Although the stock market has recovered recently, the increase of warrants is far lower than that of regular shares. This market situation is far less than that of the bull market when the increase of warrants is greater than that of regular shares.
High warrant premium rate
At present, the premium rate of most warrants in the market is at a very high level. Based on the closing price of this Wednesday, there are 9 warrants with a premium rate of more than 100%, accounting for half of the number of warrants, of which the one with the highest premium rate SAIC CWB1 Even up to 368.66%. The so-called premium rate is to buy the warrants at the current price and hold them to maturity. The percentage of the positive shares that need to rise (subscription certificates) or fall (put certificates) is what percentage, so that investors can maintain their principal, that is, neither gain nor loss.
In fact, in the last week, none of the 18 warrant products outperformed the regular shares. Meanwhile, the trading volume and turnover rate of the warrant market also reached a recent new low, falling below the annual average for the first time recently. The average daily trading volume of the warrant market last week was 30.331 billion yuan, which has further decreased since last week. At present, the trading volume of the warrant market has fallen below the market average. The average daily turnover rate of warrants is 128.86%, which is also lower than the annual average turnover rate of 148.41%.
For the current situation of the warrant market, Changjiang Securities He said that under the cumulative stimulus effect of the policy, the A-share market rebounded to the 60 day line, and the trading of individual shares was extremely active. The doubling of many individual shares promoted a new round of earning effect, so it also attracted a large amount of funds, including some warrant funds seeking safety margin in the early stage. The margin of safety provided by the intraday trading characteristics of the warrant market has become less attractive in the current A-share market, which directly leads to the weakening of the warrant market.
Analysts of Ping An Securities said that for medium - and long-term investors, the risk of buying these high premium warrants is great. Because in the medium and long term, the return of the value of these warrants is inevitable. If investors intend to hold warrants for a long time, they should try to avoid buying warrants with high premium. In terms of short-term trend, these warrants with high premium rate may follow the trend of positive shares, but there is also greater uncertainty. As the premium rate is too high, the warrants may lose out of the regular shares, making investors unable to make money or even lose money even if they look at the direction of the regular shares. Therefore, even for short-term investment, the risk of high premium warrants should not be underestimated.
Statistics show that in November, the transaction of warrants in Shanghai Stock Exchange hit a record high, the number of effective accounts participating in warrant transactions increased by 33%, and the single account transaction amount increased to 22300 yuan, an increase of 21%, only second to the transaction in September 2007. However, the change of hands did not reach a new high, indicating that speculative factors are decreasing.
Steel Vanadium Warrant Ends Exercise
Yesterday was the last exercise date of the Steel Vanadium Warrants. As of yesterday, the Steel Vanadium GFC1 warrants that had not yet been exercised will be cancelled.
Pangang Steel Vanadium Remind investors that warrant investors should confirm that there is enough capital in their accounts to confirm whether the exercise is successful. If the exercise is successful, the investor will receive Panzhihua Iron and Steel's regular shares from the exercise after the next day's settlement, and the shares due to the exercise can be traded the next day. The closing price of the Steel Vanadium Warrant is 6.654 yuan, which is an in price warrant compared with the closing price of 9.14 yuan of Pangang Steel Vanadium yesterday. More importantly, the holders of Pangang Steel Vanadium are given a cash option of 9.59 yuan, so the exercise can realize risk-free arbitrage, and failure to exercise will cause losses.
The Shenzhen Stock Exchange disclosed on the 10th that as of this Tuesday, Panzhihua Iron and Steel Vanadium had added 668.53 million shares of capital stock and raised 2.183 billion yuan as the holders of the Jiucheng Iron and Steel Vanadium warrant had exercised their rights. At the same time, six over proportional holders of the Steel Vanadium Warrant emerged, including four natural persons and two professional arbitrage institutions.
The Steel Vanadium Warrant entered the exercise period on November 28, and yesterday was the last non tradable exercise day. According to the data provided by Shenzhen Stock Exchange, 188.28 million warrants were exchanged for Pangang Steel Vanadium shares on the first day of exercise, equivalent to 227.63 million shares. In the following seven trading days, the number of exercises was lower than the first exercise, and the number of exercises varied from 26.86 million to 96.97 million, with no obvious decline.
According to statistics, 552.96 million warrants were exercised 8 days before the exercise period. Based on the latest exercise ratio of 1 to 1.209, Pangang Steel Vanadium added 668.53 million shares of capital stock, accounting for 20.4% of the total capital stock before the exercise, and 35.5% of the circulation. The latest exercise price of Steel Vanadium Warrant was RMB 3.266, and 668.53 million shares of newly increased capital stock brought 2.183 billion yuan of raised capital for Pangang Steel Vanadium.
According to the warrant trading data of Shenzhen Stock Exchange, in the last few trading days of the Steel Vanadium Warrants, some seats showed huge net purchases, and institutional seats, Guosen Securities Wuxi Business Department and Guotai Jun'an Shenzhen Business Department were frequently listed, which also confirmed the concentration of warrant holders from another side.
Xinbao reporter Wang Wei
