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[转帖] ZHULIAN狂跌的罪魁祸首ZHULIAN-CA?- 阿Boon

Tan KW
Publish date: Fri, 24 Jan 2014, 05:59 PM
Tan KW
0 459,882
Good.

 

Friday, January 24, 2014

 

网上有人发布ZHULIAN暴跌的祸首,其实与它即将到期的ZHULIAN-CA有关。

为什么有人会这么说呢?

我们先来看看ZHULIAN-CA的profile:-
投行:CIMB投行
发行量:50,000,000单位
发售价:RM0.15
转换价:RM3.00
转换比例:2:1
发行日期:16-1-2013
截至日期:30-1-2014

发行这项凭单的是CIMB投行,发行凭单后投行可立刻获得750万令吉(RM0.15 x 50,000,000)。

这个认购凭单(Call Warrant)是NON-COLLATERALISED CASH-SETTLED CALL WARRANTS ,不可以转换为母股,而是以现金作为结算。

如果在凭单到期后,母股的股价低过3.00(即未到价),那所有的ZHULIAN-CA将成为废纸,CIMB投行将因此无须作结算并支付给所有凭单持有人。

可是,如果母股股价超过3.00,那所有的凭单将在截止日期过后作总结,其内在价值的计算如下:
[ZHULIAN于30-1-2014的收市价] - 3.00 x 1/2

试想想,如果ZHULIAN在30-1-2014的收市价仍然站稳在两个星期前的价位(即RM4.90),到时候CIMB投行将需为每股CA得持有人支付RM0.95(4.90 - 3.00 x 1/2)。

而总数50,000,000的CA,CIMB投行一共须为此付出4750万令吉的代价,比起当初发行凭单时只收取得750万令吉,还要惨赔4000万令吉。

巧合的是,就快要到期的两个礼拜前,ZHULIAN的股价开始无故大跌,从RM4.90跌至RM4.49。

更巧的是,几天后ZHULIAN公布出人意表的业绩。这份可被称为ZHULIAN有史以来最差的季度业绩,成为压死骆驼的最后一根稻草,造成股价狂跌至RM3.60。

这一轮暴跌可好咯!CIMB投行将因此省下了3250万令吉。

这个价位,距离转换价RM3.00只差几步之遥。

如果ZHULIAN跌到RM3.30,那CIMB投行将不赚不亏(Break even)。

可是,如果ZHULIAN到时候真的跌低过RM3.00,那CIMB投行将稳赚不赔。


一直以来我都听过很多关于Call Warrant的不利谣言和黑箱作业,我其实是不太相信的。可是这一次的ZHULIAN事件,发生的时间点,实在是太巧,太巧,太巧了!

http://bblifediary.blogspot.com/2014/01/zhulianzhulian-ca.html

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4 people like this. Showing 8 of 8 comments

chongkonghui

Can queue to buy at RM3.05

2014-01-24 23:10

tjhldg

hehee .. not like this la , once an investment bank issued call warrant , they do hedging on mother share and already profit with more or less 20 % premium ( to cover listing expenses with such high premium ? dont know what bursa think ) upon listing of call warrant . u ever check out how many call warrant ended much much higher than issued price not ....

2014-01-25 01:04

fernand1965

Actually the highest price for ca is around rm1..
i think this ib sell a lot at that price..
so their profit is much more than that.
When the ca is almost expire. .what will they do..?
sure they press down the price!
Check the que of ca in the buy list yesterday. .
u will know the answer alredy. .

2014-01-25 07:09

fernand1965

Totally no buy order..
All the small retailer like us that bought at higher price are sending to hell!

2014-01-25 07:12

fernand1965

Paper say ib from this bank is very strong. ??
For me they are very con!

2014-01-25 07:15

jonatlau79

23=RM3.60,24=RM3.43,27=?,28=?,29=?/Jan Closing Price Very Important...

2014-01-25 08:31

jonatlau79

DowJones Close 300 lower, can send this stock down ? percent ? Monday reveal...

2014-01-25 08:32

limko1

Buying call warrant and keep until expiry is almost 100% suicidal for retail players. It is not a fair game with all the advantages held by IB and none for the retail players.

2014-01-25 14:10

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