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China's Equity Warrants Market: An Overview and Analysis

Author

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  • Hung-Gay Fung
  • Gaiyan Zhang
  • Lin Zhao

Abstract

After the stock reforms in 2005, China's equity warrants market became the second-largest in terms of trading value after Germany and surpassed Hong Kong in 2006. The growth of the warrants market in China has been constrained by the gradual expiration of reform-related warrants, excessive speculation, and lack of understanding of the warrants market by its participants. The mechanism for creating special warrants designed as a transition to the development of covered warrants has been under hot debate. A more refined regulatory framework and a stronger institutional investor base are needed and are prerequisites for a well-functioning warrants market.

Suggested Citation

  • Hung-Gay Fung & Gaiyan Zhang & Lin Zhao, 2009. "China's Equity Warrants Market: An Overview and Analysis," Chinese Economy, Taylor & Francis Journals, vol. 42(1), pages 86-97, January.
    • Handle: RePEc:mes:chinec:v:42:y:2009:i:1:p:86-97
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    Cited by:

    1. Wing-Keung Wong & Hooi Hoi Lean & Michael McAleer & Feng-Tse Tsai, 2018. "Why did Warrant Markets Close in China but not Taiwan?," Tinbergen Institute Discussion Papers 18-051/III, Tinbergen Institute.
    2. Yue, Tian & Zhang, Jin E. & Tan, Eric K.M., 2020. "The Chinese equity index options market," Emerging Markets Review, Elsevier, vol. 45(C).
    3. Wing-Keung Wong & Hooi Hooi Lean & Michael McAleer & Feng-Tse Tsai, 2018. "Why Are Warrant Markets Sustained in Taiwan but Not in China?," Sustainability, MDPI, vol. 10(10), pages 1-17, October.

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