It is a form of issuance of China Southern Airlines shares.

It is a put warrant issued by China Southern Airlines. It can be operated on T+0, buy on the same day and sell on the same day.

You need to bring your ID card and shareholder certificate to the sales department to sign the Warrant Risk Disclosure Statement before you can trade

This is a put warrant of China Southern Airlines. The risk is huge. The warrant itself has no value attached, it is just a right, and this kind of full right has negative returns in the current bull market. Its value will only be revealed after a sharp decline.

Warrants are issued by the issuer of the underlying security or a third party other than it. It stipulates that the holder has the right to buy or sell to the issuer at an agreed price within a specified period or on a specific maturity date. The underlying security, or the marketable security for which the settlement difference is collected in a cash settlement.

A warrant is a contractual relationship between the issuer and the holder. The holder has the right to purchase or sell a certain amount of securities from the warrant issuer at an agreed price within a certain agreed period or within an agreed time period. A quantity of assets (such as shares) or rights. Warrants to buy stocks are called call warrants, and warrants to sell stocks are called put warrants (or put warrants). Warrants are divided into two types: European-style warrants and American-style warrants. The so-called European-style warrants are warrants that can only be exercised on the expiration date. The so-called American warrants are warrants that can be exercised at any time before the expiration date. The value of a warrant consists of two parts. One is the intrinsic value, which is the difference between the underlying stock and the exercise price; the other is the time value, which represents the holder's expectations and opportunities for future stock price fluctuations. Under other conditions being equal, the longer the duration of the warrant, the higher the price of the warrant; because American-style warrants can be exercised at any time during the duration, the relative price is higher than that of European-style warrants.

The value of the call warrant = (the stock price of the underlying stock - the exercise price) X the exercise ratio

The value of the put warrant = (the exercise price - the stock price of the underlying stock) Refers to the act of increasing the supply of warrants that is fully consistent with the terms of the original warrants and is applied by a qualified institution after the warrants are listed and traded. The cancellation of warrants means that the creator (i.e., the securities company that created the warrants) applies to the stock exchange to cancel all or part of the warrants in the warrant creation account designated by it.

Shanghai Stock Exchange stipulates that if the underlying securities of warrants applied for listing on the exchange are stocks, the underlying stocks should meet the following conditions: the market value of the circulating shares in the last 20 trading days shall not be less than 1 billion yuan; The cumulative turnover rate of stock transactions on a trading day is above 25%; the circulating share capital is not less than 200 million shares.

The substantiation of warrants reflects a contractual relationship between the issuer and the holder. After the holder pays a certain amount of price to the issuer of the warrant, he obtains a right from the issuer. . This right allows the holder to purchase/sell a certain amount of assets to the warrant issuer at an agreed price on a specific date or within a specific period in the future.

What the holder obtains is a right rather than a responsibility. He has the right to decide whether to perform the contract, while the issuer only has the obligation to be performed. Therefore, in order to obtain this right, investors need to pay a certain amount. Consideration (royalty). The difference between warrants (actually all options) and forwards or futures is that what the holder of the former obtains is not a responsibility, but a right. The holder of the latter is responsible for executing the purchase and sale contract signed by both parties, that is, he must Trade the specified underlying asset at a specified price at a specified future time.

It is easy to see from the above definition that according to the direction of exercise of rights, warrants can be divided into call warrants and put warrants. Call warrants are "call options" among options, and put warrants are "put warrants". options". It is issued by a third party that holds the relevant assets, not by the relevant enterprises themselves. It is generally issued by international investment banking institutions. The issuer owns or has rights to the underlying assets. Covered warrants can be calls or puts, and investors are also exposed to the issuer's credit risk.

Covered warrants are considered structured products. Covered warrants are issued by an entity (usually an investment bank) that is independent of the issuer of the underlying security and its affiliates. The designated asset can be an asset other than an equity security, such as an index, currency, commodity, bond, or basket of securities. The rights conferred by covered warrants can be the right to buy (call warrant) or the right to sell (put warrant). It refers to buying and selling two put warrants with different prices at the same time or buying and selling two warrants with different prices at the same time. This combination can allow investors to obtain certain profits when the stock price fluctuates within a certain range. , if the price fluctuates beyond the range, investors will not suffer losses. The shape of its income curve is like "__∧__". Because its shape resembles that of a flying butterfly, it is named butterfly warrant.

The combination of a put warrant and a warrant has a yield curve shape of "\__/", which is similar to a saddle. It is called a saddle warrant, also called a wide straddle or a straddle. type warrant. This kind of warrant enables investors to gain income when the stock price falls or rises sharply, but there is no income when the stock price does not change much.