The creation warrant is unfair
http://www.sina.com.cn 09:18, June 28, 2007 China Securities Journal
On Tuesday, the creation of 1.372 billion put warrants of China Southern Airlines again set a new record for the creation of a single warrant in a single day. At present, the creation warrants in the market have reached a record high.
It should be said that the recent speculation of warrants is really crazy. The roller coaster trend of many warrants is really breathtaking. It is said that the creation of warrants is to curb this crazy speculation. But the question is, in the same market, why can stocks jump up and down, but not warrants? Is the earnings ratio of ST stock market a piece of waste paper at a thousand times? Why can they get tens of yuan a share?
At present, there are many warrants and shares Similarly, it has become an abstract trading symbol, which can be hyped without relying on performance support and fundamentals, which is really absurd in itself. However, the biggest difference between warrants and stocks is T+O trading, and the fact that no stamp tax is levied reduces the speculation cost, which is the charm of warrants. From the perspective of tradable behavior, warrants and stocks are the same. But I have never heard that when the stock price rises, it is necessary to set up a "creation stock". It can be seen that the creation of warrants is inherently unreasonable. Moreover, the real purpose of innovative securities companies to create warrants is to profit from investors.
The author believes that the warrant can be described as "a piece of waste paper", which can make the warrant worthless, let the securities companies do risk education for investors, can strictly monitor the account management, and can also expand the scale of the warrant market so that the tax covered warrants can be launched as soon as possible, but the large-scale creation of warrants is really the biggest injustice to warrant investors. (Dalian Fengming)
Voice
-Voice of shareholders
