citic securities Or more than 600 million China Southern put warrants (580989. SH) will be cancelled. On May 13, the put warrants of China Southern Airlines rose by 19.73%. According to the data released by the Shanghai Stock Exchange, after the close of the day, the "number held by the founder" suddenly became 652499895 after two consecutive months of zero. It is inferred from the data that it was mainly purchased by CITIC Securities.
CITIC Securities bought at least 622 million shares
In the "list of holders with 5% or more warrants in circulation", on May 13, the corresponding list of China Southern JTP1 was CITIC Securities. At present, the circulation balance of China Southern Airlines JTP1 market is 12.441 billion shares, of which 5% is 622.5 million shares, that is, at least 622.5 million shares of the above "founders' holdings" are held by CITIC Securities.
Previously, the SSE had required securities firms not to trade the created warrants except for creation and cancellation. From the perspective of data analysis, since late February, the trading behavior of the creation securities companies outside the creation and cancellation has basically stopped. Before that, the securities companies can freely trade related warrants outside the creation and cancellation. On March 11 this year, the number of founders of China Southern Airlines JTP1 was cleared to zero for the first time. Until May 12, the data remained "zero".
The establishment of China Southern Airlines JTP1, which was the last time that a securities firm copied the bottom, took place around the time when China Southern Airlines JTP1 hit a record low of 0.337 yuan. The day before the establishment of the securities firm to buy more than 650 million shares, China Southern Airlines JTP1 hit a record low of 0.346 yuan. Some market participants were worried that the creation of securities companies would "ship" again after bottom reading this time. However, insiders said that the relevant securities companies had promised not to trade outside the creation and cancellation, and would bear responsibility if they violated their commitments. Therefore, it can be basically judged that the purchase of CITIC Securities is for cancellation.
As China Southern Airlines JTP1 is a cash settlement, it will be automatically cancelled if it is out of price, and automatically exercised if it is in price. China Southern JTP1 will expire on June 20 this year. At present, its stock price of China Southern Airlines (600019. SH) is more than 11 yuan. On April 21, the lowest price was 9.24 yuan, while the exercise price of China Southern JTP1 was 7.43 yuan.
According to the creation rules, the exercise ratio of China Southern Airlines JTP1 is 2:1, and the deposit payable for each China Southern Airlines JTP1 is 3.715 yuan. At present, the JTP1 of China Southern Airlines is less than 0.4 yuan, that is, under the condition that it is still beyond the price when it is due, the current cancellation of China Southern Airlines JTP1 and the automatic cancellation of China Southern Airlines JTP1 when it is waiting to be due, the income gap of each China Southern Airlines JTP1 is less than 0.4 yuan, and its opportunity cost is a profit opportunity of 3.715 yuan in the remaining more than a month. Assuming that more than 600 million copies of China Southern JTP1 are cancelled, this will unfreeze and return more than 2 billion funds.
Yesterday, China Southern JTP1 fell 18.49% to close at 0.366 yuan.
Nangu faces temporary suspension "guidance"
Yesterday, China Southern JTP1 investors not only noticed the large purchase of CITIC Securities the day before yesterday, but also noticed the changes in the trading system.
The Guidelines of Shanghai Stock Exchange on Real time Monitoring of Abnormal Trading in Securities (hereinafter referred to as the Guidelines) was released yesterday, which stipulates several abnormal fluctuations that "the Exchange can implement temporary intraday trading suspension according to market needs", including: within two months before the maturity date, the market price is significantly higher than the theoretical price and the previous closing price is more than 0.100 yuan (including 0.100 yuan) The intraday trading price of out of price warrants has increased by more than 20% for the first time and more than 50% accumulatively compared with the opening price of the day; Within two months before the maturity date, the market price of out of the money warrants is significantly higher than the theoretical price and the previous closing price is less than 0.100 yuan (excluding 0.100 yuan), and the intraday trading price is more than 50% higher than the opening price of the day for the first time and more than 80% higher accumulatively.
However, China Southern JTP1 obviously belongs to "the out of price warrant with the market price significantly higher than the theoretical price and the previous closing price above 0.100 yuan (including 0.100 yuan) within two months before the maturity date". China Southern JTP1 soared to 2.603 yuan, and some speculators were deeply trapped. Some people believe that the implementation of such a suspension system at this time is not fair to investors before.
The above industry insiders said that the issuance of the Guidelines was normal, mainly for abnormal fluctuations; If the warrant has been out of the price, it will continue to rise at this time, "maybe it will be covered again". Some market participants believe that the original purpose of creating the mechanism is to curb speculation, so the temporary suspension system can be avoided.
In fact, on April 24 this year, China Southern JTP1 had been temporarily suspended for an hour. At 10:32 am, the SSE suspended China Southern JTP1 trading and resumed trading at 13:00. Shi Renping
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