The dazzling return of warrants after being absent from the market for 9 years

With Zhongfu Industry（ information quotation forum ）Hualian Comprehensive Supermarket（ information quotation forum ）The share reform plan was successfully passed last Friday, and Baosteel Warrants this Monday（ information quotation forum ）The high-profile debut of the second batch of non tradable shares reform pilot has made all the suspense clear. However, with the elimination of the old suspense, new suspense comes one after another. For example, if the warrants that have been absent from the market for 9 years return again, will they be as crazy as their "predecessors"? How will the warrants reborn due to the share reform affect the share reform market? How does the fund evaluate warrants from the heart?

First of all, judging from the performance of warrants yesterday, it can be said that they were completely beyond the expectation of most people. They were sealed on the trading board almost all day long, and the turnover rate reached more than 30%. According to the limit on the rise and fall of warrants, and considering the fact that Baosteel shares are inactive and the rise and fall are not large, we believe that Baosteel warrants are very likely to be similar to ST Fenghua（ information quotation forum ）That incredible rise. Even in the current market environment where institutional investors such as funds dominate, the "senior" style of warrants is still likely to be seen by investors. Moreover, according to statistics, there are only about 30 companies qualified to issue warrants.

Secondly, since the warrant was reborn with the share reform, it is obvious that its honor or disgrace is also somewhat related to the share reform. Judging from the current situation, the earning effect of G shares has rapidly decreased, whether "banner" G Sany or "benchmark" G Baosteel（ information quotation forum ）, G long term electricity（ information quotation forum ）The investors involved after the resumption of trading are all unprofitable. In this regard, the warrants are likely to complement G shares and become one of the symbols of the successful implementation of the share reform.

Third, from the time interval between the time when the management issued the guidance on fund investment warrants and the time when the warrants were launched, the warrants not only embarrassed the fund, but also the management. Because even in foreign countries, although hedge funds often operate warrants, mutual funds are relatively less involved, and the corresponding restrictions are more. As our mutual fund, once the trading of warrants causes significant losses, it will be difficult to explain to the fund holders, because the warrants are not listed as the trading object in the fund prospectus, and the legal status is still very awkward.

However, the suspense will not always remain unresolved. Some will automatically resolve over time, while others need to look forward to your wisdom. (Reporter Tang Yan)