Doom-turn effect leads to CWB1 of power in China

The shrinking market of a-share warrants will usher in new varieties of delisting. Under the pressure of the Doomsday Wheel, CWB1 (580022.SH) began a zero-return trip this week, with 14.8%　　The decline and 15.74 times times the turnover rate has become the focus of the warrants market, and its shares of state-run power (600795.SH) Shares in the recent continued to hover under the right price under the status quo, but also make the state power CWB1 can smooth the right to cast a layer of shadow. Yesterday is the last third trading day of the CWB1, the variety to 0.473 yuan, although the early trend of relatively strong, but the afternoon near two o'clock a wave of sharp kill caused its price collapse, the last only to 0.403 yuan, the whole day fell to 14.8%.　　Its 1574.38% turnover rate has created a new high for the state-CWB1 since the listing. Guo Dian CWB1 is the state electric power in the issue of separable bonds with the delivery of warrants, the total share of 427.47 million, its latest line price of 3.70 yuan (excluding the right), the proportion of the right to 2.02. This Friday (May 14) will be the last trading day, starting next week will enter the right period.　　If the state power CWB1 can smooth the right, means that the state electric power will have about 3.195 billion yuan in cash receipts in the bag. Despite the deep pockets of state-owned enterprises such as National Electric Power, the temptation for more than 3 billion dollars in cash is still not small. From a series of previous moves of the state electric power, it is clear that the company still hopes that warrants will be able to run smoothly, the annual report launched 10 send 7 to increase 3 sent 0.78 yuan of high send-send program is a typical signal.　　In the above news stimulation, the company's share price was also touched to 8.45 Yuan high, compared to the right of the line at the time (excluding the right before) 7.47 yuan higher than 10% more than, smooth line seems to have been taken for granted. The stock market is always so elusive. In the case of the company's right to worry, the continuous decline in the stock index since mid-April has undoubtedly become the biggest resistance of the power CWB1.　　By the market trend dragged down, the state electric power of the share price fell continuously, although its decline is much lower than the same time index, but it is still difficult to avoid falling to 3.70 yuan under the right price, yesterday only to 3.60 yuan, so that the right to the future of the line of doubt. April 29, the SFC issued a review of the conditions approved by the company's Non-public offering a shares in Jiangsu Power plant 80% of the application, so that the acquisition will enter the substantive stage, and the acquisition will be to a certain extent, thickening the company's performance.　　But in the case of warrants only two trading days, so far water is obviously difficult to solve the power of the warrant line of thirst. Although the stock price is only 0.10 yuan from the right price, it still has doubts whether it can hold 3.70 yuan in the 5 trading days next week. This first need to match the rebound of the market, followed by investors on the prospects of listed companies optimistic degree. And since this year, some of the rights of the case of warrants, shares of shares in the right price around the trend is obviously not conducive to the right, the National Electric CWThe likelihood of B1 a high proportion of rows is already small. However, there are still a large number of industry analysts bullish on the long-term prospects of the country's electric power. such as Everbright Securities industry analyst Chi Yuxin that the company will enter a rapid growth period.　　First of all, the company holding 69% of the national power of the Dadu River Hydropower company into production peak, installed capacity of 3.6 Million-kilowatt of the Waterfall Ditch power plant in 2009-2010 years, the installed capacity of 660,000-kilowatt of the deep Gou power plant will be put into production in 2010-2011 years. In addition, the company's holding shareholder Guo Dian Group issued a letter of commitment to the State electric power as a power generation asset integration platform, will be in five years through the national electric power to achieve the overall listing. At present, the state-power group has not listed power installed capacity of 54.7 Million-kilowatt, is the state electric power 3.35 times times.　　Guo Dian Group plans to complete the state-owned Jiangsu 80% Equity injection state power, will restart the asset injection, Fujian, Yunnan, Xinjiang's power generation assets into listed companies. Chi Yuxin gave the national electric power target price of 5 yuan, far higher than the 3.70 yuan of the warrant line price.