权证行权

涉及股权分置改革的，账户名格式为“xx公司股权分置改革权证行权专用证券交收账户”。

In case of involvingwhere the equity distributionsplit share reform is involved , the form of the account name shall be " exclusive securities account for warrant exercise of XX company for distribution split share reform of warrant exercise " .

权证行权指令在当日可以撤销。

The warrant exercise order can be cancelled on the same date .

权证行权若干问题之思考留置、传唤、拘传的法律属性及适用中的相互关系

Reflection on Exercise of Warrant Legal Attribute and Mutual Relative Retain , Summons and Issue a Warrant

由于公司认股证期末需要通过发行新股以应对权证持有人行权要求，故不能直接套用Black-Scholes公式。

Black-Scholes model does not fit into companies issuing warrants as new share offering is required to meet rights exercise before the expiration date .

但由于股市整体上涨趋势等客观原因，其盈余管理最终未能阻止认购权证的行权，股权遭到了稀释。

Due to the big bull market , HDIS fail to keep the price lower than the threshold , and investors exercise the warrants , as a result , the control right has been diluted .

证券给付型权证进入行权期后如果为价外权证的，投资者应审慎做出是否行权的决策，以避免因盲目行权带来损失。

In case the securities deliverable warrant is the out-of-the-money warrant in the exercise period , the investors shall prudently make the decision of whether to exercise for avoiding losses arising out of blind exercises .

检查证券账户中权证余额、权证发行人行权专用结算备付金账户中资金余额时，证券账户、权证发行人行权专用结算备付金账户涉及司法冻结的，应将冻结数额予以剔除。

When checking the balance of securities warrants in securitiesy accounts and the fund balance in settlement reserve accounts of the warrant-issuer which have been frozen by judicatory , the frozen amount shall be eliminated .

本文的研究和创新工作主要包括以下内容：（1）在中国权证市场上，权证的行权价格会随着股票或指数的分红进行调整，这一调整方式与现有的方式均不相同。

The thesis is organized as follows : ( 1 ) In China warrant market , the strike price will be adjusted with the payment of dividend . This adjustment is different with other dividend adjustment .

当前，权证市场发行的权证已经陆续到期行权，但是还没有推出新的权证，权证市场将面临断层，同时备兑权证已成为国际权证市场的主流。

At present , the warrants market has been ready for renewal , warrants issued in the right line , but no introduction of new warrants , warrants market will face a gap in the same time , covered warrants market has become the mainstream of the international warrants .

基金可以持有在股权分置改革中被动获得的权证，并可以根据证券交易所的有关规定卖出该部分权证或行权。

A fund may hold warrants offered as compensation in the split share structure reform , or sell or exercise the said warrants in accordance with relevant rules of the stock exchanges .