□ Company Management Department of Shenzhen Stock Exchange
Since November 19, Shenzhen Stock Exchange has two warrants of "Qiaocheng HQC1" and "Shenfa SFC1" and“ CIMC ZYP1 ”A put warrant enters the exercise period. Except that "Shenzhen Development SFC1" can be exercised and traded at the same time before December 21, the other two warrants ("Qiaocheng HQC1" and "CIMC ZYP1") have stopped trading and can only be exercised. The last exercise date is November 23 (this Friday).
According to the relevant warrant issuance and listing announcement, after the end of the exercise period, all the warrants that have not been exercised will be cancelled, and the cancelled warrants will be worthless to the holders. Even if the warrants are in the money with greater value, the holders must obtain profits through exercise. This is an important difference between warrants and stocks. It is totally wrong for individual investors to hold warrants as a long-term investment product for a long time without paying attention to the duration. Once they miss the exercise period, they will bring unnecessary losses, which has been a painful lesson in the past warrant market. Therefore, investors must pay close attention to the exercise period of warrants, make rational judgments and carefully choose whether to exercise.
1、 Holders of "OCT HQC1" should hurry to exercise their rights before closing this Friday
According to the listing announcement of "OCT HQC1", the holder of "OCT HQC1" can purchase one "OCT HQC1" from the listed company at the price of 6.92 yuan for every one "OCT HQC1" held OCT A Shares. If the shares of OCT A are purchased in the secondary market in the same period, the transaction price is more than 50 yuan per share, and the price difference is very large. In addition, if the holder of "Overseas Chinese Town HQC1" misses the opportunity to exercise before the closing of the market on the final exercise date, he will face the consequences of cancellation of his warrants due to the expiration of the warrants, that is, the value of each "Overseas Chinese Town HQC1" will be immediately changed to zero from more than 50 yuan per share during the exercise period. Therefore, the holders of "OCT HQC1" must exercise their rights before the closing of the market on the last exercise day (this Friday).
In terms of Anshan Iron and Steel's warrant, investors once suffered huge losses because they did not exercise in time. “ Ansteel JTC1 ”After the closing of the market on December 5, 2006, the last exercise date, there were 2496189 warrants that were not successfully exercised, and they were cancelled as agreed due to the expiration of their duration. As per December 5, 2006 Angang Steel Based on the closing price of 8.87 yuan/share, the total loss of the holders reached 13.6891 million yuan.
2、 "CIMC ZYP1" holders should not choose to exercise
For deep out of price put warrants, the holder should not choose to exercise. The "CIMC ZYP1" put warrants currently in the exercise period belong to this category. If the right is exercised, it means that for every exercise of the right conferred by a put warrant, the 1.37 shares held by it must be CIMC The tradable shares without restrictions on sales are sold to COSCO Pacific Co., Ltd., the issuer of "CIMC ZYP1" put warrants, at a price of 7.302 yuan per share. In the same period, the lowest selling price of Group A shares in the secondary market was more than 22 yuan. Obviously, the holders of "CIMC ZYP1" put warrants will face huge losses if they choose to exercise.
Due to the lack of understanding of the advantages and disadvantages of warrant exercise, there is a precedent in the warrant market for losses caused by the exercise of deep out of price put warrants. On August 29, 2006“ Vanke HRP1 ”The put warrant enters the exercise period, with the exercise price of 3.638 yuan and the exercise ratio of 1:1. During the five trading days from August 29, 2006 to September 4, 2006, there were 15953 "Vanke HRP1" exercises. Due to the secondary market during the exercise period Vanke A The minimum transaction price of Vanke A shares is more than 6.64 yuan. Compared with the assumption that Vanke A shares are sold in the secondary market instead of exercising the right, the holder of the aforementioned "Vanke HRP1" put warrant will lose more than 3 yuan for each exercise of the right granted by a put warrant, and the cumulative exercise loss is more than 47859 yuan.
3、 The holder of "Shenzhen Development SFC1" may further analyze before exercising the right.
The difference between "Shenfa SFC1" and "OCT HQC1" is that the exercise period of "Shenfa SFC1" is up to one month, and before December 21, "Shenfa SFC1" can continue to trade. At present, "Shenzhen Development SFC1" is in a slightly negative premium state, and investors can choose the right to exercise during the exercise period according to the trend of its positive stock, Shenzhen Development A. The last trading day of "Shenfa SFC1" is December 21, and the final exercise period is December 28. When "Shenfa SFC1" stopped trading on December 24 to the final exercise date on December 28, how to judge whether it should exercise can be compared with the analysis of "OCT HQC1" before this article. If the price of Shenzhen Development A is 19 yuan higher than the exercise price of "Shenzhen Development SFC1" at that time, investors should choose to exercise before the closing of the market on December 28.
According to statistics, as of the 21st day, there are still some OCT warrants that have not yet been exercised. We remind the holders of "OCT HQC1" to hurry up the exercise. At the same time, we should also pay attention to that before the exercise, we must keep enough funds in our own capital account.
