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Data:2009-12-12 2:34
August 22, 2005, Baosteel warrants attention in the thousands of shareholders in listed
Listed at 1.263 yuan, 0.031 yuan delisted in Baosteel has completed a one-year warrants listed on the final journey. One year, rise and fall, twists and turns, in the main Fanyunfuyu driving under the interpretation of a sub-Baosteel Warrants Warrants classical theory is difficult to explain the bizarre trend.
The transfer of wealth, capital of the game, shareholders of the joys and sorrows, the mechanism of the defects, from Baosteel Warrants body, we can think of there are many
Yesterday, 15:00, Shanghai Everbright Securities of a business department, Wang Yicheng eyes stagnate, watching the screen on the ups and downs of the K-line diagram, from time to time a Liangsheng deep sigh, as an "old friend" endless sentimental departure.
From that moment on, the code is "580000" Baosteel has completed its one-year warrants listed on the course, was delisted from the Shanghai Stock Exchange.
Over the past year, Wang Yicheng has repeatedly in Baosteel warrants Bosha, although ultimately I did not earn money, but Baosteel warrants far more than the huge fluctuations in the stock is still deeply appreciate him to the pleasure of the transaction. Sometimes, he can do more than 20 times an afternoon trade, in order to keep a close eye disk, in the middle are not even on the toilet, "just as excited as Chile Yao."
Warrants enthusiasts like him, and a minority. Shanghai Stock Exchange Company's data show that at least there were tens of thousands of traders, indulging in a C of E "T +0" charm and frequent trading, while Baosteel warrants is that they recognized as the best deal varieties --- from the Baoshan Iron and Steel Warrants listed on the first day of limit-start, and its degree of market recognition had been impregnable.
"T +0" triggered "Fools"
At 9:00 on August 22, 2005 about the SSE trading floor open on weekdays in added some excitement, including Geng, general manager of Baosteel Group, Xu Le Jiang, Guotai Junan Feng, vice president of China, including a a number of dignitaries gathered in a securities industry have come to witness warrants listed Baoshan Iron and Steel.
9:30, all guests are still in speech when the trading floor of the big screen showed the opening price of Baosteel Warrants, 1.263 yuan! Direct daily limit!
Crowd a while whispering, this result was obviously not what most people expected.
In Baosteel Warrants prior to listing, the price of its market speculation has become a hot topic. The opening exchanges are given a reference price is 0.688 yuan, a rather unlucky number. The figure is based on BS model of the classical theory formula calculated. Some warrants researchers believe that some of the model parameter settings have been high, to a certain extent is estimated that the new varieties were sought after expectations.
However, they still underestimated the market "speculation new" enthusiasm. Baosteel Warrants in a number of large pre-market began to let it be 1 yuan more than willing to "sweep plate."
Accumulated in the moment of passion has been listed vent. "To be honest, (opening price) is higher than I expected, I would have thought that it might at 1 yuan, did not expect daily limit was so firmly closed." As a sponsor representatives, when he was vice president of China Guotai Junan a Feng said, .
Open daily limit, after a few minutes, some holders of warrants of the Fund started a small amount of shipping to open limit-was short-lived. However, this time in Shenzhen, Shanghai, Zhejiang and other large gatherings of some funds from sales department, and numerous pay flocked once again firmly sealed in the price board above the daily limit.
Qiang Yu (a pseudonym), a large fund of hundreds of millions of individuals, on the warrants at this time began his trading history. He is a well-known "limit-death squads," members of the 18-year-old began Zuogu Piao, the market is extremely sensitive feelings. His usual "chasing a strong variety of" line of thinking get in Baosteel warrants the best expression. "The first day was robbed, in my experience, such an upsurge of popular species, as long as it grabbed, bound to make money.
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Many people think that the first day of Baosteel Warrants daily limit is due to "market maker" manipulation, but Qiang do not think so. "Does not require the dealer. Stock market has always been speculation of learning a new Baosteel Warrants plate is so small, thousands of individual investors, each block of money to come up with tens of thousands of Bo 1, is enough to fry it to heaven."He feels the market has once again been verified. The next day, the third day, Baosteel Warrants heavy volume soaring popularity of extreme high prices in one fell swoop would be pushed as high as 2.088 yuan. Many people have tasted a one-day storm earn 30%, 40% of the sweetness.
"T +0" the power of starting to show. In addition to listing on the first day since the closure was only 36 percent daily limit beyond changing hands, after two days attracted a lot of money Baosteel Warrants rounded out disk popped up daily changing hands more than 300%.
