Hong Kong Structured Warrants
HKEX lists derivative warrants and CBBCs over the Hang Seng Index (HSI), Hang Seng TECH Index (HSTECH), and single Hong Kong stocks — the most actively traded warrant market in Asia by turnover.
- 2
- structured product types
- EAS
- index settlement basis
- HKD
- cash settlement
- HSI · HSTECH
- flagship index underlyings
derivative warrants & CBBCs
expiry-day average, not one print
cleared through CCASS
plus single Hong Kong stocks
Underlyings in Hong Kong
Hang Seng Index (HSI)
The Hang Seng Index (HSI) is Hong Kong's flagship benchmark and the most heavily traded derivative warrant underlying in Asia. Issuers list call and put hsi warrants across a wide range of strikes and maturities, and CBBCs with a mandatory call level.
Hang Seng TECH Index (HSTECH)
The Hang Seng TECH Index tracks the 30 largest technology-focused companies listed in Hong Kong. It is materially more volatile than the broad Hang Seng Index, and warrants over it are among the most actively traded instruments on HKEX for exactly that reason.
Issuers active in Hong Kong
Issuer price matrices
Each issuer publishes a live price matrix showing real-time indicative prices for all their listed warrants.
HKEX Warrant Sample
Full HKEX screener →An illustrative sample of 27 HKEX warrants and 14 CBBCs, frozen at its capture date rather than updated live. Showing warrants below — see the full HKEX screener for CBBCs.
27 warrants found
| Code | Issuer | UL | C/P | Strike | Expiry | Ratio | Close | Delta % | IV % | T/O (K) ↓ | O/S % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 28022 | Citigroup | Alibaba(09988) | P | 100 | 2026-12-24 | 50 | 0.070 | 0.31% | 47.59% | 1,621 | 6.28% |
| 13700 | Morgan Stanley | Tencent(00700) | P | 380 | 2026-12-15 | 100 | 0.065 | 0.11% | 38.21% | 902 | 78.72% |
| 29530 | HU | Hang Seng Index(HSI) | C | 28,100 | 2027-01-28 | 7,600 | 0.093 | 0.00% | 19.23% | 822 | 0.26% |
| 14564 | UBS | Hang Seng Index(HSI) | P | 21,800 | 2026-12-30 | 9,800 | 0.025 | 0.00% | 26.27% | 416 | 5.61% |
| 26245 | BP | Alibaba(09988) | P | 133 | 2026-09-02 | 50 | 0.192 | 1.25% | 48.68% | 275 | 0.76% |
| 29680 | Citigroup | Hang Seng Index(HSI) | C | 29,000 | 2026-11-27 | 7,300 | 0.036 | 0.00% | 19.46% | 210 | 3.46% |
| 26086 | Morgan Stanley | Xiaomi Corp(01810) | P | 28 | 2026-08-24 | 10 | 0.117 | 5.78% | 40.84% | 206 | 1.43% |
| 26356 | J.P. Morgan | Hang Seng Index(HSI) | P | 24,500 | 2026-08-28 | 7,100 | 0.011 | 0.00% | 23.49% | 117 | 1.99% |
| 11124 | SG | Gold(GOLD) | C | 4,900 | 2026-09-28 | 12,000 | 0.038 | 0.00% | 36.60% | 85 | 27.34% |
| 24238 | CI | Meituan(03690) | P | 90 | 2026-09-02 | 50 | 0.041 | 0.62% | 41.33% | 81 | 24.90% |
| 28875 | SG | Hang Seng Index(HSI) | P | 23,500 | 2026-11-27 | 10,500 | 0.037 | 0.00% | 24.54% | 68 | 14.80% |
| 28070 | Morgan Stanley | Xiaomi Corp(01810) | C | 37 | 2026-09-22 | 10 | 0.016 | 0.70% | 54.72% | 60 | 31.33% |
| 28057 | J.P. Morgan | HS Tech Index(HSTEC) | C | 5,400 | 2026-12-30 | 2,090 | 0.117 | 0.02% | 33.02% | 30 | 1.69% |
| 28047 | CI | HS Tech Index(HSTEC) | C | 5,000 | 2026-10-29 | 2,000 | 0.143 | 0.03% | 32.95% | 23 | 1.52% |
| 24222 | SG | HS Tech Index(HSTEC) | P | 4,975 | 2026-09-29 | 2,000 | 0.134 | 0.03% | 36.60% | 16 | 0.43% |
| 14390 | Citigroup | Alibaba(09988) | C | 102 | 2026-12-29 | 100 | 0.300 | 0.82% | 47.96% | 15 | 0.03% |
| 26883 | Citigroup | HS Tech Index(HSTEC) | P | 4,000 | 2026-12-30 | 1,600 | 0.051 | 0.01% | 35.79% | 10 | 3.23% |
| 11133 | BP | Gold(GOLD) | P | 3,700 | 2026-10-05 | 7,000 | 0.073 | 0.00% | 43.42% | 9 | 19.56% |
| 26617 | Citigroup | Hang Seng Index(HSI) | C | 30,651 | 2026-08-28 | 5,600 | 0.015 | 0.00% | 48.71% | 8 | 0.30% |
| 27406 | UBS | Alibaba(09988) | C | 151 | 2026-09-02 | 50 | 0.016 | 0.19% | 51.70% | 8 | 1.27% |
| 15870 | Citigroup | Hang Seng Index(HSI) | P | 24,000 | 2027-04-29 | 15,350 | 0.072 | 0.00% | 26.20% | 4 | 0.00% |
| 27994 | UBS | Tencent(00700) | C | 581 | 2026-09-01 | 100 | 0.010 | 0.04% | 44.05% | 3 | 53.51% |
| 11185 | SG | NVIDIA(NVDA) | C | 275 | 2026-12-28 | 500 | 0.169 | 0.06% | 46.71% | 3 | 1.39% |
| 26361 | J.P. Morgan | Hang Seng Index(HSI) | C | 28,500 | 2026-08-28 | 8,100 | 0.010 | 0.00% | 31.31% | 2 | 60.03% |
| 27882 | Macquarie | Tencent(00700) | C | 667 | 2026-12-31 | 100 | 0.083 | 0.13% | 41.29% | 1 | 9.88% |
Illustrative sample sourced from HKEX's published lists and frozen at the capture date shown above — not a live feed, not the full listing, and not real-time. Use HKEX's own screener for current figures. Not a basis for trading decisions.
