□ Guotai Jun'an Zhongli
In the early investor education activities in cooperation with the exchange, the author found that many investors have a full understanding of the characteristics of warrants as a speculative tool, but they often pay little attention to other roles that warrants can play. In fact, too much attention is paid to the speculative function of warrants, while ignoring the investment, risk aversion and arbitrage functions of warrants, which is quite a bit of "buy the pot and return the pearl".
Investment function
Compared with stocks, some warrants have good potential to become investment instruments. with Wanhua HXB1 ( information quotation forum ) For example, its exercise price is 6.38 yuan, and the exercise ratio is 1:1.41, that is, when it expires, it holds one warrant and purchases 1.41 G Wanhua at 6.38 yuan ( information quotation forum ) On July 12, 2006, the closing price of Wanhua HXB1 was 12.804 yuan. If an investor buys a share of Wanhua HXB1 at this price, when the warrant expires, as long as the price of G Wanhua is higher than (12.804/1.41+6.38) yuan, that is, 15.46 yuan, the investor can make a profit. On the same day, the closing price of G Wanhua is 15.49 yuan. If the investor buys G Wanhua shares, when the warrant expires, Only when the price of G Wanhua is higher than 15.49 yuan can investors make profits. Obviously, if one of G Wanhua and Wanhua HXB1 is selected for investment within the nine month investment period on that day, Wanhua HXB1 with a lower break even point should be given priority. Before that, investors should pay attention to Orient Securities Fund Anshun ( information quotation forum ) They have successively announced that their holdings of Wanhua HXB1 exceed 5% of the tradable number of warrants, which reflects that these institutional investors have fully recognized the advantages of Wanhua HXB1 as an investment tool and made use of it.
Hedging function
Since the put warrant represents the right of the holder to sell the underlying stock at maturity, the investor holding the stock can buy the corresponding put warrant at an appropriate price and hold it at maturity to avoid the risk of falling stock price at maturity.
with Valin JTP1 ( information quotation forum ) For example, its exercise price was 4.769 yuan, the exercise ratio was 1, 2006, July 18, and the closing price of Valin JTP1 was 1.24 yuan ( information quotation forum ) The closing price is 3.79 yuan. If an investor holds one G Valin share, in order to avoid the risk of the stock price falling 20 months later, he can buy one JTP1 of Valin and hold it to maturity. In this way, if the price of G Valin is lower than 4.769 yuan at maturity, the investor can choose to exercise. If the price of G Valin is higher than 4.769 yuan at the time, the investor will give up the exercise, So as to effectively avoid the risk that the price of G Valin is lower than 4.769 yuan at maturity. It should be noted that investors need to pay hedging costs to achieve the purpose of hedging. In the above-mentioned hedging operations of G Valin, the hedging costs paid by investors are (3.79+1.24-4.769) yuan, or 0.261 yuan.
Arbitrage function
Similarly, for put warrants, holding an equal proportion of put warrants and underlying stocks at the same time can ensure that the cash inflow obtained at maturity is not lower than the exercise price, which enables investors to obtain risk-free arbitrage opportunities if the cost of building a portfolio of put warrants and stocks is lower than the cash inflow at maturity. with Shanghai Market JTP1 ( information quotation forum ) For example, on March 31, 2006, the closing price of Shanghai JTP1 was 1.792 ( information quotation forum ) The closing price is 11.36 yuan, and the cost for an investor to buy one Shanghai Market JTP1 and one share at the same time is (11.36+1.792) yuan, or 13.152 yuan. At the expiration (March 6, 2007), the cash inflow obtained by the investor is not less than 13.60 yuan of the exercise price, which means that the investor can hold the put warrants and stock portfolio at the expiration, and will be able to obtain not less than (13.60-13.152) /13.152=3.41% arbitrage yield (transaction costs are not considered). Near this time point, there are quite long arbitrage opportunities, and the same situation also occurs on Valin JTP1.
Bide one's time
along with Baosteel JTB1 ( information quotation forum ) Vanke ( information quotation forum ) HRP1 ( information quotation forum ) When the warrants expire in succession, market investors will be more aware and intuitive of the nature of warrants, and the advantages of warrants as a speculative tool will gradually diminish. At this time, participating in warrant speculation is no different from "taking a chestnut out of the fire". For investors, if they do not have sufficient psychological preparation for loss and excellent trading skills, it is best to stay away from the dangerous game of warrant speculation; At the same time, investors should gradually pay attention to the characteristics of warrants as investment tools, hedging tools and arbitrage tools. On the basis of fully understanding the characteristics of warrants, they should wait for warrants to return to reasonable value, actively participate in the investment, hedging and arbitrage opportunities that will appear in the warrant market at that time, and better understand the great convenience brought by innovative derivatives for transactions.
