The basic concepts of stock terms The basic concepts of stock terms (2008-07-05 13:12:56) Stock Category: Equity Fund investment knowledge ? Stock Certificate issued by a company the shares held by shareholders of a certificate. Stock limited liability company Total capital divided into equal shares, the shareholders holding shares in its limited, limited liability company. Companies with total assets of the limited liability company's debts. ?Stock Code Shanghai A share trading starts with the code is 600 or 601 Shenzhen A share trading starts with the code is 000 Shanghai IPO subscription starts with the code is 730 Shenzhen purchase of new shares code with the same code Shenzhen Stock Trading Allotment code 700 Shanghai to begin with, beginning with Shenzhen to 080 Unit Price A minimum change in stock price reporting unit is 0.01 yuan. If: You want to buy deep development, the price of a single fill: 10.02 yuan, and can not fill 10.002 yuan. B shares declared value of 0.001 units of the smallest change in U.S. dollars (Shanghai) Price Limits The highest daily price rose (or fell) to 10% of the previous day's closing price range ST shares ranges from 5% Change IPOs with price limits: the day of IPO issue price cap price increases ¡Á (1 +1000%), lower limit of the issue price ¡Á (1-50%). But the next day price limits will have to follow the rules. IPO price provisions: IPO price of commission that day, we should observe some rules. Provisions, such as Shenzhen: new shares listed on the first day of its issue price call auction range of 150 yuan, continuous auction is the latest range of the effective bid price 15. Shanghai shares on the first day of the continuous auction market range of the effective bid price was 10%. Hand Hand is 100 shares. Stock trading in principle, should be the primary as an integer multiple of However, due to lack of placement will occur in the "hand" situation, such as 10 get 3 shares, you have 100 shares into 130 shares, then you can sell 130 shares. That is, less than zero stock "hand" can be sold. Now in hand Is then the number of lots traded T +1 T is in English Trade (meaning trade) the first letter. Currently under the Shanghai and Shenzhen, the day the next day to buy stocks only to sell, and sell the stock the day after the transaction is recognized, the same day to return the funds to buy stocks. Call auction (Opening how to generate) a day before the start of trading, namely: 9:15 assigned to 9:25, the Shanghai and Shenzhen Stock Exchange, investors began to accept buy and sell orders effectively, in 9:30 the official opening of the moment, the Shanghai and Shenzhen Stock Exchange's computer system starts to match the transaction, to the maximum volume of each stock price to determine the opening price of each stock. No call auction opening afternoon. Range of call auction does not apply: subscription of new shares, rights issue, bonds. Continuous auction call auction Produced a major opening call auction, continuous trading and then the stock market to stage, so there is a continuous auction. There is no closing call auction trading orders continue to be effective, automatically waiting for the right price continuous auction transactions. And investors across the country at this time is still continuous trading of all kinds of effective instruction input to the Shanghai and Shenzhen Stock Exchange computer, the Shanghai and Shenzhen Stock Exchange computer system will also continuously across a variety of continuous and effective investors continuous auction trading instructions brokered transactions. Fill placement Is filling a "buy" or "sell." Some people say, placing my money to buy, of course, fill in a "buy" the. This placement is in deep city, and fill in a "buy." Placement in Shanghai, it should be filled "sell." This "sell" not "sell" allotment, but "sell" with options to get allotment. Issuance of new shares of the requirements are: application for listed companies issuing new shares, in addition shall comply with the "Administrative Measures for Listed Companies IPO" provisions, should also be consistent with a recent three fiscal year average return on net assets weighted average of not less than 10%, and the recent a fiscal year, weighted average return on net assets of not less than 10% of the other conditions See more: the expected stock price rise, optimistic about the prospects for long stock investors. Look empty: the expected stock price fell short outlook bearish stock market investors. To see Ping: expected stock price up not down, wait and see stock market investors Diving: metaphor stock prices Deer Refers to the stock market speculation atmosphere. As speculators, like deer, frequently short-term speculation, see Lee and ran. Tiaokonggaokai: refers to the opening price than yesterday's highest price of the phenomenon. Tiaokongdikai: refers to the opening price than the lowest price phenomenon yesterday. Upward gap: refers to the opening price than opening price yesterday, the highest price or lowest price of the room below the price yesterday. Jin Cha (Gold Cross) in technical analysis terms. Refers to the short-term moving average line up through the mid-term or short-term moving average, medium-term moving average line while the long-term moving average line up through the movement of graphics. Handicap: specific to individual stocks to buy and sell gear 5 