Securities Times reporter Yu Fan
According to WIND statistics, as of the end of last year, 21 innovative securities companies (except CICC) with a total net capital of 52.522 billion yuan had been qualified to establish. According to "the cost of non bond securities shall not exceed 30% of net capital", and the initial exercise price of China Southern Airlines put warrants is 7.43 yuan, and the exercise ratio is 2:1, it can be calculated that the maximum number of China Southern Airlines put warrants that can be created by securities companies is 4.242 billion.
It is reported that in order to curb speculation, the Shanghai Stock Exchange has liberalized the establishment of CMB and China Southern Airlines put warrants, and only reviewed the establishment application of securities companies with the standard of "the cost of non bond securities shall not exceed 30% of net capital". Relevant people introduced that "the cost of non bond securities shall not exceed 30% of net capital" is for single warrants, which leaves huge operating space for securities companies.
2006 audit According to the annual report, citic securities The net capital was 10.577 billion yuan, ranking first in the net capital scale of various securities companies; China Merchants Securities has a net capital of 3.534 billion yuan, ranking second only to CITIC Securities; Hongyuan Securities It ranked third with a net capital of 3105 million yuan. The scale of warrants that can be created by the securities firms with the highest net capital scale is also higher. It can be calculated that the scale of China CITIC Securities, China Merchants Securities and Hongyuan Securities that can create China Southern Airlines put warrants is 854 million, 286 million and 250 million respectively.
Industry insiders said that although China Southern put is still in the initial stage of creation and can create a large number of warrants, compared with China Merchants Bank put warrants, securities firms are more active in creating China Merchants Bank put warrants. Because the CMB put warrants are almost impossible to exercise and will expire in a few months, the creation risk is almost zero; The put warrants of China Southern Airlines still need to wait until next year to expire, which has certain uncertain risks.
It is reported that prior to this, the regulatory authorities have been orally confirming the amount created by each securities firm in advance. However, due to the recent upsurge of put warrants, serious speculative atmosphere and high turnover rate, the regulatory authorities have increasingly attached importance to it. In order to fully reflect the pricing mechanism of warrants, protect the perspective of small and medium-sized investors, and curb speculation, the regulatory authorities have begun to consider increasing the supply of put warrants in the market and opening the limit for the creation of warrants. To this end, the SSE held a special meeting, and the heads of 22 innovative securities companies with warrant creation qualifications were invited to attend the meeting. At the meeting, SSE encouraged securities firms to increase the creation scale of put warrants and moderately liberalize the creation scale of CMB's put warrants. Then came the intensive creation of CMB's put. According to a participating broker, this provision is also suitable for China Southern JTP1, but there is no such provision for warrants.
