Press Release
In a first for the Hong Kong warrants market, J.P. Morgan has issued derivative warrants linked to the Standard and Poor’s 500 Index (S&P 500), one of the major benchmarks of the U.S. stock market. The new derivative warrants will begin trading on the Hong Kong Exchange on September 2, offering investors broader investment opportunities to gain exposure to the U.S. market during local trading hours.
“Volatility has risen significantly since the beginning of the year and investors are always looking for opportunities to diversify their portfolios. The debut of the S&P 500 warrants, together with the Nasdaq warrants we just launched last week, provide local eligible investors another alternative to gain exposure to the volatility in the world’s largest stock market,” said Cedric Cheung, Head of Listed Structured Products Sales for Asia at J.P. Morgan.
The newly-issued warrants will be linked to the movements of E-mini S&P 500 Futures, covering the full trading hours of the Hong Kong market.
“As the leading issuer of derivatives warrants in Hong Kong, we are committed to providing investors with wider variety of instruments for different market conditions and risk appetites,” said Cheung.
J.P. Morgan is the No. 1* player in cumulative sales of warrants for seven consecutive years in Hong Kong. The firm expects to introduce at least 15 U.S. indices-linked warrants on the Hong Kong Exchange this year.
For more information, please visit www.jpmhkwarrants.com.
* Calculation is based on the net sold notional amount by each issuer over the period of 2013-2019. Source: Bloomberg and HKEX
Net sold notional amount = (No. of warrants net sold or net bought / divisor) x underlying closing price x FX (if applicable)
Structured Products are non-collateralised products. If the Issuer and its guarantor are insolvent or default, investors may not recover part or all of the amount due. This information provided by J.P. Morgan Securities (Asia Pacific) Limited (“J.P. Morgan”) is for information and discussion purposes only and is not intended as an offer, invitation, inducement, advice, recommendation or solicitation for the purchase or sale of any financial instrument nor does it constitute a commitment by J.P. Morgan or its affiliates to enter into any transaction. Past performance is not indicative of future results. The price of the structured products may fall in value as rapidly as it may rise and investors may sustain a total loss of their principal invested. Callable bull/bear contracts have a mandatory call feature and may be terminated early, in such case, (i) an investor of category N callable bull/bear contracts will not receive any cash payment; (ii) the residual value for category R callable bull/bear contracts may be zero. Inline warrants have been newly introduced to the market since July 2019 and no similar products are listed on the Stock Exchange for comparison. Investors must make their own risk assessment and where necessary, seek professional advice. Investor should not invest in these structured products unless they have carefully read and understand the terms and conditions, risk factors and other information as set out in the listing documents, and fully understand and are willing to assume the risks associated with them. It is not possible to predict the liquidity in the secondary market for the Structured Products. J.P. Morgan Broking (Hong Kong) Limited is a dealer and liquidity provider for warrants, inline warrants, CBBCs and/or traded options; and may be the only liquidity provider for the Structured Products.
摩根大通將於香港發行與標普500指數（下稱「標指」）掛鈎的認股證，讓投資者在本港交易時段內同時捕捉美國股市的投資機會。
首對標指認購及認沽證日前已獲准發行，並將於9月2日正式上市。今次發行將代表著標指認股證首次在本港登場。
摩根大通亞洲上市衍生產品銷售部主管張智卓表示：「今年以來，環球股市波動性顯著上升，美股市場作為全球市值最大的證券市場，更加吸引本港投資者的目光。摩根大通上周已率先在本港推出與納斯達克100指數掛鈎的認股證，初步市場反應不俗，今次再加推標指相關產品，可望為投資者開拓更多的投資機遇。本港投資者以港股證券戶口便可參與有槓桿效應的標指及納指認股證交易，操作相對簡單方便。」
張智卓又指，首對標指認購及認沽證的行使價分別為3700點及3200點，實際槓桿介乎5至7倍#，年期約為半年。產品將追縱E-mini標指期貨的價格變動，投資者在使用認購證部署相關資產上升之餘，亦可利用認沽證對沖外圍股市下跌的風險，增加投資組合的靈活性。
張智卓預計，市場對於美股指數相關產品將有一定需求，並計劃於今年內共推出至少15隻標指及納指認股證。
摩根大通為本港最活躍的窩輪發行人之一，憑藉其積極的產品報價及穩定的流通量，其認股證產品於2013年至2019年間，連續7年累積銷量第一*。摩根大通一直致力於為投資者提供更豐富的產品選擇，目前與海外股指掛鈎的產品還包括日經平均指數認股證。
摩根大通將繼續積極研究擴闊產品種類，以推動本港衍生工具市場發展，為投資者拓展新機遇。
如欲了解更多相關資訊，可瀏覽摩根大通認股證牛熊證網站: www.jpmhkwarrants.com。
#實際槓桿以標普500指數 8月27日收市價計算，詳情請參閱上市文件
* 2013年至2019年期間各發行商淨沽出認股證之名義價值。資料來源：港交所網頁及彭博資訊。
每隻認股證的名義價值計算方法 = 每日淨買賣數量/換股比率x相關資產收市價x匯率(如適用)
本資料所述之結構性產品並無抵押品。如發行人及擔保人無力償債或違約，投資者可能無法收回部份或全部應收款項。本資料由摩根大通證券（亞太）有限公司（「摩根大通」）編製，僅供參考，並不構成任何要約、建議、提呈出售或招攬購買任何上述產品。過往表現並不代表將來的表現。結構性產品之價格可急升或急跌，投資者或會損失所有投資。可贖回牛熊證備有強制贖回機 制而可能被提早終止，屆時 (i) N 類牛熊證投資者將不獲發任何金額；(ii) R 類牛熊證之剩餘價格可能為零。界內證自2019年7月起新推出市場，並無在聯交所上市的類似產品可供比較。投資者應自行評估風險，並在需要時諮詢專業意見。投資前應詳閱有關上市文件，並瞭解結構性產品之特性及風險。結構性產品於第二市場的流通量是無法預料的。J.P. Morgan Broking (Hong Kong) Limited為認股證、界內證及牛熊證及/或交易期權的莊家及流通量提供者亦可能為上述結構性產品的唯一流通量提供者。