In Hongli Road, Shenzhen Guoxin Securities Sales Department, personal finance tens of millions of Chan Su (a pseudonym) came up with four million of funds chasing Baosteel warrants, 7,8 a day trading round, and create nearly 30 million in transaction volumes.
In his view, is that a warrant can be used to "pump" "chips. He knew nothing about BS model, but also know that Baosteel Warrants quite expensive compared to the underlying shares. However, he and another set of logic:" 2 yuan more than the risk of Baosteel Warrants of his life? I think the net assets are negative ST companies have more than 2 yuan price of risk is higher risk than it is, at least there is a Baosteel Warrants can be traded more than a year, and these losses would be if the company is not delisted six months. "
Moreover, T +0 mechanism so that he can boldly Bo silly. For him, to seize the fluctuations between the price and quickly put chips hands of others. The absolute price level is not important, whether it is 2 yuan or 20 yuan or 200 yuan.
In the first three days of soaring Baosteel Quotes warrants, he accumulated over 1 million profit. "Warrants are a fool to do, because (E) definitely is not worth so much money; not do C of E is even more silly, there are opportunities for making money are not stupid not to participate in it?" He said.
Highlights the risks caused by regulators concerned about the
The speculators, when jubilant, while others are very troubling.
Baosteel Warrants listed daily limit on the same day, Baosteel Group vice president of Malaysia's strong, says that warrants the price of Baosteel Baosteel's stock price fundamentals should be combined, in particular, remind investors of investment risks.
Immediately, such as brokerage Guotai Junan made to the Shanghai Stock Exchange, Baosteel warrant the creation of the application, because a smaller plate Baosteel warrants, the creation is considered to expand the supply of a means to keep its prices down. However, Baosteel has not recognized the creation of way, this application has not become a reality, Shanghai Baoshan Iron and Steel warrants market has therefore become not only the creation of mechanisms for the introduction of warrants.
SSE has begun to closely monitor the frequent trading of Baosteel Warrants account, and notify the securities business departments, to enhance the risk of revealing the work of warrants.
In the media, strongly suggests the risk, the market also appeared on the Baosteel Warrants mad fear. Starting from the fourth trading day, Baosteel Warrants ascribed to fall, after sharp fall day by day, single-day drop in biggest one-day drop of 15%
Some speculators began to leave. Chen Su on the fourth day, after a long period of time no longer involved in trading warrants.
However, some initial tasted the sweetness of the retail is still "persistent." Wang Yicheng earned in the first three days of the nearly 10 million, from fascinated by the warrants, in the next 1 months, he lost not only finished the 10 million, also a loss of 50000.
In September 2005, in October two months, Baoshan Iron and Steel warrants gradually annealing, October 27, Baosteel warrants fell to 0.68 yuan in the vicinity, only the third highest point, trading was relatively light, a lot. But at this point, the mutation will occur.
Consulting firm launched the fund Relay Game
October 28, capital suddenly surging into the Baoshan Iron and Steel warrants, causing prices to suddenly surge in flight. To 11, 24, just 20 trading days, Baosteel Warrants along the way from 0.68 yuan rose to 2.11 yuan, setting a new high since listing, or up to 300%.
In some market participants view, Baosteel warrants listed on the rose and the initial retail push is completely different was an "organized, planned and" speculation.
Baosteel's share price was around 3.9 yuan, while Baoshan Iron and Steel warrants has fallen by one half, but prices are still overvalued almost doubled. However, since it does not create a mechanism, only the total market value of more than 200 million. "The market is there such a small-variety speculation strength a lot of people." Qiang said.
Baosteel has been concerned about the warrants Qiang discovered that some members of consulting firms began to introduce large-scale Baosteel warrants. Some have hundreds of thousands of members of the consulting firm, can influence the funding of up to several hundred million dollars, is fully capable of dominating the trend of Baosteel warrants.
On the Internet, some borrowed "Guoxin Securities Hongling Road Fund" on behalf of the news began to spread. "Baosteel Warrants Hongling Fund will be layouts, target-bit × yuan" and forum posts in various stocks to disseminate.
