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After a lapse of nine years, the warrants yesterday relied on Baosteel warrants（ information quotation forum ）It returned again, and as there were reports that failure was not allowed, the Baosteel warrant was indeed closed on the trading board yesterday.
T ＋ 0, you'd better not play
Warrants are T+0 transactions, that is to say, one trading day can run several times, but for yesterday's Baosteel warrants
, we can't run! Because the warrant has been closed to the trading limit for the rest of the time except for changes in the morning trading. It can be sold at the trading limit, but it is impossible to buy it back again.
Today, the possibility of wide fluctuation is greatly increased, because it seems unrealistic that the price will rise above 1.838 yuan again, but the price of the decline limit is around 0.688 yuan, which means that the stock is very likely to touch 1.838 yuan today and go down 0.688 yuan. At this time, it provides a T+0 internship place for the daring short-term enthusiasts of art experts. However, due to the ups and downs, it is suggested that investors with poor heart should try not to participate.
What are the restrictions on warrant trading
Some investors may face a dilemma, that is, the business department where the account is located may not be eligible for warrant trading, because the first and second batch of brokers that can participate in warrant trading announced by the Exchange are only 102, and nearly 30 brokers are not eligible for warrant trading.
As a result, investors who open accounts in the business departments of these securities companies have only two choices: either sell or transfer accounts. In addition, a "risk agreement" shall be signed with the business department.
How to calculate the warrant price
For institutional investors, the price calculation of warrants has a complex data model, which is called B-S model in the industry research report. The intrinsic value of warrants can be obtained by introducing relevant data into this model. But this model is difficult for ordinary investors to master.
However, this does not mean that the price of warrants is not easy to grasp, because the concept of warrants is the voucher for exercising rights. Especially for warrants, it is not the difference between the predicted price of the underlying securities in the next year and the exercise price. Of course, factors such as dividend distribution should also be considered. For example, for Baosteel warrants, the company promised a dividend of 0.32 yuan, and the future exercise price was 4.50 yuan. Industry analysts expected that G Baosteel（ information quotation forum ）In the next year, the price may fall between 4.6 yuan and 5.5 yuan, so the price of Baosteel warrants is between 0.42 yuan and 1.32 yuan. However, if the price of G Baosteel is lower than 4.18 yuan in the future, the Baosteel warrant will be worthless.
The speculation of put warrants will be more crazy
According to the data, warrants can be divided into two categories, namely, call warrants and put warrants. At present, Baosteel and Changdian warrants are both call warrants, and it is estimated that put warrants will be launched soon.
Because the former is easily affected by the stock price of listed companies, the fluctuation range of stock price is relatively limited, and the degree of attracting funds is also relatively limited. In the Hong Kong Stock Exchange market, 1% of the total amount of warrant trading last year was call warrants and 99% was put warrants, because the trend of put warrants is unconstrained, with great returns and risks. Qinhong, Tianding, Jiangsu
● Investment warrant ABC
If the column is opened
After 9 years, the warrants are back in the Jianghu, and investors are eager to participate. It is said that more than 90% of the participants in the warrant market in Hong Kong are small and medium-sized investors. Because of the trading characteristics of warrants, their charm and risks are obvious, so you should understand them when you participate in investment. From today on, we will introduce the calculation of the rise and fall of warrants, trading rules, the difference between call and put operations and risk prevention to readers from the perspective of operation, with a view to providing valuable guidance to readers involved in warrant investment.
How to calculate the ceiling price of Baosteel warrants
Yesterday, Baosteel's warrants rose 83.58% at the opening. After opening for a while in the morning, they were sealed at this limit. How is this limit calculated?
According to the Interim Measures for the Administration of Warrants announced yesterday, the trading fluctuation of warrants has been adjusted from 150% to 125%, so the rising price of warrants=the closing price of warrants on the previous day+(the rising price of underlying securities on the same day - the closing price of underlying securities on the previous day) × 125% × the exercise ratio.
According to this formula, the ceiling price of Baosteel warrants yesterday was 1.263 yuan=0.688 yuan+(4.62 yuan × 110% - 4.62 yuan) × 125% × 1.
Liu Chang
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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