Callable Bull / Bear Contracts

HKEX and/or its subsidiaries endeavour to ensure the accuracy and reliability of the information provided, but do not guarantee its accuracy and reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracy or omission or from any decision, action or non-action based on or in reliance upon information contained in this website. Where the information is supplied by a third party, it is displayed on an "as is" basis. HKEX and/or its subsidiaries do not warrant and make no representation as to the accuracy, reliability, updatedness and completeness of the information and accepted no liability (whether in tort or contract or otherwise) for any claim, loss or damage arising directly or indirectly from any inaccuracies or omissions, or the use of or reliance on any information or otherwise howsoever.

CBBC are a type of structured product that tracks the performance of an underlying asset without requiring investors to pay the full price required to own the actual asset. They are issued either as Bull or Bear contracts with a fixed expiry date, allowing investors to take bullish or bearish positions on the underlying asset. CBBC are issued by a third party, usually an investment bank, independent of HKEX and of the underlying asset.

CBBC are issued with the condition that during their lifespan they will be called by the issuers when the price of the underlying asset reaches a level (known as the " Call Price ") specified in the listing document. If the Call Price is reached before expiry, the CBBC will expire early and the trading of that CBBC will be terminated immediately. The specified expiry date from the listing document will no longer be valid.

CBBC may be issued with a lifespan of three months to five years and are settled in cash only. They are traded on the cash market of HKEX.

Naming conventions of stock short name for CALLABLE BULL / BEAR CONTRACTS

Note: The following naming conventions are applicable in most cases but are not exclusive for all circumstances


Or (traded in Renminbi)


ZZ - Issuer's short name

# - CBBC indicator

Q - Up to 5 characters representing name of the underlying asset

N - N = No residual value ; R = With residual value

C - C = Bull contract ; P = Bear contract

YYMM - Expiry year and month

A - Serial number for additional issues by the same issuer on same underlying asset with same expiry year and month (A, B, C ...)

- Indicator for CBBCs traded in Renminbi (RMB)


Stock Codes To be allocated for new listing of
Ranges Sub-ranges
50000-69999 Callable Bull / Bear Contracts (CBBCs)