Inline Warrants


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Inline Warrants are a type of structured product that entitles the investors to receive a pre-determined fixed payment at expiry.  At expiry, investors will receive HK$1 per inline warrant held when the underlying asset falls at or within the Upper and Lower Strikes (In-The-Range) or HK$0.25 per inline warrant held when the underlying asset falls outside the Upper and Lower Strikes (Out-of-The-Range). 

Due to the pre-determined fixed maximum payment at expiry of HK$1, an inline warrant should not be traded above HK$1.  Investors will suffer a loss by buying an inline warrant above HK$1.

Inline Warrants may be issued with a lifespan of six months to five years.  They may be bought and sold prior to their expiry on the cash market of HKEX.  At expiry, settlement is made in cash only. 

Inline Warrants are issued by a third party, usually an investment bank, independent of HKEX and of the underlying asset.

Please refer to the Inline Warrants – Product Factsheet for details.

Updated 08 Jun 2020

Naming Conventions of Stock Short Name for Inline Warrants


ZZ - Issuer’s short name

Q - Underlying asset (up to 5 characters)

@ - Cash settlement

L - Inline Warrant

YYMM - Expiry year and month

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

stock code allocation table for Inline Warrants

Stock Codes To be allocated for new listing of
Ranges Sub-ranges
47000-48999 Inline Warrants

Updated 21 Apr 2020