[ad_1]
Lost again, known as the “god of the future” of A sharesQin’an Actions(603758,Clinical Unit) I am afraid of falling on the altar.
On the night of September 27, Qin’an (603758) revealed that from September 24 to September 25, the company’s futures investment settlement loss was 106 million yuan; the current cumulative settlement loss was 249 million yuan. At the same time, as of the close on September 25, the company’s futures account currently has a floating loss of 233 million yuan. Due to large fluctuations in the price of related metals, the company’s warehouse receipts are currently facing an increased risk of loss. In other words, the account’s closing loss plus floating loss has reached 482 million yuan, and these losses have exceeded 60% of its total profit.
As observed by a Securities Times and Company reporter, this is the third time that Qin’an has announced that its futures investment has been closed after the company closed its position with a loss of 69.525 million yuan from 12 to 22. September and a loss of 73.483 million yuan on September 23. Lost.
There is an investment in Qin’an Stocks that said that on Friday external aluminum rebounded and the fall in silver was not great, so it should be liquidated on Monday, leaving futures, and be the main business.
Settlement loss in 11 business days reached 249 million yuan
Prior to this, since the inception of futures investing on April 15, Qin’an had successively announced 21 announcements of early stage futures investment income, and all of them were profitable. According to statistics, from April 15 to September 11, in the past five months, the cumulative return on investment in Qin’an stock futures reached 769 million yuan, which is about 3 times the cumulative net profit of the company since its listing. Known as “the king of futures”.
But the good times did not last long and the high leverage and high risk of investing in futures gradually appeared. From September 11 to 25, the cumulative liquidation loss of Qin’an shares reached 249 million yuan, which was a loss. More than a third of the earnings in the last 5 months. And at the close of September 25, the company’s futures account has a floating loss of 233 million yuan.
According to the current fund transfer and investment situation, Qin’an, which entered the futures business in April this year, had an initial futures investment capital limit of 500 million yuan. After two additional installments, the futures investment limit was finally increased to 900 million yuan. The announcement on the night of September 27 showed that the transfer of funds this time was 160 million yuan, which was 503 million yuan in total (exceeding the amount of capital invested). As of September 25, the company has invested 517 million yuan in futures (mainly the margin invested in futures trading, the unused funds in the futures account that can be used to invest in the future margin and the loss funds The company will not invest in the futures account in the future. New financing).
In the announcement, Qin’an shares also calculated future risks: Due to large fluctuations in the price of related metals, the company’s warehouse receipts are currently facing a higher risk of loss. According to the company’s capital investment, the company’s current exposure to future investment risk and the maximum possible loss is 517 million yuan (this is the maximum loss that can be faced in the future without considering the situation of current loss). Excessive losses occurred.
Faced with large fluctuations in investment performance, Qin’an’s share price on the secondary market also turned around: the company’s share price closed at the lower limit on both trading days, the September 24 and 25.
All positions will be closed when the accumulated income exceeds 200 million yuan.
According to a reporter from the Securities Times and Company, Qin’an’s shares went public in 2017 and it is mainly engaged in the research and development, production and sale of car engine core parts: cylinder blocks, cylinder heads, crankshafts and gearboxes. Aluminum is one of its raw materials. . Regarding investment in futures, Qin’an said that the purchase of aluminum as a feedstock in 2019 accounted for 21.34% of the company’s product manufacturing costs, and aluminum purchases are expected to continue to increase by 2020. The futures investment products selected by the company mainly include aluminum, zinc, copper and gold.
The shift from traditional auto parts manufacturers to futures traders has also drawn the attention of regulatory authorities. The Shanghai Stock Exchange issued a supervisory job letter on September 11 on investment matters in Qin’an stock futures (specific content has not been announced).
Qin’an shares stated in the explanation of matters related to investing in futures on September 14: The company has always been focused on its core business and returns from investments in futures are accidental and unsustainable.
At the same time, the company claimed that the company’s main raw material for production and operation is aluminum. In 2019, the company bought 7,312.5 tons of aluminum, with a purchase amount of 103,232 million yuan. The current amount of the company’s futures investment far exceeds the amount required for raw materials and the corresponding hedging requirements.
“Investing in futures is very risky and its returns are extremely uncertain. As the futures target price returns to normal, investing in futures futures has limited profit margins. The company will orderly withdraw from futures trading in commodities and will reduce the scale of futures trading. “Qin’an shares said.
How to control the risk of the remaining investment funds? Qin’an also listed risk control measures in its September 27 announcement: For example, the company formulated the “Futures Trading Management System”, established a stop loss line, and stipulated that the investment investment of Company futures (excluding refinancing income) appeared 7,500 Stop loss when you lose.
In the case of large floating losses in the company’s futures trading, to reduce the related risks, the company also adopted the following measures: 1. Strictly control the capital limit of the futures account; 2. No more fund transfers and gradually reduce futures investment positions; 3., Establish a safety line to ensure the safety of the initial investment of 49,999,980 yuan (ie principal). To ensure the effective implementation of this control measure, if the company’s futures losses (including floating losses) continue to increase, the company will carry out all futures investments when the cumulative return on the futures investment (including profit, loss, floating loss and floating profit of the previous period) exceed 200 million yuan. Close the position to ensure the safety of the director.
The profit and loss from the company’s futures settlement will reportedly be included in the company’s profit and loss in 2020, which will have an impact on the company’s performance in 2020.
In the end, it will be announced in the near future what kind of transcript Qin’an will share in this round of future investment trips.
