Zhang Biao

Today, Sinochem International The 1.2 billion yuan corporate bonds and 180 million warrants will be listed and traded on the Shanghai Stock Exchange. The warrants are referred to as "Sinochem CWB1" for short, the transaction code is "580011", and the duration is one year. Sinochem International's warrant is the third innovative product of separate convertible bonds. Most of the top ten circulating shareholders of its regular shares are funds and securities companies. Many institutions have obtained a large number of warrants by subscribing to separate convertible bonds, so there are great speculation opportunities.

According to the author's calculation, the closing price of Sinochem International last Friday was 7.15 yuan, the corresponding opening reference price of its warrants was 1.514 yuan, and the corresponding ceiling price was 2.408 yuan. Due to the small size of Sinochem CWB1 and its inability to create, it is estimated that the first day trading is very likely.

Last week, the Shanghai and Shenzhen market hit a record high. The second tier blue chips performed well. The warrants rose across the board, with an average increase of 11.3%. among Yago QCB1 Ranked first with an increase of 19.9%, four high price call warrants Yage QCB1 Wuliang YGC1 、 Wanhua HXB1 Yili CWB1 rose by more than 10% this week, but there are still three warrants such as OCT HQC1 at discount. The steel vanadium GFC1 listed on Thursday was also wildly sought after. The closing price on Friday was 17.3% higher than the first day of listing, and the premium rate reached 37.3%, the highest among warrants.

In the future, it is suggested that the central line should focus on two types of subscription certificates: first, subscription certificates with high intrinsic value, such as Wuliangye OCT, Yili Youngor Subscription certificate. The second is the subscription certificate with a certain upward potential in the valuation of regular shares. At present, the valuation level of power and steel stocks is still low, such as Changdian, Guodian, Baotou Steel, etc. The stock price has some room to rise, so their subscription certificates can be bought on bargain.