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Our reporter Wang Tao reports from Shanghai
Most funds are out
On August 24, at the price of about 1.8 yuan, a fund manager in Shanghai put the last Baosteel warrant in his hands（ information quotation forum ）Throw it all away.
What triggered the fund's final move was the news that Guotai Jun'an issued covered warrants. Guotai Jun'an has applied to the Shanghai Stock Exchange for the issuance of Baosteel covered warrants to curb the speculation of warrants by expanding market supply.
"If it was not for the issuance of covered warrants, I would probably wait and see more than 2 yuan," said the fund manager.
Compared with other funds, the fund manager's shipment time is relatively late. The general situation learned by the reporter is that the fund is shipped at about 1.2 yuan to 1.5 yuan.
As of August 26, Baosteel's warrants still maintained their strength, with a cumulative increase of 163%. A total of 30.86 million hands were traded, with a turnover rate of more than 400%.
According to the statistics of the top ten heavy positions disclosed in the Fund's second quarter report, as of June 30, G Baosteel held by the Fund（ information quotation forum ）In total, it accounts for 44.52% of its outstanding shares. In addition to G Baosteel, which is held by major institutions in a decentralized manner, it is estimated that 70% of Baosteel's warrants will be held by institutional investors.
As a risk averse institutional investor, funds choose the strategy of cashing in at a high level when the warrants exceed their theoretical value.
Baosteel Warrants have been reduced to a speculative tool due to the combination of four factors, namely, small price, low price, large increase and decrease, and T+0.
Because of this, the funds involved can ignore the market significance of the warrant itself. Therefore, the change of its price will remain independent for a period of time under this highly speculative atmosphere.
It is reported that Baosteel Warrants was launched under the leadership of the International Development Department of the Shanghai Stock Exchange, and its continuous craziness has attracted the attention of the regulators. In an interview, a person from the Shanghai Stock Exchange said that the Exchange would monitor the abnormal trading of warrants and would resolutely take temporary measures.
Zhang Biao, the general manager of Guotai Jun'an New Product Development Department, the issuer of Baosteel warrants, defined speculation for Baosteel warrants on the second day of the listing of warrants and said it was no longer suitable for small and medium-sized investors to participate.
But on August 26, Zhang Biao said that it was not convenient for him to be interviewed by reporters. At the same time, Guotai Junan's relevant personage said that Guotai Junan is starting to issue covered warrants. The issuance application has been submitted to the Shanghai Stock Exchange two weeks ago, and the issuance time and initial issuance scale will depend on the warrant market conditions.
He pointed out that the issuing scale of Baosteel's covered warrants depends on the market demand. In theory, as long as the securities companies have capital and profit space, they can issue warrants continuously until the issuing price of the warrants gradually returns to the cost line of the securities companies issuing warrants. Generally, when the securities companies only have a yield of 4% - 5%, they will weaken their motivation to issue warrants.
The issuance of Baosteel's covered warrants is certain in terms of the size of a single issue. However, due to the simple approval procedures for warrant issuance, the supply will increase rapidly. Theoretically, the interval between the first and second issue of warrants may be shortened to 1-2 days.
It is reported that the exercise price, exercise proportion and expiration date of the Baosteel covered warrants under application are exactly the same as those of the existing Baosteel warrants, and the price is set at about 0.95 yuan.
"It is appropriate to issue covered warrants now." Zhang Wei, the income growth fund manager of HFT, believes that "covered warrants can be issued continuously, and make the warrant price gradually become rational, which is consistent with the fundamentals of Baosteel. In a sense, warrants have the function of value discovery, which makes the market realize the value of Baosteel, and Baosteel warrants are reasonable at a certain price."
At the same time, Zhang believes that the risk of Baosteel warrants should not be too pessimistic.
The total number of warrants of Baosteel is only 387.7 million. Based on the closing price of 1.808 yuan on August 25, the overall market value is only 700 million, which is equivalent to a small and medium-sized stock. The amount of capital required for speculation is also small.
According to the Interim Measures for the Administration of Warrants of the Shanghai and Shenzhen Stock Exchanges, fewer than 40 Shanghai and Shenzhen A-share companies are qualified to issue warrants. Most of them are Sinopec（ information quotation forum ）China Unicom（ information quotation forum ）Large cap stocks held by such funds.
Moving to G-share
In Baosteel's warrants, the fund should be said to have made a profit and was recognized by the market. At the same time, looking back at the stock reform since July, the fund has lost the overall market.
In the 24 trading days from July 12 to August 12, the Shanghai Composite Index rose 15.46%, and the net value growth of open-end funds in the same period was only half of the increase of the market in the same period. The average net value growth rate of 95 open-end stock funds was only 7.96%.
Pan Jiang, director of research department of Tiantong Fund, believes that this situation is normal. Not all the rising stocks are the fund's heavy positions. For example, the Shanghai market is not the focus of the fund at all.
Pan Jiang said that at present, the expectation that the split share structure reform can bring profits to investors is not lasting, and it is the company's fundamentals that determine the long-term trend of stock prices.
The heavy position of the fund is also one of the reasons. At the end of the second quarter, the average position of the fund was about 70%, and the funds available were limited, so the fund was not the main fund of this round of rebound, Pan Jiang said.
Statistics show that although the fund may have the initiative to adjust the position structure, it is not the main fund to launch the stock reform market.
Pan Jiang introduced that, relatively speaking, the increase of index funds has performed well in the stock reform market. Because index funds are full positions and do not make active adjustments, they have achieved performance consistent with the overall market.
The investment strategy of the Fund is relatively passive, and has missed the stock reform market. However, recently, the Fund has begun to gradually adjust.
Market analysts said that the concept stocks of stock reform were the main force of the fund's recent position increase, such as G Jinniu, G Zijiang, G Aodong, G Chuanhua Yangtze Power , Baosteel, Zhongfu Industry and other individual stocks, among the local stocks in Shanghai, First Food, Sanjiu Development, chlor alkali chemical industry And other stocks.
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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