□ Our reporter Li Jianfeng
G Baosteel fell 0.49%, and Baosteel warrant rose 21.63%! Yesterday, the last round of Baosteel's subscription made Baosteel once again the most dazzling star in the warrant market.
After the opening yesterday, Baosteel's subscription attracted a large amount of funds. Driven by the purchase, the increase of the warrant has exceeded 22% in just 30 minutes, while at the same time, the increase of G Baosteel is only 0.98%. In subsequent transactions, although the subscription of Baosteel also fell back with the adjustment of Shanghai and Shenzhen stock indexes and Baosteel regular shares, the warrant has maintained a strong consolidation, with a maximum increase of 32%. By the end of the day, Baosteel's subscription price was 0.433 yuan, up 21.63%, ranking first in the warrant market. Throughout the day, Baosteel's warrants were sold for 710 million yuan, more than double the previous trading day; The turnover rate reached 441%, far higher than other trading varieties. At present, the latest exercise price subscribed by Baosteel is 4.20 yuan, while G Baosteel closed 4.08 yuan yesterday, still lower than the exercise price of warrants. Since Baosteel will stop trading after subscription next Thursday, there are only 7 trading days left for this variety.
At the same time as Baosteel's warrants soared, the put of another expiring warrant, Vanke, also experienced sharp fluctuations. Throughout the day, the highest increase of the warrant was 12.5%, the closing increase was 6.25%, and the amplitude reached 14.06%. In fact, since last week, the doomsday round effect of Baosteel's subscription and Vanke's put has gradually emerged, and the daily amplitude of the two warrants has always been among the best in the two markets.
"Baosteel's subscription will soon show a high sensitivity to the price of regular shares". Guoxin negotiable securities Dong Yiting from the Derivative Products Department said that since the current Baosteel regular share price is close to the exercise price, the fluctuation of 5% can determine the internal and external status of the warrants, so some speculative funds took the opportunity to operate, resulting in a sharp fluctuation in the warrant price. However, after all, the warrant is about to expire, and the passing of each trading day will have a great impact on the time value of the warrant. Unless the market has abnormal confidence in the trend of Baosteel's regular shares in the short term, every rebound will be accompanied by a more violent decline. It is suggested that investors should take intrinsic value as the measurement standard and stay away from speculation.
Zhu Huacheng, chief quantitative analyst of Xiangcai Securities, also said that the market value of Baosteel's call warrants and Vanke's put warrants were small and easy to manipulate, which provided favorable conditions for fund speculation. However, before the final trading day, the warrant price will definitely return to its intrinsic value, and ordinary investors should not enter the market blindly.
Baosteel warrant soared 21.63% yesterday
