Yesterday, the put warrants of China Southern Airlines, which had not performed for a long time, rose up by taking advantage of the market's weakness. The turnover rate of nearly 100% and the increase rate of 11% made many speculators excited. However, under the system of creating warrants, what will be the fate of these speculators?
The original 1.4 billion put warrants of China Southern Airlines have now been fattened to more than 12 billion by innovative securities companies, becoming a veritable fat man. This value can be increased to infinity in theory, as long as innovative securities companies want.
Calculate the income from the creation of China Southern Airlines warrants. Even if the lowest price of China Southern Airlines' warrants is 0.589 yuan, the founder can get two China Southern Airlines' put warrants as long as it freezes 7.43 yuan. The exercise date is June 20, 2008, about half a year from now. That is to say, every time a China Southern put warrant is created, it needs 3.715 yuan in cash. Half a year later, it can get 3.715+0.589=4.304 yuan, with a profit of 15.85% and an annualized yield of 31.7%. The yield level is not only far higher than the interest rate in the money market, but also higher than the new stock purchase market that has accumulated 3 trillion yuan. More importantly, there is almost no risk in creating China Southern put warrants.
The management launched the warrant creation system, which was intended to meet the warrant supply and suppress the false high price of warrants, but now it has become a legitimate means for a few institutions to obtain huge profits, which not only makes a large number of warrant holders feel unfair, but also makes me feel greedy. According to the performance ability, as long as I can freeze the cash of 7430 yuan, I am fully capable of performing the exercise of 2000 China Southern put warrants, provided that I am allowed to create China Southern put warrants. Therefore, people all over the country should be qualified to create warrants, not just innovative brokers.
If anyone could really create warrants, I'm afraid the price of China Southern Airlines warrants would have fallen to the floor, so that innocent investors would not buy China Southern Airlines warrants at such a high price. Therefore, it is the system of some people exercising the creation right that places warrant investors in an endless hell of survival and death. More regrettably, the majority of small and medium-sized investors not only do not abandon the put warrants of China Southern Airlines at the current price, but also buy the put warrants of China Southern Airlines speculatively, virtually placing their precious wealth in a castle in the air.
The current warrant transaction is extremely abnormal, which belongs to an embarrassing situation that a few people can create so that they cannot speculate. At the same time, not all people can create such an embarrassing situation that the price is too high to invest. If China Southern Airlines shares And China Southern Airlines warrants were transplanted to the Hong Kong stock market, so China Southern Airlines put warrants should have been traded on RMB 0.001.
