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(1) Scheme introduction
The overall idea of the plan is: around the three core issues of the price of state-owned shares reduction, the source of funds and the compensation for the shareholders of old tradable shares, under the principle of pricing marketization and balancing the interests of all parties in the market, the state-owned shares of listed companies will be circulated and reduced in batches and stages, with warrants as the main form, in combination with placement, stock issuance and funds.
The specific operation process of the warrant portfolio scheme is shown in Figure Fen-11-1.
Operation flow chart of warrant portfolio scheme |
It can be seen from the above sub - 11-1 that, on the premise that the market has a clear expectation of holding reduction, the circulation of state-owned shares will be carried out in three steps:
① A certain proportion of state-owned shares will be issued in stock in the form of market bidding, and the income will enrich the social security fund. At the same time, the fair market price of state-owned shares after circulation can be obtained;
② Implement the warrant scheme for the remaining state-owned shares after the stock issue, that is, issue American style covered warrants to the holders of old tradable shares for dynamic compensation. The warrants can be listed for trading, and the term of the warrants is half a year or one year from the date of issue, and can be issued and redeemed immediately;
③ The social security fund will set up a circulating fund for reducing state-owned shares, and entrust all state-owned shares whose warrants have not yet been converted to the circulating fund for management.
It is worth noting that this scheme is a combination scheme, and the steps are closely linked and complementary to each other to implement the reduction and circulation of state-owned shares as a whole.
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