On the 6th, under the drag of A-share market, the warrant market also declined as a whole. All three warrants about to be delisted fell sharply. The sharp decline of the three expiring warrants is expected. From the current situation, there is still some room for decline. Therefore, investors still need to avoid.
Datong Securities Ouyang Xiaohui
At present, the stock market still maintains a pattern of weak oscillation, and the warrant market also lacks long momentum. On the 6th, under the drag of A-share market, the warrant market also declined as a whole. All three warrants to be delisted fell sharply Rizhao CWB1 And steel vanadium GFC1 fell 26.6%, 16.71% and 13.64% respectively.
The sharp decline of the three expiring warrants is expected. From the current situation, there is still some room for decline. Therefore, investors still need to avoid.
1. Rizhao CWB1
Rizhao Port On the 7th, it was announced that "the Board of Directors of the Group Company decided to continue to increase its shareholding in the Company by acquiring Rizhao CWB1 and exercising its rights, and transfer the Group Company's West Port Area Phase II Project to the Company in accordance with the original agreement. If the stock price of Rizhao Port Co., Ltd. is still lower than the exercise price of warrants when the exercise period is approaching and the market does not rise significantly, the group company will purchase warrants at a price not exceeding 0.10 yuan per warrant, and the total number of warrants purchased will not exceed 61.6 million. "
According to the announcement, the exercise of warrants purchased by the group company is actually Rizhao Port's directional additional issuance to Rizhao Port Group, a major shareholder, through this exercise. The market popularity of Rizhao Port will be improved to a certain extent, which can be seen from the recent performance of Rizhao Port. For warrants, the price of 0.10 yuan is still a certain distance from the current price. Therefore, the boost effect is not obvious, and the warrant price may still be downward.
According to the closing price on the 6th day, even if the Rizhao CWB1 warrants fall to 0 yuan, the premium rate of Rizhao warrants will also reach 62.39%. That is to say, from now to the exercise date of Rizhao CWB1, even if the price of Rizhao Port rises by 62.39%, the warrants will still be worthless. Therefore, the risk of Rizhao warrants is considerable. Investors are advised to avoid.
2. Masteel CWB1
The current premium rate of Masteel CWB1 is 17.16%, although before the exercise date Masteel It is not impossible to rise
17.16%, but this kind of possibility is small. The decline of premium rate is likely to be accompanied by the regression of warrant price. According to the closing price on the 6th day, the intrinsic value of the Ma Steel Warrant is only 0.09 yuan. That is to say, if calculated in theory, the current MA Steel warrant still needs to decline by 86.49%. Of course, after all, at present, the price of regular shares is higher than the exercise price. Therefore, once the price of regular shares rises significantly, the warrants "don't have to" decline so much.
In the future, the price of Masteel warrants will be greatly affected by the positive share price, but from the current point of view, warrants still have room for further decline. If Ma Gang will have the opportunity of "abnormal movement", it is also when the warrant price is close to the theoretical price. At that time, the high leverage of the warrant will play a great role, but it still depends on the trend of the positive shares.
3. Steel vanadium GFC1
The overall listing uncertainty is still great, and investors are mainly wait-and-see for the time being.
Risk warning: the price of the warrant that is about to expire requires a return value; As warrants are subject to speculation, the price fluctuation is relatively large.
