Category: Money tips Release Date: 2006-01-22
Shenzhen and Shanghai stock reform has received Jinsi Cheng
Began in 2005, "51" split share structure reform, the market experienced suspicion and controversy, and now has tended to agree. The latest progress was significantly higher than market expectations: the market, the Shenzhen small and medium panel has completed its share reform, the Shenzhen market board reformed companies accounted for 40% of the total market capitalization. With this accompanied the reform itself, to bring the four major stock arbitrage opportunities will also become a recent market focus.
First, the cross-market arbitrage. Since different stock market prices reflect the change of the mixed, resulting in the emergence of spatial arbitrage, that is, X + Y <Z opportunities, where Z is the value of the stock, X is the current price, Y is the price level. Here, the part of the stock's value can be H-share market price to replace vague, such as the share reform before the Anshan, ZTE. In this way, the stock is very simple change that we can calculate the X + Y <Z, ie the current stock price X is too low. Even now, there are still some of the stock shows such opportunities. At the same time, investors can also be concerned about the X + Y> Z opportunities, meaning that Z has been underestimated. This regard, investors can mainly be concerned about the B shares in opportunities. Recently we have seen Chang B, BOE B sharp rise in its principle is here. Because even consider the A shares on the price factor, the corresponding B-shares are significantly undervalued.
Second, cross-species arbitrage. For example, convertible arbitrage alternative. The first trading day of the year, China Merchants Bank in raising prices stimulated resumption of the day stock price daily limit. At this point investors can consider buying investment convertible bonds, for alternative arbitrage. Another example is an alternative arbitrage fund. Shares of stock suspension in a period of reform, the market is expected that the stock will be substantially higher, you might consider buying Shigekura stock funds, and thus the enjoyment of Awkwardness gapped rose after resumption of trading after the profits.
Third, the commitment to arbitrage. Shares of major shareholders to maintain the formation of risk-free arbitrage opportunities. For example, Guangzhou Holding case, stock reform of the previous trading day suspension, large shareholders commitment to the maintenance of stock at a price, but also focus on buying. However, in the trading day, Guangzhou Holding shares not fully reflect the time left before the close of around 7.5% rate of return. If the investors buying before the market closed, then opened in about 20 days when you can get 7.5% returns.
Fourth, legal person shares arbitrage. ZTE's share reform in the former, Goldman Sachs purchased a stake in Warburg's ZTE corporate shares, according to the author estimates, consider the payment of the purchase price after the cost 18-19 yuan near the current share price of 29 yuan ZTE G near Goldman Sachs through the legal person shares arbitrage has made great gains. Of course, it should be reminded that, due to lock-up period requirements, some of the lack of long-term investment value of the company may not be worthwhile to invest in corporate shares.
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