Wuhan Iron and Steel subscribed 466 million exercises, and Wuhan Iron and Steel subscribed 60000 exercises
Li Jing
After five days of fierce exercise, the final exercise result of WISCO subscription (580001. SH) was finally unveiled. Although SSE has reminded many times recently, there are still nearly 8 million in price warrants that have not been exercised since the market reopened. According to market analysts, the share of warrants that have been in a "dormant" state since the consideration of share reform may account for the vast majority.
According to the final exercise result released by WISCO Group last night, as of the last exercise date yesterday, a total of 465987601 WISCO subscriptions were successfully exercised. Its total share was 474 million, and 8012399 shares remained to be exercised, accounting for 1.69% of the total shares.
"For this part of the warrants that failed to be exercised in the end, it can only be interpreted in an external sense." citic securities A derivatives researcher pointed out that "WISCO's subscription is the first warrant in the deep price after the reopening of the warrant market. There is a huge arbitrage opportunity after the exercise, and no exercise was finally carried out. It is expected that this part of investors do not know about the warrants, and they have been in a 'sleep' ever since they obtained the consideration of the share reform. Of course, it is also possible that the exercise fails due to insufficient exercise funds."
If according to the last closing price of 0.497 yuan subscribed by WISCO on the 15th Wuhan Iron & Steel (600005. SH) Based on the closing price of 3.79 yuan, the return rate of each warrant of investors who successfully exercise is 21.60% without considering the transaction costs. If sold at the highest price of 3.96 yuan on the 21st, the highest yield will reach 27%.
Whether these 460 million positive shares obtained after the exercise are still held or sold in the session has always been a topic of concern to all parties in the market recently. Some market participants believe that under the pressure of new circulation, the positive shares of WISCO have also shown a fluctuating upward trend recently, indicating that the chips they continue to hold are far more than those sold in the market.
One phenomenon supporting this view is that the first trading volume of the early opening on the 17th (the first trading day of the positive shares after the exercise) was only 12.4106 million shares, while the number of exercises the previous day was more than 140 million. Due to the existing arbitrage space, the best time for speculative arbitrage is to sell at the first time.
"To continue to hold the positive shares from the exercise is not unrelated to welcoming the upcoming era of stock index futures." Zhu Chengyu, an analyst with Deding Investment, pointed out that "stock index futures will be officially launched, whose target is CSI 300 For institutional investors, the more chips they hold in CSI 300 heavyweight stocks, the more active they will be in the future game. "
Zhu Chengyu said: "At present, WISCO shares rank 19th in the Shanghai Shenzhen 300 Index, second only to steel shares Baosteel (600019. SH), which determines that WISCO plays a very important role in the iron and steel stock chip game. " In fact, in the recent trend with the CSI 300 Index as the background of deep speculation, the trend of Baosteel, which ranks high, is indeed stronger than that of WISCO. The former increased by 44% in the past month, while the latter increased by 26%.
It is worth noting that the amount of exercise of WISCO's put (580999.SH), which had no suspense of exercise earlier, was still increasing. As of yesterday, the successful exercise of WISCO has reached 60433 puts, and all kinds of successes mean losses. Market participants predict that investors are more likely to misoperate in this case.
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