The internal value is zero; Stop trading on Thursday; One day of exercise on August 30, expired
This Thursday, Baosteel Warrant, the first warrant launched in cooperation with the share reform ( information quotation forum ) It is about to leave the stage of the securities market. Although before the curtain call, it may stage one or two "final madness" under the manipulation of speculators, from the current trend of Baosteel's regular shares, Baosteel's warrants are worthless. As the last trading day, August 23, approaches, the last holder of Baosteel warrants will lose a lot of money.
Baosteel Warrants saw an increase of more than 20% for two consecutive days last Monday and Tuesday, accompanied by a turnover rate of more than four times, so that the Shanghai Stock Exchange had to restrict the trading of a malicious speculation account. Last Thursday, under the threat of the iron regulatory law of the Exchange, Baosteel's warrants began to fluctuate downward, with a decline of more than 32% and a turnover rate of 549.95%. Analysts believe that the main force of the warrant manipulation has started to escape - they use the T+0 trading system to buy at a low price and sell at a high price to maximize their chips.
The main force fled because Baosteel Warrant was really worthless in theory. As of the closing on August 17, G Baosteel ( information quotation forum ) The stock price of the positive shares of Baosteel is 4.12 yuan, while the exercise price of Baosteel's warrants is 4.20 yuan. In this way, the exercise price of Baosteel's warrants is higher than the positive share price when they expire, so there is no sense in exercising. If these warrants are not obtained through share reform, then the cost is greater than buying G Baosteel directly from the secondary market.
Analysts said that although G Baosteel's warrants will have some arbitrage value if they rise by more than 10%, the overall steel stock market is weak at present, and the market is unlikely to rise significantly in the short term. Therefore, the probability of G Baosteel rising by more than 10% is very small, and ordinary investors should not go to the blog.
Since the exercise date of the Baosteel Warrants is only August 30, when the rights are not exercised, the Baosteel Warrants will no longer have any value. Therefore, analysts suggest that investors holding warrants should try to sell before the suspension, and the earlier they sell, the better. (Wu Tan)
(Jinling/Prepared)
