Hong Kong stock investors are quite familiar with the "marine engine (right)", that is, warrants and warrants. Even though it may sound strange, if you plan to speculate on warrants along the fiery Hong Kong stock market, turbo games in Hong Kong will be a compulsory course for you. In fact, this English translation is quite appropriate, that is, it retains the English pronunciation and brings another meaning. Turbo, like Turbo, brings you exciting speed-the speed of making money.
Warrants have warrants to play, and turbines have turbines to play.
If the warrants in the A-share market are called warrants and the Hong Kong warrants are called turbines, then some differences between them should attract investors' attention ―― after all, the playing methods are different.
The biggest difference is that Hong Kong Turbine is issued by investment banks, rather than by listed companies themselves. Qualified investment banks can build turbines for any stock. For example, in 2005, China Construction Bank was listed at an issue price of 2.35, and 13 steam turbine publishers including First Boston, Societe Generale and UBS issued 24 CCB steam turbines, of which 22 were warrants. Swiss bank and BNP Paribas each issued a put warrant with an issue price of HK$ 0.33 and HK$ 0.26 respectively and an exercise price of HK$ 2.68 and HK$ 2.63 respectively. This information can be obtained by manually calculating the exercise price and issue price of put warrants. Even the investment banks that are bearish on CCB believe that they will not fall below the bottom line of HK$ 2.35. On the other hand, investors who bought CCB warrants at a premium of 65,438+02.9% on that day were quite optimistic-this figure means that the exercise price and issue price of warrants have been higher than the price of CCB at that time of 65,438+02.9%.
The risk of locally producing turbines is slightly lower.
Excluding the risk of the warrant itself, the unsystematic risk of the Hong Kong fan market may be lower than that of China? Can you believe it? First of all, as long as it is a turbine investment, there are risks. For example, when the subscription right expires and the stock price is just below the exercise price, you can only admit that you bought a worthless turbine. However, the premium rate of turbines in Hong Kong is generally not much different from the theoretical price. The premium rate of 200% to 300% only exists in the A-share market-if the premium rate of a turbine is 100%, its actual price is twice the theoretical price. If the leverage is 5, the stock will rise by 20% to keep the turbine from being "scrapped". Because Hong Kong adopts the market-making system, if the warrant is overvalued, the issuer will issue it indefinitely to increase supply and stabilize the price, but if it is too low, the investment bank will buy it and cancel it. In China, most of them are initial warrants, such as those of China Merchants Bank. The total market value may be tens of millions, which is likely to be controlled by speculators.
The turbine is actually very simple.
In the global capital market, warrants are an extremely popular trading tool, especially Deutsche B? rse. By the end of April this year, there were only 797 listed companies, but there were as many as 32,276 derivative warrants listed in the same period.
Optimism or optimism about falling stocks is the driving force for buying and selling turbines. It's actually quite simple. Many individual investors in Hong Kong no longer regard warrants as complex financial derivatives, but as the most common and common investment tools. In the final analysis, it depends on the fundamentals and profitability of stocks. Shenhua, for example, has risen by 30% in two or three weeks, and you may feel that you can continue to perform, or you may be weak one after another. Under these two judgments, investors chose the call right and put right respectively.
A few days later, Shenhua was brave, and the latter belonged to the group of "fried turbines".
The term of the turbine is generally 3 months to 18 months, and once it expires, it will disappear due to exercise. As long as the stock does not withdraw from the market, it can exist forever. Even if you withdraw from the market to the third board, it may be a few cents or cents per share, and if the turbine does not exercise its rights and does not settle accounts, it is worthless. What attracts investors most is the profit of turbines. Under the strong leverage effect, warrants may make hundreds of times of profits.