The warrant "selling people" should not be taken from the fire

□ Zhaoshang

Statistics show that the trading amount of the warrant market (14 trading varieties) last week exceeded the total number of shares in Shenzhen Stock Exchange (593), and the average weekly increase of five put warrants with no intrinsic value exceeded 100%, which still shows the craziness of warrant speculation. Many investors are eager to take a share in the hot warrant trading. However, we should remind investors to avoid the hype of put warrants as much as possible. They should shop around to buy a piece of clothing, and warrant investment should be more cautious. At present, the value of the warrants has gradually returned, and "selling people" should not choose from fire.

First of all, from the perspective of value, the exercise price of some warrants is low, and only when the stock price drops by more than 70% is it not waste paper, which is obviously impossible. This week's accelerated return to zero of potash fertilizer warrants will undoubtedly serve as a warning to investors speculating in other put warrants.

Secondly, from the perspective of supervision CMB CMP1 Due to excessive speculation, SSE actively supports various innovative pilot brokers to create warrants based on their own risk control capabilities. Many securities companies have created more than 600 million CMB warrants, which is bound to have a greater impact on CMB CMP1 price. From the perspective of the operation idea of the Exchange, if the new supply fails to achieve the expected effect, it is likely to continue to increase the creation efforts in the near future. With the continuous increase of supply, the rational return of CMB CMP1 is not far away.

Finally, as one of the consideration plans of China Southern Airlines, 1.4 billion put warrants of China Southern Airlines obtained by the circulating shareholders for free were listed on the 21st of this month, increasing the supply of warrants. As China Southern's put warrants are settled in cash instead of