银河德睿资本产品总监张丝莹发表题为《场外期权在上市公司市值管理过程中应用场景分享》的主题分 享。张丝莹重点介绍了多种金融工具和策略，如雪球期权和香草期权，这些工具被广泛应用于服务上市 公司股东和私募基金。 中国证券报创新中心产品总监李淼发表题为《如何借助媒体做好上市公司市值管理》的主题分享。李淼 表示，舆情管理对企业的生存与发展至关重要，尤其是对上市公司而言。舆情问题还可能涉及金融资 产、市值管理、产品运营和法律诉讼等多个方面，这些因素共同作用于上市公司的市值和舆论形象。因 此，企业应主动管理和应对舆情，特别是在海外发展时，需关注宏观政治倾向和政策变化。 2025年，"中国银河证券·星耀企业家办公室"将持续整合公司企业服务资源，通过企业家办公室活动平 台，助力拓展企业家及家庭核心圈层，不断扩大企业服务边际效应。银河证券将始终秉持"金融报国 客 户至上"的服务理念，深刻把握金融工作"功能性"，积极投身并融入区域产业和经济发展。未来，中国 银河证券将继续同各方紧密携手，服务于国家战略，实现高质量发展。 银万资本总经理赵峰深入解读《上市公司股东资产管理和PIPE业务》。赵峰重点介绍上市公司股东的 资产管理与PIPE ...

Core Viewpoint - The recent collapse of Shenzhen Shenshang Zhonghui Holdings Co., Ltd., the largest off-exchange options channel business, has exposed the underlying issues and risks associated with the off-exchange options market in China [1][3]. Group 1: Company Overview - Shenzhen Shenshang Zhonghui is a wholly-owned subsidiary of Shenzhen Pingbang Fund Management Co., Ltd., with a reported monthly trading volume of nearly 5 billion yuan [5][6]. - The company was involved in various financial services, including overseas immigration, distressed assets, individual stock options, and market value management [6][7]. - The company had recently opened a new branch in Luohu, Shenzhen, just months before its collapse [8]. Group 2: Incident Details - Employees reported that the company's management had disappeared, leaving many investors unable to exercise their options, with losses potentially reaching millions [2][10]. - The company had stopped processing orders about a week before the incident, leading to significant unfulfilled transactions [13][27]. - The company had outstanding debts, including unpaid management fees and rent, indicating financial distress prior to the incident [12][10]. Group 3: Industry Context - The off-exchange options market in Shenzhen is characterized by a large number of companies, with estimates suggesting there are over a thousand such firms involved, handling potentially trillions of yuan [4][37]. - The off-exchange options business has a high entry barrier, requiring companies to meet specific financial qualifications, yet many firms are circumventing these regulations [22][39]. - The allure of high leverage (up to 20 times) has attracted many retail investors, despite the inherent risks associated with such investments [25][20]. Group 4: Regulatory and Market Implications - The incident has raised concerns about the regulatory environment surrounding off-exchange options, with many companies operating in a gray area of legality [36][46]. - There is a growing recognition that the off-exchange options market poses systemic risks, particularly as many companies engage in practices that could be classified as illegal fundraising [52][51]. - The need for enhanced investor education and stricter regulatory oversight has been emphasized, as the market continues to evolve and attract more participants [52][50].

Core Insights - The article discusses the significant growth of the off-exchange derivatives trading business by risk management subsidiaries of futures companies in China, which has increased by 8.8% since the beginning of 2025, driven by the need for customized risk management solutions for real enterprises facing external shocks and market volatility [1][2]. Group 1: Market Trends - As of April 18, 2025, the nominal principal of commodity off-exchange derivatives held by risk management subsidiaries reached 228.03 billion yuan, reflecting an increase of 18.53 billion yuan since January 20, 2025, when Trump took office, marking an approximate growth of 8.8% [2]. - The demand for hedging has surged due to intensified market fluctuations caused by trade policies, with some companies reporting a 40% increase in their off-exchange derivatives positions in April 2025 [2][5]. Group 2: Client Demographics - The primary clientele for these off-exchange derivatives are real enterprises, with over 95% being private small and medium-sized enterprises (SMEs), which often struggle with the standardized nature of traditional futures contracts [2][3]. - Customized derivatives can address the specific needs of SMEs, providing tailored solutions for price fluctuations and exchange rate risks [2][4]. Group 3: Risk Management Solutions - Off-exchange derivatives have proven effective for SMEs, allowing them to manage risks without the high capital requirements and expertise typically needed for direct participation in futures markets [4][6]. - Examples include a petrochemical company using vanilla options to secure higher selling prices and a private steel mill locking in future prices to avoid rising procurement costs [3][5]. Group 4: Future Outlook - The market for off-exchange derivatives is expected to continue expanding, driven by the increasing complexity of the macroeconomic environment and the need for effective risk management strategies among enterprises [6]. - The unique advantages of off-exchange derivatives, such as preemptive risk control, position them as essential tools for enterprises aiming to enhance their competitiveness and navigate global market uncertainties [6].