Primary dealer of warrants GF Securities Liu Siling
The exercise ratio is the number of related positive shares that can be purchased or sold for a warrant. For example, the exercise ratio of Capital Warrants is 1:1, representing that one warrant can be exchanged for one regular share on the exercise date. At present, the exercise ratio of most listed warrants is 1:1, and some investors may mistakenly think that the exercise ratio of all warrants is 1:1, but in fact, it is not true. For example, the exercise ratio of Wanhua warrants is 1:1.41, CIMC ZYP1 The exercise ratio of is 1:1.128. Investors who intend to hold warrants to exercise on the maturity date should pay attention: if the exercise ratio is not 1:1, the number of shares held or sold through exercise is not equal to the number of previously held (adjusted) warrants, and there may be rounding problems. The following is an example of Wanhua Warrant.
Wanhua HXB1 After the adjustment of dividend, ex right and ex dividend, the latest exercise price is 6.38 yuan/share, and the latest exercise ratio is 1:1.41. In this way, the exercise of the right to Wanhua HXB1 will generate less than one fractional share. According to the rules of the processing system of the registration company, the exercise transaction is processed step by step, and the fractional shares after the decimal point of each exercise less than 1 share are eliminated. If an investor applies for exercise more than once on the same trading day, it will be treated as per each application, and the number of shares after the decimal point generated by each application for exercise cannot be consolidated. If the investor has 2658 Wanhua subscription certificates and can buy 3747.78 shares according to the exercise proportion, as the fractional shares after the decimal point need to be discarded, the exercise can only get 3747 shares Yantai Wanhua Shares. If the investor applies for exercise in two times on the exercise date, the first time 651 Wanhua call warrants are applied, and the second time 2007 Wanhua call warrants are applied, the first time 651 * 1.41=917 Yantai Wanhua shares are applied for exercise, and the second time 2007 * 1.41=2829 Yantai Wanhua shares are applied for exercise. 3746 (＝ 917 ＋ 2829) Yantai Wanhua shares were obtained from two applications for exercise, less than 3747 shares obtained from one application for exercise. Similarly, if investors hold 2486 shares Wanhua HXP1 According to the above rules, 2486 * 1.41=3505 Yantai Wanhua shares can be sold in a single application for exercise.
In addition, investors who intend to exercise should also pay attention to whether the warrants have exercise value and then operate. Taking Tuesday's closing price as an example, Yantai Wanhua shares closed at 36.44 yuan, and Wanhua HXB1 was in the deep price, so investors should exercise their rights in time; While Wanhua HXP1 is out of the depth price, investors should not exercise their rights.
