Yongji convertible bonds attract people's attention because of the shocking market performance after listing. On the one hand, it once rose to 42 1 yuan on the first day of listing, which was as high as 32 1% higher than the issue price, setting a record for the largest intraday increase of convertible bonds in recent years. If calculated at this price, the profit of playing novice and new debt will exceed 3000 yuan. On the other hand, the transaction volume of Yongji convertible bonds was huge in the first two trading days after listing, of which the transaction amount on May 18 was as high as 8.99 billion yuan, exceeding the transaction amount of any A-share on that day, and the cumulative turnover rate in the first two days was as high as 1602.6 1%, which means that 16 chips were changed in two days.
Yongji convertible bonds are so rare for two reasons.
First, the "plate" of Yongji convertible bonds itself is small enough, and a relatively small amount of funds can shake its price. According to the data, the total issuance of Yongji convertible bonds is only about 654.38+0.46 billion yuan, which is the smallest convertible bond issued this year and one of the smallest convertible bonds in history. Since the beginning of this year, a few new convertible bonds with smaller issuance scale have also been heated up by the market. For example, the price of collective convertible bonds listed in April this year once rose to 300 yuan, and the cumulative turnover rate in the first two days exceeded 1 100%, and its issuance scale was only 204 million yuan. In contrast, Yongji's convertible bonds are smaller in scale, and it is easier to become the target of speculative capital speculation.
Second, many relatively radical investors are aware of the relatively flexible trading system of convertible bonds. Unlike A-shares, which adopt T+ 1 trading system, convertible bonds can be traded back and forth many times in one day, but unlike A-shares, the limit on the rise and fall of convertible bonds is much looser, and in many cases, it can rise several times a day, which provides great trading convenience for radical investors, and many people participate in it with a desperate attitude.
It should be pointed out that convertible bonds belong to a kind of securities with dual attributes of bonds and stocks. Theoretically speaking, the trend of convertible bonds and their stocks should be positively correlated, and the trend will not deviate too far in the long run. Recently, some convertible bonds that have been heated up have obviously completely deviated from the trend of the stock market. For example, during May 17 and May 18, the closing price of Yongji convertible bonds rose by 290.96%, while the share price of Yongji shares (603058) fell by 1.38% in the same period, and the trend was even the opposite.
Judging from historical cases, many short-term speculative convertible bonds failed to "hold on" for a long time, and then suffered a deep decline. For example, in the first quarter of last year, the turnover of Luen Thai convertible bonds, which was originally only a few million yuan a day, surged to several hundred million yuan in March of that year, even exceeding 654.38 billion yuan, and the price more than tripled in just half a month, rising above 400 yuan. However, since then, the convertible bonds have continued to fall, and the current price has once again returned to the level of 654.38+000 yuan.
In addition, compared with stocks, convertible bonds are a relatively complex investment product, involving many terms such as stock conversion and forced redemption. If investors don't study it carefully, it is very easy to step on the pit. It is not uncommon for some investors to lose money because they did not convert or sell their shares in time before compulsory redemption.
Generally speaking, the rule-based trading behavior of convertible bonds in the secondary market is a market phenomenon. If there is no violation of laws and regulations, there is no doubt. It should be noted that under the temptation of huge interests, illegal behaviors such as market manipulation may breed, and such behaviors need to be severely cracked down.
For investors, you need to do your homework, remember the principle of "self-financing", and don't run naked without fully understanding the rules and risks.