Reporter Wang Jizhou
If only large funds speculate in warrants themselves, they cannot make huge profits. They sometimes raise the price high, sometimes smash the market in large quantities, and the ultimate goal is to attract retail investors to take orders.
Statistics show that at least 60% of the shareholders who participate in the speculation of warrants have lost money, and some of the losses are huge. In addition, the warrants have expiration factors, so at the end of the speculation, people often make a very tragic loss.
The market saw another scene of speculation about put warrants. Shortly after the market opened on September 25, CIMC ZYP1 、 Valin JTP1 、 Wuliang YGP1 The put warrants played a big game together. A large number of orders suddenly appeared at the opening of the session. Within four minutes from 9:42 to 46, the price began to rise rapidly. The Shenzhen Stock Exchange immediately responded by suspending the three warrants for 30 minutes.
As a financial derivative, warrants originally Non tradable shares An option set up in the reform to protect the interests of the holders of regular shares, but because of its unique speculative characteristics, it has been repeatedly malign speculation since it was set up in 2005. Although the management repeatedly issued a yellow card, those speculative funds have always enjoyed it.
Why are warrants repeatedly banned? "Flies don't bite seamless eggs". The reason why warrants are hyped is that they have the possibility of obtaining huge profits in the short term. In China's A-share market, there has always been a habit of thinking that speculation will win. Although warrants have been established for two years, due to the shortage of other derivatives, warrants have attracted hot money. At present, there are only 15 warrants in the market, and only 3 of them are put warrants, which have broken through 5500 points in the A-share market, and it is difficult to find money for a while shares At that time, speculative funds naturally bet on this kind of product that can make huge profits in the short term. Since 2005, some large funds can obtain more than 50% of the windfall profits through T+0 or frequent operations within a few days.
The speculation of warrants is a trap.
If only large funds speculate in warrants themselves, they cannot make huge profits. They sometimes raise the price high, sometimes smash the market in large quantities, and the ultimate goal is to attract retail investors to take orders. Seen from the appearance, some warrants, especially those whose exercise period is about to end, are mostly cheap, and some are only a few cents. Retail investors who are not familiar with warrants often find it more cost-effective than buying stocks. Its T+0 trading mode, which does not collect stamp duty, does not set up a price limit and has an unusually active trend, is very likely to attract the attention of ordinary investors who expect to make profits in the short term. But in the past, things went against my wishes, and I answered the old saying that there would be no pie in the sky. Due to the strong financial strength of hot money and the convenience of trading system, retail investors are not their rivals at all.
Statistics show that at least 60% of the shareholders who participate in the speculation of warrants have lost money, and some of the losses are huge. In addition, the warrants have expiration factors, so at the end of the speculation, people often make a very tragic loss.
The speculation of warrants reflects the defects of the warrant system itself.
Since this year, there have been two trends in the creation system of warrants in the A-share market: one is the imbalance between supply and demand of some warrants; Second, some of the created warrants exceeded the outstanding shares. Before the launch of stock index futures, in the absence of short mechanism in the market, once the market has undergone a deep adjustment, funds with arbitrage needs and speculative preferences are likely to speculate on put warrants as an alternative product because there are no other short varieties, which will double the short symbol role of put warrants during the adjustment period of the stock market.
Seen from the current situation, the listed warrants have been hyped by hot money, and the direct consequence is that the trading price and value of warrants are seriously disconnected. This is not a good omen for institutional investors. Malicious speculation of warrants can also bring serious losses and impacts on the price and exercise of warrants. Brokers will undoubtedly be one of the big winners in the warrant market this year, but if institutions excessively participate in warrant speculation, they will not only bear their own economic risks, but also inevitably face regulatory risks.
In the operation of warrants, while strengthening the education of ordinary investors, we should also resolutely investigate and deal with illegal institutional funds. At the same time, in the establishment of the market level, we also need to timely introduce tools to avoid systemic risks and increase innovative trading varieties. Of course, with the launch of stock index futures, the most active funds in the A-share market will really have a place to play. As a substitute, warrants will naturally decline, and speculation about warrants will be curbed.
