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Inline Warrants introduction

 

1. 什么是界内证?

界内证类属结构性产品,使投资者可在到期时获得预定的固定收益。相关资产价格在到期日是在上限价及下限价之内(界内)的话,投资者可获得1港元的固定收益(以每界内证单位计算);若相关资产价格在上限价及下限价之外(界外),投资者则可获得0.25港元的固定收益(以每界内证单位计算)。

 

界内: 到期日定价在上限价及下限价之内的,现金结算金额:HK$1

界外: 到期日定价在上限价及下限价之外的,现金结算金额:HK$0.25

 

界内证发行时的有效期由6个月至5年不等。在到期日前,投资者可在香港交易所旗下现货市场买卖界内证。在到期日,界内证只会以现金结算。

界内证是由第三者发行,发行商通常是投资银行,与香港交易所及相关资产皆没有任何关连。

 

2. 界内证的特色

2.1 设有上限价及下限价,不设强制收回。

投资者在买入界内证时已预知最大收益和亏损。

投资者的最高利润=HK$1– 投资金额

投资者的最高亏损=投资金额– HK$0.25

2.2 投资者可在香港交易所旗下现货市场买卖界内证或持有界内证至到期日。

2.3 所有高于HK$1的界内证交易将不获承认,并将被取消。

2.4 由于最低固定收益为HK$0.25, 界内证价格预计会在HK$0.25 或以上。

 

3. 界内证的代码及命名

界内证股份简称命名守则:QQZZ年月界A,界内证的代码区间为47000-48999

QQ = 相关资产

ZZ = 发行商

= 到期年份

= 到期月份。1月至10月将以中国数字(一、二十)代表;11月及12月分别以「甲」及「乙」代表

= 界内证

A = 同一发行商就同一相关资产再发行同一到期年月的界内证,以显示系列编号 A,B,C…

 

4. 界内证的到期日定价

指数类相关资产:相同到期月份的指数期货合约的最终结算价。

单一类股份相关资产:到期日前五个交易日的平均收市价。

 

5. 界内证的风险

作为一种结构性产品,界内证有一些风险,同时还存在一些额外风险。

5.1 定价结构

界内证的定价结构需要投资者就挂钩资产估值处于上限价与下限价(两者均包括在内)之间的价格范围内的预期可能性准确评估界内证的价值。投资者可能难以适当地评定其价值及/或将其用作对冲工具。

5.2 固定最高潜在回报

倘挂钩资产估值处于下限价与上限价(两者均包括在内)之间的价格范围内,投资者只会在到期时获得每份界内证的最高回报1港元。因此,界内证的潜在回报是设有上限的。

5.3 超过1港元的交易将被取消

由于界内证的回报上限为固定金额(每证1港元),因此界内证的交易价格不应高于回报上限1港元。所以,任何高于1港元的界内证交易将被取消,且不获联交所承认。

 

协议及声明

Inline Warrants introduction

 

Except for public holidays and the market closure due to bad weather, the Hong Kong stock market generally trades from Monday to Friday. The trading hours are as follows:
 

1. Pre-open Period

Time period

Trading Rules

Enter order 9:00-9:15

Submit, modify, and cancel auction market orders and auction limit orders

Non-cancellable 9:15-9:20

Only at-auction market orders and at-auction limit orders can be submitted, and orders cannot be withdrawn or modified

Random match period 9:20-9:22 (match will start randomly at 9:20-9:22 at the final reference equilibrium price)

Conduct matchmaking during auction period

Pause period, from random match period ends to 9:30

At-auction order: Incomplete order will be cancelled by the system; At-auction limit order: If the input price range of an incomplete order does not deviate from the nominal price by nine times or more, it will be converted to a limit order and automatically transferred to the continuous trading session

 

2. Continuous Trading Hours

Time period

Beijing Time

Morning market

9:30-12:00

Closed at noon

12:00-13:00

Afternoon market

13:00-16:00

Note: Order modification is not allowed during the closed at noon, and cancellation is allowed during 12:30 - 13:00.

 

3. Closing Auction Trading Session

Time period

Trading Rules

Closing auction period 16:00-16:01      

Calculate and publish reference price; orders cannot be submitted

Enter order 16:01-16:06

You can submit, modify, and cancel at-auction market orders and auction limit orders. The price limit of auction limit orders shall not exceed ±5% of the reference price

Non-cancellable 16:06-16:08

At-auction market orders and at-auction limit orders can be submitted, and cannot be cancelled or changed; the input price of at-auction limit orders must be between the lowest selling price and the highest bidding price

Random closing 16:08-16:10

At random closing time, at-auction market orders and at-auction limit orders can still be submitted, and cannot be cancelled or changed; the input price of auction limit orders must be between the lowest selling price and the highest bidding price