|
□ Xia Tianle
It's probably not too much to say that last Friday was the warrant market day. On this day, Baosteel Warrant（ information quotation forum ）With the call and put warrants of WISCO, the total turnover was 4.42 billion yuan, while the total turnover in Shenzhen Stock Exchange was only 3.23 billion yuan. Stock transactions are rare, and the fluctuation of the stock index is also small（ information quotation forum ）Its amplitude is less than 8 o'clock. In the face of the hot warrants, the author recalled the fund of Hunan Securities.
Looking back from November 25, 2005, October 28, 1999 was also a day worth commemorating in the securities market. On that day, the fund was listed on Hunan Stock Exchange, with an opening price of 2.45 yuan, a maximum of 10 yuan, a minimum of 2.4 yuan, and a closing price of 6.2 yuan, and 177.4 million transactions (the total size of the fund is only 200 million). Investors who only looked at the market on that day generally regretted not having opened the market to buy the fund after the closing. However, the next day, the fund was suspended CSRC The fund was approved to allocate 65 shares for 10 shares at a price of 1.009 yuan per share. After the resumption of trading of the Hunan Stock Exchange, the trading volume of the fund was only 991400 shares in three days, which means that almost all the investors who made huge profits on their books on the first day were covered. After sales, the opening price of the Fund's Hunan Stock Exchange is 1.33 yuan and the closing price is 1.63 yuan. Fund Hunan Securities was later renamed as Fund Yuyuan（ information quotation forum ）On November 25, 2005, the closing price was 0.885 yuan (its net value was 1.0261 yuan).
Since China's securities market has not had warrants for 10 years, plus its price limit ratio shares Larger and T+0 reversal transactions attracted speculative funds. To put it bluntly, the warrant was similar to the food coupon of that year. Until the middle and late 1980s, the food coupon still had its value, which could be exchanged for eggs or even sold for money directly. The value algorithm of food stamps is very simple. The market price minus the parity price is the value of food stamps. From a static point of view, the current value of the warrants is somewhat similar to that of the grain coupons. Based on the closing price on November 25, 2005, Baosteel's warrants are worthless, WISCO's call warrants are worth 1 cent, and WISCO's put warrants are worth 0.22 yuan. During the one-year validity period of the warrant, the value of the warrant fluctuates with the fluctuation of the stock price. From the perspective of investment theory, the trend of WISCO's call warrants and put warrants should be opposite, because the general call warrants are bullish while the put warrants are bearish. Last Friday, WISCO's call warrants and put warrants were both up and down, and there was no explanation except speculation.
Last Tuesday, the Shanghai Stock Exchange issued regulations that securities companies can create WISCO warrants. On Saturday, the media reported that the securities companies had created 1.127 billion put warrants of WISCO, which could be listed today (28th). The put warrants of WISCO used to be only 474 million, which is equivalent to an expansion of 237.76%. Such a large-scale increase in supply should effectively curb the crazy speculation of warrants.
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.
|
