Category: Money Tips Date: 2006-10-21
The world's first warrants can be traced back in 1911 the United States. At that time, a lamp called the United States and energy companies (American Light & Power) issued warrants for the financing.
Now the popular American-style warrants can be divided into warrants and European-style warrants. American-style warrant holder is entitled to the due date at the last trading day of any required compliance enforcement; while the European warrant holders are only required on the final day of the performance implementation of the maturity date.
Although the warrant appeared early, but the attention later. Of the last century 60's, many U.S. companies engaged in mergers and acquisitions for stock warrants financing of other enterprises, as warrants the relatively cheap, so part of the warrants as a marketing tool and even a bit similar to "buy a computer gifts insurance" sort of way. At that time the United States, difficulties in the bond sale, often in order to gift the stock warrants to be of "material incentives." Warrants in controlling risk, speculative areas such as rapid development, it is the last century, 70 years after that.
Warrants the more mature European markets, Germany, followed by Italy, Switzerland and Austria. In the Asia-Pacific region, Singapore and other places of the warrants market, there are a certain size.
The first warrants in Shanghai and Shenzhen stock market appeared in 1992 to 1996, then turn allotment of warrants warrants the so-called A2, is an example. In 1992 generated a large number of upstarts subscription card, from the broad sense is also a warrant. The warrant price of 30 yuan, after fry a few hundred yuan, because there are huge profits when the stock market, almost no one to give up the exercise of the right.
The second batch of cards in 1993, attracted a large number of buyers to subscribe, or even lead to long queues queues and confusion. If at that time Shanghai Xujiahui commercial area near the Health Alliance, the crowd packed Tianyaoqiao scene magnificent. Subsequently, however, shows that the inputs are almost all lose, disappear from the subscription card.
The history of investment in warrants for the A2, full of "ridiculous" case. For example, in 1995 only 2.50 shares Guiliu Gong, turn allotment price of 2.60 yuan, but the A2 warrant price is more than 2 yuan. In other words, investors prefer to buy warrants to spend more than 4 yuan per share, the price of buying Guiliu Gong "futures" stocks, but also unwilling to 2 yuan to buy a stock is stock (underlying securities). Gui Liugong A2 warrant starting price from 1 yuan more than the maximum Chaodao 4 yuan, finally fell to 0.01 yuan. Another example is of Jiangsu Yueda warrants, the opening actually higher than "is stocks," several times, and the emergence of the day up 637% of the spectacle. When the last one pick-up can not be won by a more "stupid" people, after, A2 warrants started to decline, the majority of such warrants from a few dollars eventually fell to 0.01 yuan.
