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Data:2009-12-12 2:34
With the recent spike Baosteel warrants, the market for the warrants in this innovative products continually in-depth understanding. Management also recognized the market demand for the product warrants, due to the current listing of warrants is only one, and its independence and stock market trading mechanism, making warrants attention as a new variety of the investing public. Here's the status of warrants and investment for analysis.
1, warrant the status quo - the total shortfall
China's warrants, with the split share structure reform and the creation of ourselves, as a share reform of listed companies on the price part of the program put forward, and did not form the issue of warrants market, warrants winner of the outstanding shares of existing shareholders, is distributed free of charge. The issue price of warrants is not the result of market pricing, so the price after the listing of financial speculation by short-term hit.
Based on Shanghai Stock Exchange and the Shenzhen Stock Exchange announced the "Interim Measures for the C of E Business Management", Shanghai and Shenzhen markets are now eligible to issue warrants of the 29 listed companies, which have been completed share reform companies 8 to enter into the share reform program of the company has 3, another subsidiary of Sinopec Yangzi Petrochemical and integration with the Group share reform ideas, such as China Merchants Bank with four banking stocks are the introduction of foreign institutional investors, the ingredients are mostly issued warrants unlikely, therefore, remove the warrants issued have been published The seven companies, there are 12 companies can issue warrants, that is, if no other warrants the creation of a mechanism, limited in scope, the overall issue of warrants, warrants issued in a limited amount.
Baosteel deal from the situation warrants, and lively period of its turnover accounted for 20% of the market to 30%, and in accordance with concussion City 10 billion to 150 billion in turnover terms, warrants to absorb funds in the 2 billion yuan to 45 Bn. And those issued seven warrants market liquidity of the company amounted to 4.328 billion copies, of which China Vanke 2.004 billion copies of warrants on the share, accounting for an incremental warrants (excluding already-listed Baoshan Iron and Steel C of E) 3.945 billion copies of 50.8%. Shows that if the short-term funds do not touch the Vanke warrants, but would choose other species, warrants supply can not meet market demand, supply and demand imbalance will lead to the phenomenon of sensation in Baosteel Warrants were again.
Warrants have been issued a list of
Code shares and warrants
Name of shares and warrants
Warrants nature of the
Distribution ratio
The total amount distributed and explained
Exercisable at a price and explain
Duration and interpretation
Notes
600,900
G Long Electric
European-style warrants, equity-type
Distributed 1.5 shares for every 10 copies of
1.228 billion copies, promoter received warrants not listed, the actual circulation of 407 million warrants were
5.5 yuan, ex dividend adjustments to be done
18 months, during the existence of the company dividend dividend, resulting in an exercise price adjustment, warrant prices
Line of the right day, each warrant holder the right to sell 1.8 yuan to the Three Gorges Project Corporation, equity-based warrants lead to capital expansion of the right line
580000
Baosteel JTB1
European-style warrants, covered type
Distributed a copy for every 10 shares
383 million copies of
4.5 per
378 days
Covered warrants the right line will not increase the total share capital
600,005
Wuhan Steel shares
European-style covered put warrants + type Warrants
Distributed 2.5 shares for every 10 copies of copies of Put Warrants Warrants +2.5
474 million copies of the put warrants +4.74 100 million copies of the warrants
Put warrants is 3.13 yuan to 2.9 yuan warrants
12 months
038,001
Steel and Vanadium PGP1
European-style put warrants, covered type
Distributed four copies of every 10 shares
233 million copies of
4.85 yuan
18 months
000002
Vanke A
Bermuda-based put warrants
For every 10 shares were distributed to eight
2.004 billion copies of
3.73 yuan
9 months
Bermuda-based warrant refers to the right of the date fixed-line American-style warrants
600,004
Baiyun Airport
American-style put warrants
Distributed six copies for every 10 shares
240 million copies of
7 yuan
Year
American-style warrant is defined as any day during the existence of the warrants may be the right line
000898
Angang
European-style put warrants, covered type
Distributed 1.5 shares for every 10 copies of
113 million copies of
3.6 yuan
366 days
Second, investment in warrants
Because the issue of warrants is a stock price change on the part of the holder is free, and its issue price has not been market tested, only the model calculated the theoretical value, does not reflect the market supply and demand, therefore warrants trading prices can be far beyond the theoretical value. Baosteel shares due to warrants is far lower than the exercise price, which had zero intrinsic value, although some agencies the time value measured at 0.3 yuan, but because of strong demand, combined with a C of E "T +0" and the rise is higher than the stock market decline The trading mechanism, allowing the right of Baosteel warrants in the day is far away from the line of the survival period, the fluctuation of market prices as investors sought a "Greater Fool" game. (Your opponent on the price of the stock held by the program satisfied? You think a reasonable price should be the right number? - Soon send short �letter to vote! Write "JF01 or JF02", 01 on behalf of "satisfactory", 02 stands for "unsatisfactory." Mobile users sent to 2.9116 million + stock symbol (eg, 2911600600104), China Unicom users send to 9.9016 million + stock code)
In the new warrants, and warrants the creation of a mechanism did not come out of the trading mechanisms have not changed, the market for small species of speculation warrants will not have a substantial change, and in some species warrants the existence of intrinsic value, investors to combine the use of warrants arbitrage and hedge as possible, this will exacerbate the demand warrants. From a speculative point of view, hot money may be used between the warrants and positive stock price leverage to force down share prices is to increase the value of put warrants, the small species warrants more than the price of share price are also possible. Already completed share reform and the forthcoming completion of share reform companies, Steel and Vanadium warrants, Vanke warrants, Wuhan Iron and Steel will be the market warrants attention.
Code shares and warrants
Name of shares and warrants
Warrants nature of the
Exercisable at a price
November 9 closing price of
The intrinsic value of warrants
Warrant theoretical price
600,900
G Long Electric
European-style warrants, equity-type
5.5 yuan, ex dividend adjustments to be done
7.03 yuan
0
2.89
580000
Baosteel JTB1
European-style warrants, covered type
4.5 per
3.87 yuan
0
0.32
600,005
Wuhan Steel shares
European-style covered put warrants + type Warrants
Put warrants is 3.13 yuan to 2.9 yuan warrants
Pre-suspension price of 3.45 yuan
　
Put Warrants: 0.43 yuan, 0.24 yuan Warrants
038,001
Steel and Vanadium PGP1
European-style put warrants, covered type
4.85 yuan
3.1
1.75
1.78 per liter
000002
Vanke A
Bermuda-based put warrants
3.73 yuan
Pre-suspension price of 3.95å…?/b>
　
0.38 yuan
600,004
Baiyun Airport
American-style put warrants
7 yuan
7.95
1.03 yuan
