Category: Money tips Release Date: 2007-07-21
Recently, the SSE sources, Baosteel has recently landed a long power warrants the stock market. Warrants after so many years after the return to the stock market, will generate a new "interests of the chain." This "chain" has exchanges, brokers and investors. Who dug the first pot of gold at Baosteel warrants it?
Broker: At present, only a small gain
According to SSE July 18 release of "Shanghai Stock Exchange Warrant Interim Measures," The 40th article stipulates that "warrants trading commissions, fees, etc., in the light of this exchange-traded fund by the standard implementation." The source of the "Daily Economic News" that the SSE is studying the details of the charges warrant transactions, and will soon launch warrants charging standard will be mainly closed-end funds and ETF's fees as a reference. Warrant charges, including listing fees, the right line fees, transaction fees, several parts. Among them, transaction costs that investors bear the major cost, the cost will not exceed the rate of ETF.
At present in the secondary market trading of ETF's commission rate of 0.3%, this can roughly calculate the electric Baosteel and long after the listing broker's commission warrants gross income. According to Baosteel and long electricity share reform programs, Baosteel will issue 387.7 million copies of warrants, and long electrical warrants were issued 1.228 billion will also be 407.2 million were traded. Baosteel Warrants theory of valuation of 0.63 yuan / copies of the long power line because of commitment to the right on up to 1.8 yuan / copies of the purchase price of the warrants issued, therefore, the listed price is not less than 1.8 yuan. Temporarily assume that Baosteel, long after the listing of the average electric warrants were 0.63 yuan / copy and 1.8 yuan / copies, according to the daily average 20% of the turnover calculation, two warrants amounted to 195 million average daily trading, multiplied by 0.3 % of the transaction rate, average daily brokerage commission income will be at 60 million. However, the head of assessed to each broker has a "drizzle."
Stock Exchange: The Future of the "profit growth point"
For the exchange, the warrants will be main source of income brought about by two parts --- listing fees, transaction fees and membership. Listing fees borne by the issuer, the current SSE securities investment funds under the initial listing fee of 0.01% of the total fund, from 10,000 yuan and not more than 30 thousand yuan; A shares listed on the listing fee for the beginning of the total face value of 0.03 %, not more than 3 million, so each warrants listing fees at most a mere 3 million; the exchange charge to members of the Fund (closed-end funds, ETF) handling fee for the amount of 0.0045% turnover (two-way) . Therefore, the current exchange warrants will not result in any significant benefits, but if large-scale development warrants product together, the exchange revenue is considerable.
From the Hong Kong warrants market situation, in January 2005 to July, average daily trading volume accounting for warrants daily average turnover of 16.87% stock market as of July 2005, the number of warrants in Hong Kong to 1070 The new warrants are listed on 849, the average monthly number of new listings reached 121 warrants. Average fee for each warrant listed approximately 150000-200000 dollar terms, the Stock Exchange in January 2005 to July of the listing fee income of around 1.5 billion Hong Kong dollars. In other words, only when the warrants after the market scale, the exchange will have "substantial income." Warrants Market in Shanghai and Shenzhen Stock Exchange will be the future "profit growth."
Investors: profit and loss hangs in the balance
Warrants have not come out, many "people's hearts softened" in the study out is what it looks like: It is Dikaigaozou or Gaokaidizou? The vast majority of researchers believe that Baosteel Warrants may not be too high to open (the opening price set by the SSE), but the day will have a substantial shock. Days relative to investment, researchers believe that it will Dikaigaozou, as Shanghai and Shenzhen stock markets have "fried new" habits. According to such trends, investors will no doubt opening bid is the person who dug first pot of gold, income will be very substantial. Of course, if the trend is Gaokaidizou, opening to buy the loss of investors will be miserable.
The Hai Tong Securities Yang Haicheng that individual investors do not carry a related professional knowledge; institutional investors for the study warrants are not many, and the current market model can not very well portray the Shanghai and Shenzhen stock market, because volatility uncertainty, risk-free interest rate and the market itself is not the accuracy of the non-completeness, so as not have the expertise and risk-bearing capacity of weak investor, the best choice is not involved in warrants speculation. He is expected to warrant listing, there will be institutional investors to buy individual investors throw situation, no major fluctuations. That the "first pot of gold" in gold content will not be much.
