□ Contributor Chen Weiran
As several put warrants gradually withdrew from the historical stage, only the remaining five put warrants became a money driven business. Since ancient times, the value of rare things has been high, and the put warrants with a total circulation of only more than 4 billion have run free since May 30. It should be said that the decline of the market is the "timing" of speculation, and the low transaction costs are the "geographical advantage" of speculation. The deepest reason for speculation is also the lack of financial derivatives and the small circulation of put warrants.
The most dazzling star in recent years Potash fertilizer JTP1 It only took 4 trading days, and the price rose from 0.803 yuan to 8.050 yuan, up 10 times, with a cumulative turnover rate of 4400%. Potash JTP1 will end trading on June 22. It is the most risky and hyped of the five put warrants. One of the important reasons why it has been wildly hyped is that the circulation share is only 120 million, and the capital of 100 million yuan is enough to control. Potash JTP1 has only a few trading days left and will basically become a piece of waste paper by then.
Among 5 put warrants CMB CMP1 China Merchants Bank CMP1 had the largest circulation share (about 2.5 billion shares on May 30). At the time when the other four warrants were hyped in the early stage, the trend of China Merchants Bank CMP1 was relatively stable, and the price remained below 0.80 yuan until June 7, which should be related to the existence of the warrant creation mechanism. The 320 million share increment created by several innovative securities companies in a row to some extent curbed the hype of China Merchants Bank CMP1. However, after the other four put warrants reached new highs, the "valuation depression" effect made CMB CMP1 finally difficult to escape the fate of speculation. CMB CMP1 still has more than two months to expire. Since the probability of CMB's regular shares falling to 5 yuan is very small, CMB CMP1 is likely to expire as a piece of waste paper, and it must be the vast number of retail investors who lose money. In order to maintain the stable development of the warrant market and the interests of the majority of investors, it is not ruled out that the relevant departments continue to wield the sword of warrant creation and kill the demons and ghosts that disrupt the warrant market. With the increasing circulation share of CMB CMP1 and the listing of China Southern Airlines JTP1 on June 21, it is believed that the bubble of put warrants will burst soon.
