Morning Post reporter Sun Liyun

The butterfly warrant of WISCO ended with double diving yesterday. The WISCO call warrant (580001) became the first warrant with exercise value after delisting in the warrant market.

The put warrants of Wuhan Iron and Steel Group Co., Ltd., which had the biggest increase of 542.11% the day before yesterday, repeated the myth of sharp rise and sharp fall yesterday. The market once again soared at the opening of the morning market, with the biggest increase of 165.49% in ten minutes. At about 1:30 p.m., it began to dive, showing a unilateral downward trend, with the largest decline of 50.44%, and finally fell by 46.903% to close at 0.06 yuan, while the turnover rate and amplitude remained high, 1528.52% and 215.93% respectively.

The warrant of WISCO showed an upward trend for most of the day, and suddenly fell sharply at the end of the day, falling 21.236% at 0.497 yuan, with a turnover rate of 842.73%. Corresponding positive shares Wuhan Iron & Steel (600005) Driven by the strong rebound of steel stocks, it rose by 4.04%, and the current price is 3.35 yuan.

The WISCO warrants entered the exercise period today. The exercise deadline is November 22. The exercise period is 5 days in total. The WISCO warrants that have not been exercised at the expiration of the exercise period will be cancelled.

stay citic securities According to warrant analyst Wang Zhuo, the performance of butterfly warrants is "unexpected". The WISCO call warrants with a value of about 0.7 yuan were suppressed to 0.497 yuan, while the WISCO put warrants without exercise value did not return to zero as expected. Especially before the closing, WISCO put warrants still gathered a large number of buying orders.

According to Wang Zhuo's analysis, the closing price of WISCO's put warrants stood above 0.06 yuan, which does not rule out the possibility that the institutions involved in WISCO's shares in the early stage were absorbing funds.

Industry insiders predict that the cost of institutions entering WISCO should not be too high, and the average cost may be about 2.4 yuan. While the exercise price of WISCO put warrants is 2.83 yuan, buying a put warrant can sell a regular share to a major shareholder of WISCO for 2.83 yuan, which undoubtedly locks the risk of the decline of regular shares. "Now the put price is very low, and buying and selling will hardly increase the cost."

The exercise price of WISCO put warrants and call warrants is 2.83 yuan and 2.62 yuan respectively. Judging from the closing price of the regular shares of WISCO 3.35 yuan yesterday, it is 0.73 yuan higher than the exercise price of WISCO warrant. Referring to the positive share price and the closing price of the warrant 0.497 yuan yesterday, if the investors exercise, it is equivalent to buying WISCO shares at 2.62 yuan per share, with a direct income of 0.233 yuan per share. Therefore, WISCO JTB1 It has exercise value.

Wang Zhuo said that there should be a large number of investors holding WISCO warrants to exercise. However, it is worth noting that after the exercise, investors can only realize the return of warrants by selling the regular shares. There are more than 400 million put warrants in WISCO, and WISCO shares will inevitably encounter selling pressure. Yesterday, the late decline of regular shares in WISCO may have expected such pressure.

However, the real price of WISCO's put warrants is zero, and the difference between the put exercise price and the positive share price is still 0.52 yuan. If the investor chooses to exercise, it is equivalent to selling WISCO shares at the price of 2.83 yuan per share, and the direct loss per share will be 0.58 yuan.

Yesterday, the warrant market ushered in a new generation of Yili call warrants -- 111 million yuan. Like the previous listing of warrants, the warrants were closed at the beginning of the trading and closed at 12.785 yuan. So far, there are 26 warrants in the two markets.