This paper reveals two properties of equity options in a market with price limits on their underlying assets. The first one is that an eq 비 ty option in such a market is equivalent to a portf이 io of a risk-free zero-coupon bond and equity options without price limits. The second one is that an equi ty option with price limits is path-dependent. This paper also discusses whether it is legitimate to use the risk-neutral valuation to price such an option. Finally this paper exemplifies a simplified numerical approach to identify the payo什distribution of such an option, incorporating its path-dependency.