Warrant Crazy Gambling Fund One Billion Red Packets into the Bag Brokerage Receives Three to Five Dous More

Our reporter Zou Yu reports from Shenzhen

From December 5 to 8, in just four trading days, the total transaction amount of five warrants reached 33.849 billion yuan, and the total trading volume of Shanghai and Shenzhen main boards in the same period was about 34.862 billion yuan. The trading volume of warrants is close to the main board.

In this crazy "gamble", funds and securities dealers undoubtedly made a lot of money and became one of the biggest beneficiaries.

　　 Fund: 1 billion "red envelopes"

So far, five warrants have been listed: on August 22, Baosteel Warrants [Baosteel JTB1 (580000)]; On November 23, WISCO Butterfly Warrant [WISCO JTB1 (580001), WISCO JTP1 (580999)]; On December 5, Vanke Warrant [Vanke HRP1 (038002)], New Steel Vanadium Warrant [Steel Vanadium PGP1 (038001)] and Angang Steel Warrant [Angang JTC1 (03001)] were listed together in Shenzhen Stock Exchange.

So, as the main circulating shareholders of the listed companies that distribute warrants, how much gains have the funds and QFII actually obtained?

It can be seen from the report that among Baosteel shares, QFII holds 135465700 shares and the fund holds 1679557100 shares. Baosteel's consideration arrangement for share reform is 2.2 shares for every 10 outstanding shares

Based on the average price of 1.4815 yuan from the listing date of Baosteel warrants to December 8, QFII can make a profit of 2006 million yuan and the fund will make a profit of 250 million yuan.

After the completion of the share reform, Baosteel (600019) resumed trading on August 18, and fell by only 10.89% that day, not reaching the natural de right of 22%. Therefore, QFII and the Fund also gained gains in share price in addition to warrant income.

According to this statistics, the interim report of WISCO (600005) shows that the fund holds 450.6412 million shares. The consideration of WISCO is to obtain 2.5 shares, 2.5 call warrants and 2.5 put warrants for every 10 outstanding shares. The fund can obtain 112.6603 million call warrants and put warrants respectively. Based on the average price as of December 8, the fund can obtain a total income of 243 million yuan by selling warrants.

Among the consideration paid by New Steel Vanadium (000629), the circulating shareholders can obtain 4 warrants for every 10 shares. According to the mid report, the fund holds 16.8206 million circulating shares and QFII holds 11.8575 million shares, which can obtain 6.728 million warrants and 4.743 million warrants respectively. When sold at the average price, the fund and QFII will gain 13.41 million yuan and 9.46 million yuan respectively.

The Fund holds 690.7203 million shares of Vanke (00000 2) (in the 2005 midterm report), and 552.576 million warrants can be obtained based on the calculation of 8 warrants for every 10 warrants. If it is sold at the average price, it can gain 466 million yuan.

The above statistics show that the total return of funds in warrants is 1.03 billion yuan, and the QFII is 29.52 million yuan.

E Fund and Bosera Fund Management Company have benefited a lot from this distribution, E Fund 50 Index

　　 How much do securities companies benefit?

Compared with funds, the proportion of securities dealers who obtained warrant distribution through shareholding is not large. However, innovative pilot securities dealers have also taken the "ride" of warrants through the warrant creation mechanism.

At 10:30 on November 28, 1.127 billion WISCO put warrants (WISCO JTP1) created by 10 securities firms, including GF Securities and Changjiang Securities, officially appeared, and the creation of WISCO warrants began.

The shares of these 10 securities firms and warrants are respectively: 300 million shares of GF Securities, 200 million shares of Changjiang Securities, 150 million shares of Everbright Securities, 100 million shares of Guosen Securities, 100 million shares of CITIC Securities, 77 million shares of Haitong Securities, 70 million shares of Huatai Securities, 63 million shares of Guotai Jun'an, 54 million shares of Donghai Securities and 13 million shares of Guoyuan Securities.

According to the recent average price of Wuhan Iron and Steel Group JTP1 of 1.117 yuan, Guangfa, Changjiang and Everbright Securities all earned more than 100 million yuan. The income of Guoyuan Securities is also over 10 million yuan.

Since securities companies can choose to buy back and cancel at a low price or cancel on their own initiative after creating warrants, it is difficult to calculate their actual profits.

After a large number of put warrants were listed and the price fell, the securities companies began to cancel the put warrants and switched to the call warrants. On December 8, after the cancellation of WISCO's put warrants was suspended for a few days, the calm was broken again. Huatai Securities, China Merchants Securities and Donghai Securities cancelled 20 million, 10 million and 15 million WISCO's put warrants respectively. As a result, the total number of such warrants on the market was reduced to 1.532 billion.

At the same time, the creation of WISCO call warrants (WISCO JTB1) continues. On December 8, Guotai Jun'an, Haitong Securities, China Merchants Securities and Huatai Securities created 2 million, 10 million, 3 million and 10 million respectively, with a total of 25 million. At present, the total circulation of the warrant has become 1189603762.

Some brokers expressed doubts about the surge in the number of warrants created by WISCO due to the "irrational boom" in the creation of warrants. On December 7, a broker reported that the total number of call warrants of WISCO shares in circulation reached 1.131 billion, while the number of put warrants in circulation was 1.567 billion. At present, the total number of WISCO warrants has exceeded the number of 2.37 billion shares actually outstanding in WISCO, with a gap of 328 million shares. Then on the exercise date of WISCO warrants, hundreds of millions of put warrants may face the situation of non exercise.