關於牛熊証cbbc 的公式, 請高手

Question

指數証only

請問 1) 牛証 及 2) 熊証 的合理價值是怎樣計算??

財務費用又怎樣計算??? 它和合理價值有什麼關係 ??

EG. 6476

11/26 hsi close : 27626 ,

strike price of of 6476 is 25000

6476 closing price is 0.55

how to calculate 0.55 for this example??

謝謝高手

更新:

jamesyujames2003

i don't think your answer is correct . Since the primium and the finanical cost were set when CBBC issued, in your calculation, you have not calculate about the financial cost of 6476 .

pls consider about that..thanks

Answer 1

最愛解答

好簡單!

將現價(nominal)減去行駛價(strike), 再除返個轉換比率(exchange ratio)。

例如:

(用返6476 11/26 收市價)

HSI 11/26 close:27626

strike of 6476: 25000

exchange ratio: 1:6000

(27626-25000)/6000= 0.4376

You may ask, why is it 0.4376 but not 0.55, because someone is willing to buy with a higher price. The difference between the real value and nominal

is call premium(溢價).

In this case, the premium is:

(0.55-0.4376)/0.4376= About 26%, which is a little bit too high. You should buy some warrant(認購證) between 0% to 15% and with a large volume(成交量). These informations can be find in: http://hk.finance.yahoo.com/warrant/advsearch.php

If the warrant is expired, the money give back to you is ((nominal-strike)/exchange ratio)X#of warrant you hold. If the nominal is below your strike when it is expire, you get nothing! So choose a good warrant with good volume and good premium is very important.

資料來源： 不過我唔係高手, 我玩股票玩左10個月, 由10000賺到220000(我14 years old)