By comparing the trading volume, price, variance of return and beta of the underlying stocks before and after the warrants issue, the research analyzes the microeffect of the warrants issue event.
Exclude marketmakers, who stand in the middle of most trades, and retail traders made up about half of volumes, with institutional investors accounting for the rest.
China's futures market posted record-setting trading volume and turnover in 2021, which stood at 7.51 billion lots and 581.2 trillion yuan, respectively, data from the China Futures Association showed.