Games need to change the games are played warrant transactions based on three principles financial

Category: Money tips Release Date: 2006-08-29

Last week, in the domestic capital market, all the 27 warrants on the list, in addition to Wanhua warrants a slight increase, the remaining 26 warrants across the board.

Once the market had high hopes of the warrants and bright, in the most crazy in May, both warrant or a put warrant has a larger gains, of which the largest gains Moutai put warrants, but also created a 22.25-fold higher record.



But crazy after the warrant has quickly fallen into decline variety of channels, almost all of the warrants species has been spared.

"If the market continues to Shenfutiaozheng Warrants, there will be short-term transactional opportunities arise." Guangzhou Securities Research Institute researcher Lu Zhenning such judgments.

Fools Game cooling heat

The latest statistics from the Shanghai and Shenzhen Stock Exchange data showed the domestic market, last week's trading warrants decreased significantly.

In the 26 warrants fell among the top ranks is the decline in potash put warrants, the week down 39.44 percent; while Baosteel expiring warrants and put warrants, respectively Vanke fell 22.97% and 31.31%, or only secondary to potassium warrants. Data show that warrants last week, an average decrease of 12.5%, put warrants has fallen by an average of 16.8%. Warrants total market turnover of 28.97 billion yuan, compared with the previous week declined by nearly 200 billion yuan, and the trend was decreasing every day.

Warrants launched the beginning, it was put on speculation and Bo silly hat. From the current situation, this silly game is already cool Bo.

"Is not abandoned money warrants, which may warrant species has a fatal flaw." Qin Hong, Jiangsu Tianding analysts expressed. He said the warrants little intrinsic value, the recent drop is a pre-high-high go a correct opening.

Deadline approaching speed up the capital to escape

Diving in the warrants market, a mass in the process of coming to an end part of the duration of the warrant is standing in the forefront of the team. As the market worried that these warrants expire likely not the right line, so most of the funds have opted for early escape.

According to Shen Wan Institute's report, this year August 30 and September 4, Baosteel and China Vanke HRP1 will be the first JTB1 expire during the year there will be China's Wuhan Iron and Steel JTP1 Warrants Market and so on seven warrants expire one after another. With the valuation of warrant that the bubble is about to expire the continuous elimination of warrant prices will rapidly decline, and even fell 0.001 points.

The reporter noticed that last week's closing date, the majority of warrants new lows. Vanke put warrants which closed at 0.136 yuan, as the warrant is exercisable at a price of 3.73 yuan, while the G Vanke A last week to close at 5.6 yuan, G Vanke A within two months, fell to 3.73 yuan in the possibility of completely non-existent, so Vanke put warrants expire would only be a paper one. With this kind were put potash permits Wuliangye put warrants, put warrants Maotai, Wan Wah put warrants, put warrants, etc. Youngor.

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According to expert analysis, warrants plunge deeper reason is that China's current stock market in the warrants product is as split share structure reform, supporting product launch. As the majority shareholder's inability to pay the cash to shareholders in circulation right price, at the same time holding little Major Holders the ability to not enough, so warrants came into being. These warrants, put warrants in particular, in the design, set a deadline difficult to meet the right conditions for the line, causing them to expire will be waste paper.

Warrants are still trading opportunities plate

Qin Hong said frankly that, despite the warrant is hard for a big opportunity in the near future, but that does not mean that there is no opportunity for a C of E section.

Because the current 27 species warrants, in the short term due only Baosteel JTB1 and Wanke HRP1, other varieties are still far from maturity, so in the near future Quotes of the collation and gradually do more savings with energy, not be ruled out in a one time reprisal rally there.

On the other hand, the warrants and underlying shares linkage opportunities. Going through an adjustment after the warrants are constantly reducing the premium level, positioning has gradually become more rational, if the underlying shares rebound, in-depth price of warrants will follow within the rebound, but also due to leverage effects, rebound margin may be greater, could focus on concerned about the relatively high intrinsic value, is a good stock texture Wu Liang YGC1, Wanhua HRB1, long electric CWB1 and other varieties.

Warrants trading on three principles

However, the warrants charm again in the end there? Shanghai Stock Exchange, Investor Education Center Dr. Yuan Xiuguo that the "Warrants charm lies in its largest market with a small stroke a big highly leveraged. Of course, this effect of the play is that there must correspond to the positive use of their stock because as, but warrants is positive investments in the amplifier. "

He said the warrants are options in the "call option" and put warrants are similar to "put option." As the warrants have a high leverage rates, warrants the investment costs only a fraction of the underlying securities investment, so it also amplified the speculators capacity and speculative gains.

Insiders pointed out that individual investors engage in a transaction warrants the need for attention to three points: First, the current warrants Quotes are highly speculative element, a loss can only stop in time, and must not arbitrarily to cover their short positions. Second, try not to position the night, because you never know whether tomorrow will be the creation of brokerage firms. Third, the stock warrants a derivative species as well as the complexity of the relationship between the underlying shares, coupled with the creation of brokerage firms are free to the ordinary investors, the degree of specialization in general be elusive. Thus, in principle, should invest in warrants as a "legitimate trade", to go wholeheartedly into the whole warehouse.

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