Miss Zhang:
1. When can I trade warrants? Is the warrant subject to T+0 transaction?
2. Does the warrant have a duration? What's special about it?
3. Under what circumstances are warrants suspended?
4. What information will be disclosed in warrant trading?
Xiao Liu
Reader Xiao Liu:
The trading time of warrants is the same as that of stocks, that is, the call auction time (9:15~9:25) and the continuous auction time (9:30~11:30, 13:00~15:00) on each trading day. The warrants are subject to T+0 trading, which is different from the fact that they cannot be sold on the day when the stocks are bought, that is, the warrants bought on the day can be sold on the same day.
Warrants have a certain period of time, and the transaction will be terminated upon expiration. Therefore, investors should pay attention to and understand the duration of the warrants in a timely manner through various means such as the warrant issuance prospectus, listing announcement, and advisory announcement issued by the warrant issuer, so as to avoid the loss caused by the failure to sell the warrants or exercise the warrants upon expiration.
Warrant as negotiable securities The value of derivative products mainly depends on the value of underlying securities, so there is a close linkage between the price of securities and the price of underlying securities, According to the regulations of the Exchange: if the underlying securities are suspended, the warrants will be suspended accordingly; Where the underlying securities are resumed, the warrants shall be resumed. In addition, the Exchange also stipulates that it has the right to suspend the trading of warrants separately according to the needs of the market.
The warrant information available to investors mainly includes: (1) issuing real-time warrant trading information along with the market; (2) The list of holders whose number of each warrant is negotiable and whose number of warrants reaches or exceeds 5% of the negotiable number announced by the Exchange before the opening of the market every day; (3) Various announcements issued by the warrant issuer in accordance with the relevant provisions to perform the obligation of information disclosure.
Huachuang Securities Changhai Road Business Department