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Guoxin Securities Hongling Road business department, is well known in the market places where the big money, because of Baosteel warrants trading volume was enormous and many times due to the list, by many small retail investors as a "banker" is located. Their name especially with the news release also its luster."In fact it is more than one round of funding relay game." Qiang said, "making his first built warehouse, and then recommend to members, members of the large-scale buying has given rise to the market to follow suit disc, bookmakers took the opportunity to ship . If you see a buying turbulent late, there is room for speculation on the part of the buy back, and then do the next day. a consulting firm to do make money, it will attract other companies to follow suit. "
Thus, during this time, hourly charts, the recurring scenario is that after opening sharply ascribed to an intraday drop, pulled up late again. Qiang said that this is precisely the corresponding member to buy, driving up shipping late to take back three stages.
This game is not until Baosteel Warrants hit a new high, the market to follow suit for fear of scarce after the high end. Between January, I do not know how much wealth changing hands.
The birth of a new model: to buy warrants, and Latin America are shares
After speculation Baosteel Warrants were calm again, at 1 yuan sideways for nearly six months, until the rise once again Wuliangye warrants warrants wave of speculation.
April 3, 2006, Wuliangye warrants listing. Open only 1 yuan more, out of Wuliangye are optimistic about stocks, a number of institutions in the low to buy a lot of Wuliangye warrants at the same time being a strong buy Wuliangye shares, so that Wuliangye from 6.5 yuan in share price rose to 15.8 yuan, driven to the highest Wuliangye warrants rose to 11 yuan, creating more than a month were up nearly 10 times the myth, some institutions so lucrative.
Baosteel Warrants Warrants Wuliangye speculators undoubtedly provides a new speculative ideas --- to buy warrants, and Latin America are stock.
By the end of April this year, but also crept into the capital Yi Gu Baoshan Iron and Steel warrants the same time, with the news of steel prices began to lift Baosteel shares. April 28 to May 22, the Baoshan Iron and Steel shares from 4.15 yuan to start, along the way rose to 5.05 yuan; the same time, Baosteel Warrants again display its power, the price rose to 2.3 yuan from 1.13 yuan, or 100%.
The difference is that with the previous two, this Baosteel warrants soaring, it seems that with the "fundamentals" of support.
However, the short-lived, Baoshan shares soon began to fall, while Baosteel warrants from May 30 since the beginning of the listing of the most urgent one of the most ferocious decline. Two weeks later, the price plummeted from 2.3 yuan to 0.8 yuan or so.
"Love not the main reason for war was mainly Baosteel Warrants approaching maturity date." One dealer said, "At the time away from the expiration date of Baosteel Warrants only 3 months time. From a speculative point of view, the shorter the time of failure the greater the probability. Therefore, this can only be a lightning war. "
To informed sources, during the lightning operation, there are still big profits over 100%, and for the doomsday hype and pave the way round.
Encounter regulatory fist round of speculation premature end
In mid-August of this year, about to expire Baosteel Warrants have become the end of round, the price dropped to around 0.3 yuan. Part of the funds began to smolder, ready to attack the last time.
They are not without reason. Baosteel is the price of stocks has been maintained at around 4.1 yuan, and 4.2 yuan a very small gap between the exercise price. Although Baosteel Warrants late in the day, but as long as there once during the Baosteel limit-stock, warrants to preserve their capital and even profitable, while Baoshan Iron and Steel Center Daily News has not yet been clear, the use of hazy about Baoshan Iron and Steel shares is expected to give a helping hand there is room.
August 14, Baosteel Warrants suddenly rose 21 percent, from 0.35 yuan rose to 0.47 yuan, the market cried out in alarm, end of speculation arrived!
August 15, Baosteel warrants continue to rise sharply, day or 26.1%, while Baosteel is time stock prices have been below the line of the right price.
At this point, Baosteel Warrants have become of great concern to regulatory authorities as a sensitive species is also an unprecedented strengthening of the monitoring efforts. Exchange and supervision departments at all times is watching Baosteel trading warrants to prevent the occurrence of acts of malicious speculation.
August 15, the Shanghai Stock Exchange issued a notice to suspend an individual account of Shanghai warrants trade qualifications. On the same day, the Shenzhen stock exchange has also prompted a strong risk, and speculative behavior alerts.
Clearly, the speculators did not anticipate liable to such a fist. The next day, a group of speculators to hear of the withdrawal of speculative attacks did not go ahead.
However, the market "gambling" mentality of Baoshan Iron and Steel shares rise has not completely dissipated, until yesterday morning, Baosteel Warrants remains at 0.2 yuan.
"I now have 1000 copies of the hands of Baoshan Iron and Steel warrants." Wang Yicheng said, "If the right can do the best, it is not, on the mark when left to do it, to commemorate this year's ups and downs."
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