citic securities
The CMB put warrants will expire on September 1 and the last trading day is August 24. As the CMB put is outside the deep price, investors should avoid the risk of "doomsday round".
In the process of warrant investment, investors need to focus on distinguishing two dates: the last trading date and the maturity date. The last trading day is the last day when the warrants can be circulated in the secondary market, and the maturity date is the last day of the duration of the warrants. Article 14 of the Interim Measures for the Administration of Warrants stipulates that "the trading of warrants shall be terminated five trading days before the expiration of the duration of the warrants, but the warrants may be exercised". That is, after the last trading day, the warrant will stop trading, but the warrant holder can decide whether to exercise during the exercise period specified in the warrant terms; After the expiration date of the warrants, the warrants that have not been exercised will be cancelled and the warrants will no longer exist.
Most of the warrants circulating in China's market belong to European options, so the duration of warrants can be divided into two stages: the first stage is from the listing date to the last trading day, during which warrants can be traded but not exercised; In the second stage, from the last trading day to the maturity date, the warrants may not be traded, but may be exercised during the exercise period specified in the warrant terms.
In order to correctly understand these two dates, we also need to pay attention to the following points:
First, the value of deep out of price warrants will inevitably return on the last trading day, and investors should avoid the risk of "doomsday round". Since the intrinsic value of deep out of price warrants is zero and the warrants are nearing maturity, there is little possibility that the warrants will have exercise value during the exercise period, so the warrants will be worthless after the final trading day, and will inevitably end in a slump. with Steel Vanadium PGP1 For example, its closing price on the last trading day was 0.01 yuan, down 97% from the previous day's closing price of 0.30 yuan, a huge drop. the near future, CMB CMP1 It is about to expire, and the last trading day is August 24. At present, CMB's put is out of the depth price and has no investment value. Investors need to avoid risks.
Second, pay attention to the exercise of in price warrants before the expiration date, and do not exercise out of price warrants by mistake. For in price warrants, investors must exercise their rights. If investors do not exercise their rights, the warrants will be cancelled and investors' rights will be invalidated. For out of the money warrants, be careful not to exercise them by mistake, or they will cause unnecessary losses. For example, the exercise price of CMB put warrants is 5.45 yuan, while China Merchants Bank The current share price is higher than 30 yuan. If investors misexercise their rights, it is equivalent to buying shares of China Merchants Bank at the market price and selling them to the warrant issuer at the exercise price, and investors will suffer huge losses. Therefore, investors who still hold the CMB put warrants after the last trading day can only automatically expire the warrants and do not exercise them, otherwise they will cause greater losses.
Third, pay attention to the difference between the final trading date and the maturity date, and avoid taking the last stick in the warrant speculation. with Airport JTP1 For example, the closing price on the last trading day was 0.33 yuan, and the warrants had no exercise value, so all investors lost all their investments. The reason why this happens is that some investors mistook the maturity date as the last trading day, and bought warrants on the last trading day, thinking there was still a chance to sell. In fact, as long as investors pay attention to the difference between the two dates and check the announcement in time, this situation can be completely avoided. Therefore, the put warrants of China Merchants Bank will expire on September 1 and the last trading day is August 24. At present, the put warrants of China Merchants Bank are outside the deep price. Investors should avoid the risk of "the last day round". Investors should not exercise the warrants by mistake if they are not sold before the last trading day.
