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Data:2009-12-12 2:34
Table 1, Wuhan Iron and Steel and Baosteel Warrants Warrants Price opened the control parameters
Categories
Historical volatility rate%
Implied volatility%
Implied volatility multiplier (times)
Risk-free interest rate%
Baosteel Warrants
30.5
30.5
1
3.33
Wuhan Iron and Steel Warrants
32
53
1.65
2.25
Source: De ting investment warrants pricing model
As can be seen from the table, Wuhan Iron and Steel Baosteel warrants than the opening price of the opening warrants a higher price, obviously the sponsor to use the market warrants a strong desire for speculation, raising the center of the opening price will be a certain degree of price risk onto the market investors, from the regulators perspective, the opening price of the overestimate is to further reduce the prices of speculative space warrants to curb excessive speculation, we recommend investors of the risks associated. (The alternative is to cover up the outbreak of warrants opportunity, through online consultation or call 021-51036988 immediate access to an alternative we have been sending the outbreak Niugu 1.)
Table 2, the Wuhan Iron and Steel warrants every limit-range price forecasts and the corresponding operation strategy
Warrant Type
Open
First
Limit-price
Participation
Worth
The second limit-price
Participation
Worth
The third limit-price
Participation
Worth
The third limit-price
Participation
Worth
Warrants
580,001
0.484 yuan
0.822 yuan
Well
1.160 yuan
Well
1.498 yuan
Speculative
1.836 yuan
Not
Participation
Put Warrant
580,999
0.822 yuan
1.160 yuan
Well
1.498 yuan
Speculative
1.836
Not
Participation
2.174 yuan
Not
Participation
Source: De ting investment warrants pricing model, assuming that the shares of Wuhan Iron and Steel fake G runs in the range of 2.65 yuan -2.74 yuan.
Temporarily maintain the operation of warrants yesterday WISCO strategy (by the end of major market, doubling the new faucet)
Table 3, Wuhan Iron and Steel warrants combat operation strategy
Warrants Price
0.70 RMB following
0.70-1.30 yuan
1.30-1.50 yuan
1.50 yuan or more
Response strategies
Strong buy
Bid
Speculative
Speculation of little value
Table 4, Wuhan Iron and Steel put warrants combat operation strategy
Put Warrant Price
0.80 The following
0.80-1.40 yuan
1.40-1.60 yuan
1.60 yuan or more
Response strategies
Strong buy
Bid
Speculative
Speculation of little value
Source: De ting investment warrants pricing model
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