Most of the consideration warrants obtained by the Fund have been sold. Dacheng Fund has the highest income

Our reporter Yi Fei reports from Shenzhen

Today, a total of 46 funds under 12 fund management companies, including Dacheng, Fuguo and Guangfa, released the first batch of 2005 annual reports.

According to the new regulations of the CSRC's Notice on Issues Related to the Disclosure of the 2005 Annual Report, the funds of 12 fund companies have disclosed the investment of warrants in detail for the first time, showing us that the No. 1 player in the securities market is far away from the right

The scene of evidence. This also reveals to some extent that the current warrant market is a game between hot money, retail investors and the securities dealers who created warrants. To some extent, it can even be said that the warrant market is a one-sided game of hot money.

According to the statistics of the warrant investment data in the annual report of the above funds by Tianxiang Consulting Company, in 2005, none of the above funds had active investment warrants, and their warrants were

In addition, after obtaining the share reform consideration payment warrants, the above funds unanimously chose to sell. According to existing data, 38 funds of the above 12 fund companies have received warrants for consideration payment, but as of December 31, 2005, only 4 funds have chosen to continue to hold some warrants, and other funds have all sold out their passively held warrants.

Warrants are a new thing in the reform of non tradable shares. The emergence of warrants also means that the derivatives market of warrants, which has been closed for many years, is reopened. Due to its scarcity and T+0 characteristics, it has become the focus of the market since the listing date. At the most active time, the transaction amount of three warrants, including Baosteel warrant, even exceeded the total transaction amount of thousands of warrants in Hong Kong. As we all know, Hong Kong is the world's second largest warrant trading market after Germany.

Under the popularity, the value of warrants is far higher than its theoretical value. Taking the first warrant product - Baosteel warrant as an example, many domestic financial engineering researchers predict its theoretical value to be about 0.56 yuan according to the option pricing model. Even considering the market's psychology of pursuing innovative products, the price range of its listing should be about 0.8 yuan to 1.00 yuan, However, on August 22, 2005, Baosteel's warrant opened at 1.263 on the day of listing. Since then, although it once fell to 0.68 yuan, close to the theoretical value, it was immediately hyped to 2.11 yuan, which surprised experts. Under the hot atmosphere, the market once appeared the situation of speculation at the sight of warrants, and the situation that listed companies must give warrants for share reform. In addition, on November 23, the day when WISCO's call warrants and put warrants were listed, there even appeared the situation of simultaneous rise and stop of call warrants and put warrants.

In the face of such irrational and speculative warrant speculation, it is reasonable for mutual funds that advocate value investment to leave the market. Many fund people clearly realize that the value of warrants cannot be overestimated forever. With the decline of time value, there will inevitably be a sharp decline. This speculation has become a game of foolishness. Due to timely selling, many fund warrants have been sold at a good price, which has contributed a lot to the growth of fund net worth. According to the statistics made by Tianxiang Investment Consulting Co., Ltd., among the 12 fund companies that have disclosed their 2005 annual reports, Dacheng Fund Co., Ltd. ranked first with 40.1 million yuan of warrant spread income, followed by Cathay Pacific Fund Management Co., Ltd. with 26.97 million yuan of warrant spread income, and Guangfa Fund Management Co., Ltd. ranked third with 23.59 million yuan of warrant spread income.