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持有價內證如何轉倉?

2021-08-06

上周提到短身價外證,俗稱「仙輪」的特點及相關的風險。本周有投資者問到,若手持的仙輪已經變得價內,又擔心正股升勢未了,策略又可如何部署?另針對一些急跌的股份,欲想作撈底部署的話,策略又可以如何掌握?

投資者或會經常聽到,持有價內窩輪可留意轉倉部署,或酗ㄓ茤㳜晜I後的原理。簡單來說,當一隻窩輪由價外變為深入價內,內在值會有所增加,其對沖值敏感度會最高,一般可以為窩輪價格帶來最具爆炸力的升幅。假設其他情況不變,當窩輪進一步變為深入價內之時,窩輪價格雖然會跟隨向上,不過如果以百分比去計算的話,升幅有機會並不如之前一樣急速。因此,投資者如希望捕捉窩輪爆炸力的話,可考慮在產品變為深入價內之後便轉倉至另一隻輕微價外證去捕捉後續潛在升幅。即使在下一隻窩輪上買入同等份數,轉倉所要的資金理應亦會大幅減少。若在最壞情況窩輪未能於到期前變為價內,最大損失僅為轉倉投入的資金,於首輪中獲取的利潤有機會得以鎖定。這便是轉倉部署的其中一個技巧。

針對欲作撈底買入的投資者,選擇產品時就要份外留意相關產品的條款。以本周急挫的快手(1024)為例,由於正股本身的波動性大,對沖難度較高,因此相關窩輪的引伸波幅定價亦自然會較高,變相增加入場成本。另外,快手股價急跌令產品未能及時補及,使市面上不少產品的行使價與現價變得過遠。參考港交所對發行人的指引,當相關資產的現貨價水平與行使價比較超出20%時,此類產品便不屬於主動報價條款之內。投資者可留意借鏡以上標準選擇輪證,因為當產品過於價外,其實會直接影響相關資產對輪證價格的敏感度及發行商報價的積極性。

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本結構性產品並無抵押品,如發行人無力償債或違約,投資者可能無法收回部份或全部應收款項。

本文由香港上海匯豐銀行有限公司(「本行」或「發行商」)發行(包括任何參考條款),僅供參考之用,並不構成邀約、游說、或建議出售或購買結構性產品。

結構性產品屬複雜產品,投資者務須就此審慎行事,除非投資者完全了解及願意承擔所涉風險,否則切勿投資此產品。結構性產品價格可急升可急跌,投資者或會損失所有或大部分投資。過往表現並不反映將來表現。投資前應了解結構性產品之性質及風險,並詳閱有關上市文件,獨立決定是否適合自己,若需要應諮詢專業建議。本行及其委任之流通量提供者可能是結構性產品的唯一市場參與者,而結構性產品的二級市場可能有限。謹請注意,牛熊證設有強制收回機制,因此有可能提早終止,在此情況下(i)N類牛熊證投資者會損失於牛熊證的全部投資;而(ii)R類牛熊證之剩餘價值則可能為零。界內證在市場是全新的結構性產品,現時在香港交易所並無類似上市產品可作比較。界內證具備有別於標準的特徵,其條款及定價或較其他標準權證複雜,其最大潛在回報為固定及設有上限。界內證價格變動可能與其掛鈎資產的價格變動不成比例或呈相反方向。

作者為金管局及證監會持牌人士,並無就結構性產品或相關資產持有任何直接或間接權益。
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