CBBC Education

牛熊證強制收回機制

牛熊證設有強制收回機制,一旦投資者看錯方向,相關資產價格於牛熊證到期前,觸及或超出牛熊證的收回價,將觸發強制收回,該牛證或熊證將即時停止買賣。

上圖以收回價500元的騰訊牛證為例子,假設投資者看好騰訊後市上升,於騰訊現價550元購入該牛證。不過騰訊往後走勢不如預期,並跌至480元,跌穿了該牛證收回價500元,該牛證便會被強制收回。

我們看看熊證方面又如何運作。上圖以收回價150元的美團熊證為例,假設投資者看淡美團,認為股價將會下跌,於美團現價140元時購入該熊證。惟其後美團升穿150元水平,即升穿該熊證收回價,該熊證將被強制收回而即時停牌。

文中提及的相關資產價格、其變動以及模擬產品條款僅作教學範例用途。以上資料僅供參考,不構成任何投資建議或意見。過去表現並不代表將來的表現。無抵押結構性產品,結構性產品之價格可急升或急跌,投資者或損失所有投資。投資者應為自己作風險評估,並在需要時諮詢專業意見。

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