Baosteel Warrants last crazy?.

<P Align=center> </ P> <P align=left> present, the theoretical value of Baosteel warrants only 0.11 yuan, much higher than the theoretical value in the price, Baosteel warrants continue to perform the spike. .Warrant market expansion around the corner, now is not Baosteel Warrants have been caught in the final madness of it? </ P> <P align=left> is our view that the short term, Baosteel Warrants may fall in will also attract investment boom or .by eye, but the madness is already much time, the value of return must occur after the last crazy. .</ P> <P align=left> late yesterday, in the vicinity of the closing price the day before, about 1.4 million copies selling Baosteel Warrants emission within a few minutes, the price quickly dropped nearly 0.5 million, then bought by 190 million copies .disk, warrant price and returned to his closing price the day before, the whole process about 20 minutes, this scene fully demonstrated, the major funds have a high degree of control disk in Baosteel warrants. .</ P> <P align=left> warrants listed so far from Baosteel, the main financial speculation in warrants should be the same number of market capital. .From the exchange of public information is not difficult to find, warrants trading volume concentrated in Shanghai and Shenzhen together a number of speculative capital is known to the business department. .Hot money speculation is not expected to participate in more than the total market value of Baosteel warrants that no more than 6-7 million, due to the presence of T +0 transaction, several hundred million of the funds can be 20 to 30 billion turnover. .</ P> <P align=left> Obviously, a serious imbalance between supply and demand warrants resulted in overestimation of Baosteel. .Baosteel Warrants small scale, only 387.7 million copies, no selling pressure above the disk, which also makes it possible to fix prices of hot money. .Baosteel placid in G, while the price of warrants G Baosteel completely out of the trend, theoretical model is completely meaningless, under the manipulation of the hot money, Baosteel Warrants reduced to a purely speculative tool. .</ P> <P align=left> At the same time, even more market attention is the regulator for the high-profile investigations and warrants speculation Baosteel warrants its own way. .As most of the hot money is a personal big money, as long as not related to illegal financing and down, hot money is difficult to regulatory authorities to effectively investigate itself. .In the current environment, regulators can only be prompted to risk, investigate irregularities in the financing of the business department for the existence of the transaction on down, is still a lack of timely and effective means. .That is why hot money dared to "crime against the wind." .</ P> <P align=left> We believe that the issue of third-party broker warrants in the creation of mechanisms and continuous introduction before the warrants market in the strict sense has not yet established, warrants only as by-product of the share reform. .Lack of system, making the warrants market is still rare items, hard to change the state of demand, the price was overvalued difficult to avoid. .</ P> <P align=left> to completely prevent excessive speculation, regulation alone is not enough, the market's problems will eventually need to establish market mechanisms to resolve its own regulation, expansion, the introduction of market maker system and the continuous creation of mechanism is .is the fundamental means to prevent excessive speculation. .</ P> <P align=left> We believe that these system-level measures to implement in the near future. .By then, it will be the end of Baosteel Warrants crazy: on the one hand, warrants army be listed, the relationship between supply mitigation, regulatory measures are implemented, making the manipulation of increasing the cost of warrants; the other hand, warrants its duration is limited, and has .the characteristics of the time value of continuous consumption, high cost of holding warrants, the value will be like a snowball in your hand as cover smaller and smaller, speculative funds will eventually suffer. .</ P> <P align=left> </ P>.