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Our reporter Hou Jiening
Recently, the Shanghai and Shenzhen Stock Exchanges announced the Interim Measures for the Management of Warrant Business (Draft for Comments), which indicates that the warrant products that have been suspended for nine years will appear in the mainland stock market again. Industry experts pointed out that compared with the warrant products that were suspended nine years ago, the warrants issued this time are more targeted and have more mature market conditions.
At the beginning of the development of China's securities market in the 1990s, in order to protect the rights and interests of the old shareholders in the allotment of shares and enable the old shareholders who are unwilling or unable to subscribe to the allotment of shares to transfer their allotment of shares for a fee, the Shenzhen and Shanghai Stock Exchanges once launched equity warrants.
Industry experts pointed out that there were two main reasons for the failure of the domestic warrant market in the past: first, the purpose of launching warrants did not meet the development requirements of market economy, which indirectly encouraged the speculative nature of warrant trading. The second is that the supervision of the warrant market is weak, and the policy on warrants is very uncertain. The validity period of warrants is extended at will, making the price of warrants vulnerable to manipulation by the dealer. During the four years since the existence of warrants, the prices of warrants have soared and plummeted, and the transaction prices of some warrants have even exceeded the prices of underlying stocks.
Although it was called off, the discussion on warrants has never stopped. Recently, many experts in the industry believe that China has already met the conditions for developing the warrant market, including the emergence of a batch of high-quality blue chips that can be used as the underlying securities of warrants, the increasingly standardized investment market, the constantly improved regulatory capacity, the increasingly rational investment philosophy of market participants, and the development of warrants overseas has accumulated rich experience for us.
The ongoing split share structure reform has undoubtedly accelerated the introduction of warrants. From the perspective of the share reform plan of the first batch of pilot companies, it is mainly to give shares and cash. The plan is relatively simple. To further promote the process of share reform, we need to try some new financial instruments. Warrants are a good tool. CSRC The two exchanges, Shenzhen and Shanghai, reviewed the situation and launched the Interim Measures for the Management of Warrant Business, which provided a variety of consideration tools for listed companies to use warrants to solve the problem of non tradable shares, and also provided a unified rule framework for the future launch of derivative call and put warrant products. At the same time, it will play a certain role in promoting the solution of equity incentive for senior executives of listed companies.
Industry insiders believe that the introduction of warrants can avoid the tug of war between non tradable shareholders and tradable shareholders for "consideration". According to the warrant scheme of Zhang Changhong, chairman of the board of directors of Wanguo Evaluation, the holders of non tradable shares can first distribute the warrants representing the tradable rights to the holders of tradable shares free of charge. The price of these warrants formed after their listing and trading naturally becomes the price of "consideration". In the future, the holders of non tradable shares must purchase warrants from the holders of tradable shares if they want to circulate their shares, but the purchase price will be converted into shares and paid to the holders of tradable shares. In this way, the non tradable shareholders throw the consideration issue to the market, and the tradable shareholders also have a way to make profits.
Secondly, warrants can accelerate the process of share reform. Due to the strong operability of warrants, they can be widely promoted in listed companies. According to the provisions of the SSE, the duration of warrants is from 3 months to 18 months, and the duration is not long. This will undoubtedly greatly shorten the process of share reform. Previously, some market participants had boldly predicted that the share reform would be resolved within three to five years by means of warrants.
In addition, the introduction of warrants can calm market fluctuations. As the warrant scheme has a long exercise time, different investors choose different exercise time, so the pressure of centralized selling of stocks will be relieved.
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