|
Fund Anshun invested in Wanhua warrants on a large scale, exceeding 5% of the outstanding amount
Securities Times reporter Wan Peng
As a high-risk investment product, warrants have always been shunned by mainstream institutions. However, the recent continuous adjustment of the warrant market has also made the investment value of some varieties apparent: a closed base owned by Hua'an Fund Management Co., Ltd
Gold Fund Anshun ( information quotation forum ) , even became Wanhua warrant ( information quotation forum ) Of the Company.
Shanghai negotiable securities The latest information of warrant holders of the Exchange shows that the total amount of Wanhua warrant held by Fund Anshun exceeds 5% of its circulation, which is the first time that a fund company has become one of the super proportion holders of warrants. At present, the total number of Wanhua call warrants outstanding is 58.6651 million, and the number of funds held by Anshun should be more than 2.9333 million. Based on yesterday's closing price, the market value is 36 million yuan.
Since Fund Anshun was the fifth largest shareholder of outstanding shares before the share reform of G Wanhua, holding 8.7 million shares, it was calculated that only 1.74 million Wanhua warrants were obtained through the share reform, which also means that the number of the Fund's purchases in the secondary market was at least 1.1933 million. The last purchase date before the listing was July 5, when Wanhua warrant dropped by 5.26% and finally closed at 12.169 yuan.
In fact, the fund Anshun is not the only institution optimistic about Wanhua warrant. Since the middle of May, Orient Securities has become the super proportion holder of the warrant, and has not withdrawn yet. However, excluding the income from share reform, Orient Securities only needs to buy less than 120000 shares in the secondary market to be on the list.
The reason why Wanhua warrant can be favored by many institutions is related to its high intrinsic value. According to Li Qiang, a researcher of Changjiang Securities, the intrinsic value of Wanhua call warrants was 12 yuan and the theoretical value was 12.084 yuan on July 5, the last purchase of fund Anshun. The premium rate between the closing price of 12.169 on that day and the theoretical value was only 0.82%, which was the lowest among all warrants.
It is undeniable that Wanhua warrant has been recognized by the market, which is also related to the return of the value of the warrant market. In the early days of the formation of the warrant market, the valuation level was seriously overestimated under the speculation of speculative funds. Since then, the entire warrant market has entered a continuous decline. The latest data shows that at present, the average premium rate of call warrants is 19% and the average premium rate of put warrants is 30%, which is significantly lower than before. It can be said that if the overall warrant market did not return to rationality, some valuable varieties might continue to be buried in the frenzied atmosphere of speculation.
In the recent trend of the warrant market, a notable feature is that the call warrants are relatively strong, while the put warrants have a significant decline. Just like yesterday, Vanke's put warrants continued to fall 5.88% to a new low.
Zhu Huacheng, chief quantitative analyst of Xiangcai Securities, believes that shares In the context of a bull market, the value of warrants is obviously more prominent. Taking Wanhua warrants as an example, the value of warrants is expected to be further reflected when institutions are optimistic about the future trend of their positive shares.
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.
| 
