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Xinhua News Agency, Beijing, August 22
Baosteel Warrant was in Shanghai yesterday negotiable securities The Exchange is listed. This is the first warrant product in China's securities market after 9 years of absence, and also marks the opening of the financial derivatives market in China's securities market. For investors, the emergence of Baosteel warrants has provided them with another new type of investment.
However, experts remind investors that warrants are shares There are very different financial products, so we should pay attention to seven key points when investing.
Investment warrants shall pay special attention to risk control. As warrant is a highly leveraged product, its rise and fall range will be far greater than that of stocks. Investors should pay attention to controlling their positions and not blindly pursue higher prices to avoid heavy losses.
Don't invest in warrants like you invest in stocks. When buying and selling stocks, many investors are used to not operating or constantly covering positions after tying up. This kind of operation strategy is taboo in warrant investment. As long as the stock is not delisted, it always has its value, but the warrants have timeliness, and will be delisted automatically after expiration. The warrants without exercise value will become a piece of waste paper after expiration.
Calculating the value of warrants is not simply equal to "share price minus exercise price". There are many factors that determine the value of warrants, including the stock price of positive shares, the volatility of positive shares, the residual maturity of warrants, risk-free interest rate, exercise price, dividend yield, etc. Investors can use the warrant calculator (www.chinawarrants.com) to calculate the theoretical value of warrants.
The value of warrants will pass over time. Warrants have a certain duration. As time goes by, the value of warrants will gradually decrease, and the closer the expiration is, the faster the time value will be lost.
Warrants can be traded as "T+0". According to the regulations of the stock exchange, warrants are allowed to be bought and sold many times on the same day.
The limit range of the warrant is variable. The calculation formula is: increase price of warrants=closing price of warrants on the previous day+(increase price of underlying securities on the current day - closing price of underlying securities on the previous day) × 125% × exercise ratio; The decline price of the warrant=the closing price of the warrant on the previous day - (the closing price of the underlying securities on the previous day - the decline price of the underlying securities on the current day) × 125% × the exercise ratio. When the calculation result is less than or equal to zero, the decline price of the warrant is zero. Therefore, when the positive shares are at different prices, the rise and fall limits of warrants will be different, rather than being fixed at 10% as stocks are.
The change range of warrant price may not be completely consistent with the change range of positive shares. Although the change in the share price of positive shares will affect the price of warrants, the price of warrants is also subject to other factors, so the trend between the two may be different.
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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