□ Our reporter Li Jianfeng
The continuously overestimated put warrants plate finally came out of the collective diving market. Yesterday, under the leadership of Shanghai market put and raw water put, 13 put warrants fell sharply across the board, and Valin's put, the smallest drop, also fell 9.92%.
Yesterday morning, although the market continued the trend of deep adjustment the day before yesterday, with the maximum decline of the Shanghai Composite Index exceeding 130 points, the put warrants sector failed to walk out of the rising market again, with the decline of Shanghai market put and raw water put and other varieties exceeding 10%. After opening in the afternoon, Shanghai and Shenzhen stock markets rebounded strongly, while put warrants continued to fall. By the end of the day, 12 of the 13 put varieties had dropped by more than 12%, and the three warrants of Shanghai Stock Exchange, Raw Water and Baotou Steel had dropped by 25.03%, 23.80% and 19.46% respectively.
"The sharp drop of put warrants should be expected," said Huang Wenqing, analyst of Guotai Jun'an derivatives. He believes that with the continuous deduction of the bull market, the intrinsic value of put warrants is generally 0, and their transaction prices reflect the value of time. The overall overvaluation is very obvious, so it is not surprising to go out of the diving market. However, some investors are not fully familiar with the characteristics of warrants and do not know enough about the possibility of a sharp fall.
As the issuer of raw water put, Shanghai urban construction The Investment and Development Corporation announced yesterday that the raw water put is nearing its expiration. The last trading day is February 5, and trading will be stopped from February 6. The exercise date is any trading day between February 6 and 12. After that, all the warrants that have not been exercised will be cancelled. The company will remind investors of the relevant investment risks at the same time. As of yesterday, the premium rate of raw water warrants was still as high as 34%, which also means that from now on to the exercise period of warrants, Raw water shares The price must fall by more than 34%, and investors who bought and sold raw water at the closing price yesterday and held it to maturity can not lose money.
At present, 11 of the 13 put warrants have premium rates of more than 50%, of which Shanghai Stock Exchange, Baotou Steel, Steel Vanadium and other products are gradually approaching their maturity dates. The insiders believe that the prices of these warrants are based on the expectation that the corresponding positive shares will fall by 50% in the coming months. In the current market environment, this possibility may not be as great as some people think. Therefore, the maturity risk of raw water, Shanghai market and other products should be an important reason for the sharp drop of put warrants yesterday.
