Yago QCB1 : Exercise on the first day Yago QCP1 : Waiver of exercise
Ethnic Securities Huang Changqing
Yesterday was the last trading day of Yago QCB1 and Yago QCP1, starting today Youngor The warrant will be terminated. The exercise period of Youngor warrants is three days, which is three trading days from May 17 to 21. We believe that there is an essential difference between Yago QCB1 and Yago QCP1, and warrant holders should treat them differently when choosing exercise strategies, otherwise they will make serious mistakes.
Yago QCB1 is a deep in price warrant. As of May 14, the degree of in price of Yago QCB1 was 622.4%, which means that the current share price of regular shares Yagor was 26.44 yuan, 622.4% higher than the exercise price of 3.66 yuan. The warrant holder bought a share of Yagor shares from Youth Holdings at the exercise price of 3.66 yuan. Even if the investor bought the stock at 21.988 yuan on the last trading day of Yago QCB1, the exercise cost was only 25.648 yuan, and the exercise could still yield more than 3%. However, the warrants in the hands of Yago QCB1 holders who fail to exercise during the exercise period will become waste paper, so we remind the warrant holders to exercise.
Although the exercise period of Yago QCB1 is three days, we recommend that the holders of Yago QCB1 exercise on May 17, the first day of exercise. Because Youngor shares acquired after the exercise of warrants can only be received and sold the next day, warrant holders have to bear the risk that the stock price of the underlying shares may fall; At present, the stock price of Youngor has increased significantly in the short term, and the risks are gradually accumulating. The exercise of Youngor QCB1 will also increase the supply of Youngor's tradable shares, which will have a certain impact on the stock price. Therefore, warrant holders can obtain positive shares and choose whether to sell them if they exercise their rights at an early date.
Yago QCP1 is a deep out of price warrant. As of May 14, the out of price degree of Yago QCB1 was 546.46%, which means that the exercise price of 4.09 yuan is 546.46% lower than the current share price of 26.44 yuan of the regular stock Yagor. According to the closing price of RMB 0.002 on May 14, the last trading day of Yago QCP1, if the warrant holder chooses not to exercise, the loss is only the cost of the warrant of RMB 0.002; The possibility of Youngor's share price falling to 4.09 yuan during the exercise phase is zero, so the holder of Youngor JTP1 is the best choice to give up the exercise.
In addition, on May 17 (this Thursday) Changdian CWB1 At present, the negative premium of Changdian CWB1 is -2.38% on the last trading day of. First, we believe that as long as the negative premium of Changdian CWB1 reaches about - 5% before the closing of the last trading day, warrant traders can consider participating in the Changdian CWB1 arbitrage transaction, that is, buying Changdian CWB1 to participate in the exercise, and then the Yangtze Power Stock in order to obtain certain arbitrage income. Secondly, if the traders are optimistic about the long-term trend of CSPC's share price, they can also choose to buy CSPC CWB1 and then exercise their rights, so that they can obtain CSPC's shares at a cheaper price than the secondary market.
