Shanghai Stock Exchange investor education column
□ Ping An Securities Derivatives Department
For investors who have just come into contact with warrants, the names of warrants are quite complicated, often confusing investors.
For example, both warrants, Wuhan Iron & Steel The name of the subscription certificate is WISCO CWB1, and CITIC Guoan The subscription certificate is called Guoan GAC1; Same as put warrant, Wuliangye Put warrants and Southern airlines But their put warrants are called Wuliang YGP1 And China Southern JTP1.
What does the name of these seemingly complex warrants mean? It is easy to see that the Chinese characters in front of the warrant name represent the name of the regular shares, while the letters and numbers in the back are more complex, which seems to be irregular at first glance. But in fact, the name of the warrant in China is not set at will, and many useful information can be obtained from its name, such as the regular shares corresponding to the warrant, the issuer of the warrant The type of warrants and the batch of issuance. Some of this information plays an important role in the selection of warrants. Therefore, investors should have a detailed understanding of the naming rules of warrants in China before investing in warrants.
The names of warrants listed on the SSE generally occupy eight characters. The first to fourth characters use Chinese characters (one Chinese character occupies two characters), pinyin or numbers to represent the corresponding regular shares of the warrants, the fifth and sixth characters use two capital letters to represent the issuer of the warrants, the seventh character is the letter "B" or "P", "B" represents the call warrant, and "P" represents the put warrant. The eighth digit uses a number or letter to indicate the number of warrants issued by the same issuer with the same underlying securities. When there are more than nine warrants, A to Z is used to indicate the number of warrants from the 10th to the 35th.
For example, recently listed Sinopec CWB1, the first four characters "Sinopec" represent that the positive shares corresponding to this warrant are SINOPEC (China Petrochemical Corporation (600028), the "CW" in the fifth and sixth digits means "Company Warrants", that is, corporate warrants, which means that its issuer is the listed company itself; The "B" in the seventh digit represents that this warrant is a call warrant, and the remaining Arabic numeral "1" represents that this is the first call warrant issued by Sinopec with the company's shares as the underlying securities.
Warrants listed on the Shenzhen Stock Exchange have slightly different regulations. In general, the abbreviation of Shenzhen Stock Exchange warrants should be "XYBbKs", where XY represents the two Chinese abbreviations of the principal shares of the warrants, Bb represents the two alphabetic letters of the issuer, K represents the type of warrants, and its value is "C" or "P", where C represents the call warrants and P represents the put warrants; S is the issuance batch of warrants issued by the same issuer to the same underlying securities, and the values are [0, 9], [A, Z］，［a，z］。
For example, Guoan GAC1, "Guoan" means that the positive share corresponding to this warrant is CITIC Guoan (000839), "GA" means the initial letter of "Guoan" pinyin, representing that the issuer of the warrant is CITIC Guoan, "C" means that this warrant is a warrant, and "1" means that this is the first warrant issued by CITIC Guoan with the company's shares as positive shares.
From the above examples, we can see that the naming of warrants in China is not arbitrary, but regular. Investors can obtain some basic information about warrants according to the names of warrants as a reference for investing in warrants. For example, if an investor wants to judge whether a warrant is a call warrant or a put warrant, it is clear as long as he sees the seventh character of the warrant name. If it is "B" or "C", the warrant is a call warrant; if it is "P", the warrant is a put warrant. (The article is only for reference, and the profit and loss caused by investment based on it has nothing to do with it.)
