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Yesterday, after nine years of silence, China negotiable securities The market finally added a new trading product - Baosteel Warrants. For China's stock market, this is a happy thing. For China's stock market, where crazy speculation has been effectively suppressed but short selling mechanism is lacking, this not only means that the era of "controllable speculation" is coming, but also means that the introduction of financial derivatives such as stock index futures has reached the "training" stage. Of course, for most retail investors with low risk appetite, due to the lack of information and professional skills, this also means that the "non professional investment risk" has increased. However, the significance of Baosteel warrants for retail investors is that it has opened the "imagination space" of China's stock market.
As we all know, the subject matter of warrants is shares , but more precisely, its subject matter should be the price difference, the imagination space of the stock price, and the rise and fall trend of the stock. Investors can buy warrants at a price much lower than the spot value of stocks, and then realize the dream of "getting rich overnight" through the leverage effect designed by warrants. In this sense, Baosteel's call warrants have the meaning of futures. They can be speculatively sold within the duration, or they can be invested and bought when the duration expires. Compared with stocks, warrant investment is not only far away from the spot in the sense of "real economy", but also requires less investment capital, so warrants are more speculative than stocks. Moreover, the restricted "T+O" trading mode in China's stock investment reappears in the warrant trading market, and it is believed that warrants can also attract more short-term speculative forces to participate in speculation.
In fact, "speculation" is the "tradition" of China's stock market, so how can institutional investors let go of such new and valuable products? This is also illustrated by the spectacular scene of Baosteel's warrants rising by more than 80% on the first day of listing.
Of course, this is not what it used to be. Although there is speculation potential in warrant trading, it is unlikely that it will be wildly speculated by irrational investors. Because Liu Xiaodong, vice president of Shanghai Stock Exchange, has made it clear that once warrants are found to be manipulated by market speculators, warrant trading may be suspended immediately. Moreover, today, investors who have experienced the baptism of the market have been alert to crazy speculation. Moreover, the listed companies allowed by the regulatory authorities to launch warrants are all big blue chips, and their share price fluctuations are stable, which largely limits the rise and fall of warrant prices. However, in terms of the amount of capital it occupies in the market (only less than 400 million shares, even if it rises to 2 yuan, the amount of capital it occupies is only 800 million), it is also insignificant. Therefore, on the whole, although the introduction of highly speculative warrant trading, its significance to the overall market is only that it has opened a new era of "controllable speculation" in China's stock market in recent years.
As an emerging investment and financing market with strong economic vitality, the stock market should be active; As the forefront of China's financial reform, the stock market should also be developed. Today, when the world is full of imagination about China's development, erasing the imagination space of China's stock market itself is the result of irrational "struggle". The introduction of warrants while eliminating the irrational basis of China's stock market through share reform is precisely to enhance investors' imagination of China's stock market. For the regulators, this is a must, because the time limit for opening up the capital market is approaching; For investors, this is a welcome thing, because the activity of warrants can awaken the inspiration of "speculation" in China's stock market that has been sleeping for a long time. Facts have proved that in the stock market, the investment philosophy is the "value" that investors who expect to "fly" must uphold gas station ”And the speculative courage is also the "gliding power source" that investors in the "flying" must have.
Only when investment and speculation fly together can China's stock market soar under the supervision of the "Blue Sky Law".
With the listing of Baosteel warrants and the knocking of stock index futures, the recovery of "T+O" has become a general trend. So, can the listing of Baosteel warrants open the door to the imagination of China's stock market? We may as well wait and see.
Hou Ning (Chief Planner of Zhuo'er Media)
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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