The creation of once "reluctant to sell" Southern airlines (600029. SH) Put Warrant China Southern Airlines JTP1 (580989. SH) has now cleared all China Southern Airlines JTP1 in its hands (hereinafter referred to as the "founding broker"). According to the data of Shanghai Stock Exchange yesterday, as of Tuesday, the number of founders of China Southern JTP1 had "returned to zero" for the first time since June 25 last year.
Reset to zero
The founding securities companies have created more than 10 billion copies of China Southern Airlines JTP1, and they also participate in trading in addition to creation and cancellation. Since January 24, no securities firm has created China Southern JTP1. After the middle of February, in addition to the creation and cancellation, the trading of China Southern Airlines JTP1 also basically stopped.
On March 6, the founders of China Southern Airlines JTP1 held 104.16 million copies. The announcement on March 8 showed that GF Securities and Everbright Securities cancelled 104 million shares in total on March 10. On March 10, the founder of China Southern Airlines JTP1 held only 6000 copies.
According to data analysis, in addition to 104 million copies written off by the two securities companies on March 7, the founding securities companies also sold 10000 copies, and on March 11, after selling the last 6000 copies, they "returned to zero". Compared with the stock of China Southern Airlines JTP1 up to 12.441 billion shares, 16000 shares can be almost ignored. According to the average price on March 7 and 11, 16000 copies of China Southern JTP1 are worth less than 10000 yuan.
Once reluctant to sell
When China Southern Airlines' JTP1 reached the peak of more than 2 yuan at the beginning, the securities companies once created a large number and were reluctant to sell.
On June 26 last year, many securities companies announced that they had created 1.372 billion China Southern JTP1, and the founders held 1.372 billion shares that day; On June 27, the securities firms created 557 million shares again, and the founders held about 1.3 billion shares that day, that is, the securities firms created sold about 630 million shares that day.
In the following period of time, China Southern Airlines JTP1 has not been sold significantly by the founding securities companies.
On June 21 last year, China Southern Airlines JTP1 was listed at a price of 0.084 yuan, three consecutive trading limits, and the fourth trading day, June 26, reached the highest price in history of 2.603 yuan. Although China Southern JTP1 fell in the following days, the average price was more than 2 yuan until June 29.
At that time, China Southern Airlines was in a consolidation situation. From the resumption of trading on June 18 last year to July 17, the average price was 9.08 yuan, the highest price was 10.88 yuan on June 18, and the lowest price was 8.08 yuan.
The strike price of China Southern JTP1 is 7.43 yuan. Analysts believe that at that time, securities dealers were reluctant to sell because they feared that China Southern Airlines would fall below the issue price, and that the sale of a large number of put warrants by securities dealers would cause losses.
On July 18 last year, China Southern Airlines went up and down from 30.50 yuan to 17.49 yuan.
At this stage, the establishment brokers successively established and sold China Southern JTP1, which was also mixed with cancellation, but the amount of cancellation was far less than the amount of establishment.
Although China Southern Airlines JTP1 experienced another wave of ups and downs in late August last year, it then fell into a slump. Even after the Shanghai Stock Exchange Index fell sharply since 6124, China Southern JTP1, as a short selling tool, did not improve. With the decline of its creation volume, the minimum amount reached 0.337 yuan. However, China Southern Airlines still operates above 17 yuan, much higher than the exercise price.
At the end of January, China Southern Airlines JTP1 suddenly broke out, rising to more than 0.9 yuan at the highest level. The establishment, cancellation and trading of securities firms also gradually calmed down, and the holdings of the establishment securities firms gradually "returned to zero".
After "zeroing"
The initial issuance of China Southern Airlines JTP1 was 1.4 billion, and the current balance is 12.441 billion, that is, there are 11.041 billion China Southern Airlines JTP1 created by securities companies that have not been written off. Analysts believe that, according to relevant regulations, the warrants created by securities companies can be cancelled without having to buy back. When the put warrants expire, if the price of the underlying shares is lower than the exercise price, the exercise can be settled; If the positive share price is higher than the exercise price, it has no value at all and will be automatically cancelled after the expiration date.
If the settlement price of China Southern Airlines is not lower than the exercise price of 7.43 yuan on the exercise date of June 20 this year, the establishment of the securities firm will be able to make steady profits without loss.
As China Southern Airlines JTP1 is a cash settlement, it needs to calculate the settlement price of the positive shares. According to the current regulations, its settlement price is equal to the average daily closing price of China Southern Airlines ten trading days before the exercise date. Shi Renping
