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备兑权证是在香港证券市场上市的认股权证之一,发行商一般是投资银行而非上市公司、有效期通常为6个月至2年不等,最长为5年。备兑权证可与单一或一篮子的股票、股票指数、货币或商品挂钩。备兑权证可分为认购证和认沽证两种,投资者有权在指定期间以预定价格购入或出售相关资产。投资者可于备兑权证到期前在交易所买入或沽出有关备兑权证;到期时,备兑权证一般以现金作交收、而不涉及相关资产的实贷买卖。截至2006年3月底,在香港交易所证券市场上市的备兑权证有1366只。
Warrants are one of the warrants listed on the Hong Kong stock market. The issuers are generally investment banks rather than listed companies. The validity period is usually from 6 months to 2 years and the longest period is 5 years. Warrants can be linked to a single or basket of stocks, stock indices, currencies or commodities. Warrants can be divided into two kinds of warrants and put warrants, investors have the right to purchase or sell the underlying assets for a specified period of time. Investors may buy or sell the underlying Warrants on the Exchange before the Warrants expire; upon maturity, the Warrants will generally settle in cash instead of trading in the Real Assets of the underlying assets. As of the end of March 2006, there were 1,366 warrants on the exchange listed on the Hong Kong Stock Exchange.