Cai Zhenxin
"If you want to ask me what is my most impressive experience since I became a warrant investor, it must be that the buying and selling of warrants went up and down at the same time. Sometimes such scenes, or spectacle, are a bit baffling, and it's hard to tell whether it's comedy or farce." Although Chen Kesheng, a warrant investor, has also "taken advantage" of the speculative mood of the market, But in retrospect, I still feel strange.
In essence, the warrant is a call option. If the stock price continues to rise, the value of the warrant will continue to reflect, showing a positive correlation. The put warrant is actually a put option, which is negatively correlated with the stock price. However, since last year, the domestic warrant market has repeatedly seen the phenomenon of buying and selling rising at the same time, and they have all been able to rise surprisingly.
"In essence, the only explanation is crazy speculation." When the airport put option (580998. SH) was delisted at 0.332 yuan on December 15 last year, there were still investors snapping up in the late market. The reason is that the market must rebound after a single day's decline of 61.35%, In addition, there are also investors who have held the warrant for hundreds of thousands of yuan all the time, and of course, the outcome is lost.
"What impressed me most was that on November 2 last year, Baotou Steel's regular shares (600010. SH), options (580002. SH) and put options (580995. SH) were sealed on the limit board, and the actual increase of put options was far more than that of regular shares and options. This was one of the most extreme manifestations of warrant speculation. It was purely hype and had nothing to do with the corresponding intrinsic value. What is the intrinsic value shares And the motive force of warrants, the speculation that deviates from the value, is like using manpower to Apple Flying into the sky, the gravity will show its effect after all. " Chen Kesheng sighed that this kind of performance "is malicious speculation, which can also be said to be an inducement."