Curated Hong Kong warrant listings
| Underlying | Issuer | Type | Moneyness | Strike | Break-even | Eff. gearing | Premium | Expiry | Listing |
|---|---|---|---|---|---|---|---|---|---|
| Hang Seng Index (HSI)Hong Kong · HSI28500MAC | Macquarie | call warrant | ATM | HKD 28,500 | HKD 28,753 | 36.2× | 0.0% | 28 Aug 202614d left | View live ↗ |
| Hang Seng Index (HSI)Hong Kong · HSI27000MACP | Macquarie | put warrant | OTM | HKD 27,000 | HKD 26,823 | 35.9× | 0.0% | 28 Aug 202614d left | View live ↗ |
| Hang Seng Index (HSI)Hong Kong · HSI29500SEP | Macquarie | call warrant | OTM | HKD 29,500 | HKD 29,806 | 23.2× | 0.0% | 29 Sept 202646d left | View live ↗ |
| Hang Seng Index (HSI)Hong Kong · HSI26000PUT | Macquarie | put warrant | OTM | HKD 26,000 | HKD 25,732 | 19.7× | 0.0% | 29 Sept 202646d left | View live ↗ |
| Hang Seng Index (HSI)Hong Kong · HSIBULL26800 | Macquarie | Bull CBBC | ITM | HKD 26,800 | HKD 29,017 | 8.3× | 0.0% | 30 Oct 202677d left | View live ↗ |
| Hang Seng Index (HSI)Hong Kong · HSIBEAR29200 | Macquarie | Bear CBBC | ITM | HKD 29,200 | HKD 27,016 | 7.5× | 0.0% | 30 Oct 202677d left | View live ↗ |
| Hang Seng TECH Index (HSTECH)Hong Kong · HSTECH4500C | Macquarie | call warrant | OTM | HKD 4,500 | HKD 4,530 | 28.5× | 0.0% | 28 Aug 202614d left | View live ↗ |
| Hang Seng TECH Index (HSTECH)Hong Kong · HSTECH4000P | Macquarie | put warrant | OTM | HKD 4,000 | HKD 3,972 | 26.3× | 0.0% | 28 Aug 202614d left | View live ↗ |
| Hang Seng TECH Index (HSTECH)Hong Kong · HSTECHBULL4200 | Macquarie | Bull CBBC | ATM | HKD 4,200 | HKD 4,414 | 11.5× | 0.0% | 29 Sept 202646d left | View live ↗ |
Curated snapshot for education only — not live pricing. Moneyness, break-even, effective gearing, and premium are Black-Scholes model estimates over each row's snapshot reference price (rate 3%, per-row sample IV) and will differ from live market values. Click "View live ↗" for the issuer/exchange's authoritative listing.
Derivative warrants vs CBBCs on HKEX
HKEX lists two related but distinct structured products: derivative warrants (DWs), which behave like standard call/put warrants with no early-termination feature, and CBBCs (Callable Bull/Bear Contracts), which carry a mandatory call price — if the underlying trades at or through that level before expiry, the CBBC is called early and trading stops immediately, capping further loss but also ending any chance of recovery before the original maturity date. See the CBBCs guide for the bull/bear and Category N/R mechanics in full.
Board lots and settlement
Unlike Bursa Malaysia's uniform board lot, HKEX board lot sizes are set per listing and vary by warrant — always check the individual listing document before sizing a trade. Hong Kong DWs and CBBCs are almost universally cash-settled in HKD, cleared through CCASS, with no physical delivery of the underlying.
Learn more
What Are Structured Warrants?
Complete guide to how structured warrants work
How to Pick a Warrant
Step-by-step warrant selection guide
Trading for Beginners
Getting started with warrants in Malaysia
Risks of Trading Warrants
Time decay, leverage, issuer, and liquidity risks
Glossary
Gearing, delta, premium, and every key term
Pricing Calculator
Free Black-Scholes warrant pricing tool
See the full structured warrants screener or learn what structured warrants are.