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To any interested party:
Please read the following announcement:
2007-01-06中信证券创设1000万份万华HXP1
中信证券股份有限公司关于创设烟台万华认沽权证的公告
依照上海证券交易所发布的《关于证券公司创设烟台万华权证有关事项的通知》，中信证券股份有限公司（以下简称“公司”）向上海证券交易所申请创设烟台万华认沽权证并已获核准，中国证券登记结算有限责任公司上海分公司已办理相应登记手续。公司此次获准创设的烟台万华认沽权证数量为1000万份，该权证的条款与原烟台万华认沽权证（交易简称万华HXP1、交易代码580993、行权代码582993）的条款完全相同。
公司此次创设的烟台万华认沽权证的上市日期为2007年1月8日。
The contract of warrants 580993 initially issued is elaborated below:
| [580005，万华 HXB1] [580993，万华 HXP1] | ||
| 标的证券代码 及简称 | 600309 烟台万华,G万华 | |
| 权证类别 | 备兑认购权证 | 备兑认沽权证 |
| 行权方式 | 欧式，仅可在权证存续期间最后5个可上市交易日行权 | |
| 权证交易代码及简称 | 580005，万华HXB1 | 580993，万华HXP1 |
| 行权价 | 9.00元 | 13.00元 |
| 权证上市总数 | 5,657.6万份 | 8,486.4万份 |
| 上市时间 | 2006年4月27日 | |
| 上市地点 | 上海证券交易所 | |
| 行权比例 | 1，即1份认购权证可按行权价向 本公司购买1股烟台万华A股股票 | 1，即1份认沽权证可按行权价向 本公司出售1股烟台万华A股股票 |
| 结算方式 | 证券给付方式结算，即认购权证 持有人行权时，应支付依行权价 格及行权比例计算的价款，并获 得相应数量的烟台万华A股股票 | 证券给付方式结算，即认沽权证持 有人行权时，将向本公司支付根据 行权比例计算的烟台万华A股股票， 并获得依行权价格计算的价款。 |
| 权证存续期间 | 2006年4月27日至2007年4月26日，共计12个月 | |
| 权证行权日 | 2007年4月20日至2007年4月26日，共计5天 | |
The closing price of the underlying (600309) on Jan 5, 2007 was 26.17 (and still on the rise in tandem with the bullish market), far far above the strike of 13. And the time to expiration was just around a quarter. It is very likely that the put warrant expires valueless. But the current price of 580993 (1.371), on the other hand, was way beyond the sum of its intrinsic and time value. Put it differently, the Citic Security had already won the game almost surely. However, what is interesting to most of readers following this thread today, is the comments on Citic's announcement of both the retail and the institutional investors.
1. "中信显然知道大盘要暴跌了": If ever Citic had conjectured that the market was going to plummet heavily, why would it have offered PUT warrants in such a wild fashion (10 million shares)? Even if the market indeed exhibits a limp move in the following quarter, as long as the price of the underlying (April 20-26) doesn't pierce the critical barrier of around 13-1.371=11.629 on which Citic bet confidently, the Citic Security will end up with a large fortune with little risk. In addition, i-banks will not, at any rate, try to offer to public either calls or puts at prices somehow below their legitimate values. They always hope, or manage to make, the price of the underlying invalidate the warrants on expiration dates, and this is more often than not, true.
2. "认购有个20%我就满足了": Is it an intelligent or rather, dim witted idea to think of initial gains up to 20% as we usually do of IPOs for put warrants of almost no value?
3. "中信证券卖出580993的价格在1.38左右; 拉580993，如果中信高位接回则亏损; 其他券商可跟我一起上，拉到1.6你们再创设......": If I were Citic, I would do nothing but short sell more puts at the price of 1.6, provided the underlying stayed buoyed and optimistic as it had been since last year. Can't believe the opinion comes from an institutional investor...
Discussion: The successful development of derivatives market demands a comprehansive promotion of investor education. Without basic ideas underlying the machnism of derivatives trading, retail investors are destined to lose more than otherwise would. The SSE has the accountability to market its listed products in a fair, just and open way. To this end, the HKEx which exemplifies what it takes to build a mature derivatives market is a favorable paradigm that we shall have to imitate. I'm looking forward to many exchange developed derivative products other than simple warrants to be traded on SSE in the following years. With strikes-and-maturities-automatically-generated options available to retail and institutional investors, a diversity of alternative derivative products and trading strategies will come into play, eventually making the development of a variety of structured products possible.
[此贴子已经被作者于2007-3-20 18:47:35编辑过]
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