The stock price is lower than the right price 48% SAIC shareholders worry warrants expired into waste paper

-Our correspondent Wang Xiaoyu Shanghai, June 9, 2009, despite the intermittent rain in Shanghai, but as the leader of the automotive industry-Shanghai Automobile (600104.　　SH) 's shareholder meeting still attracts a large number of institutions involved. The company's 12 bills were almost unanimously approved by the dozens of institutions, including the Fund, the Changsheng Fund, Everbright Securities and CICC.　　Many small and medium shareholders have expressed confidence in the company, and the fund participants at the scene expressed their satisfaction with the company, which was the occasion of the annual general meeting to exercise the rights of shareholders. But the perfect Jade also has the flaw, besides is such a huge company?　　In the face of the recent problems of SAIC, institutional individuals have put forward their own views. "Two years ago, the company issued a separate transaction debt, to expire on January 7, 2010, there are six months to do the right, the right price of nearly 27 yuan, but the company's share price on the 14 yuan, and corporate bond interest rates so low, the company expected to do right?"　　"The last week's shareholders are very worried about the future of warrants," he said.　　Because according to the current situation, the stock price is 48% lower than the right price, shareholders can not do the right, if the stock price still can not reach more than 27 yuan, the hands of the warrants will be a pile of waste paper. Data show that December 17, 2007 issue 6.3 billion of the 6-year separation trading convertible bond, that is, 63 million bonds. At the same time, each bond free of charge to obtain 3.6 warrants, the lifetime of the warrants from the date of the listing of 24 months, the warrants for 226.8 million, each warrants by 1:1 per cent of the proportion of the line, the right to the price of the last year after the dividend is 26.97 yuan.　　The bond itself has a nominal interest rate of only 0.8% to 1.2%, and if the warrants are not in line, investors will face a situation where the yield is less than 1/3 of the interest on the bank's deposit (five-year deposit interest is 3.6%). In this respect, the company's vice chairman Chen Hong said: "Warrants can be the right to do, in addition to the company's performance assurance, more important is the trend of the market index." What the company can do is to do well in the company's performance. If these warrants are not in line, the company will make appropriate adjustments to the items corresponding to these segregated transaction debts, but will not adjust too much.