PVC futures to produce a set of hot-keeping leading enterprises to eat "head soup"

-Our correspondent Udryan 22nd announced that the board of Directors agreed to the company to carry out PVC hedging business, which is 1.5 months after the chlor-alkali chemical, Xinjiang Tian Industry said to be involved in PVC hedging of the third listed company.　　According to the "Securities daily" reporters understand that there are several companies are planning to cover insurance matters, PVC futures listed on the emergence of enterprises to participate in hedging business enthusiasm.　　PVC futures listed three enterprises to enter the hedging business with the financial crisis to the economic entity spread, the PVC industry suffered a heavy blow, the production and operation of enterprises were affected, the fourth quarter of last year, the first quarter of the company's net profit plummeted. To be involved in hedging business in the three major industry leading companies for example, chlor-alkali Chemical industry in 2008 to achieve net profit of 10.7083 million yuan, the year-on-year decrease of 81%, the earnings per share is only 0.0093 Yuan, the 2009 first quarter net profit of 3.4072 million yuan, a year down 88.4%, earnings per share 0.0029 yuan. Xinjiang Tian Industry in 2008 to achieve net profit of 57.7019 million yuan, the year-on-year decrease of 81%, earnings per share of 0.13 yuan, 2009 first quarter net profit-20.8424 million yuan, down 141.33%, per share earnings-0.05 yuan.　　British force in 2008 to achieve a net profit of 41.6185 million yuan, a year-on-year decrease of 57.92%, earnings per share of 0.3 yuan, 2009 the first quarter net profit of 6.92 million yuan, a year down 81.31%, earnings per share 0.05 yuan. The price of PVC in 2003 to 2008 is like roller coaster fluctuations. The maximum rose to 9000 yuan/ton, then fell to 6000 yuan tons, only half a year to fall by 30%; The financial turmoil caused the price of PVC to fall sharply 40% in just four months.　　In the ups and downs of the price of PVC production enterprises like a helpless "lamb". PVC futures listed this May, providing enterprises with effective tools to control risk, it can lock costs and benefits in the risk.　　PVC industry leading companies to the first to enter the hedging business.　　Chlor-Alkali Chemical May 15 issued a notice that the company intends to carry out PVC futures (PVC) hedging business, to no more than 70% of the company's spot PVC, authorized general Manager operation, and the choice of 1 to 2 futures companies for the company to implement the initial period of PVC futures hedging business of the non-self seat. Xinjiang Tian Industry June 17 announced that because of business development needs, the company intends to carry out the hedging business of PVC futures. 　　Make full use of the same principle of futures and spot market trends, use the time difference and spot operation of futures contract to form a hedging mechanism to avoid and reduce the risk of production and operation caused by the sharp price fluctuation.　　British force special June 22 announcement, the Board of directors to consider through the company to carry out a margin of 5 million yuan of PVC futures hedging business. Control risk separate "red line" data show that from May 25, PVC futures market began to June 22, futures contracts to buy and sell add up to 200 hands, 10 million tons, and 2008 the national PVC apparent consumption is 9.2 million tons. Current trading volume, about 20% is the position, 80% closed positions, which reflects the speculative, arbitrage for the purpose of the transaction occupies a larger proportion. The main body of speculation is the private capital in Zhejiang and Guangzhou.　　Therefore, PVC enterprises to participate in hedging business first put the risk in the first place, three companies have set their own hedging "red line." The chlor-alkali chemical board determines the hedging position to be limited to 70% of the company's spot PVC stock. Xinjiang Tian Industry this time the PVC futures hedging business is limited to the domestic futures exchange of PVC futures trading, 2009, PVC futures hedging positions to not exceed the company's PVC annual spot of 70% limit; and since 2010, The PVC futures hedging position is limited to the annual spot amount of PVC.　　Futures positions do not exceed the hedging of the spot amount, the position time should be with the spot value of the price period required to match. British force has established a sound organizational structure, business Operation process, approval process and the internal control system of hedging for the conduct of PVC futures hedging business. The company only carry out selling hedging business, futures margin of the highest amount of investment (including additional margin) 5 million yuan (excluding 5 million yuan), the company will be in the hedging business accumulated losses to 5 million yuan, the end of this year's hedging business.　　If the company's hedging business losses or floating losses accounted for the company's most recent fiscal year audited net profit of more than 10%, and the loss amount of more than 1 million yuan, the company will be within two trading days to the Exchange report and information disclosure.　　From three of the information disclosed to be involved in hedging business, the disclosure of the British force is the most specific and detailed. British Special general Manager is 建新 in the interview with the reporter said, will strictly abide by the principle of hedging, in the field futures market do the same amount of selling value. and hire industry experts on the company's financial situation and market risk to do a systematic assessment of the hedging business personnel to carry out professional training.　　The company has set up a Futures management group, the futures business has the approval layer, the business Operation layer and supervision layer, the level of checks. He said: "In the first step into the futures hedging business, the company will be in line with the principle of prudent operation, small-volume hedging, hedging initial position of not more than 25% of monthly production." "To abstain from the" Heart Demon "not the same as aviation oil cover the mistakes of our enterprises before the participation in sugar, copper and other hedging business losses, especially last year to the uproar of the aviation oil cover event to participate in hedging business to bury the shadow. From aviation oil to Citic Pacific, and then to Air China, Eastern Airlines, many large Chinese enterprises in the financial derivatives business, the defeat of Waterloo.　　The fundamental reason is to deviate from the principle of hedging. Changqing, director of China Futures and financial derivatives Research Center, said in an interview with reporters that using hedging to evade operational risks has become an international practice. "It is certainly wrong to say that hedging makes money, and hedging will notTo make money is not to lose money, it is a means. "British Special general manager is 建新 to this newspaper reporter said:" Cover the reason of huge losses, one is the violation of the principle of the same amount of time, the second is to hedge into speculation; third, some of the foreign funds to cover insurance against foreign capital encirclement and suppression. He disclosed that the company has contacted a number of futures companies, to choose one or two futures companies in China to cover the insurance business specific guidance. Once the hedging scheme is established, the company will liaise closely with the research department of the Futures Company and other manufacturers to find the most suitable time for hedging.