of the transaction information. Buy Board Lot: Enter the Stock Exchange, the host computer to buy a stock like hand the number of the commission. Sales are now computer display terminals buyers Commission file number five, behind the General Committee of the number of buyers, investors can not see. If investors see buying the current one, two, three, four, five, is revealed in different price want to buy lots of stock. Commission ratio The number of buyers through the commissioning and appointment of the difference between the number of lots sold and the number of buyers and the Committee appointed to sell and hand the ratio of the number of calculations, reveal the current trend of trading commission Price priority and time priority: Stock trading, if trading of a stock at the same time many investors, you must follow the "price priority and time priority" rule to do. ?Primary market (issuance market): Stock in the recruitment phase, is issued, the market can not be traded. Secondary market (liquid market): Issuance of shares after the company's shares listed on the market can be traded. Stock Index Generally used to reflect changes in the macro side, and the trend of the stock market itself. The preparation of its principle is: the market value and the base price on the date of stock market value ratio. Such as: stock index base date set at December 19, 1990. Today, real-time index = index of the previous day closing market value ¡Â ¡Á ¡²today¡³ total market value of the previous day. Such as: 17 February 2003 the total market value of 4.898871 trillion yuan Shanghai Stock Exchange, the index was 1496.52 points. February 18, the total market value of 4.899142 trillion yuan Shanghai. Calculated that: 18 index = 1496.52 ¡Á ¡²¡³ = 48991.42 ¡Â 48988.71 1496.60 points. 18 February 17 February rise more than 0.08 points Component Index Shenzhen Stock Exchange on January 3, 1995, and began to compile The Shenzhen Component Index on February 20 the same year, real-time released. Component index is due to the preparation of the stock market in China 2 / 3 of the share capital does not flow, so the composite index reflects the changes in the stock market is not science, and composition as the base index is compiled outstanding shares, have a certain rationality. Namely: "Who the flow Calculation of who." PE = Price / EPS Reflect a company's share price and its profit after tax per share relationship, the calculation formula is the company's stock closing price per share after-tax profit of the company (EPS) ratio. Such as the North Group (600705) closing price of the end of 2002 was 6.20 million, earnings per share of stock in 2002 0.165 million, so the end of 2002 the stock trades at 37.58 times (6.20 ¡Â 0.165). As stock prices change every day, but only once a year earnings per share. Coupled with the problem of non-tradable shares, the stock market with price-earnings ratio as the sole measure of the standard is unscientific. In addition, the loss of stock price-earnings ratio is not calculated. Book value = stock price / value per share (more important) Net value of the capital stock fund, capital Community Chest, the statutory reserve fund, any fund, retained earnings and other projects together, also known as net assets. With a net worth divided by the total share capital, have come to the net per share. Net book value per share is calculated based (price-earnings ratio using earnings per share), that is, the date of the closing price divided by book value per share is equal to the net. Such as the North Group (600 705) the end of 2002 closing price of 6.20 yuan in 2002, net 2.725 yuan per share, while book value is 2.275 times. Custody transfer For investors buying and selling stocks for a sales department, will have to apply for shares custody transfer procedures. Program (from A to B Sales Sales) is: 1. The transferee (B Sales) account, and write down the name of the business department and the B seat number. 2. In the transferor (a sales department) fill out the "care Gatling application form." 3. The next day, to B sales department to see whether the stock. 4. Shanghai business department needs to withdraw in a specified transaction, in the B Division to re-apply for the specified business transactions. Dividend and the ex: (XD, XR, DR): Ex English is EXCLUDE DIVIDEND, referred to as XD. Ex English is EXCLUDE RIGHT, referred to as the XR. If they ex-dividend and ex-dividend, the English referred to as DR. If a stock goes ex-dividend today, in the name of the stock marked before XD; If a stock ex-dividend today, the name will be marked before the stock XR; if a stock goes ex-dividend and ex-dividend today and, in the name of the stock before the marked DR. N before the stock implications: NEW N is the first in English letters. When the first day of listing of new shares, for the sake of distinction, the name of the new shares added before N. Annual earnings per share: Refers to the number of annual earnings divided by the total share capital (including legal person shares, tradable shares and non-tradable shares) Blue chips: Refers to the more long-term stable growth, a large, traditional industrial shares and financial stocks. Of these listed companies have excellent performance characteristics, income stability, equity scale, generous bonuses, stock prices stable, the market image of the good. In the overseas stock