Yu Chunmin
Who is the "driver" behind the hot warrant market? Recently, a report released by the Shanghai Stock Exchange gave the answer: thousands of large investors "monopolized" more than 60% of the trading volume of the warrant market.
Looking at the warrant market yesterday, this stimulating "game" of large players has become somewhat "calm" - 11 of the 27 warrants have risen, 14 have fallen, and two are flat; Among the 11 warrants that rose, there were more call warrants, while most of the ones that fell were put warrants. The Vanke Warrant of "the last desperate run" fell to 0.08 yuan, down 11.11 yuan.
Large monopoly warrant transaction
The report of Shanghai Stock Exchange, entitled "Analysis of Trading Behavior in the Warrant Market", disclosed for the first time the amount of account capital and trading behavior of participating in the warrant market.
The report divides the accounts involved in warrant trading into four categories according to the average daily trading amount: those less than 10000 yuan are called retail investors; Small households are those with more than 10000 yuan and less than or equal to 100000 yuan; Those with more than 100000 yuan but less than or equal to 500000 yuan are called medium households, and those with more than 500000 yuan are called large households.
Judging from the data in June, large investors are the absolute main force in the warrant market. During the four weeks from June 5 to June 30, although the average number of accounts classified as large accounts was only 8177, accounting for only about 2% of all participating warrants, their trading amount accounted for 62% of the warrant market on average.
The end of the capital rush
Of the 14 warrants that fell yesterday, except Vanke HRP1 Except for a large decline, the decline of the other 13 warrants did not exceed 7.
Analysts said that the recent trend of the warrant market is similar to that of the stock market. Although it is also shrinking, compared with the stock market, the overall downward momentum of the warrant market has significantly weakened, and the shock adjustment is its main tone.
With the weak shock of the Shanghai and Shenzhen market, the warrant market may enter a process of foam squeezing and value regression in the short term. Warrants with high market prices and large deviations from theoretical values in the early stage may continue to decline and return to value.
Since Vanke HRP1 and Baosteel JTB1 The exercise expiration dates are September 4 and August 30 of this year respectively. From the current prices of the positive shares of the two warrants, their intrinsic value has been zero, and their time value is approaching zero; Vanke warrant fell to 0.08 yuan yesterday, and the price is approaching zero; Baosteel warrant closed at 0.447 yuan yesterday. The investment risks of these two "end run" warrants are becoming more and more obvious. Investors should pay attention to avoid them.
