What is a search warrant?
Warrant-a security. After paying royalties, investors have the right (but not the obligation) to buy or sell the underlying securities from the issuer at the agreed price within a certain period (or a certain period of time).
What kinds of warrants are there?
Subscription warrant: the warrant holder has the right to buy the underlying securities as agreed;
Put warrant: the warrant holder has the right to sell the underlying securities as agreed;
European warrants: the holder has the right to buy and sell the underlying securities (such as Baosteel call warrants, 580,000 yuan, etc.) only on the agreed maturity date. );
American warrants: the holder has the right to buy and sell the underlying securities at any time before the expiration date (there is no domestic issue at present);
Bermuda-style warrants: the exercise method is mixed with Europe and America (such as Vanke put warrants, 038002).
What is the warrant creation system?
1. Securities companies (hereinafter referred to as "founders" and 13 innovation pilot brokers including Everbright Securities) that have obtained the pilot qualification for innovation activities may create warrants according to regulations;
2. The warrant created by the founder is the same as the corresponding call warrant or put warrant, using the same transaction code and exercise code;
3. The founder should open a warrant and create a special account; Where a subscription warrant is created, the creator shall open a special account for performance guarantee securities and deposit the corresponding share of performance guarantee in full; Where a put warrant is created, the creator shall open a special account for the performance bond and deposit all the cash of the performance bond;
4. Special provisions of Shenzhen Stock Exchange:
(1) Warrants created on T day can only be sold on T+2 day;
(2) If the number of warrants issued for the first time is less than 600 million, the number of warrants that can be created on that day shall not exceed 300 million; For an initial issue of more than 600 million yuan, the number of warrants that can be created on that day does not exceed 50% of the initial issue (for example, Angang Warrants * * Issue 1. 13 1 billion, and the number that can be created on that day does not exceed 300 million, which can be greater than 65438. Vanke put warrants * * * issued 265,438+0.4 billion copies, and the number that can be created on the same day does not exceed 265,438+0.4 * 50% = 654,380+0.7 billion copies);
(3) The sum of the same warrants created by multiplying the underlying securities by the exercise ratio shall not exceed 65,438+000% of the underlying securities with unlimited sale conditions (for example, Vanke put warrants have unlimited sale conditions of 265,438+400 million shares, and the number of actually created Vanke put warrants is ≤ (267,294-265.438+0.4 =
What is the difference between warrants and the rise and fall of stocks?
The fluctuation of warrants is limited by the fluctuating absolute price:
Warrant price limit = the daily price limit of the underlying securities × 125%.
(Example: See the following example of the advantages of investment warrants)
What are the advantages of investment warrants?
1. It is possible to make huge profits in a short time: the rise and fall of warrants is much greater than that of ordinary stocks, and it is possible to obtain huge speculative gains in a short time;
For example, Company A's closing price before the warrant is 4 yuan, and the closing price before the stock is 16 yuan. On that day, the stock can go up or down by 10%, that is, 1.6 yuan, while the maximum range of the warrant can go up or down on that day is 1.6× 125% = 2 yuan, and the price fluctuation range of the warrant on that day is 2-6 yuan, which is converted into the price fluctuation ratio.
It is precisely because of this leverage effect of warrants that some customers have made huge gains in the short term when investing in warrants. There are two customers in the shenzhen huaqiang Road Sales Department of the securities company. The assets have increased from 300,000 yuan to 900,000 yuan and 800,000 yuan to 3 million yuan respectively. The three-month interest rates are 200% and 275% respectively.
2. Convenient access: the warrant transaction is active, and the transaction is T+0, which is convenient for large institutions and small and medium investors to access;
3. Lock in risks and improve returns: Steady investors can combine fixed-income varieties with warrants in an appropriate proportion to lock in risks and improve returns.
What are the precautions for investment warrants?
1. You need to sign the risk disclosure through the www.ebscn.com of Everbright Securities website or the counter of the business department before you can invest in the warrants;
2. It is suggested to use part of the funds to invest in warrants, and it is not appropriate to intervene in the whole warehouse;
3. We should make full use of the trading characteristics of T+0, fast-forward and fast-out, and should not invest across trading days;
4. Older investors and investors with cardiovascular and cerebrovascular diseases should not invest in warrants;
5. Pay attention to decisive and timely take profit or stop loss.
How to read the announcement of warrant issuance?
A: All elements of warrants will be reflected in the issuance announcement.
