CONVERTIBLES

STRATEGY
Jaime Vara de Rey Campuzano
General Information
▷ Stock Price: 22.96 CNY
▷ Convertible Full Price: 109.59

2
Steps
▷ Purchase Convertible

▷ Sell 4.77 Shares (Convertible / Share Price)

▷ Buy 4.77 July 21, 2026 CNY 20 Calls

▷ Sell 4.77 July 21, 2026 CNY 46.5 Calls

▷ Sell 4.77 July21, 2026 CNY 19 Puts

3
4
Profit & Loss
Current Payoff
80

70

60

50

40
P&L

30

20

10

0
0 10 20 30 40 50 60

Stock Price

Base Case Best Case Worst Case

5
Profit & Loss at Maturity
25

20

15

10
P&L

0
0 10 20 30 40 50 60

-5

-10

-15

Stock Price