Shanghai Airport Put warrant（ Shanghai Market JTP1 ）The exercise price will be 13.36 yuan on March 6, 2007, which means that the warrant holder has the right to sell one warrant and one Shanghai Airport stock to the warrant issuer at a price of 13.36 yuan.
As of February 6, 2007, Shanghai Airport shares The closing price of was up to 24.31 yuan, 10.95 yuan higher than the exercise price. Now, there is only one month left before the exercise date of Shanghai Stock Exchange JTP1. That is to say, the stock of Shanghai Airport will fall by more than 10.95 yuan (by more than 44.5%) in the remaining month before the exercise is worthwhile, otherwise, Shanghai Stock Exchange JTP1 will be worthless.
There are two main factors affecting the stock price of Shanghai Airport: the company's fundamentals and the trend of the market. In terms of fundamentals, Shanghai Airport, as a public utility The performance of the enterprise is stable. The earnings per share in the first three quarters of 2006 are 0.602 yuan, and the annual performance is estimated to be about 0.80 yuan; Market trend On the one hand, although there are many differences at present, few people predict that the Shanghai Stock Exchange Index will fall 40% to 1600 points again in the short term. Therefore, there is little possibility that the price of Shanghai Airport shares will fall below 13.36 yuan on March 6, and the value of Shanghai Market JTP1 is basically zero.
However, as of February 6, 2007, the closing price of Shanghai JTP1 was still as high as 0.461 yuan. It is hard to find other reasons to explain except speculation and foolishness. Of course, judging from the recent trend, the price of Shanghai JTP1 has been falling all the way, falling by about 40% in the last month, indicating that the main force is also aware of the huge risks and is gradually leaving the market. Therefore, investors should not take this last stick! Jiangnan negotiable securities Li Gang
