Category: Money tips Release Date: 2006-12-14
According to "Shanghai Stock Exchange, the C of E Business Management Interim Measures," 22nd stipulates that warrants trading decreases the price-up restrictions, rose drop according to the following formula:
"Warrants or the price = closing price the day before the C of E + (the date of the underlying securities or the price - the underlying stock's closing price the day before) × 1 25% × line power ratio;
= Warrants Warrants Price declines the previous day closing price - (underlying stock closing price the day before - the day the underlying securities decline in price) × 125% × line of the right proportion.
When the calculation is less than zero, the warrants decline in the price to zero. "
Formula application, there are two points need special attention:
1, "the date of the underlying securities or the price," "the date of the underlying securities decline in price" is the target of securities on the day price limit of the highest, lowest;
Second, in calculating the price, every step of the calculation results, it need not rounded to the smallest price unit.
To warrant "Baosteel JTB1" listed on the first day (August 22) or the price as an example: Baosteel JTB1 (580000) of the sponsor agencies listed on the first day of opening reference price (closing price at the previous show) to 0.688 yuan; the underlying securities G Baosteel (600019) before the closing price of 4.62 yuan, up 10 percent decline is limited to an exercise ratio of 1.
The date of the underlying securities or the price
= Underlying stock closing price the previous day × (1 +10%)
= 4.62 × 1.1
= 5.082 yuan
= 5.08 (rounded to the first calculated the minimum price units)
Therefore:
Baosteel to control the price rise of JTB1
= 0.688 + (5.08-4.62) × 125% × 1
= 1.263 yuan