markets, investors those in their respective dominant industry occupies an important position, excellent performance, were active, generous dividends as blue chip stocks of large companies. "Blue chip" comes from the West casino. Casino in the West, there are two kinds of color chips, the most valuable of which the blue chips, red chips, followed by the worst of white chips. These jargon investors apply to the stock. General Motors, Exxon and DuPont Chemical Company and other stocks, are "blue chip." Blue chips are not fixed. With changes in business conditions and economic status rise and fall, blue chips will change the ranking. According to well-known U.S. "Forbes" magazine, in 1917 the 100 largest companies, only 43 blue chip stocks are still the list, and had "the most blue", the industry's most booming railroad stocks, and now completely lost the qualifications of the selected blue chips and strength. In Hong Kong stock market, was undoubtedly the most famous blue-chip, one of the world's largest commercial bank, "HSBC Holdings." A Chinese-owned background, "Cheung Kong" and the background information, "CITIC Pacific" and is also a blue chip list. Although China's stock market a relatively short history, but developed very rapidly, but also the gradual emergence of a number of blue chips. We ordinary people (do not hold foreign currency or foreign currency) can only buy A shares, B shares are traded in U.S. dollars Hang Seng Index (Hang Seng Index) Hang Seng Index, also known as "HSI" is based on thirty-three stocks (ie blue chips) out of the market value of these stocks cover more than the Hong Kong stock market Qicheng. Because of its large coverage, the rise and fall of the constituent stocks of the remaining shares will also have a great impact on the trend, so the market used to predict the Hang Seng index of overall market trend. Hang Seng Index was founded in November 24, 1969, compiled by the Hang Seng Index Services, modify and release. The Hang Seng index is based on July 31, 1964 as the base date and the date the index is set at 100. Point change in the Hang Seng Index is calculated using the weighted average market capitalization. Usually means talking about the Dow Jones index Dow Jones Industrial Average index, which is a typical strong, wide range of applications, the role of prominent stock index. 30 Dow Jones Industrial Average index on May 26, 1896 available, Commission ratio: Certain period of time is a measure of the relative strength index orders. It is calculated as the Committee ratio = (number of buyers Committee - Committee of the number of lots sold) / number of commissioned + commissioned buyers to sell lots ¡Á 100%. Commission than the "values range from -100% to +100%. If the" Commission than "positive, indicating strong buying venue, and the greater the value, the more strong buying. On the contrary, if the" Committee than " is negative, then the market is weak. Committee difference: Buy a variety of current and subtracting the amount of volume and sales. Reflect the balance of power between buyers and sellers. Strong positive for the buyer, negative for the heavy selling pressure. Ratio: Is a measure of the relative volume of the index, which is the average per minute after the market opened trading volume over the past 5 trading days average trading volume per minute ratio. The formula is: total turnover of hand than = now / (last 5 minutes of trading volume per day ¡Á total opening time (minutes)) When the ratio is greater than 1, indicating that the average trading volume per minute, the day is greater than the average for the past 5 days, trading popular than in the past 5; and when the ratio is less than 1, indicating that the transaction is now smaller than in the past 5 average. Open: Refers to the day after opening the first deal of the stock transaction prices. If within 30 minutes after the market opened was no price, places the day before yesterday's closing price as the opening price. Closing price: Refers to the daily turnover in the final price of a stock, that is, closing price. High: The date of the transaction is the highest price in the price. Sometimes only a maximum price, and sometimes more than a sum. Low: Refers to the date of the transaction price of the lowest price. Sometimes only a minimum price, sometimes more than a sum. Ordinary shares: Means ordinary shares in the company's management and the distribution of profits and property rights to enjoy ordinary shares, paid on behalf of all creditors to meet requirements and preferred shareholders the right to claim the benefits of corporate profits and the request for surplus property claims, It forms the basis of capital is a basic form of stock, but also the largest circulation, the most important stocks. Currently in Shanghai and Shenzhen Stock Exchange in the trading of stocks, are sufficient common stock. Holders of common stock shares held by the proportion of their basic right to enjoy the following: (1) The company's decision to participate. Ordinary shareholders entitled to participate in general meetings, and suggested the right to vote and to vote, or commission others to exercise their shareholder rights on behalf of. (2) profit distribution rights. Ordinary shareholders are entitled to the distribution of profits from the company to get dividends. Common stock dividend is not fixed by the company