|
□ Our reporter Yan Liliang
15.43% is an ordinary figure, but it is not so simple in the stock market.
This figure is Baosteel Warrant（ information quotation forum ）Yesterday's decline was the largest in a single day since its listing.
Most fund managers interpreted the decline of Baosteel warrants as a return of value. However, some market participants believe that this is caused by the surge of expansion pressure and profit taking. No matter what the reason for its decline is, the investors have realized that the warrant trading is really "ferocious".
Yesterday Baosteel Warrants opened at 1.66 yuan and fell all the way. There was no decent rebound in the session. Every break was accompanied by a huge deal. The T+0 transaction did not cause huge fluctuations in Baosteel's warrants, and arbitrage opportunities were almost non-existent. Some analysts pointed out that Baosteel's warrants are moving towards a return to value.
Although Baosteel's warrants continued to decline, the innovative financial products around Baosteel were surging. After Guotai Jun'an was about to issue Baosteel covered warrants, Everbright Bank also applied to issue Baosteel covered warrants yesterday.
Earlier than Baosteel（ information quotation forum ）G Changdian launched warrants, an innovative financial product（ information quotation forum ）, I can't stand being lonely. Yesterday, G Changdian announced that the Board of Directors of the Company reviewed and passed the Proposal on the Specific Implementation of the Warrant Plan. According to the resolution of the general meeting of shareholders, G Changdian will issue European warrants; The duration is 18 months from the listing date of the warrants; The exercise date is the last 5 trading days of the duration of the warrant; The exercise ratio is 1 1; The exercise price is 5.5 yuan per share; The raised funds will be used to purchase Three Gorges units.
Industry analysts believe that it is this pressure of market expansion that is expected to constitute the main reason for the decline of Baosteel warrant price. Although the Exchange has not yet released the news of the issuance of the covered warrants, the expectation of increasing the supply of covered warrants has become stronger and stronger, which has caused great pressure on the price of Baosteel's warrants. At the same time, the soaring of Baosteel a few days ago has made investors who initially intervened earn a lot. The pressure of profit taking cannot be ignored.
In addition, G Baosteel（ information quotation forum ）As the regular shares of Baosteel Warrants, the breakout of its commitment to increase the holding price by 4.53 yuan also put pressure on Baosteel Warrants. Although Baosteel's warrants are nearly one year away from the exercise date, the price of its regular shares will not have a great impact on the warrant price in the first half of the year. However, the decline of Baosteel warrants still made investors a little worried about the trend of G Baosteel.
So, will the decline of Baosteel's warrants and its equity shares have anything to do with G Baosteel's performance? After all, the profits of G Baosteel may be diluted after the issuance.
An analyst from Jinyuan Securities believes that Baosteel is a leading domestic iron and steel enterprise and the world's third largest international comprehensive competitiveness. In April 2005, the company acquired some assets of Baosteel Group, and Baosteel obtained complete and safe Supply chain It is supported that the steel output will be expanded from 1145 tons to about 18 million tons. Baosteel's high-grade, high profit and high added value product structure gives it a strong competitive advantage and anti risk ability in the future. It is expected that the performance in the first half of 2005 will continue to grow. Considering the dilution effect of equity caused by additional issuance, the earnings per share in the first half of 2005 is expected to be about 0.39 yuan, close to the earnings per share of 0.38 yuan in the same period last year, but the net profit will increase by about 40% year-on-year. Therefore, the decline of G Baosteel and its warrants has nothing to do with its performance.
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.
| 
