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Reporter Zhu Yin reports from Shanghai
Recently, Everbright Securities submitted an application to the SSE for issuing Baosteel covered warrants and SSE 50ETF warrants. Compared with Baosteel JTB1, Everbright designed Baosteel covered warrants have more innovations. In addition, its issuing price will be far lower than the closing price of Baosteel JTB on August 26.
Everbright Securities plans to issue 200 million Baosteel covered warrants, and its exercise price, exercise ratio, maturity and other major terms are completely consistent with the existing Baosteel JTB1. The main innovation lies in: First, the exercise period is different. Everbright Securities has selected Bermuda style call warrants, and warrant holders can exercise the warrants three months before the expiration date of the warrants, that is, they can exercise on any trading day from May 31, 2006 to August 30, 2006. Secondly, the settlement methods on the exercise date are different. When the warrant holders exercise their rights, Everbright Securities, as the issuer, has the right to choose the securities payment method or cash settlement method to pay the holders a corresponding number of A-shares of Baosteel Shares or corresponding cash. In addition, Everbright Securities also plans to make innovations in collateral selection, issuance mode and liquidity provision.
For investors, Everbright negotiable securities The value of the warrant product of is roughly the same as that of Baosteel JTB1, but its issuing price will be far lower than the closing price of Baosteel JTB1 on August 26. Calculated according to the implied volatility of 45%, with the closing price of Baosteel shares of 4.53 yuan as the reference, the issue price should be about 0.85 yuan, 47% lower than the closing price of Baosteel JTB1 on that day.
At the same time, Everbright Securities also submitted an application for issuance of SSE 50ETF warrants. The relevant personnel of Everbright Securities pointed out that the company has made all the preparations for issuing warrants, and as long as the relevant departments approve, the relevant work can be carried out in full soon.
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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