A friend bought a lot of China Southern JTP1 (put warrant) at a price of more than 2 yuan. By the close of yesterday, the price had dropped to 1.769 yuan. Looking at this trend, my friend was helpless, and finally said something with Ah Q spirit: "China Southern Airlines warrants are still early to expire. There are plenty of speculation opportunities, and sooner or later they will be able to unwind."
Indeed, the speculation of put warrants can be said to be the most unreasonable speculation. No matter those who are in the business or those who follow the business, they are very clear about the fate of their hyped products, which can only be waste paper. However, under this background, the speculation of warrants has its own logic. The belief supporting investors to hold warrants to the end is no longer the research report of securities companies, nor their own valuation of put warrants, but there will be the last stick of Shanzhuang in the end.
According to the understanding of market people, Shanzhuang took out some money to take the final offer because it made too much money to do some good deeds. In fact, it is possible to think of "Shanzhuang" as dirty. The final offer of potash fertilizer warrants may be the dealer of CMB warrants, while the final offer of CMB warrants at 0.001 yuan may be the dealer of other put warrants. The purpose of taking orders is just to hope that investors will not shrink from the last Armageddon round of put warrants.
I think it is the craziness of potash fertilizer warrants at the last moment that has stimulated the holders of China Southern Airlines warrants. Whether they receive goods at a high price of 2 yuan or dare to hold firmly after buying, they are all based on one reason: there will be "good shops" to save us. However, in such a purely speculative variety, the dealers should always have their own plans.
Will someone really save the current put warrant holders?
No one is willing to take the last shot. Retail investors do not want to, nor does the dealer. Let's first calculate the cost of rescuing these people. If the price of China Southern Airlines warrants is pushed up again, more securities companies will inevitably create warrants. The founders don't care whether you are good or not. As long as you can hold the warrants to maturity, the creation of warrants is no different from printing money, that is, people can't create them. If you can, I believe that the 2 trillion yuan new share subscription army will not purchase new shares, Immediately change to creation warrant.
Under the stimulation of one capital and huge profits, how to create warrants is only a detail problem, and a large number of creation is inevitable. Look at the circulation volume of China Southern Airlines' warrants. The original 1.4 billion warrants have been created, and now the circulation volume has reached 9.955 billion. That is to say, only 14 of the 100 China Southern Airlines' warrants you bought are original warrants, and the other 86 are created by securities companies. This kind of creation has never stopped. Even though the price of China Southern Airlines warrants has fallen, on September 20, there were still 555 million China Southern Airlines warrants created by Haitong, China Merchants and CITIC.
Business Daily reporter Zhou Kejing
