Last time, it was said that the securities companies created 86% of the warrants of China Southern Airlines, and this proportion is still increasing. To be precise, as long as the securities companies are willing, the number of the warrants created by China Southern Airlines can be expanded indefinitely, and what kind of funds are buying these warrants? Certainly not a banker, but mostly small and medium-sized investors.
Why is he not a banker? The dealer will hold 10 billion warrants of China Southern Airlines, maintain the high price of 1.7 yuan, and let the securities dealers continue to create and earn profits, while they continue to receive goods. Is there such a person? Yes, Lei Feng.
However, I believe that Lei Feng does not have so much money to hold the China Southern put warrants, so the next large number of China Southern put warrants can only be a large number of small and medium-sized investors. My investor who bought the China Southern put warrants is a typical example.
Many investment opportunities can not be repeated again and again. It is also OK to speculate on Potash and China Merchants Bank, but it is not necessarily OK to speculate on China Southern Airlines. In fact, this column has also strongly recommended China Southern Airlines put warrants, but at that time, the price of China Southern Airlines warrants was only about 1.5 yuan, and the number of created warrants was not as surprising as it is now.
From the current situation, I don't mean that no one will rescue the current China Southern Airlines warrant investors, but the cost of rescuing them is already too high. To push up a 10 billion yuan circulation list, we need to take the risk of following up all the circulation lists, and really push up the put warrants of China Southern Airlines to more than 2.2 yuan to free up the investors who were locked up in the early stage, How much space does the dealer have to liberate himself? You know, the absolute value of China Southern Airlines warrant smallpox The price of the board is 3.72 yuan, and the space above it belongs to God. It is impossible to make money on it.
How did you get RMB 3.72? The exercise price of China Southern put warrants is 7.43 yuan, and the exercise ratio is 1 to 0.5, that is, two warrants can get up to 7.43 yuan, which is still in China Southern shares When the appraisal falls to zero, the price of each warrant is about 3.72 yuan. If the dealer wants to sell all warrants at an average price of 2.2 yuan, according to experience, the highest price must be above 4.4 yuan, and this price has touched God's space.
Therefore, if we want to liberate a large number of trapped small and medium-sized investors, then the makers themselves may not be able to retreat completely. Therefore, the desire of all investors to be liberated seems a bit extravagant.
Is it possible to liberate all the warrant investors of China Southern Airlines in the future? Yes, but the number of created warrants must be reduced. Only when the circulation price really drops and the price of China Southern Airlines warrants is pushed up can there be hope. Otherwise, China Southern Airlines warrants are likely to become the most depressed put warrants. Business Daily reporter Zhou Kejing
