Warrants are positively related to stocks. Put options are negatively correlated, with positive share prices falling and warrants rising. 1.28 The stock of China Southern Airlines fell and the price of put warrants rose.
Being bearish means that you have the right to sell shares at the exercise price on the exercise date. On the exercise date, if the stock of China Southern Airlines falls to zero, you can earn the part where the exercise price of the put warrant you hold is higher than the stock and the selling price is higher than the market price. Subscriptions are just the opposite. What you earn is that the exercise date is less than the stock, which means that the price you buy the stock is lower than the market price.