With the approaching of the last trading day of WISCO warrants, securities companies began to write off the created warrants. From the beginning of September to October 11 alone, the cancellation of WISCO's call warrants has reached 170 million, and the cancellation of WISCO's put has also reached 78 million.
As the first batch of creatable varieties in the warrant market, WISCO's call and put warrants have attracted a large number of securities companies to create, with a cumulative number of more than 1 billion. However, since the securities companies created warrants mainly to balance the supply and demand of the warrant market and curb excessive speculation, rather than for the purpose of investors' exercise at maturity, as the expiration date of WISCO's call and put warrants is approaching, securities companies have also written off a large number of the created warrants.
According to the public data of the Exchange, as of October 11, the cumulative creation and unmentioned sales of WISCO call warrants had decreased to 703 million, while the cumulative creation and unmentioned sales of WISCO put warrants had decreased to 87 million.
Industry insiders believe that there are two main reasons for the large-scale cancellation of WISCO warrants. First of all, in terms of opportunity cost, WISCO's warrants have plummeted recently. The creation activity has played a role in improving the pricing efficiency of warrants, and the founders have made huge profits. If the created WISCO warrants are cancelled at the current price, then it may be more beneficial to invest in other market opportunities with unfrozen performance collateral; Secondly, early cancellation is also conducive to reducing the risk of irrational price fluctuations of positive shares and warrants that the founder may face before the expiration.
The reporter also noticed that Haitong negotiable securities On September 29, he became the holder of more than 5% of WISCO's put warrants, and then disappeared from the list of more than 5% holders after being cancelled on October 11. According to the relevant person in charge of Haitong Securities, this repurchase is to cancel the put warrants created by WISCO, which is mainly for the consideration of opportunity cost, not for the purpose of band operation. Haitong Securities has taken advantage of the opportunity of the overall decline of the warrant market before the Spring Festival and the May Day holiday to carry out active risk management of buying warrants at a low price and selling warrants at a high price, It has successfully obtained better band operation income, and currently WISCO warrants are about to expire, which is not suitable for rational investors to conduct large-scale band operation.
Yesterday, the subscription of WISCO was reported as 0.437 yuan, with a premium rate of 11.57%. The put warrant of WISCO was 0.371 yuan, with a premium rate of 10.26%. (Lu Rong)
