Baosteel Warrant's first negative closing on the 25th highlights the pressure of adjustment

Reporter Long Yue reports from Beijing

After rising for three trading days, Baosteel Warrants finally closed the first line on Thursday. The warrant opened at 1.90 yuan, reaching a maximum of 2.088 yuan, and ended at 1.83 yuan, up 1.22% from the previous day. The K line formed a negative line with a long shadow line. Judging from yesterday's trend, the aftermarket is facing considerable adjustment pressure.

Yesterday, Baosteel warrants fell 10 minutes after opening. The transaction amount of the whole day was less than 2 billion yuan. If the price rise factor was taken into account, the trading volume was significantly reduced yesterday. Industry insiders said that the reason for the decline in transactions was that the one-sided decline of Baosteel warrants throughout the day made investors based on T+0 operations almost have no arbitrage opportunities.

It is worth noting that Baosteel's regular shares closed at 4.54 yuan yesterday, down from 4.52 yuan at the lowest level, breaking the line of Baosteel Group's commitment to increase its holdings by no more than 2 billion yuan at the price of 4.53 yuan. But yesterday alone, the turnover of Baosteel reached 160 million yuan at the price of 4.53 yuan. Therefore, it is not optimistic whether 2 billion yuan can protect 4.53 yuan from falling below. If Baosteel's regular shares fall below 4.53 yuan, the valuation basis of its warrants will collapse. Previously, analysts calculated the reasonable value of Baosteel's warrants as 0.94 yuan through the MC model. The above model included the assumption that Baosteel's regular shares would not fall below 4.53 yuan. If the regular shares continued to fall in the future market, the theoretical value of the warrants would also decline significantly. Therefore, the trend of the positive share price may be the biggest pressure faced by Baosteel warrants at present.