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The original title skyrocketed 300% on the first day of listing
【Summary】Yongji Convertible BondThe mystery of the 300% surge on the first day of listing was finally revealed.
Yongji Convertible Bonds rose by 50% at the opening, and continued to soar to 276.16% in the last 3 minutes near the close. It turned out that some people carried out abnormal trading behaviors by means of large and high-priced declarations in a short period of time, which caused the price of Yongji Convertible Bonds to deviate from the underlying stock and fluctuate greatly at the end of the first day of listing.
The investor invested about 5 million yuan in two times, with an interval of about 20 seconds, and the price declared each time was significantly higher than the latest market transaction price at that time. This drives up the price of convertible bonds. The Shanghai Stock Exchange believes that this behavior seriously disrupted the normal trading order of bonds and may mislead other investors in their trading decisions. The circumstances are very serious and the market impact is bad. The investor account is restricted from trading for 3 months.
Multiple large and high price declarations in a short period of time
Recently, the Shanghai Stock Exchange imposed disciplinary sanctions on Zheng Mujian’s securities accounts for restricting trading, which also revealed the mystery of the speculation on the first day of Yongji’s convertible bonds listing.
On May 17, 2022, Yongji Convertible Bonds were officially listed and traded. The bond opened 50% higher at the opening, and the price was 150 yuan, and then it was temporarily suspended. At 2:57 pm that day, Yongji Convertible Bonds resumed trading. After the resumption of trading, the price instantly reached more than 300 yuan, and the highest price even exceeded 400 yuan. As of the close of the day, Yongji Convertible Bonds closed at 376.16 yuan, an increase of 276.16%, and an increase of 150% in the last 3 minutes.
According to the information of the Shanghai Stock Exchange, it was found that during the process of trading Yongji Convertible Bonds in the securities account under the name of investor Zheng Mujian, he carried out abnormal trading behaviors by means of large and high-priced declarations for many times in a short period of time, which affected the transaction price of the bonds.
At 14:57:02 on May 17, 2022, investor Zheng Moujian declared to buy 1 transaction at a price of 333.44 yuan, a total of 750 lots, and the declared amount was 2,500,800 yuan. Before the declaration, the latest transaction price of the bond was 310.01 yuan, which was 7.56% higher than the latest market transaction price. The volume of declarations accounted for 67.81% of the total declaration volume higher than the latest transaction price in the same period, raising the bond price to 333.44 yuan.
At 14:57:25 on May 17, 2022, Zheng Moujian declared to buy 1 transaction at a price of 432.77 yuan, a total of 537 lots, and the declared amount was 2.3240 million yuan. Before the declaration, the latest transaction price of the bond was 399.36 yuan, which was 8.37% higher than the latest market transaction price. The volume of applications accounted for 71.03% of the total application volume higher than the latest transaction price in the same period, and the bond price rose to 401 yuan.
The Shanghai Stock Exchange believes that the investor Zheng Moujian carried out abnormal trading behaviors through large and high-priced declarations in a short period of time, which caused the price of Yongji Convertible Bonds to deviate from the underlying stock at the end of the first day of listing. The bonds are in normal trading order and may mislead other investors in their trading decisions. Investor Zheng Moujian violated the relevant regulations, the circumstances were very serious, and the market impact was bad.
In view of the above-mentioned facts and circumstances of the violation, upon review and approval by the Disciplinary Action Committee of the Shanghai Stock Exchange, and in accordance with relevant regulations, the Shanghai Stock Exchange has made a disciplinary decision. From May 23, 2022 to August 22, 2022, the relevant securities accounts under the name of Zheng Mujian will be subject to disciplinary action of restricting trading, that is, all bonds listed on the Shanghai Stock Exchange shall not be bought and sold.
The reporter noticed that as early as May 18, the Shanghai Stock Exchange officialWeiboThe circular pointed out that some investors have abnormal trading behaviors such as intraday pull-ups that affect the normal trading order of the market and mislead small and medium investors in their trading decisions in the process of trading Yongji Convertible Bonds. Self-regulatory measures, and once again remind investors to pay attention to risks and compliant transactions.
On the evening of May 18, the listed companyYongji sharesA suspension inspection announcement was also issued. Since the price change of convertible bonds seriously deviates from the trend of the underlying shares, in order to protect the interests of investors, Yongji Convertible Bonds have been suspended for inspection since the market opened on May 19 after the company’s application. As of May 25, Yongji Convertible Bonds were still temporarily suspended.
In the last 3 minutes, it pulled wildly and closed up 276.16%
According to the historical data of convertible bonds, the increase of 276.16% on the first day of listing of Yongji Convertible Bonds broke a historical record.There are only 2 companies that increased by more than 100% on the first day. Except for Yongji Convertible Bonds, the other one was listed on April 19 this year.Aggregate Convertible Bonds. Aggregate convertible bonds rose 133.52% on the first day.
It is understood that Yongji Co., Ltd. publicly issued about 1.46 million convertible corporate bonds on April 14, 2022, each with a face value of 100 yuan, with a total issuance of about 146 million yuan. Industry analysts believe that the biggest highlight of the convertible bond is the small scale of issuance, only 146 million yuan. And according to the new regulations on convertible bonds, the reduction of convertible bonds is only restricted by directors, supervisors and senior executives and shareholders holding more than 5% of the shares, and no matter the shareholding ratio of directors, supervisors and senior executives, they cannot be sold within six months after purchase. out. According to the shareholding situation of Yongji Shareholders, except for the major shareholder Yongji Holdings (holding 41.52% of the shares), others are not subject to the new regulations. Therefore, the actual circulation scale of the convertible bond in the first six months is about 85 million.
According to public information, the main stock Yongji Co., Ltd. is a company specializing in trademarks.Packaging and Printingbusiness manufacturer. The main business is the design, production and sales of cigarette labels and other packaging printed matters, and has long provided printing supporting business for cigarette materials (cigarette boxes, wrapping paper) for China Tobacco Industry Company of Guizhou Province.
ChukinkomanageThe fixed income team pointed out that the situation of Yongji is a type of “abnormal sample” that has been common in the past two years, not the result of natural transactions, and investors’ understanding of this type of variety is still slightly insufficient. These varieties are generally small in scale, have few institutions, are not held by shareholders or are still in the lock-up period, and institutional investors are generally not inclined to invest in such bonds.
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Responsible editor: Wang Han