and its profit distribution policy decisions. Ordinary shareholders must be made in the fixed dividend preference shareholders are entitled to dividends only after the right. (3) stock options. If the company needs to expand the issuance of common stock, the existing common stock shareholders are entitled to their stake to below the market price of a particular priority to buy a certain number of newly issued shares, thus maintaining its original ownership of enterprises proportional. (4) the right of the remaining asset allocation. When a company bankruptcy or liquidation, if the company's assets to repay debts to spare, the remainder by the first preferred shareholders, common shareholders after the distribution of the order. Preference: Is relative to the common shares of. Mainly refers to the profit-sharing and distribution of surplus property rights, take precedence over common stock. There are two rights of preference: a. distribution of earnings in the company, the shareholders have priority over holders of common stock of shares, distribution first, and enjoy a fixed amount of the dividend, that dividend yield of preferred shares are fixed, common stock dividend is not fixed , as the case may be, corporate profits, interest a lot of points, little points profit, non-profit, regardless, does not cap and give no guarantee. b. the dissolution of the company, distribution of surplus property, before the allocation of preferred shares in common stock. Blue chip stocks: Are those that excellent performance, but slower growth company's stock. These companies have the strength to resist the economic downturn, but these companies do not give you exciting profits. Because such business is more mature, do not need to spend a lot of money to expand their business, so invest in such companies, the goal is to get dividends. Also, invest in such stocks, the price-earnings ratio not too high, keeping in mind the economic downturn in the history of stock price fluctuations when the records. Hot stock: Refers to the trading volume, liquidity strong, significant reduction in the stock price changes. Growth stock: This is the number of shares issued by companies, their sales and profits continued to grow, and its faster than the entire country and the growth of the industry. These companies usually have grand Wineur, focusing on research, leaving a lot of profit for reinvestment in order to facilitate its expansion. Hand: It is internationally accepted calculation of Trading Volume of the unit. Must be a multiple of the hand to handle the transactions. It is generally 100 shares traded hand. The purchase of shares must be purchased at least 100 shares. Volume: The number reflects the number of transactions. General Trading Volume and turnover can be measured by two indicators. Shenzhen and Shanghai stock market can present two indicators displayed Price: Refers to the outcry of the lifting units. With the stock price high and low market price per share varies. The Shanghai Stock Exchange as an example: over the end price of 100 yuan per share price is 0.10 yuan, 100-200 yuan per share price of 0.20 yuan per share market price is the price is 0.30 RMB 200-300 yuan, 300-400 yuan per share market price market price is 0.50 yuan per share price is 400 yuan more than 1.00 Suspension: The stock for some news or some sort of activity caused by the continuous price rise or fall, the stock exchange suspended trading in the stock market. Clarify or business when the situation returned to normal, then resume trading exchange-listed securities. Change: Each day's closing price the previous day's closing price comparison to determine the stock price is up or down. Parties in the transaction stage general bulletin board number with "+""-" said. Up (down) circuit breakers: Exchange as the stock of the day up (down) the most significant as a percentage of the closing price the day before, can not exceed this limit, or automatically stop trading. Increased disk: Is much higher closing price than the day before opening. On the low disk: Is the closing price the previous day opening many. Disk file: The investors do not actively traded, more on the sideline, so the day stock price volatility is very small, a condition called disk file. Order by: After a period of sharp stock price is up or down, it begins to minor fluctuations, changes into the stable phase, a phenomenon known as consolidation, consolidation is a major change in the next stages of preparation. Gaps Means a strong bullish or bearish by the news, stock prices began to significantly beat. Upward movements of share prices often start or end there. PE Price-earnings ratio is a stock share price and earnings per share ratio. (PE ratio = market price per common share Earnings per share per year ¡Â ordinary shares) on the type of molecule is the current market price per share, the denominator can be profitable last year, is also available in the coming year or years forecast earnings. Estimated price-earnings ratio is the most basic value of common stock, one of the most important indicators. Generally believed that the ratio remained at between 20-30 is normal, too small to explain the share price, risk, worth buying; too much is that stock prices high, risk, buy with caution. However, the high price-earnings ratio stocks mostly hot stock, low price-earnings ratio stocks may be less popular