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When will the remaining value of my bull/bear contract be received after it expires or is redeemed?
When will the remaining value of my bull/bear contract be received after it expires or is redeemed?
After the expiration or withdrawal of your bull/bear contract, if there is still residual value, the securities company will automatically deposit the remaining value into your account within 6 trading days.
How long does it take to complete the settlement of Wolun/Bull Bear Certificates?
Wolun/CBBC contracts are traded on the automatic matching and trading system (AMS/3) of the exchange during trading hours, and settled two days after the trading day (T+2).
Can Wolun/CBRE contracts be bought and sold during the closing auction trading period?
No, neither WoLun nor CBBC can be bought or sold during the closing auction trading period, and the market will close at 4 pm in the afternoon.
Due to the fact that some related assets can be bought and sold during the closing auction trading period, their closing prices will be determined after 4:10 pm (or 12:10 pm for half day trading). This means that the prices of related assets will fluctuate during this period, and investors cannot buy or sell related warrants or bull/bear contracts.
In addition, if the closing price or level of the relevant asset reaches the buyback price or buyback level at the end of the closing auction trading period, the relevant bull/bear contract may be recalled, and a mandatory recall event may also occur.
Due to the fact that some related assets can be bought and sold during the closing auction trading period, their closing prices will be determined after 4:10 pm (or 12:10 pm for half day trading). This means that the prices of related assets will fluctuate during this period, and investors cannot buy or sell related warrants or bull/bear contracts.
In addition, if the closing price or level of the relevant asset reaches the buyback price or buyback level at the end of the closing auction trading period, the relevant bull/bear contract may be recalled, and a mandatory recall event may also occur.
Can Wolun/Bull/Bear Contracts be traded on their expiration date?
The expiration date of a bull/bear contract is not equivalent to the 'last trading day'.
1、 Wolun
Wolun: To ensure that transactions executed on the last trading day also have sufficient time for settlement and registration, there must be three settlement days between the last trading day and the expiration date of the Wolun. Investors can only engage in block trades on or before the last trading day.
For example, if the lease expires on June 23rd (Friday), the last trading day will be June 19th (Monday) (assuming the period is all trading days).
For example, if the lease expires on June 23rd (Friday), the last trading day will be June 19th (Monday) (assuming the period is all trading days).
2、 Bull Bear Certificate
Bull/Bear Contracts: For bull/bear contracts, if they are recalled, the last trading day will be the day of the mandatory recall event; If not reclaimed, the last trading day shall be the day before the expiration date.
For example, if a bull/bear contract expires on June 23rd (Friday) and is not redeemed during that period, the last trading day will be June 22nd (Thursday) (assuming the period is all trading days).
For example, if a bull/bear contract expires on June 23rd (Friday) and is not redeemed during that period, the last trading day will be June 22nd (Thursday) (assuming the period is all trading days).
What will happen to the bull/bear contracts if the trading of the underlying stocks is suspended?
If the suspended trading of the underlying stocks is traded on the Stock Exchange, the relevant bull/bear contracts will be suspended until the resumption of trading of the underlying stocks. If the suspended underlying stock is an overseas stock, investors should refer to the arrangements outlined in the listing documents for bull and bear contracts.
What are the costs associated with buying and selling bull/bear contracts on a revolving basis?
Just like buying and selling shares, the current transaction fees for warrants/bull/bear contracts include:
At present, as all warrants and bull/bear contracts traded on the Stock Exchange are settled in cash, no stamp duty is required to be paid.
At present, as all warrants and bull/bear contracts traded on the Stock Exchange are settled in cash, no stamp duty is required to be paid.
Will buying and selling warrants/bull/bear contracts be protected by compensation funds？
Losses caused by the default of licensed intermediaries or recognized financial institutions are protected by the Investor Compensation Fund. However, the issuer's default is not within the scope of fund protection.
What is a 'fairy wheel'?
Fairy wheels often have lower market prices and lower entry costs per lot. Some investors may choose fairy wheels because of this, but such warrants are generally out of price and have a short remaining lifespan, resulting in a rapid loss of time value. Once the extended wave amplitude falls back, the impact is significant, and coupled with the high buying and selling price difference, it is actually unfavorable for investors. Therefore, it is recommended that ordinary investors avoid fairy wheels as much as possible when choosing to buy and sell.
What information does the English abbreviation for Wolun or Bull Bear Certificate contain?
You can learn some of its basic characteristics from the abbreviations of Wolun or Bull Bear Certificates. The following table shows the naming convention:
We take "Tencent UBS Bayi Purchase A" (16969. HK) as an example: this abbreviation represents an A-class subscription round issued by Swiss Bank, with Tencent Holdings as the target, and expiring in January 2018.
We take "Tencent UBS Bayi Purchase A" (16969. HK) as an example: this abbreviation represents an A-class subscription round issued by Swiss Bank, with Tencent Holdings as the target, and expiring in January 2018.
How do Wolun/Bull/Bear Contracts count as profitable?
Although the trading of warrants/bull/bear contracts involves future rights, you may not necessarily need to hold them until maturity to achieve profitability. Just like stock trading, you can make profits by holding warrants in the short and medium term to trade the price difference.
Is the rise and fall range of a high leverage ratio market necessarily high?
A high leverage ratio idle usually belongs to the out of price category. Due to the low hedge value of out of price warrants, high leverage warrants may be less sensitive to changes in the prices of related assets.
In addition, holding high leverage stocks outside the price range requires a high time value loss, and after deducting the time value factor, the increase in high leverage stocks may not reach the theoretical increase based on actual leverage.
In addition, holding high leverage stocks outside the price range requires a high time value loss, and after deducting the time value factor, the increase in high leverage stocks may not reach the theoretical increase based on actual leverage.
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