Category: Money tips Release Date: 2006-06-02
Yesterday, the China Securities Regulatory Commission issued an "split share structure reform, investment in securities investment funds, warrants issues related to notification" (hereinafter referred to as "Notice"), to resolve the current market to fund investment warrants a series of questions, and for the first time the financial derivatives into the scope of the Fund's investments. Industry analysis, under the "notice" in the provisions of the model warrants the Fund's investments will be more flexible, and careful control of the Fund's investment risks, to protect the safety of the Fund's assets.
United Securities researcher Yang Ge said that despite the Commission before the resumption of trading ahead of Baoshan Iron and Steel issued a "notice", but Baosteel Warrants are not likely to resume trading in its time of listing. Because the current broker trading systems on the warrants have yet to be perfect, all the preparatory work is not done properly. But he believes that warrants will be available soon and will not take too long time. And because the Fund's study also warrant more in-depth, once the warrants can be traded, and their prices more than in the Fund's valuation of the time, the Fund may sell these shares with the Fund playing is very similar.
Warrants, as a new financial services in the "Fund Law" and the fund contract did not mention, but the split share structure reform, Baosteel, have introduced a long electric warrants program and, as its shareholders funds, involvement of Warrants investment is an unavoidable fact. Regulators have expressed an open mind to accept something new. In the "Notice", not only as the Fund may invest in the warrants, one species, but also to allow the Fund to proactively invest in warrants. This solves the warrant into the legality of the fund portfolio.
At the same time, the Fund may invest in warrants the provisions of the initiative, but also to enable the Fund's asset management activities have become more flexible. A fund boss pointed out that the price of the Fund received as one of the warrants, if we could only be sold can not be bought, it is bound by the limitations of their investment behavior is not conducive to the full protection of the interests of fund holders. The "notice" in the buying behavior of active permission, then enable the Fund to give full play to investment management initiative.
In the investment scope, the "notice" requirement, the fund can only take the initiative to invest in the split share structure reform, issued warrants. In other words, for other warrants, such as may be available during the last card 50ETF warrants, the Fund has no investment eligible for the time being.
In the investment process, the Fund invested in active warrants before the investment program must be reported to the CSRC and the announcement. This makes the fund invested in warrants can not be too freely, while avoiding the moral hazard.
In the investment ratio, the "notice" clear, fund managers use its funds to invest in property warrants shall not be any of the following situations: a Fund in any given trading day the total amount of warrants to buy more than the previous day's net asset value of the fund 5 �; one of all warrants held by the Fund, its market capitalization of more than 3% of the net assets of the Fund; the same fund managers and the management of all funds held by the same warrants, the warrants does not exceed 10%. Fund company insiders said that this in line with the fund as a prudent investor characteristics. Due to the high volatility of warrants, the fund only to strictly control configuration ratio, in order to avoid excessive risk. In fact, in overseas markets, the fund is only allowed a small amount of warrants investment ratio. For example, our equity investment funds invest in Warrants the net amount of general fund assets account for only 3% -5%.