For example, if Company A issues securities warrants with its own shares as the subject matter, assuming that the stock market price at the time of issuance is 65,438+05 yuan, the issuance conditions listed in the issuance announcement are as follows:
Release date: August 8, 2005; Duration: 6 months; Warrant type: European subscription warrant; Number of issues: 50 million copies; Issue price: 0.66 yuan; Exercise price: 18.00 yuan; Exercise period: expiration date; Exercise settlement method: securities payment settlement; Exercise proportion: 1: 1.
The above-mentioned clauses tell investors that the warrants issued by Company A are share subscription warrants, and the royalty of each warrant is 0.66 yuan, with a total of 50 million copies issued. Warrants can be bought and sold within six months, but the exercise must be carried out on the expiration date after six months.
If the maturity market price of A company's shares is 20 yuan, which is higher than the exercise price of warrants 18 yuan, investors can subscribe for A company's shares with 20 yuan at the price of 18 yuan/share, and make a net profit of 2 yuan per share; If the stock maturity price of Company A is 15 yuan, which is lower than the exercise price 18 yuan, investors can exercise their shares, so they only lose 0.66 yuan/share.
Warrant investment into the market process
Q: How do investors handle the warrant business?
A: First of all, investors apply for warrant business at the counter of the securities business department that has obtained the qualification of warrant business.
Individual customers need to bring their valid ID card and the original and photocopy of the shareholder account card; The agent must bring the original and photocopy of his valid ID card and a notarized power of attorney.
Secondly, after reviewing the customer information, the business personnel of the business department will fully introduce the relevant business rules to the investors who buy and sell warrants for the first time, fully reveal the possible risks, and require to sign a risk disclosure book.
3. The business personnel of the business department shall open the trading authority of warrants for customers. After the authority of warrant trading is opened, warrant trading can be carried out like buying and selling ordinary stocks, and it can be carried out through various entrustment methods.
Q: What account is used for warrant trading?
A: Investors should use the A-share securities account to subscribe, trade and exercise warrants. If an investor has already opened an A-share securities account, it is not necessary to re-open it, and the existing A-share account can be used for warrant trading.
■ Q: How do warrants charge investors?
Answer: The exchange stipulates that the transaction commission and fees of warrants refer to the expenses of funds. At present, the commission collection standard of the Fund is no more than 0.3% of the transaction amount, and the starting point is RMB 5 yuan; The exercise fee is 0. 1% of the face value of the transferred securities, and the charging standard is subject to the official documents issued by the Exchange and China Securities Depository and Clearing Corporation.
■ How to control risks and gain benefits?
■ Q: How do investors make use of warrants to gain income?
A: First of all, you can use warrants to obtain excess returns. Warrant is a small and wide investment tool. It only costs a small royalty when it is bought, but it may have a great profit.
For example, if the investor Mr. Li invests 1000 shares in Company A and Mr. Wang invests 10000 shares in Company A, the exercise price is 18 yuan. Assuming that two people enter the market at the same time, the share price of Company A is RMB 65,438+05 when it enters the market, and the share price of Company A rises to 20 yuan when the warrants expire. The profits of Mr. Li and Mr. Wang are shown in Table 1.
As can be seen from the comparison in the table, warrant investment is highly leveraged. When Mr. Wang's judgment is correct, the income from his purchase of company warrants far exceeds that from Mr. Li's purchase of stocks. Of course, if Mr. Wang misjudges, his investment loss is far greater than that of Mr. Li.
Secondly, you can use warrants to hedge. If investors already hold the shares of Company A, they can buy warrants to hedge. If investors estimate that the shares of Company A will rise, but they may not meet the expectations, they can spend a small amount of royalties to buy put warrants of Company A. Once the shares fall in the future, part of the proceeds from warrants can be used to make up for the losses of Company A's shares. And if the forecast is correct, the stock price will rise, and the stock bought will be earned, but only a small amount of royalties will be lost.
■ Q: What risks should we pay attention to when investing in warrants?
Answer: (1) Risk of violent price fluctuation: Warrants are a highly leveraged investment tool, and slight changes in the market price of the underlying securities may cause violent price fluctuations of warrants.
(2) Risk of price misjudgment: The warrant price is affected by many factors, such as the price trend of the underlying securities, exercise price, maturity time, interest rate, equity distribution, warrant market supply and demand, etc. And the misjudgment of these factors by warrant holders may also lead to investment losses.
(3) Timeliness risk: Unlike stocks, warrants have a certain duration, and their time value will decrease rapidly as the maturity approaches.
(4) Performance risk: If the issuer has financial risks, investors may face the risk that the issuer cannot perform.