Category: Money tips Release Date: 2006-08-29
As a nine-year absence, the first landing only the stock market warrants, Baosteel Warrants have been in hot pursuit of investors, listed a two-day total rose to 170%, the accumulated turnover reached 2.287 billion yuan. This fully shows that investors have a strong desire for new products and demand for financial innovation in the securities market will be promising. At the same time, as in the split share structure reform introduced a new tool for the successful listing of Baosteel Warrants also fully reflects the financial innovations of the split share structure reform, the promotion of positive role.
Investors, however, a great enthusiasm for the new product at the same time, we should also maintain a proper reason. Baosteel Warrants from the past two days, the trend of view, many aspects of the view that prices have a greater degree of its departure from the theoretical price, showing a higher speculative.
The reason is, first of all is that investors in the new products showed a high degree of attention and participation. In the current financial environment, investors on the financial needs of new varieties have a strong, Baosteel Warrants as a function of new varieties of unique financial, causing a high degree of investor interest is also within reason.
Second, the present supply and demand gap between the great, easy to lead to high prices. At present, Baosteel Warrants Warrants Market is only one listing, and its circulation is only 387.7 million copies, the smaller the stock market can not meet the huge demand, supply and demand do not match the price in the form of the contradiction Zeyi reflected.
Thirdly, as a new variety, the market price of the need to explore the process of positioning. Warrants more complicated pricing system, and the theoretical price and the actual price will exist certain differences between the. Even in mature markets, warrant prices often deviate from the theoretical price situation. Baosteel Warrants trends in two days, can be regarded as the early market price discovery and location of the "testing the waters" process.
We can see that the relevant departments in risk prevention, it has already done a lot of work. Shanghai Stock Exchange, the Ministry of Supervision have made it clear that the warrants will be real-time monitoring of transactions; in Baosteel Warrants prior to listing, the SSE also requested the broker to deal with potential investors warrants to the signing of a "risk revealing book." These measures, it shows that authorities in risk prevention, on the good intentions cherished.
However, the current situation is that some investors seem only concerned with the speculative value of the warrants.
Investors actively participating in the warrants at the same time, it should be fully aware of warrants highly leveraged, high-risk characteristics, to maintain a rational attitude towards investment. Meanwhile, under the principle of fair trade, as the market in a game, any investor should be well aware of the risk, subject to risks, risk-prepared. (Alpine)