stocks. Retreated: Refers to the process of stock prices, rising too quickly due to the phenomenon of temporarily fell back. Rebound: Refers to the stock market decline, the stock price fell too fast because sometimes, being supported by the buyer pick-up phenomenon. Magnitude smaller than the rebound rate of decline, the downward trend resumed after the rebound. Long: Bullish on the stock market outlook, first buy a stock, such stock price rose to a price, people who sell the stock make the difference. Short: Means that the share price has risen to the highest point, and soon will fall, or when the stock started falling, that will continue to fall, investors sold to take advantage of high prices. Bull market: Also known as the bull market, that is, stock prices generally rising market. Bear market: Stock market showed a downward trend in long-term, bear market, the stock was up a whopping changes. Also known as the bear market. Multi-turn air: Originally optimistic about the market's bull, views change, the hands of the stock sold, sometimes by selling the stock, this behavior is called the turn or turn an empty space. Flip over: For those who had short, to change their views, to repurchase the stock sold, sometimes to buy more stock, this behavior is called the flip and more. Buy blank: The expected stock price will rise, so buy the shares before the actual delivery, and then sell the stock to buy, the actual delivery charge difference or make up the difference when a speculation. Short: The expected stock price will fall, which sold shares in the event before the actual delivery, will be shown with has added the stock to sell, delivery, only to settle the difference of the speculation. Price: Individual stocks by the bull market to bear market when the highest price. Breakthrough: Refers to the share price over a period of time after the disk file, resulting in a price volatility. Bottom: Stock price continued to fall to a certain frustration when it turned up, so once or several times. Head: Rose to a price decline when they encountered the resistance. Hanging: Means to buy the stock. Hang out: Means to sell stock Kaiping plate: That today's opening price and the previous business day's closing price of the same. Recent trends: 20 to 30 days for the recent trend. Full delivery: Is the securities authorities of restructuring the company or a major issue of the shares of listed companies, particularly in the development of the transaction settlement force method. Whipsaw: To achieve the purpose of hand-speculation, must be the way to cheap to buy, and will not be strong passenger sedan Alighting to relieve the pressure on the file, while the average price to increase holdings in order to facilitate the implementation support, and sets the means to kill. Of the knock transfer: One way transfer transaction. This is a securities broker a means of earning investment returns. Buy by cheap stock brokers, and commissions received from clients and then sold to another customer at high prices, thus making a large profit Bad: Share prices fell on the favorable factors and short messages. Lido: Is to stimulate price increases, favorable factors for long, and news. Hold-up: Is the expected price rise, only to buy the stock price way down; or the expected stock price down, sell the stock, the stock price way up, said the former long hold-up, which is the short lock-in. Large: That large investors, such as consortia, trust and other funds with a large group or individual. In the household: Refers to the large amount of investment investors. Retail: Is the small number of traded stocks of small investors. Broker: Execution of customer orders, the sale of securities, commodities or other property, and those who charge a commission. Grab short-term: The expected stock price rose after the first buy low to sell high in the short term. The expected stock price fell, sell high first, then wait for an opportunity in the short term with low prices and then buy. Correction: After a quick stock up or down, the encounter resistance or support the changes were minor ups and downs, do hands finishing. Pull lift: Lift pull is very method to lift the stock substantially. Usually after they have big pull in the big throws lift to profits. Suppress: Is very method, stock prices down significantly. Usually after they have a lot of big buying in order to suppress take profits. Dark horse: Is the stock price in a certain period of time, double or multiple of the stock prices White Horse: Refers to the share price has formed a slowly rose up the long channel, there is still some upside. Cheat line: Large investors who use technical analysis superstition data, charts, psychological, and deliberately lift pull, to suppress stock, resulting in the formation of a certain linear technical charts, luring investors to buy or sell a lot to achieve their objective of large fortunes. The result of the deception of the technical chart line called cheat line. Technical Analysis: To supply and demand based on market research and analysis of stocks. Technical analysis studies price movements, trading volume, trading trends and patterns and drawings that the above factors, with the figure forecast the future behavior of the current market supply and demand of securities and securities held by individuals effects may occur. Basic Analysis: According to sales, assets, income, products