□ citic securities Yanger
According to the provisions of Article 14 of the Interim Measures for the Administration of Warrants issued by the Exchange, the trading of the warrants will be terminated five trading days before the expiration of the duration of the warrants, but the warrants can be exercised. Therefore, the last trading day of warrants and the expiration date of warrants are not the same day. After the last trading day of the warrants, the trading of the warrants will be terminated, and the investors can exercise the warrants on the exercise date. The warrants are automatically invalidated after the expiration date, and the warrants can neither be traded nor exercised, and no longer have any value.
In our opinion, we should pay attention to the following three points when correctly understanding the last trading day and maturity date of warrants:
1. The warrant price may fluctuate significantly on the last trading day. At present, there is still a certain degree of speculation in China's warrant market. For example, put warrants in a deep out of price state have no exercise value, but their average premium rate is still higher than 50%. As an investment variety with duration, the market price of warrants will return to the intrinsic value when they expire, which makes warrants without exercise value and with high premium rate fall sharply in the last few trading days. Especially on the last trading day of warrants, the intraday volatility is usually as high as 90% or more, that is, investors entering the market on the last trading day may lose all their money in one day. Therefore, investors should pay special attention to the risk of sharp fluctuations in warrant prices on the last trading day.
2. For warrants that may have exercise value, it is still necessary to pay attention to the trend of positive shares after trading is stopped. After the warrants stop trading, the underlying shares can still be traded, so the intrinsic value of the warrants will still change. Especially for those warrants that are close to the level after trading is stopped, whether they have the exercise value depends entirely on how the positive shares fluctuate during the exercise period. Therefore, warrant holders should also pay close attention to the trend of positive shares during the exercise period, and choose an appropriate exercise date.
3. The five trading days after the termination of the warrant trading are not all the exercise days. Warrant holders shall pay close attention to the prompt announcement of the issuer and understand the last trading date and exercise date of the warrants. For example, expired Ansteel The last trading date of warrants is November 28, 2006, and the maturity date is December 5, while the exercise date is only December 1, December 4, and December 5. However, due on March 6, 2007 Shanghai Market JTP1 The vesting date of is only the expiration date.
Baotou Steel Subscription Warrant (code 580002, short for Baotou Steel JTB1 ）Hebao Steel put warrant (code 580995, short for Baotou Steel JTP1 ）The last trading day of the warrants is March 23, 2007, and the exercise date is five trading days from March 26 to 30. The warrants will be automatically invalidated after the expiration of March 30, and have no value.
