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Business Daily (reporter Ling Jia) Recently, innovative pilot securities companies have repurchased and cancelled（ information quotation forum ）The WISCO put warrant JTP1 (580999) created by it. According to the information of the Shanghai Stock Exchange, as of yesterday, 10 brokers had cancelled more than 400 million WISCO put warrants in total. At present, the circulation of WISCO put warrants has dropped to 706 million, and the total circulation has dropped to 1.18 billion. In contrast, the creation brokers have been steadily increasing the number of WISCO call warrants JTB1 580001. Yesterday Everbright Securities created 22 million WISCO call warrants and Guodu Securities created 3 million, bringing the creation and circulation volume of WISCO call warrants to 846 million and the total circulation volume to 1.32 billion, exceeding the total flow of put warrants for the first time.
What are the strategic intentions behind the increase and decrease of securities companies? An analyst from an innovative pilot securities firm told the reporter that behind the increase and decrease is the risk-free arbitrage process of the securities firm. current Wuhan Iron & Steel ( information quotation forum ）The stock price of the warrant is 2.90 yuan lower than the exercise price of the warrant, and the securities firm bought WISCO shares The same number of warrants will be created accordingly. If the warrants are sold at more than 1 yuan, as long as the stock price of WISCO is not less than 1.90 yuan (2.90-1.00 yuan) on the exercise date, the brokers will make a profit. Judging from the current performance of WISCO, the risk of securities companies is very small. The same is true for put warrants. When the put warrants of Wuhan Iron and Steel Group fell below 1 yuan, they continued to create short selling by a large margin. There was no huge profit for the securities companies. Therefore, at this time, securities companies choose to cancel the put warrants, wait for the price of the warrants to rise to a high level, and then create them, which can generate high profits.
The phenomenon of continuous repurchase and cancellation of securities traders has attracted the attention of investors, and bold warrant speculators have dived back into the market to resume speculation in warrants. In recent trading days, the six warrants listed on the Shanghai and Shenzhen Stock Exchanges have stopped falling and recovered, going out of the U-shaped market, which has something to do with the repurchase and cancellation of securities dealers. According to the above securities analysts, the three share reform warrants listed in Shenzhen drew up the creation warrants at the beginning of listing, but many investors objected to the creation on the Internet in the early stage, which caused the Shenzhen Stock Exchange to shelve the original creation plan, which objectively also stimulated the rise of the warrant price.
CSRC Chairman Shang Fulin recently praised the Shanghai Stock Exchange's financial innovation in Shanghai as leading the industry. The management's statement seemed to indicate that the use and development of financial innovation tools such as the creation of warrants has become an irresistible historical trend.
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