⊙ Zhong Xin
Recently, with the increase of stamp duty and the concomitant market adjustment, a large number of funds have entered the warrant market for speculation, and a large number of retail investors lacking risk awareness have been attracted to participate in warrant trading. At present, the risk of Shanghai and Shenzhen warrant markets gathering is getting higher and higher. Investors should keep a clear head and not blindly follow the trend.
Taking the closing price on June 15 as an example, the "WISCO CWB1" with the highest premium rate among the warrants quoted 7.698 yuan, and the exercise price was 10.2 yuan, corresponding to the regular shares“ Wuhan Iron & Steel ”It closed at 11.11 yuan. Only when the price of the regular shares reached 7.698+10.2=17.898 yuan at the time of expiration, the investors who now buy WISCO warrants can guarantee that they will not lose money at the time of expiration, which requires the regular shares of WISCO to rise by 61%. The put warrant "CMB put" is quoted as 3.268 yuan, and the exercise price is 5.48 yuan, corresponding to the regular shares“ China Merchants Bank ”It closed at 22.2 yuan. Only when the price of the regular shares reached 5.48-3.268=2.212 yuan at the time of maturity, investors can now buy the CMB put warrants to maintain their principal. This requires CMB to drop 90%, which is obviously very unlikely. In this case, on June 15 alone, innovative securities firms created 470 million CMB put warrants. For some time to come, it is possible for securities companies to continue to create a large number of securities. With the continuous increase in the supply of warrants, it is no different to continue to speculate in the secondary market of warrants.
