How do I turn my BIGO options into shares, page-15

Hmm true that the options sometimes trade in higher volumes, but when I was looking at the queue there was enough depth to sell the 20k at >70c pretty easily.
In any case, I see your point about the time delay between option purchase, conversion, sale etc, but I still wonder why that should allow the value discrepancy to exist. The only thing stopping someone exploiting the arbitrage trade that I proposed was either not having the heads to sell, or not being able to short them. But for anyone that was already holding enough of the heads (or could borrow stock to short), that wouldn't have been an issue.
So maybe it's as simple as that - HFTs and other arb traders probably wouldn't hold the heads and I'm guessing it's probably pretty difficult to borrow