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Warrants | CBBC (Callable Bull/Bear Contracts) | ETF  
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.

In some overseas markets, listed products equivalent to CBBC are generally known as "knock out" or "stop loss" certificates and non-listed equivalents are generally known as Contracts For Difference (CFD).

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 3 months to 5 years and are settled in cash only. They are traded on the cash market of HKEx through the Third Generation Automatic Order Matching and Execution System (AMS/3) during the market's trading hours.
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