Category: Money tips Release Date: 2006-10-07
Warrants have been very crazy in Shanghai and Shenzhen
In June 1992, the first time in Shanghai and Shenzhen stock warrants trading. As the warrant price inflation fall, speculative stronger regulators at the end of June 1996 warrants the termination of the transaction. In the retired nine years later, the warrants will again this year, "coming out."
Warrants issued high-powered speedboats set a precedent
Tai Fei Yue warrant placement of shares of our stock market's first warrants the introduction of time in June 1992. October 30 the same year, Shen Baoan issued to the old shareholders, our first long-term (one year) Warrants: Bao'an 93 warrants, issuing a total 26.4 million. Baoan warrants a release on the warrants in the market set off a wave of prices from 4 yuan has been Chaodao 20 yuan, but the rate of return is always negative. As the duration warrants deadline approaching, it is inevitable crash. Subsequently, the Shanghai stock market has also introduced the Gold Cup warrants, Shenhua warrants, but they showed little reaction.
Shanghai and Shenzhen cities launched in the year 1995,1996 allotment warrants, or warrants A2. A2 warrants represent in the determination of the date of the placement of shares according to a predetermined value as a contribution warrants to subscribe for such stock certificates.
1995 and 1996, the Shanghai stock market launched Yueda, Fuzhou, East 100 and other stock warrants, the Shenzhen market were offered for Wu Phoenix, Hunan Zhongyi, Ha Hai-fa, Guiliu Gong, Fujian Fujian and other stock warrants.
Spike has been stopped
After the expiration of these warrants, because the market downturn, and turn allotment can not be implemented by the management approval, warrants extension of trading for six months. The extension to Market Makers provided a subject to manipulate the market, triggering market speculation warrants crazy. Is only 4.3 yuan and stock prices were more than 3 yuan Xiamen Haifa, Kyrgyzstan, light industry, warrants the price is even greater than the share price even higher, respectively, up to 6.78 yuan and 5.24 yuan. Is the price of 7 yuan Yueda shares, warrants the price as high as 15 yuan.
This deformity investment is not able to maintain long. After half a year due to market downturn, issuing warrants had been below the allotment price of some stocks, warrants then worthless. To Xiang Italy, for example, near the warrants delisting, the stock allotment price of 3.2 million shares had fallen to 2.8 yuan, warrants will become a piece of paper. As the warrant price inflation fall, speculation is so extreme that regulators at the end of June 1996 warrants the termination of the transaction. After no longer issue new warrants.
Speculation warrants is how to make money from?
There are two ways to make money speculation warrants, one line of the right, and second, transactions Change difference.
Line power may make a difference
Warrants into warrants and put warrants. Warrant holders agreed within the required period or a specific expiration date, shall be entitled to the agreed purchase price to the issuer related securities. When the line right above the exercise price when the stock price, known as price, investors can be the difference. On the contrary, such as the right line of the stock price less than the exercise price, called the price, the investors earn less than one point, warrants like the paper one. Such as Baosteel warrants, the company provided an exercise price per share 4.5 per share, such as the right line for 5 yuan, 0.5 yuan for each can make. Bank shares such as Baosteel Warrants only 4 yuan, then can not make money.
Put Warrant and the Warrant the contrary, the agreement holders within the required period or a specific expiration date, shall be entitled to the agreed price to the issuer to sell the underlying securities portfolio. Such as the introduction of the commitment of agricultural products, expiration major shareholders repurchase shares by 4.25 yuan per share. When the line right below the put price of the stock market when the price is called in, he will be the difference; the other hand, if the stock price above the line put the right price, known as the price of things, it does not make a sub, put warrants are also became the paper one.
Just play the stock market speculation warrants
Warrants can be freely traded in the market, investors can sell high, buy low earn spreads. Warrant prices are set by the intrinsic value and time value of the decision, so pay attention to the underlying stock price and the remaining survival time. Specifically, when the stock price goes up, the call warrant price rose accordingly, the price of a put warrant down. On the contrary when the stock price falling, the price of the subscription cards fall in put warrant price increases. As mentioned above, Baosteel, when the stock price rose from 5 yuan to 6 yuan, due to the subscription price is set at 4.5 yuan, then the subscription card will be a corresponding rise in the price of 1 yuan, theoretical price is 1.5 per head. On the contrary, such as the price fell to 4.6 yuan, its theoretical price is only 0.1 yuan.
As the remainder of the longer survival, rates of change in stock price may be greater, the greater the possibility of profits for investors, so the greater the value, whereas the smaller value. Such as Baoshan Iron and Steel right next Caixing, this year's stock has fallen 4.5 per below the exercise price, it does not mean that the price of the subscription card is zero, because it also increases the possibility of last year, so the market price of the subscription cards may be a few cents.
