In the first half of the year, 15 listed warrants will be delisted, and the latest delisting date of raw water put warrants
Not long ago, our newspaper reported that "150000 warrants became waste paper in a few minutes", telling that two investors mistook the "expiration date of warrants" as the "last trading day", bought warrants on the last trading day and did not sell them, resulting in complete waste paper. This report has caused great repercussions in the market. According to incomplete statistics, there are hundreds of investors who have similar experiences with the above two investors. For investors, understanding the last trading day of warrants can avoid similar tragedies. Here, the information about the last trading day of the warrants that will expire in the first half of this year, that is, the delisting day, is sorted out to prompt the "doomsday round" risk of warrant investment. At the same time, securities professionals are also invited to talk about how to further improve the warrant trading system and improve investors' risk awareness, hoping to help investors.
——- Zhou Xiao
Different circumstances of call and put warrants
Although the A-share market is currently at a historical high, due to the strong popularity and the current valuation is not significantly overestimated, the insiders expect that the bull market of the A-share market will continue, and the characteristics of leading the rise will still be concentrated in the second and third tier blue chips.
According to the operation law of warrants, in the bull market background, there are greater investment opportunities for warrants. Therefore, in the future market, warrants of second and third tier blue chips will get more performance opportunities, just like the recent Yago QCB1 、 Baotou Steel JTB1 The trend of large increase of other varieties is the same.
Correspondingly, in the bull market, put warrants will face the disaster of extinction. On the one hand, at the beginning of the design of warrants, put warrants in the A-share market are difficult to exercise. On the other hand, in the bull market, put warrants are equivalent to the right to sell short, but it is obviously impossible to sell short in the bull market. Therefore, put warrants have recently become a disaster area for market adjustment Haier JTP1 All the put warrants have been adjusted, especially the sharp drop of more than 15% last Friday. It seems that the put warrants should not be blindly optimistic. (Jiangsu Tianding)
Call to remind you of more lines of defense
Many investors were shocked by the report that "warrants become waste paper".
Through this typical case, some investors have vivid experience of the seven items that must be fully understood in the Warrant Risk Disclosure Statement of Shanghai Stock Exchange signed by themselves.
Some middle-aged and elderly investors in the large and retail business rooms of the business department have said that there are not only pie in the stock market, but also many traps that we do not understand. Especially for newly launched warrants and futures, if they are involved without full understanding, they will often suffer. The risk disclosure statement can not be signed with eyes closed. It should be carefully read and understood before signing cautiously.
It is very necessary for Shanghai Securities News to carry out risk awareness education through typical cases when the stock market has reached new highs. Shareholders should enhance their self-protection awareness.
This report also caused a heated discussion among the staff of Guotai Jun'an Business Department. In the current situation of improving service quality, creating a company brand and building a harmonious stock market, it is necessary to give friendly telephone reminders to relevant customers of the business department before the stock placement and before the termination of warrants trading from the perspective of providing quality services. Guotai Jun'an Business Department arranges and assesses this work as a daily business work of customer service, and insists on it for a long time, which has been welcomed by customers of the Business Department. At the same time, it has also enhanced the attractiveness of Guotai Jun'an to customers, improved its market competitiveness, and benefited a lot.
(Guotai Jun'an Jin Hongming)
Special marks can be added near the abbreviation of delisted warrants
In order to reduce the recurrence of similar tragedies, the warrant trading system and brokerage services can be further improved, and three suggestions are proposed:
First, the stock exchange may issue an announcement on the delisting of warrants. According to the Interim Measures for the Administration of Warrants, the announcement on the delisting of warrants is issued by the issuer, and the stock exchange may not issue the announcement on the delisting of warrants. At present, the stock exchange issues the listing announcement of warrants according to the practice. The author suggests that, like stocks and corporate bonds, the stock exchange should issue a warrant delisting announcement, and the issuer should issue a warrant delisting announcement. The announcement on the delisting of warrants shall be issued several trading days before the suspension of trading of warrants. During the listing of warrants, due to the creation and cancellation of warrants by securities companies, enterprises issue announcements very frequently. The announcement of termination of listing of warrants issued by the stock exchange is undoubtedly more likely to attract attention.
Second, for warrants that are about to terminate listing, signs can be added. The author asked professionals, but no one could explain the meaning of all English letters in the warrant abbreviation. In the warrant abbreviation, there is a waste of resources. This also provides a technical possibility for the warrant to increase the risk sign of delisting. For example, for the warrants with the remaining trading time less than 10 trading days, the English letters and numbers of the suffix in the warrant abbreviation can be simplified, and the number of days of the remaining trading can be prefixed to the warrant abbreviation. This serves as a direct reminder for investors to invest in warrants.
