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Our reporter Li Yu reports
A survey released by the Hong Kong Securities Regulatory Commission recently shows that there have been about 270000 investors in Hong Kong investing in warrants (called warrants in the mainland) in the past two years, 47.2% of whom have suffered net losses. Wheatley, chairman of the Hong Kong Securities Regulatory Commission, said that most retail investors know that the risk of warrants is high, but investors generally have the mentality that high risk means high return, so it is necessary to strengthen investor education.
The survey showed that 4.7% of Hong Kong adults, or 12.9% of retail investors, had bought and sold warrants in the past two years and were identified as warrant investors. It is estimated that there are about 270000 warrant investors in Hong Kong. Among them, 92.4% of investors believe that the warrant is a high-risk or very high-risk investment product; 76% of investors said they had some understanding of warrants and hoped to make profits from short-term trading; 8% use of warrants for risk management (e.g. hedging); Only 0.4% of investors make long-term investments; 10.8% admitted that they did not know anything about the warrants, and that they bought and sold warrants purely by luck.
From the perspective of the return on investment in warrants, only 30.8% of investors said that they had made net profits in the past 12 months, 47.2% of investors said that they had made net losses, 12% of them did not make profits or losses, and 10% said that they did not know. Despite the investment failure, 47.5% of the investors who lost money in buying and selling warrants said they would continue to buy and sell warrants, of which 53.6% said they understood that investment must have risks and were willing to take risks; 41.1% believed that they had deepened their understanding of share warrants and hoped to do better in the future; 37.5% hoped to make up for previous losses through future sales.
Wheatley said: "Although most warrant investors are aware of the high risks involved in derivative warrants and choose to take the relevant risks CSRC It is still necessary to strengthen investors' understanding of this investment product and increase their understanding of the data (such as implied volatility) of the analysis of warrants ". He pointed out that all relevant parties, namely regulators, market operators, warrant issuers and brokers, must work together.
Since last May, Hong Kong has witnessed a rapid growth in the trading of warrants. Last year, the average daily trading volume exceeded HK $3 billion, and this February witnessed a grand event of HK $9.4 billion. It is understood that there is an internal assessment of the Hong Kong Securities Regulatory Commission that the trading volume of share warrants has expanded rapidly, and some share warrants have been issued to negotiable securities The bank provides a commission to encourage the brokerage firm to continue buying and selling warrants issued. The Hong Kong Securities Regulatory Commission will release the consultation summary on tightening the warrant market at the end of this month, and relevant people pointed out that it is possible to implement incentive arrangements such as prohibiting warrant issuers from providing rebates.
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