CBBCs Explained: Callable Bull/Bear Contracts
What are CBBCs (恒指牛熊證) — how the mandatory call level works and how they differ from a standard structured warrant.
What are CBBCs?
CBBCs (Callable Bull/Bear Contracts) are a warrant-like structured product with a mandatory call price — if the underlying hits that level, the contract is called early, capping losses at a known amount.
Bull vs bear CBBCs
A bull CBBC gains value as the underlying rises and is called if it falls to the call level; a bear CBBC gains value as the underlying falls and is called if it rises to the call level.
FAQ
What are CBBCs?
CBBCs (Callable Bull/Bear Contracts) are a warrant-like structured product with a mandatory call price — if the underlying hits that level, the contract is called early, capping losses at a known amount.
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