or services, market factors and management of the enterprise. Also refers to the macro-political, economic, military dynamic analysis to predict their impact on the stock market. Non-listed stocks: Not listed on the stock exchange up. Power of Attorney: Entrust others (other shareholders) on their own behalf in the exercise of voting rights at general meetings of the written proof. Turnover: Total number of shares traded stocks listed on the circulation of the percentage of stock shares. Warrants: Additional stock issue new shares when the company issued to former shareholders of the company to purchase a certain amount of the discounted price of the stock certificate. Warrants usually have time constraints, outdated invalid. In the period that the holder can be sold or transferred. Ex: Ex-rights closing price of the stock minus the previous day contained the right to post, is the ex-dividend. Dividend: Previous day closing price minus the stock of listed companies paid dividends as dividend. Including the right to: Those who have stock of both said the right to not Songpei with power. Tianquan: Diluted share increased to compensate ex post, as Tianquan. Replenishment: Business needs of listed companies often apply for the capital increase (paid placement) of new capital increase or capital surplus (stock dividends). Placement: The company issuing new shares, all of the shares by the shareholders to special (below market) to the shareholders to subscribe. Litters: Predict stock price will rise, ahead of the crowd before the first buy at low prices, to be follow-up of many individual investors, stock prices increased steadily, the selling profit. Sedan chair child: Others had to buy after the wake, also followed buy, the result is to allow others to raise the profit share, but their shares have not bought cheap, unprofitable. Under the chair: Zuojiao rallies off the balance sheet profit for the next chair. Resistance: Rose to reach a price near the situation where a lot of selling that stock prices stop rising, or even the price fell back. Support line: At a price fell to close the case if a large number of buying, so stop falling stock prices or even rebound. Gaps: Bullish stock market are strong stimulation or bad news, the stock took a significant jump in prices, the day of the opening or the lowest, higher than the previous day's closing price of more than two reporting units, referred to as "gapped up"; down, days of the day below the disk or the highest price the previous day's closing price of the two reporting units, and the day's trading, up or down more than one reporting unit, referred to as "gapped down." Fill in the blanks: Means there will be upward air when the transaction price will not make it up, that is, after the stock price upward, over a period of time will return to the unprecedented price jumps to fill the gapped price. ? Rehabilitation in The so-called right of recovery is right on the price and volume information for repair, in accordance with the actual stock price chart drawn Change and adjust the volume of equity for the same caliber. Stock ex, ex-dividend, the shares resulting changes, but the actual cost has not changed. Such as: the original 20 yuan of stock, after ten get ten to 10 yuan, but the actual or the equivalent of 20 dollars. From the K point of the price chart looks very low, but it may be a historical high. For example, a stock of 5,000 million shares float caps ex-dividend day, the price of 10 yuan, 500 million shares traded, turnover was 10%, and 10 after the ex-rights offer to send 10 to 5 yuan, float caps to 1 million shares, ex-dividend date Tianquan out of the market, to close at 5.5 yuan, up 10% on volume of 1,000 shares, turnover is 10% (and the previous day compared with the same volume level.) Right after re-price 11 yuan, compared with 10 yuan the previous day up 10% on volume of 500 million shares, so that stock prices reflect the price chart ups and downs, while volume also has a comparable before and after the ex-dividend sex. There are several ways that complex right? The right to have the right to re-forward recovery and backward recovery rights To this chart is to keep the current prices remain unchanged, the price of the previous reduction in the K line ex pan down before, so graphics fit and maintain the continuity of stock prices. Re right back, is to keep the price of the previous change, but will later increase the price. The above example is used in complex back right. The most obvious difference between the two is that the right to re-forward the current cycle of price quotations and K line shows exactly the same, and the right to purchase most of the complex back below the K line shows the price. For example, a stock is the current price of 10 yuan, before that was sent to 10 shares for every 10 shares, the former ex-rights price is still after 10 yuan, which is 20 yuan. Right before the complex: complex of the right price = [(right before the price recovery - cash dividend) + with (new) stock price changes in the proportion of outstanding shares ¡Á] ¡Â (1 + change in the proportion of outstanding shares) Right after the recovery: rehabilitation of the right to the right before re-price = price ¡Á (1 + change in the proportion of shares outstanding) - with (new) changes in share price ¡Á the proportion of outstanding shares + cash bonus ?