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News from our newspaper (reporter Wang Jin) The data from Shanghai Stock Exchange shows that with the fluctuation of the transaction price in the secondary market of warrants, the recent warrant business of securities firms has shown obvious band operation characteristics.
According to the data, the warrants in Shenzhen and Shanghai began to fall on January 20, and fell to the low point of the current round of market adjustment from January 23 to 25. Among them, the average decline of the warrant varieties that can be created by three securities companies reached 26.37%, bringing huge floating profits to the securities companies that create warrants. During the period from January 24 to February 6, 153 million warrants were cancelled by securities firms, and none of them created new warrants,
In the previous ten trading days, the number of securities companies created reached 280 million. After February 7, with the sharp rebound of warrants, the floating profits of securities firms decreased. As of yesterday's five trading days, no cancellation of warrants had occurred, and some securities firms began to create warrants again.
Industry insiders believe that securities companies actively create warrants when the price of warrants is at a high level, and significantly cancel warrants after they fall. The sign of band operation is very obvious. The reason is that with the fluctuation of warrant prices, the potential gains and risks of securities companies creating warrants have changed, and securities companies have adjusted their operations in a timely manner according to the changes.
In addition, it is worth noting that with the change of the market, securities companies have also taken different operations for different types of warrants: WISCO put warrants have been cancelled in large numbers, among which Everbright negotiable securities And China Merchants Securities wrote off 150 million and 60 million WISCO put warrants respectively, the number of which is equivalent to the total number of the two securities companies. In addition, the securities companies that have written off more than 100 million WISCO put warrants accumulatively include Changjiang Securities (181 million) and GF Securities (100 million). and Baiyun Airport Warrants are generally favored by securities companies. Since they were allowed to be created, 10 securities companies have created 17 warrants in total, and no cancellation has occurred.
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