As of January 20, 2022, PetroChina’s CBBCs totaled approximately 110 million units, accounting for 2.3% of the total street merchandise volume, while GEG’s CBBCs totaled approximately 127 million units, accounting for 2.3% of the total street merchandise volume. of 3.3%.
Ye Jian, head of the Hong Kong listed product sales department of Ruiwantongbo, said that looking back at the previous quarter, HSBC was excluded from the list of CBBCs that might issue CBBCs. Warrants. The total number of HSBC warrants on the market increased from 630 million on November 5, 2021 (that is, when the CBBC was not issued) to 750 million on January 20 this year, an increase of 18.6%.
On the contrary, GEG and CNOOC’s CBBCs account for a higher proportion of street goods than HSBC (less than 1%), so it is estimated that the impact of not issuing CBBCs may be greater.
If the implied volatility of the two stocks of GEG and CNOOC rebounds to the earlier high level in the future, it will further reduce the attractiveness of warrants, and the impact of the lack of newly listed CBBCs for investors to choose from will be more obvious.
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