GF Securities, primary dealer of warrants
From the past experience of the warrant market, newly listed warrants and expiring warrants tend to become the focus of the market. The performance of the warrant market on Tuesday was just like this. The first increase on Tuesday was the new variety of WISCO CWB1, which was listed for only six trading days. The capital pushed the warrants up by 16% by driving up the regular shares.
about Changdian CWB1 We can analyze its characteristics from several aspects. First, the warrant is a rare allotment type warrant in the market. Recently, under the speculation of many hot topics, the warrant has been keeping up with the rising pace of positive shares. At the same time, as a stock warrant, Changdian CWB1 has not introduced a creation mechanism, its flow is limited and fixed, and the conditions are better than other warrants. Second, from the basic indicators of Changdian CWB1, at present, the latest exercise price of Changdian CWB1 is 5.35 yuan, the degree of intravalence is 157% (referring to the closing price on April 24), and the premium rate is -0.94%, which means that as long as the price of the underlying stock does not fall more than 1% in the future, it can make profits by buying the subscription certificate and holding the exercise at maturity, so in the remaining 12 trading days (May 17 is the last trading day), Investors who are confident in the future expectations of the positive shares can choose the opportunity to buy Changdian CWB1. Moreover, the premium rate has been hovering between - 2% and 1% since the recent period, and no significant negative premium has occurred, which indicates that the warrant has always been popular in the market. For the arbitrage opportunity that has experienced the negative premium curtain call of several previous warrants, investors who wish to take advantage of this share allotment opportunity to increase their holdings of positive shares can also use the negative premium to reduce costs.
Of course, investors must be alert to the risks that Changdian CWB1 may face in the remaining trading days. First, the biggest impact on the doomsday warrants is the fluctuation of the positive shares before the maturity date; Secondly, the warrant is just in time for the May Day holiday. According to past experience, the market may be subject to major adjustments and fluctuations before and after the holiday. Therefore, investors who intend to hold the warrant for too long a holiday should carefully examine the situation of the whole market and the stocks, and make an objective analysis based on their risk tolerance. Finally, investors should be reminded that, unlike the previous share reform warrants, Changdian CWB1 is a rights issue warrant. If all the warrants are exercised, the total capital stock of the company is expected to increase by 1.228 billion shares, 15% more than the original total capital stock of 8.187 billion shares, which means that there is a dilution effect, which may affect the future share price of positive shares, Investors planning to exercise should actively pay attention to relevant exercise terms and information disclosure tips.
