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Evening News The Baosteel warrants, which have been heavily speculated for three consecutive days since its listing, began to cool down yesterday. After a brief rise of 2.088 yuan in the morning trading, Baosteel's warrants, which had been trading sideways, fell gradually in the afternoon. At one time, they fell by more than 2% at the end of the trading day. At the end of the trading day, they rose slightly by 0.022 yuan from the previous trading day. The total turnover of the whole day was nearly 2 billion yuan, significantly less than the previous two trading days. The industry believes that the recent "cold current" in policy has finally cooled the hot speculation of warrants, and investors' risk awareness is also increasing. When the warrant price of Baosteel exceeded 2 yuan, some speculators had reached their target price and chose to leave the market temporarily.
The SSE issued a special notice yesterday, requiring all members to comprehensively introduce relevant business rules to investors who trade warrants for the first time as required, reminding investors to pay attention to and control the risk of warrant trading. A researcher from a securities firm analyzed that the SSE had made a clear statement when it launched the warrant product, and would implement real-time monitoring on warrant transactions. When Baosteel's warrants continued to be wildly speculated, it was reported that the Supervision Department of SSE had sent people to some securities business departments to learn about the trading of Baosteel's warrants. This shows that the regulators have paid close attention to the trend of Baosteel warrants. If the speculative atmosphere is too strong, they may take various measures to regulate at any time.
In fact, on the second day after the listing of Baosteel's warrants, Guotai Jun'an was announced negotiable securities The application for the issuance of Baosteel covered warrants and SSE 50ETF warrants is reported. Moreover, the main terms of Baosteel covered warrants are completely consistent with the listed Baosteel JTB1 warrants, and the issue price will be far lower than the closing price of Baosteel JTB1 yesterday. Industry experts believe that the serious imbalance between supply and demand in the market is an important reason for Baosteel's warrants being hyped. Increasing the supply of warrant products should be an effective means to prevent excessive speculation.
From the public information since the listing of Baosteel warrants, it can be seen that the business departments with the largest turnover are mainly concentrated in Shenzhen and Shanghai, such as Guosen Securities Shenzhen Hongling Middle Road Business Department and Guotai Jun'an Shanghai Jiangsu Road Business Department, which are all business departments with a large amount of hot money in the market, indicating that the main force of warrant speculation is mainly private hot money. According to the analysis of some fund industry insiders, once Baosteel's warrants were opened, they obviously deviated from their theoretical value. Some institutional investors holding warrants not only dared not buy them, but also chose to cash them in the first two days. Guotai Jun'an Securities put forward in the research report that the speculation of Baosteel warrants is destined to be another "game of fools". With the further increase of prices, if the market can't find crazy "fools", the game will come to an end.
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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