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应对减持新规 券商使出“溢价减持术”

2017-09-24 07:26:51   中国经济网

该方案负责人告诉记者,减持股东除与券商签立该协议外,还将购买大宗交易产品。该产品分拆为两部分,第一部分,减持股东方向某资本买入看涨期权,获得股票上涨收益;某资本向券商买入看涨期权,该股票上涨收益最终由券商支付。

同时,减持股东投资于某私募基金产品,某私募基金产品向券商卖出一个看跌期权,为券商提供股票下跌保护,并向券商支付33.3%的保证金。

如股票到期下跌,则减持股东通过私募基金产品向券商支付股票下跌损失;如股票到期上涨,则减持股东通过某资本向券商收取股票上涨收益。

从效果上来看,该方案实现多方共赢。对于减持股东来说,相比于折价减持,溢价减持基于市场感觉较好,同时表示对于市场后续行情的看好,而且通过期权获得了一定的增强收益效果。对于券商来说则赚取了期权费。

各色减持赛道

根据减持新规,在任意连续90个自然日内,通过集中竞价交易减持不得超过1%,通过大宗交易减持不得超过2%;且受让方在受让后6个月内不得转让。通过协议转让方式减持股份导致丧失大股东身份的,出让方、受让方应当在6个月内继续遵守减持比例和信息披露的要求,也就是说协议转让对转让规模没有限制但是限制受让方转让的期限。

股份受让方由于短期内不能转让而面临较大的风险,因此想要找到大宗交易和协议转让接盘方的难度增大。因此,有些股东想要通过锁定风险和收益来吸引接盘方,上述溢价减持就是其中一种。

随着市场回暖,上市公司公告的减持计划趋于增多。例如精准减持、收益互换、被动减持等新式花样层出不穷。

赛福天9月20日晚间公告称,公司近日收到股东广东科创的通知,其于2017年9月19日通过集中竞价方式减持1万股公司股份,占总股本的0.005%。本次减持前,广东科创持股占公司总股本的比例为5.004%。本次减持后,广东科创持股占公司总股本的比例为4.999%,不再为持股5%以上股东。

9月18日晚间,北矿科技公告称,公司股东中科汇通9月18日减持其持有的公司无限售条件流通股100股,占公司总股本的0.0001%。公告显示,减持前,中科汇通持股占北矿科技总股本的5%,减持后,中科汇通持股占北矿科技总股本的4.9999%,不再为公司持股5%以上股东。此外,宁波富邦、新文化、奥克股份原持股5%以上的股东出现100股的迷你减持。

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