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Following the trading limit on Monday, Baosteel's warrants showed a trend of rising and falling yesterday. The highest price rose to 1.830 yuan throughout the day, up 44.9%, which was close to the limit. However, the price fell quickly in the last 15 minutes and finally closed at 1.586 yuan, up 25.57% from Monday. Its regular stock, G Baosteel, fell 1.30%.
The effect of T+0 trading was fully demonstrated yesterday. Baosteel's warrants traded 1.284 billion shares throughout the day, with a turnover of more than 2.1 billion yuan and a staggering 331% turnover rate.
Analysts pointed out that after the continuous rise, the deviation between the price of Baosteel warrants and the theoretical value has further increased. Investors should pay more attention to risks at this time.
Extremely active trading
The transaction of 2.1 billion yuan made Baosteel Warrants the champion of trading volume in both cities, which also showed that the market's enthusiasm for new products reached an extraordinary level.
From the perspective of the whole day trend of Baosteel warrants, the trading volume was the most intensive when the early market rose sharply and the late market fell sharply. Analysts of Galaxy Securities pointed out that this shows that there are not a few investors engaged in T+0 trading, and they often adopt the strategy of chasing up and killing down when operating in the intraday, while trading less when the price fluctuation is small.
At the same time, the analyst pointed out that after a sharp rise, Baosteel Warrants may soon face a process of rational regression. At present, the price of Baosteel's warrants has exceeded the theoretical price by nearly 150%. After hot money profit taking, Baosteel's warrants are likely to have a significant correction. A drop of nearly 10% in the last 15 minutes of yesterday's trading is a sign.
Scattered chip distribution
The reporter learned from relevant channels that although Baosteel's warrants continued to rise sharply and transactions were active, the chip distribution was relatively scattered, and so far no investors with 5% of the tradable amount have appeared.
According to the relevant provisions of the Interim Measures for the Administration of Warrants of the Shanghai Stock Exchange, the Shanghai Stock Exchange will publish the list of holders who hold 5% or more of the tradable warrants before the daily opening of the market, but yesterday the Shanghai Stock Exchange did not publish this content, which means that no single investor in the market holds more than 5% of the tradable Baosteel warrants.
According to the analysis of market participants, from the business department with large turnover yesterday, the hot money gathering places such as Guosen Securities Shenzhen Hongling Middle Road Business Department, Xiangcai Securities Hangzhou Tianmu Road Business Department, and China Merchants Securities Shenzhen Zhenhua Road Business Department have been listed one after another, indicating that hot money in the market is likely to promote Baosteel warrants.
The fund is basically cleared
The reporter learned from relevant channels that the Fund had basically sold all of its Baosteel warrant chips yesterday.
The large premium of Baosteel warrants constitutes the best reason for fund selling. People from a fund company in Beijing said that the price of warrants has been seriously overestimated at this price. They are unwilling to continue to retain warrants at high risk, let alone buy warrants at this price.
This person said that from the perspective of the fund company, it is not suitable to participate until the price of Baosteel warrants falls below 0.8 yuan, but if the price can fall back to around 0.6 yuan, Baosteel warrants will have greater investment value.
Author: reporter Ye Zhan
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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