GJ Warrants

The Structured Products are Non-collateralised

CBBC Education

牛熊證換股比率/兌換比率 (*Chinese version only)

換股比率是指以多少份牛熊證來換取一股相關資產的比率，牛熊證換股比率/兌換比率一般為1、10或100；其變化較大，但不影響其理論價格變幅。兌換比率越小，牛熊證的面值便越大，同一價格區間，價格跳動越快。投資者也可透過回顧計算牛證內在值的公式來理解原因。

牛證內在值 = 現價-行使價/換股比率

Information Provided by DB Power Online Limited [Disclaimer]

Structured Products are non-collateralised products. If the issuer or guarantor is insolvent or defaults,
investors may not recover part or all of the amount due.

We will make available the listing documents and announcements in printed form during usual business hours on any weekday (Saturdays, Sundays and holidays excepted) at 27/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road Central,Hong Kong to holders of our listed structured products free of charge upon request.