Caoming
On the last trading day, "philanthropist" appeared in potash fertilizer warrants. Someone showed the identity of a banker on a website and shouted the slogan "Let me take the last stick". Potash fertilizer warrants closed at 0.107 yuan per share, becoming the only warrants in the market that did not return to zero. Potash fertilizer warrants, which once rose more than 800%, exited the market, but the craziness of the warrant market continues. The day before yesterday, a total of 1.372 billion China Southern Airlines warrants created by 12 securities companies were listed, but the creation, which is equivalent to twice the stock of China Southern Airlines warrants market, did not change its rising trend. The warrants continued to rise on the same day, up 13.1%.
Under the increasing pressure of the market upward attack, the warrant market continued to be hot, and the lower transaction prices, such as the enlarged limit on the rise and fall of stocks, T+0 transactions, and the absence of stamp duty, attracted more speculative funds. Since May 30, the trading volume of the warrant market has continued to expand, from the previous 10 billion yuan a day to 102.74 billion yuan yesterday.
However, neither the so-called Shanzhuang nor the constantly launched creation can change the reality of increasing risk in the warrant market. As far as potash fertilizer warrants are concerned, although they do not return to zero, each put warrant is 0.107 yuan, and the exercise price is 15.10 yuan Salt lake potash fertilizer The closing price is up to 45.21 yuan, which is completely out of the price warrants, that is, not much better than waste paper. As far as the put warrant is concerned, the new China Southern Airlines warrant is the one whose exercise price is the closest to the normal stock price in the market at present, but the price of 2.145 yuan per share at the closing yesterday also has no investment value for securities traders. In fact, the put warrants and most of the call warrants in the current warrant market do not have intrinsic value, only the so-called time value and speculative value.
In addition to the value risk of warrants, investors newly entering the warrant market should face the risk of common sense of warrants.
First, the difference between the exercise date and the trading date. According to the warrant management measures of Shanghai Stock Exchange, "the trading of warrants will be terminated five trading days before the expiration of the duration of the warrants, but the warrants can be exercised." That is, the exercise date is not equal to the trading date, and the trading will be stopped five days before the exercise date. Some investors mistook the exercise date as the trading date. If they buy five days before the exercise expiration date, they will actually take the last shot of the warrant and pay a heavy price.
In addition, another concept that is easily confused is the put warrant and the put right. Recently issued in Shanghai Stock Exchange Shanghai Pharmaceutical Put rights and early issues in Shenzhen Stock Exchange Daye Special Steel Many investors regard the put right as a put warrant and mistakenly exercise it. The put right is to sell the principal stock at the exercise price. If the principal stock price is higher than the exercise price at that time, it will cause losses. Daye Special Steel exercised its rights in February this year at a price of 3.80 yuan per share, when the stock price rose to more than 8 yuan per share. On the one hand, Daye Special Steel warned of investment risks, on the other hand, it improved the way of putting rights, and the major shareholder Xinye Steel no longer provided investors with negotiable securities The direct exercise function of the trading system. If investors need to exercise, they should contact the company directly to determine. This also happened to the rights of Shanghai Pharmaceutical Group, which entered the exercise period on May 31. The majority shareholder of Shanghai Pharmaceutical Group voluntarily gave up the liquidation qualification for the part of the wrongly exercised rights.
Song Yixin, a famous lawyer, believes that investors who invest in warrants should be more aware of their own risks. As the warrant party, as long as it implements the warrant management measures, it will not bear the legal liability for investors' investment mistakes. For example, the protection of investors' interests by Daye Special Steel and Shanghai Pharmaceutical is not within the scope of legal liability. As more warrant products are launched, the practice of non legal means will gradually reduce.
