Put warrants soared yesterday
Shenzhen Stock Exchange issues four suspension orders in a day to remind risks
[Reporter Xiong Yuanjun] Although the Hong Kong SOE index rose 5.42% yesterday, the Shanghai Composite Index was weak and fell 1.46% throughout the day to close at 4958.85 points, again falling below the 5000 point mark, with individual stocks falling more or rising less. However, three put warrants in two cities took the opportunity to show off their strength. Among them, the put of Wuliang surged 34.75%, becoming a bright spot in the weak market.
Stimulated by the news that 3.56 trillion yuan of new share subscription funds were unfrozen on Monday, the Shanghai Composite Index jumped to a high of 70 points yesterday, and then, driven by the soaring opening of Hong Kong shares, it once rose to 5124.89 points. To investors' surprise, after 10:30 a.m., the Shanghai Composite Index fell unilaterally, led by heavyweight stocks again. Yesterday, the top 10 stocks of the two cities in terms of total market value closed green. When the stock market was in a slump, hot money began to switch to put warrants. Yesterday, Wuliang, Valin and China Southern closed at 2.28 yuan, 1.7 yuan and 0.815 yuan respectively, up 34.75%, 19.72% and 13.51% respectively.
The sudden surge of put warrants brought about a crazy influx of speculative funds, and the trading volume of the warrant market increased by nearly 80% compared with last Friday. Yesterday, the turnover of warrants in Shenzhen and Shanghai reached 29.9 billion yuan, exceeding the turnover of 29.2 billion yuan in Shenzhen. Among them, the put warrants of China Southern Airlines were sold for 17.7 billion yuan, with a daily turnover rate of 189.78%, which is the number of transactions since the listing. It seems that hot money is speculating wildly on the put warrants of China Merchants Bank when the "5.30 market" is replayed. At that time, due to negotiable securities The transaction stamp duty was raised, A-share suddenly fell, and hot money hyped the put warrants crazily. Industry experts believe that the collective "dance" of put warrants is triggered by the cancellation of 5 million China Southern Airlines' put by Ping An Securities. However, the fundamental reason is that the put warrants have recently fallen significantly, and there is a short-term rebound momentum. At the same time, the market is at an uncertain time, and investors are not confident enough to go long. In the absence of stock index futures, put warrants have instead become a substitute for shorting the market.
Since the intrinsic value of put warrants is zero, the Shenzhen Stock Exchange implemented two temporary suspensions on Wuliang and Valin put warrants yesterday. SZSE said that it has focused on monitoring the warrant trading, and will restrict the trading of accounts suspected of violations and report to China CSRC Investigation and punishment. It also reminds investors, especially small and medium-sized investors, to pay attention to investment risks and not blindly follow the trend of speculation. Industry experts believe that the speculation of put warrants is high-risk speculation. In the long run, more losses than gains. Ordinary shareholders should not only see short-term windfall profits, but ignore the huge risk that their prices will eventually return to zero.
