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Stock purchase warrant and ius development in China

ZHU Tuo-hua (School of Economics and Management, South China Normal University, Guangzhou)  
Stock purchase warrant is an active financing tool with a long history in stock market. In China's stock market various kinds of derived financing products are continuously weeding through the old to bring forth the new in pace with ceaseless development of global capital market. For the sake of seeking a more effective way of risk elusion and solving the problems caused by the circulation of state-owned stock and other newly emerged demand of the stock market, the market participants have impelled stock purchase warrant to be one of the new varieties of derived products of China's stock market. Stock purchase warrant is a kind of document of optional right that enables the stockholder to bid for the issue shares of a certain listed company at a given price. Stock purchase warrant has three main functions --- investment,capital circulation, and company stock ownership balancing inspiriting. Stock purchase warrant and covered warrants belong to the derived products of capital market. If a stock market grows to maturity for which it will be necessary to enrich its financial instrument. Hence to introduce covered warrants is the need of the development of financial market.
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