IPO 2005 6 13 14 2005 6 20 Equity WarrantDerivative Warrant covered warrant third party warrant 1 dilution effect 2 3 1 2 3 4
2003 1911 19 60 70 1973 1989 1 2004 2004 2003 49,166 38,479 27.77% USD millions) 192,179.43 128,634.44 49.40% 38,049 38,287-0.62% USD millions) 42,121,577 32,967,610 27.77% WFE 54 World Federation of Exchange, http://www.fibv.com/ WFE 1 54 2004 49166 2004 2 2004 USD millions 110,425.85 57.46% 46,087 93.74% 80,964.85 42.13% 2,985 6.07% 788.72 0.41% 94 0.19% 192,179.43 100.00% 49,166 100.00% World Federation of Exchange, http://www.fibv.com/ 2 3 2004
USD millions 1. 67,336.6 1. 27,297 2. 55,268.7 2.Euronext 4,991 3. 20,507.0 3. 3,682 World Federation of Exchange, http://www.fibv.com/ 3 2004 1 4 2005 4 =/ () () 32 3.42% 2,858.18 5.13% 258.7 0.50% 9.05% 903 96.58% 52,896.43 94.87% 51,708.61 99.50% 97.75% 935 100.00% 55,754.61 100.00% 51,967.31 100.00% 93.21% www.hkex.com.hk 4 2005 4 935 903 32 94% 4 97.75% 9.05% 5 2003-2004 5 1% 2004 673.57 210.24 5 2004 2003
USD millions) 192,179 128,634 49.40% USD millions) a 459,422 247,488 85.63% USD millions) b 3,940,359 2,740,887 43.76% USD millions) c 40,599,466 32,021,476 26.79% USD millions) d 43,694,798 33,849,388 29.09% a SFE Corp. b Buenos Aires SE MexDerOsaka SETokyo SE c BM&F d BM&FSFE Corp. World Federation of Exchange, http://www.fibv.com/ 1 2 3 4 5 2005 37 6 H 6 H Galai and Schneller1978 Veld and Verboven
1995ASE 1 Veld and Verboven1995 1 Bansal et al.1989conrad1989detemple and Jorion1990 Watt et al.1992 Bhattacharya1987Pope and Yaday1992 Chen and Wu2001 Chen and Wu2001 Draper et al.2001 Chen and Wu2001 Chen and Wu2001 10~30% 2 Damodaran and Subrahmanyam1992
Draper et al.2001 3 Chiu et al.2005 1 2 3 4 5 Unit IPO 2 Unit Unit IPO Package IPO3 1980 Unit IPO IPO 15%~21% Schultz1993Jain1994 1979 Package IPO IPO 15%~34%How and Howe2001Lee et al.2003unit IPO 4 Schultz1993 Unit IPO 1/34 2 IPO IPO IPO IPO IPO IPO IPO IPO IPO
IPO IPO IPO Schultz1993Jain1994 Lee et al. 2003 Unit IPO Unit IPO IPO Unit IPO Chemmanur and Fulghieri1997 IPO Schultz1993 Unit IPO IPO IPO Schultz1993 Unit IPO Schultz19932003 Chemmanur and Fulghieri 1997 Schultz 1993 IPO 2003Chemmanur and Fulghieri1997 IPO How and Howe2001 Lee et al.2003 Package IPO Chemmanur and Fulghieri1997 6 2005 4 H (
H 0 0 0 0 2 2 1.534 1.566 H 2 2 1.534 1.566-32 3.954 2.587 H - 6.25% 38.80% 60.54% H 19 209 210.218 44.265 14 143 249.680 37.745 H 33 352 459.898 82.010-903 3,087.855 519.673 H - 38.98% 14.89% 15.78% H 19 209 210.218 44.265 15 145 251.214 39.311 H 34 354 461.432 83.576-935 3,091.809 522.260 H - 37.86% 14.92% 16.00% www.hkex.com.hk 6 H 2005 4 30 H 5 110 6 86 935 H 209 19 H 145 15 354 33 H 6 H 6 2005 4 H H 21 2006 0400 2006 1214 38.8% 60.54% H 6 2005 4 H 352 H 33 1 11 ()0941 61 9
2005 4 29 4 4 29 1170.2 5 24 1057.54 10.65% 2005
1 4 2 42 000061 2005 7 14 2005 6 21 10 1 2 4.18 5 5.12 1 4.89 1 1 3-7 4.89 10 48.9 1 3 1 3 2 0 5 5(5.12-3)10.6 3+0+10.6=13.6 10 30+13.6=43.6 43.6-48.9=-5.3-5.3/10=-0.53 3.5 4 7 7
7 10 2 10 3 10 10 1 2 5 10 + 48.9 3 30 3 0 10.6 13.6 43.6-0.53 36-1.29 39-0.99 48.9 3.5 35 3.5 0 8.1 11.6 46.6-0.23 42-0.69 45.5-0.34 48.9 4 40 4 0 5.6 9.6 49.6 0.07 48-0.09 52 0.31 48.9 4.5 45 4.5 0.64 3.1 8.24 53.24 0.43 54 0.51 58.5 0.96 48.9 5 50 5 1.64 0.6 7.24 57.24 0.83 60 1.11 65 1.61 48.9 5.5 55 5.5 2.64 0 8.14 63.14 1.42 66 1.71 71.5 2.26 48.9 6 60 6 3.64 0 9.64 69.64 2.07 72 2.31 78 2.91 48.9 6.5 65 6.5 4.64 0 11.14 76.14 2.72 78 2.91 84.5 3.56 48.9 7 70 7 5.64 0 12.64 82.64 3.37 84 3.51 91 4.21 7 10 2 10 3 1 7 1 10 2 1 1.5%/ 19.76%/ BlackSholes 0.8821/ 0.4575 /0.8821 2+0.457554.0517 10 2 4.89 10 2 4.075 10 2
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20052005 3 18 2003 2003 1 2005 4 1 2 3 Unit IPO 4 Unit IPO Unit IPO Package IPOHow and Howe2001 IPO 5 H 6