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Yesterday, the price of 3 billion yuan was close to 2 yuan
With a total market value of 700 million yuan, it has set a single day trading volume of 3 billion yuan - which really shows the market the power of Baosteel's T+0 warrant trading, while yesterday's trading volume in Shanghai was 9.88 billion yuan. With the influx of hot money, the price of Baosteel's warrants has once again reached a new high. By the end of yesterday's closing, its price had reached 1.808 yuan, continuing to rise by 14%, and was once close to the 2 yuan mark in the session, reaching a maximum of 1.976 yuan. The internationally recognized pricing model seems to have lost its constraint on Baosteel warrants
The experts' warnings about risks are also difficult to reduce the market's pursuit of Baosteel warrants. Behind Baosteel's warrants, the energy of hot money is surging wantonly.
Where does hot money come from? So far, there is basically no transaction record of funds, brokers, QFII and other institutions actively buying Baosteel warrants here. Guotai Jun'an negotiable securities An insider said. Guotai Junan Securities is an account opening broker for many funds and QFII, and is also one of the most active brokers in Baosteel's warrant trading. There was no record of active investment in Guotai Jun'an, which largely confirmed the previous speculation that the regular army would stand by and watch Baosteel warrants. The same situation was confirmed by the business departments of Guosen Securities and other securities companies. In addition, all the securities dealers made it clear that they did not buy Baosteel warrants in proprietary trading. The fund has repeatedly said that it will only sell but not buy two days ago.
According to the situation reflected by the business department, the activity of some large individual households is an important factor that caused the hot trading of Baosteel warrants. Most of them are large individuals doing T+0 transactions. A person from a business department in Shenzhen who frequently appeared in the Baosteel warrant trading list said that the amount of funds of these customers was not too large, most of them were about several million, but their short-term transactions were particularly frequent. They could make several rounds in a day, and the cumulative turnover was considerable. It is reported that most of these customers have experience in ultra short term trading. Some people made a lot of profits in Bao'an Warrants 10 years ago, and have deep feelings for warrants; Some people used to make frequent moves when B shares could do T+0 trading in 2001.
The source also revealed that Baosteel's warrant trading on Monday was started by more than a dozen individual large investors, and then attracted a large number of short-term customers to follow up.
From the list of sales departments with the highest turnover, the places where short-term customers gather are also frequently on the list. Among them, Guosen Securities Shenzhen Hongling Middle Road Business Department, Guotai Jun'an Shanghai Jiangsu Road Business Department, China Merchants Securities Shenzhen Zhenhua Road Business Department, and Xiangcai Securities Hangzhou Tianmushan Road Business Department have ranked the top four for two consecutive days. These business departments are famous short-term capital concentration camps in the industry.
The regulatory authorities are taking action against the hot trend of Baosteel warrants. The manager of a business department told the reporter that people from the supervision department of the Shanghai Stock Exchange visited its business department recently, focusing on the trading of Baosteel warrants. This shows that the previous statement of the SSE on strengthening the supervision of Baosteel warrant trading is not false. The insiders also judge that if the warrant price continues to fluctuate irrationally, the creation mechanism may start, and the increase in the supply of warrants will directly pressure the existing price.
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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