On May 16, Panorama reported that SFC2 stepped into the exercise period today. Because it was in the last month of the duration, it took the way of trading while exercising, and investors could choose a relatively reasonable price to exercise in this month.
The last trading day of SFC2 warrants of Shenzhen Stock Exchange is June 20, 2008 (Friday), and the trading will be terminated from June 23, 2008 (Monday). The exercise period of SFC2 "warrants of Shenzhen Stock Exchange is the last 30 trading days of the warrant duration, that is, the trading days from May 16, 2008 (Friday) to June 27, 2008 (Friday), of which the exercise period from June 23, 2008 (Monday) to June 27, 2008 (Friday) is non tradable. The last time point for online and offline exercise of investors was 15:00 on June 27, 2008, and it was invalid to apply for exercise after the expiration of the time limit. The exercise price of SZSE SFC2 warrants is 19.00 yuan. For each SZSE SFC2 warrant held by investors, they have the right to purchase one share of SZSE Development A at a price of 19.00 yuan during the exercise period. The "Shenfa SFC2" warrants not exercised on the termination date of exercise will be cancelled.
At present, the price of SFC2 of Shenzhen Development Bank is about 10.68 yuan, plus the exercise price of 19 yuan, so investors need to pay 29.68 yuan to buy a share of Shenzhen Development Bank A, which is a certain premium to the current price of A27.63 yuan of Shenzhen Development Bank. At this time, if the investor exercises the right, it means that there will be a certain degree of loss. Investors should choose an opportunity to exercise when the premium rate of SFC2 of Shenzhen Development Bank is negative. If SZSE SFC2 has always been in a premium state, investors should sell the warrants in their hands for cash. If the warrant is still held during the exercise period of SZSE SFC2 which is not tradable, it should be exercised immediately to avoid greater losses due to the cancellation of the warrant. (Panorama/Thunderstorm)