Cao Zhongming
China Southern JTP1, which will complete its historical mission on June 20, has recently attracted market attention. China Southern JTP1 went up and down for three consecutive trading days after its listing. Under the attack of the unlimited creation of securities companies, China Southern JTP1 drifted with the tide and investors suffered heavy losses. The strike price of China Southern Airlines JTP1 is 7.43 yuan, but so far, Southern airlines (,,) After the resumption of share reform, it has never been lower than the exercise price. In other words, China Southern JTP1 has long been a piece of waste paper.
As the termination date of the exercise of China Southern Airlines JTP1 is approaching, some shareholders believe that the huge amount of creation is the main reason for the "counter trend decline" of China Southern Airlines JTP1. They suggest to the Shanghai Stock Exchange: extend the duration of this put warrant that has held many people up, or require the creation of a securities firm to buy back within a specified time limit. The reply of SSE is: "The creation of warrants is the marketization mechanism preset by SSE in accordance with legal procedures." That is, SSE will not change the "rules of the game" of China Southern Airlines JTP1.
Once the "rules of the game" are formulated, they should not be changed easily. The question is, why can China Southern Airlines' worthless warrants be created by many securities companies?
During the share reform of listed companies, China Southern Airlines issued 1.4 billion warrants, while the circulation share of China Southern Airlines warrants reached more than 10 billion at the peak. It is precisely because of the creation of a large number of securities traders that the warrants of China Southern Airlines dropped sharply. Moreover, securities companies plundered a large amount of wealth of investors through creation. According to data, as of January 25 this year, securities companies have made profits of up to 20.1 billion yuan through the creation of China Southern Airlines warrants.
If the creation of warrants is because the circulation share of warrants is too small, which is likely to lead to speculation, the author believes that this is not a sufficient condition for securities firms to create warrants, because the purpose can be achieved by strengthening supervision, and there is no need to vigorously carry out the "innovation" of warrant creation.
In fact, the warrant investors have communicated with the CSRC and SSE, but no positive results have been achieved in the end. It is just that the securities companies need to make a public announcement before they are established. The nature of securities firms creating warrants to plunder small and medium-sized investors has not changed, as has the nature of interest transmission in warrant creation.
