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Warrants introduction

 

窝轮本质上是一种期权,相当于持有一种虚拟的权利。以持有人的权利而言,窝轮可以分为认购证和认沽证。

 

1. 认购证

赋予持有人一种权利(而非责任),以「行使价」在特定期限内购买相关资产(一般以现金结算)。

 

2. 认沽证

赋予持有人一种权利(而非责任),以「行使价」在特定期限内出售相关资产(一般以现金结算)。

投资者可以在到期日之前出售所持有的窝轮。事实上,绝大部分投资者均会在到期前出售窝轮(投资者只是把它看作是一种投资工具来博取差价,并非真想购买这种权利)。

窝轮都在港交所挂牌交易,买卖按完整「手」数进行,并于交易日后两天(T+2)进行交割。窝轮除有一个固定代码外,还会有一系列具有特别含义的符号来进行具体说明。

 

3. 式子含义

以「3512中寿法兴五零五Β(@EC)」为例

3512」是窝轮在联交所的交易代码;

「中寿」表明标的资产是中国人寿(2628.H K )的股票;

「法兴」表明窝轮发行人是法国兴业证券,也就是香港第一大窝轮发行人;

「五零五」表明窝轮到期年月是20055月,若到期年月是20069月,则写成「六零九」,依此类推,而11月写成「甲」,12月写成「乙」;「B」表明同一发行人法兴同时发行了一种以上同一月份到期但条款不同的中国人寿窝轮,B以示区别;

@」表明到期用现金交割而不是用中国人寿的股票来交割,若用「*」则表明是实物股票交割;

E」表明是欧式,若用「X」表明是特种或非传统型窝轮(具体见其条款),美式可能没有字母也可能用符号特别标示;

C」表明是认购证,认沽证则用「P」。

整个式子表达的含义就是「代码为3512的、法国兴业银行发行的B类、以中国人寿股票为标的的、于20055月到期且以现金交割的欧式认购证」。同样,这一窝轮也可以写成「3512SG-China Life @EC0505B」。

 

协议及声明

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Only at-auction market orders and at-auction limit orders can be submitted, and orders cannot be withdrawn or modified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