□ Our reporter Ye Zhan
Although almost all market participants believe that Vanke Warrants will eventually become a piece of waste paper, as the lowest absolute price trading product in the two cities, will Vanke Warrants perform "the last madness" in the few days left? This is still a suspense.
"The possibility of 'doomsday round' speculation is not small," said a researcher of Guotai Jun'an
In fact, it is not uncommon to hype the "doomsday round" even in mature markets. In Hong Kong, there has even been a myth that the "doomsday round" has soared from one cent to one yuan. Stimulated by huge profits, there are many people taking risks.
However, experts remind investors that gambling on the "doomsday round", especially the "doomsday round" beyond the deep price, such as Vanke Warrants and Baosteel Warrants, is no less risky than licking the blood with the blade, and you will cut yourself if you are not careful.
safety negotiable securities It is pointed out that if the "doomsday round" is out of the deep price, it should be sold as soon as possible, because there is little possibility that the warrants will be exercised at maturity. with Vanke HRP1 For example, its exercise price was 3.73 yuan Vanke A The share price has reached 5.68 yuan. In just over 20 days, it is almost impossible for G Vanke to fall to the exercise price. Since the price of the warrants must be equal to their intrinsic value when they expire, it is almost certain that Vanke HRP1 will become waste paper when it expires. For such "doomsday round", it is better to sell at high price as soon as possible to avoid wasting time value.
If the "doomsday round" is outside the parity or shallow price, the warrants may change from out of the price (or parity) to in the price at maturity, and the intrinsic value may rise from nothing, which may cause the warrant price to rise significantly. Therefore, only the "doomsday round" with a low premium rate outside the parity or shallow price can have investment value. At the same time, it depends on the future market expectations Baosteel JTB1 The price is relatively high, and Vanke HRP1 is too expensive to invest as a "doomsday round". If two "doomsday rounds" are greatly promoted, it should be mainly due to the promotion of funds. Due to the lack of investment value, funds may quickly exit, while ordinary investors who are not clear about the truth may face a passive situation of serious hold up and no hope of unwinding.
