Equity put options written

The equity put option I wrote against China Construction Bank (939) expired unexercised.

This morning I entered into two new contracts against China Construction Bank (939) and Hutchison Whampoa (13). Details are as follows:

Underlying: China Construction Bank (939)
Market price: $6.46
Strike price: $6.21
Valuation date: 19 October, 2009
Maturity date: 21 October, 2009
Implied yield: 9.43%
Net purchase price if exercised: $6.16

Underlying: Hutchison Whampoa (13)
Market price: $56.45
Strike price: $54.80
Valuation date: 19 October, 2009
Maturity date: 21 October, 2009
Implied yield: 12.15%
Net purchase price if exercised: $54.23

If I get hit I will have effectively purchased the shares at about a 4.6% (CCB) or 4.0% (HWL) discount to the prevailing market price. These are both shares which I am happy to hold long term if I get hit.