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「牛熊證篇」第八課:收回後的剩餘價值計算
BNPP Education
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法巴學堂 | 法巴輪證課程 | 「牛熊證篇」第八課:收回後的剩餘價值計算
https://education.bnppwarrant.com/tc/course/cbbc/residual-value-calculation

本課講解牛熊證收回後,如何計算可收回多少剩餘價值。

牛熊證具有強制收回機制,風險相對窩輪或許較大,為甚麼投資者願意投資呢?風險越大,回報越高,投資者願意投資牛熊證,只因在沒有引伸波幅的考慮下,可享有更高的實際槓桿,更易「四兩撥千斤」。

剩餘價格計算

上午交易時段被收回
牛證剩餘價值
(收回後直至當天下午收市相關資產曾觸及的最低價 – 行使價) ÷ 換股比率
熊證剩餘價值
(行使價 – 收回後直至當天下午收市相關資產曾觸及的最高價) ÷ 換股比率

下午交易時段被收回
牛證剩餘價值
(收回後直至下一交易日中午收市相關資產曾觸及的最低價 – 行使價) ÷ 換股比率
(行使價 – 收回後直至下一交易日中午收市相關資產曾觸及的最高價) ÷ 換股比率

為讓讀者更具體地了解,以下列舉R類牛熊證作例子。

例子一:指數牛證

編號A
相關資產: XYZ指數
牛/熊: 牛
行使價: 19,800點
收回價: 20,000點
財務費用: 1%
相關資產現價: 23,000點
兌換比率: 10,000

投資者購入牛證A需付的投資金額﹕
= {(指數現價-行使價)/ 換股比率} + 財務費用
= {(23,000點-19,800點) / 10,000} x 1.01
= 0.3232

被強制收回
倘若在牛證A到期前,相關資產價格觸及收回價,而在強制收回事件後至下一個交易時段內,相關資產最低曾見19,900點,此價將作為牛證的剩餘價值為﹕
= (指數結算價-行使價) / 換股比率
= (19,900點-19,800點) / 10,000
= 0.01元

若在強制收回事件後至下一個交易時段內,相關資產價格跌低於行使價19,800點,持有者將得不到剩餘價值。

例子二:指數熊證

編號B
相關資產: XYZ指數
牛/熊: 熊
行使價: 24,200點
收回價: 24,000點
財務費用: 1·5%
相關資產現價: 23,000
兌換比率: 10,000

投資者購入熊證B需付的投資金額﹕

= {(行使價-指數現價) / 換股比率} x 財務費用
= {(24,200點-23,000點) / 10,000} x 1.015
= 0.1218元

被強制收回

倘若在指數熊證B在到期前,指數觸及收回價,而在強制收回事件後至下一個交易時段內,即月指數期貨最高曾見24,100點,此價將作為熊證的剩餘價值為﹕

=(行使價-指數結算價) / 換股比率
= (24,200點-24,100點) / 10,000
= 0.01元

若在強制收回事件後至下一個交易時段內,即月期指高於行使價24,200點,持有者將得不到剩餘價值。

例子三:股份牛證

倘若一隻中移動牛證收回價係80元,行使價78元,換股比率100兌1。

在到期前,相關資產股價觸及收回價,而在強制收回事件後至下一個交易時段內,相關資產最低曾見78.8元,此價將作為牛證的剩餘價值為﹕

= (指數結算價-行使價) / 換股比率
= (78.8元-78元) / 100
= 0.008元

若在強制收回事件後至下一個交易時段內,相關跌低於行使價78元,持有者將得不到剩餘價值。

剩餘價值將會於結算後的五個交易日之內,存回投資者的股票戶口。

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本短片之內容並不構成任何建議、邀請、要約或遊說買賣結構性產品。牛熊證備有強制贖回機制而可能被提早終止,屆時(i)N類牛熊證投資者將不獲發任何金額;而(ii)R類牛熊證之剩餘價值可能為零。結構性產品並無抵押品,如發行人或擔保人無力償債或違約,投資者可能無法收回部份或全部應收款項。投資者購買時,所依賴是發行人及擔保人的信譽。產品涉及高風險,價格可急升或急跌,投資者或會蒙受全盤損失。過往表現並不反映將來表現。投資者應注意發行人可能為交易市場唯一流通量提供者,購買前應瞭解相關風險,並查閱基本上市文件及有關補充上市文件內的詳情,並諮詢專業意見。

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