the beginning, which was somewhat flawed in terms of procedure, so the creation system was not adopted.
Previously, some analysts wrote an article doubting that Airport JTP1 might not be created, one of the reasons was that there was additional cash risk in the creation of Airport JTP1 warrants by securities companies. According to the creation rules of WISCO warrants, the founder shall perform the exercise obligation before the major shareholders of the company. Since the securities firm has fully pledged 100% of the exercise funds when applying for creation, while the creator cannot use the pledged funds when the warrant holder exercises, and must pay additional cash, it can be seen that the creation of American style warrants such as Airport JTP1 will have a very high cash demand on the securities firm.
In this regard, Li Guanzheng, a warrant researcher of Guotai Jun'an, said yesterday that cash risk does exist, but it may not be obvious at the initial stage of creation. If the warrant price is high enough, the incentive for securities firms to create should still be great. This can be seen from the number of put warrants written off by WISCO in recent days: 41 million were written off on Monday and 150 million on Tuesday, which is likely to be the funds freed up by securities companies to create Baiyun Airport warrants.
| 
