Sword refers to irrational hype, which can be worn on the "tight puppet curse"

In the first half of 2022, the capital market is generally sluggish. The convertible bond market is one of the few "highlights", but some convertible bonds have set off a "huge wave". Stir fry the sky. In this case, the Shanghai -Shenzhen Stock Exchange shot.

The most representative of the convertible bonds that encountered stir -fry was the Yongji Convertible Bond. On the day of the listing on May 17th, the end of the set was increased by more than 300%, and the closing of 276.16%was eventually increased. The Shanghai Stock Exchange has adopted key monitoring measures for this situation and implemented disciplinary sanctions on abnormal trading investors.

The relevant disciplinary sanction decision disclosed by the official website of the Shanghai Stock Exchange on May 24 introduced the specific plot of the abnormal transaction of Yongji Convertible Treasury bonds: Zheng Moumou, a punished investor, has repeatedly passed a large high -priced declaration in a short period of time. Behavior affects the transaction price of Yongji's convertible bond.

The Shanghai Stock Exchange decided that from May 23 to August 22, the Shanghai Stock Exchange implemented a disciplinary sanction of the relevant securities account under Zhengmou's name, that is, not to buy or sell all the bonds listed in the institute. For the above -mentioned discipline decision, the Shanghai Stock Exchange will notify the China Securities Regulatory Commission and record the integrity file of the securities and futures market.

When the market believes that the storm of the convertible bond market comes to an end, the Shanghai and Shenzhen Exchange provides rules for convertible bonds.

Recently, the Shanghai Stock Exchange and the Shenzhen Stock Exchange have released the "Implementation Rules for the Expressing Company's Bond Transaction (Draft for Soliciting Opinions)" and publicly solicited opinions from the market. The Shanghai Stock Exchange and the Shenzhen Stock Exchange also issued the "Notice on the Proper Management of Corporate Bonds", which further strengthened the appropriate management of investors in convertible bonds.

Overall, the Shanghai and Shenzhen Exchange supervised from three dimensions.

The first is the ahead of time, setting up the threshold of "2 -year securities investment experience+an average daily assets of over 100,000 in the previous 20 days" for newly -entered investors, and it is on the GEM. Transition period. It is expected that the significant increase in thresholds will lead to a significant slowdown in the number of convertible bond account opening, thereby reducing market activity.

Followed by things in the matter. The quotation and rising daily limit system during the Shanghai-Shenzhen-Shenzhen-Shenzhen-Shenzhen city convertible bond transaction, of which the opening price rose and decline in the opening price on the first day of listing was ± 30%, and the limit of the rising decline on the first day was -43.3%to 57.3%. From the next day, the limit of the decline is ± 20%, and it will stop during the next day. On the whole, the restrictions on the rise and fall of the new regulations are basically consistent with the stock market. This can reduce arbitrage behavior to a certain extent and guide funds to pay more attention to the fundamentals of the positive stocks. In addition It will greatly increase the cost of speculation funds to manufacture extreme markets, and it will also cool down the market.

Once again, after -the -time dimension. Clarifying abnormal trading behaviors, new prices and severe fluctuation standards, the information of the transaction business department (Dragon and Tiger List), which is obviously changed, and requires listed companies to disclose an abnormal fluctuation announcement or suspension of trading. In the case of strengthening information disclosure and increasing the transparency of transactions, excessive speculation of funds will also be deterrent.

In the current convertible bond market, about 80%of the transaction volume comes from small -scale and small market value convertible bond contributions, while the proportion of nearly half of the white horse convertible bonds represented by finance accounts for only 10%to 20 to 20 to 20 %. Due to the unlimited rise and fall of convertible bonds, some investors' speculation on some off -price convertible bonds prevailed, and the fluctuations of some convertible bond prices were even greater than positive stocks.

The main purpose of restricting the rise and fall of convertible bonds and the abnormal trading behavior of monitoring convertible bonds is to limit the hype of "demon debt", and the requirements for the appropriateness of investors, although to some extent, limited the convertible bonds that can convertible bonds to some extent Liquidity, but also protects investors excessively speculative to inhibit small -scale and small market value convertible bonds.

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