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□ Our reporter Li Jianfeng
As of June 14, 12 innovative securities companies had created 211 million Maotai put warrants in total, and a total of 1.598 billion yuan was used when the cash pledged for the creation of four warrants was 30.3 yuan.
The price of Maotai put warrants is far higher than its intrinsic value, which is undoubtedly the driving force behind the large-scale creation of securities companies. Since the end of May
Since its listing, in just three trading days, the Moutai Warrant with an opening reference price of only 0.149 yuan has been pulled up to more than 4 yuan, an increase of more than 20 times. After a certain adjustment, the price of the Warrant is still at a high level. Yesterday, when the warrant market fell across the board, the Maotai put tenaciously walked out of the rising market and closed at 1.696 yuan.
Since the exercise ratio of Maotai put warrants is 4:1, that is to say, only four warrants correspond to one positive share. According to the closing price of 1.696 yuan yesterday, the actual price of one G Maotai put warrant has reached 6.784 yuan. At the exercise price of 30.3 yuan, as of May 29, 2007, G Moutai's share price must fall below 23.516 yuan to ensure that the investors who bought warrants at the closing price yesterday will become profitable at the expiration of the period. At present, the price of G Moutai regular shares is 46.40 yuan, which means that the company's share price must decline by more than 49.32% within one year. Obviously, the probability of this happening is very small.
This also means that it is very unlikely that the brokers who created the Maotai put warrants will be exercised upon expiration. Since June, the average price of the Maotai Warrant has been 2.25 yuan. Assuming that the securities firm creates the warrant and sells it at this price, if the investor does not exercise his right at the expiration of the period, the yield will reach about 40%. In this expectation, it is not surprising that a large number of innovations have been created.
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