After a sharp rise of nearly 70% the day before yesterday, the price of Masteel CWB1 fell by 22.64% yesterday. In fact, the three warrants that are about to expire once again staged the madness of the doomsday round, and the price fluctuated sharply. This month, Steel Vanadium GFC1, Masteel CWB1 and Rizhao CWB1 The exercise period has entered successively. Due to the short residual maturity, it is usually called the "doomsday round" by the market. With the approaching of the maturity date, these three varieties have also shown sharp fluctuations recently, and the risks are increasingly prominent. Market participants said that investors should be cautious when operating warrants.
Ma Steel's warrant fluctuated significantly
And prior period CMB CMP1 、 China Southern JTP1 Compared with the hype of "doomsday round", the CWB1 of Maanshan Iron and Steel Group is obviously more rational, and the sharp rise of the day before yesterday is also due to something.
Analysts said that, first of all, the trend of many early "doomsday round" selling was seriously out of line stocks, while the sharp rise of Masteel CWB1 was affected by the limit of line stocks. The announcement issued by Masteel CWB1 shows that the duration of Masteel CWB1 warrants is 730 days from November 29, 2006 to November 28, 2008.
The second exercise period of the "Masteel CWB1" warrants was from November 17 to November 28, 2008. During the exercise period, the trading of the "Masteel CWB1" warrants will be stopped. The last trading day of the "Masteel CWB1" warrants was November 14, 2008. The exercise price of Maanshan Iron and Steel CWB1 warrant after dividend and ex dividend adjustment is 3.26 yuan/share, and the exercise ratio is 1:1. Each investor who holds a piece of Maanshan Iron and Steel CWB1 warrant has the right to subscribe for one share at a price of 3.26 yuan per share within 10 trading days from November 17 to November 28, 2008 Masteel Shares obtained through successful exercise can be listed and traded on the next trading day.
Maanshan Iron and Steel CWB1 opened at 1.099 yuan yesterday, the lowest was 0.780 yuan, and the whole day closed at 0.827 yuan, which was different from the sharp rise the day before yesterday. Yesterday, the warrant closed down 22.64%.
Steel vanadium warrant focuses on risks
Since this year, Steel Vanadium GFC1 has maintained a high negative premium level, which seems to contain arbitrage opportunities.
Ansteel Group, the third party restructured by Panzhihua Iron and Steel Group, promises to Pangang Steel Vanadium At the time of restructuring, the shareholders of. For investors who have this right but have not exercised it within the first day of exercise declaration period, they can sell Steel Vanadium shares to Angang Steel at a price of 10.55 yuan per share within a specific time two years later.
The announcement issued by Steel Vanadium GFC1 shows that the warrant holders have the risk of failing to declare cash options. The last trading day of Steel Vanadium GFC1 warrant was December 4, 2008, and the transaction was terminated from December 5, 2008. The exercise price of Steel Vanadium GFC1 warrant is 3.266 yuan/share, and the exercise ratio after ex right and ex dividend adjustment is 1:1.209, that is, every investor holding one Steel Vanadium GFC1 warrant has the right to purchase 1.209 shares of Pangang Steel Vanadium at the price of 3.266 yuan/share during the exercise period.
The special risk warning issued by the Steel Vanadium Warrant indicates that the holder of the Steel Vanadium GFC1 Warrant failed to exercise the subscription right and acquire the shares of the Company before (including) the deadline of the first reporting period of the cash option, Angang Group will not provide cash options to the holders of such Steel Vanadium GFC1 warrants for the shares of the company they exercised and obtained after the deadline of the first reporting period, nor will it provide them with a second cash option.
Rizhao warrants will stop trading next week
Rizhao CWB1 warrants (warrant code: 580015, exercise code: 582015) have a duration of 12 months from December 3, 2007 to December 2, 2008. The last trading day of Rizhao CWB1 warrants was November 18, 2008, and the trading was stopped from November 19, 2008.
Rizhao Port A few days ago, it was announced that the parent company would continue to increase its shareholding in the company through the acquisition of Rizhao CWB1 and exercise. If the company's stock price is still lower than the exercise price of warrants when the exercise period is approaching, the group company would purchase warrants at a price not exceeding 0.10 yuan per warrant, and the total number of warrants purchased would not exceed 61.6 million.
Xinbao reporter Wang Wei
