There are risks in chasing up maturing warrants

News from our correspondent: Benefiting from the boost of the stock market, the warrant market soared yesterday, with the daily turnover of the rights market exceeding 71.1 billion yuan, the third highest turnover in the year. Except for the resumption limit Yuntianhua In addition to warrants, 17 warrants increased by more than 10%. Including MaSteel CWB1, WISCO CWB1 and Baosteel CWB1 The three major steel warrants rose sharply at the end of the trading day, all of which were closed to the limit, with an increase of 69.41%, 30.62% and 23.08% respectively.

Masteel CWB1 was the focus of the warrant market yesterday. As the warrant will enter the last trading day this Friday, and its price is low, it has become the target of many hot money speculation. The exercise price of the warrant is 3.267 yuan Masteel Yesterday, it closed at 3.81 yuan, and the intrinsic value of each MaSteel CWB1 was 0.553 yuan, but the warrant closed at 1.069 yuan yesterday. However, because Ma Steel was closed to the limit yesterday, hot money was free to go long. Half an hour before the closing, Ma Steel CWB1 was pushed to the limit board, up a record 69.41%, and the turnover rate also hit a record high, reaching 1136.93%. Wuhan Iron and Steel CWB1 and Baosteel CWB1 also increased their trading limits one after another, and the market was led by the troika of steel rights purchase.

Yesterday, Yuntianhua CWB1, the only one with a trading limit, fell sharply during the suspension period of the stock market, which led to a significant cover drop on the first day of its resumption, with a decline of 21.06%, to 28.865 yuan, and a daily turnover rate of only 1.03%. Analysts believe that it may fall continuously.

Although the overall performance of the warrant market was strong yesterday, investors should not ignore the risk of maturing warrants. According to yesterday's closing price, all warrants are negative premium. This month, Masteel CWB1 Rizhao Port CWB1、 The three certificates of Steel Vanadium GFC1 expired. And according to past experience, before the last trading day of warrants, there is a substantial cover down market. Investors should not be confused by the recent surge.

Our reporter Zhang Yunshan