Third, the securities business department and service department should improve their service quality, and investors should improve their investment quality. With the improvement of the multi-level market structure, in addition to the differentiation of A shares and B shares, the future domestic stock market includes the main board, the SME board in the main board, the GEM or high-tech board, and the agency share transfer system. If approved by the State Council, the counter market may also be opened. In addition to the stock market, bond, fund and other markets should also be expanded. Warrants, as derivatives of stocks, will have more and more varieties. The listing, suspension and termination of listing of securities will also increase. However, for the issuer and investors of the securities, its listing, suspension of listing and termination of listing are all major events. Since it is a major event, the securities business department and the service department should also adopt the form of billboard announcement to give more eye-catching tips, which should also be one of the specific measures to improve service quality. In addition, it is also necessary for investors to carefully read the information about the securities and get familiar with the rules and regulations of the stock exchange on such securities before investing in securities.
(Considerate by Southwest Securities R&D Center)
There are many people who ignore market risks
We have two customers here. One holds more than 500000 yuan of Baosteel warrants, and the other holds more than 300000 yuan of Baosteel warrants. Later, they lost all their money. The first one left two inaccurate phone numbers, which we could not notify. The latter one is a big one. Before he bought it, I and two other comrades in our sales department advised him not to buy Baosteel Warrants, which will soon be the exercise day (there are only a few trading days left). But he was very stubborn and said that he had not participated in it. I told him about it for nearly three hours, but he didn't listen. The next day, when we found that he had already bought, I asked the people in my department to immediately suggest him to sell, but he didn't listen. On the last trading day, the price fell so deeply that he came to the sales department and felt some regret. I said to him, "Why were you so obstinate that you had to buy when you didn't want to buy it? After buying it, we found that we had notified you, and we didn't lose money when selling it. Why didn't you sell it?" He didn't say anything. Later, I suggested that he should either exercise his power or hold it up. In any case, Baosteel can rise after a period of time, but he has no power. However, I also told him that if he bought Baosteel's regular shares directly, he would probably buy them at a lower price. Otherwise, he would buy more when a lower price appeared. As a result, he didn't listen, and finally lost more than 300000 yuan. Of course, this money may not matter to him.
( Hongyuan Securities Wang Guoqing)
Software suppliers are promising
As a new type of brokerage business of securities companies, warrants have appeared in the domestic market for nearly a year. Since the risk of warrants is greater than that of stocks, the Exchange requires every investor participating in investment to sign a risk disclosure letter at the business department where the account is opened from the beginning of trading, which is also to remind investors to pay attention to risks. Investors should also have a clear understanding of the risks of warrant trading. From the perspective of protecting yourself, you should also carefully study relevant knowledge and carefully read the terms and information of relevant warrants before engaging in this transaction.
Of course, from the perspective of more humanized securities business services, we can consider more from the perspective of investors and remind investors as much as possible before the relevant warrants stop trading. If the suppliers of relevant market software can make more detailed disclosure in the warrant information provided by them, it can also reduce the occurrence of similar mistakes by investors.
(Wang Fen of Shanghai Securities)
List of warrants to be expired and delisted in the first half of 2007
Warrant Code Warrant Abbreviation Subject Code Abbreviation of Warrant Expiration Date Last Trading Day
(Stop trading from the next trading day)
580994 raw water CTP1600649 Raw water shares 2007－2－122007－2－5
580996 Shanghai Market JTP1600009 Shanghai Airport 2007－3－6 2007－2－27
580002 Baotou Steel JTB1600010 Baotou Steel 2007－3－302007－3－23
580995 Baotou Steel JTP1600010 Baotou Steel Co., Ltd. 2007 － 3 － 302007 － 3 － 23
580003 Hangang JTB1600001 Handan Steel 2007－4－4 2007－3－28
580004 pioneered JTB1600008 Capital stock 2007－4－232007－4－16
580005 Wanhua HXB1600309 Yantai Wanhua 2007－4－262007－4－19
580993 Wanhua HXP1600309 Yantai Wanhua 2007 － 4 － 262007 － 4 － 19
038001 Steel Vanadium PGP1000629 New Steel Vanadium 2007 － 5 － 3 2007 － 4 － 24
580991 Haier JTP1600690 Qingdao Haier 2007－5－162007－5－9
580006 YAGO QCB1600177 Youngor 2007－5－212007－5－14
580992 Yagor QCP1600177 Yagor 2007 － 5 － 212007 － 5 － 14
580007 Changdian CWB1600900 Yangtze Power 2007－5－242007－5－17
580990 Moutai JCP1600519 Guizhou Moutai 2007－5－292007－5－22
038008 Potash fertilizer JTP1000792 Salt lake potash fertilizer 2007－6－292007－6－22
Source: Shanghai Stock Exchange, Shenzhen Stock Exchange
