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 Sina Finance

Don't touch the expiration of put warrants

http://www.sina.com.cn 07:46, April 26, 2007 Modern Express

   5000 warrants used to earn more than 10000 yuan at most, because they are worthless now

Wang Haiyan

After the release of the stock market investment consultation telephone in the Express these two days, it has caused a strong response among readers. The hotline has been ringing all the time, including how to charge for stock trading, how to trade after the fund is closed and opened, and how to speculate online. There are all kinds of problems related to stock market trading, among which the warrant trading has become one of the focuses of readers' consultation these two days. A shareholder holding thousands of steel vanadium put warrants kept them in his hands because he did not know how to trade the warrants. It was not until yesterday that he called the Express for consultation that he found that he had missed the last trading day, and thousands of warrants turned into a pile of waste paper. The reporter estimated that these warrants could earn him more than 10000 yuan at most. Express reporter Wang Haiyan

   5000 warrants turned into a pile of waste paper

Mr. Chen, a shareholder, told reporters that he had 5000 copies Pangang Steel Vanadium The put warrants sent during the share reform were kept in hand without trading because they did not understand what the warrants were all about. I didn't think of calling until I saw the hotline of the Express yesterday.

"You have missed the last trading day, and your warrants are like a pile of waste paper." When Mr. Chen learned this result, he was almost ready to cry. Why are warrants worthless?

The reporter helped Mr. Chen check the trading day on the last day of April 24. The price of Pangang Vanadium Steel's shares was more than 10 yuan, while the exercise price of the put warrants was 3.16 yuan, which means that Mr. Chen has the right to sell shares to listed companies at a price of 3.16 yuan. Now it is obvious that the stock price has far exceeded 3.16 yuan, Therefore, it is worthless for investors. It is meaningless to have such rights. Because of this, the price of Steel Vanadium put warrants on April 24 also fell from about 0.29 yuan to 1 cent.

In fact, these warrants can help him earn more than 10000 yuan at most. The reporter inquired that the price of the Steel Vanadium put warrant itself reached 2.36 yuan when it reached the highest price. If Mr. Chen did not wait until the end of the trading day to transfer the warrant early, he could get a maximum of 10000 yuan of income.

   It is suggested to sell the put warrants as early as possible

"The expiration of put warrants is waste paper. It is suggested that ordinary investors should sell their put warrants as soon as possible if they do not want to make short-term speculation on the warrants." Yesterday, investment experts from Haitong Securities and Guosen Securities put forward such suggestions to ordinary investors.

"Because the stock market was a big bull market in the past two years, all stocks rose sharply, and many people had put warrants issued by the stock reform. At that time, the exercise price was very low, that is to say, if the investors exercised, the selling price was far lower than the stock price. Such rights are not equal to waste paper." Hu Wei, Nanjing Business Department of Guosen Securities, gave an example to reporters Youngor Take the put warrant as an example. Now the stock price has risen to more than 21 yuan, but its exercise price is only 4.09 yuan, which means that after the expiration, investors have the right to sell Youngor shares at 4.09 yuan. Obviously, no one will "enjoy" such rights. Therefore, for ordinary investors who do not want to make short-term speculation on warrants, it is recommended to sell the put warrants as early as possible. It is also a Youngor put warrant. If it was sold yesterday, at least one share could be sold for 0.49 yuan.

Of course, if you have professional skills and a high sense of risk, you can try to gain gains through the price of the warrant itself.

   There are two types of warrants

   Subscription and put

Warrants are divided into call warrants and put warrants. In addition to the above mentioned put warrants that have the right to sell the corresponding designated stocks at the specified price at the specified time, there is also a kind of call warrant, which means that you have the right to buy the corresponding designated stocks at the specified price at the specified time. "In the current bull market, if you are optimistic about the price of the corresponding shares, you can hold the corresponding warrant."

Take the Changdian warrant as an example. The current price is 9.069 yuan and the exercise price is 5.35 yuan, which means that the sum of the two is the cost of your exercise, that is, you can buy it at a cost of about 14.4 yuan Yangtze Power At present, the stock price of Yangtze Power is 14.95 yuan, and there is a difference of 0.55 yuan between the two, so the exercise is valuable. Hu Wei suggested that investors should continue to hold corresponding warrants if they are optimistic about the trend of regular shares in the current bull market, because the warrants are generally consistent with the trend of regular shares. Wait until the warrant price rises to a certain stage to consider selling.

If new shareholders have some questions about stock trading, they can call 025-84783551 every Monday to Friday from 3:00 p.m. to 4:00 p.m., and the Express will answer them one by one after consulting relevant experts.

Note: The consultation time today is changed to 4:00~5:00 p.m

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