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        What is a callable bull/bear contract (CBBC)?

        A CBBC is a leveraged investment product that tracks the performance of the underlying asset with a relatively small amount of money.

        A CBBC has an expiration date, strike price, and call price set at the time of issuance. Once the price of the underlying asset reaches the call price, the CBBC will be called.

        1. There are two categories of CBBC in terms of residual value*

        1.1 Category N CBBC have no residual value.

        1.2 Category R CBBC may have residual value. All listed CBBC are now Category R.

        * Residual value: A small amount of cash returned by the issuer to the investor based on the call price and the strike price. When the CBBC is called, it will be settled by its issuer. For details, please refer to the issuer's settlement and announcement.

        2. CBBC can be either bull contracts or bear contracts

        2.1 If you are optimistic about the prospect of the underlying asset, you may want to invest in bull contracts;

        2.2 If you are bearish on the prospect of the underlying asset, you can invest in bear contracts.


        Moomoo is a professional trading app offered by Moomoo Technologies Inc. In the U.S., investment products and services on moomoo are offered by Moomoo Financial Inc., Member FINRA/SIPC. 

        Any illustrations, scenarios, or specific securities referenced herein are strictly for illustrative purposes. Past investment performance does not guarantee future results. Investing involves risk and the potential to lose principal. 

        Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks.

        Diversification is an investment strategy that can help manage risk within your portfolio, but it does not guarantee profits or protect against loss in declining markets.

        Risk Factors for Structured Products: Structured Products are non-collateralized products. If the Issuer and its guarantor are insolvent or default, investors may not recover part or all of the amount due. The warrants, inline warrants and callable bull/bear contracts are structured products which involve derivatives. Do not invest in them unless you fully understand and are willing to assume the risks associated with them. The price of the Structured Products may fall in value as rapidly as it may rise and investors may sustain a total loss of their principal invested. Callable bull/bear contracts have a mandatory call feature and may be terminated early, in such case, an investor may not receive any cash payment; or the residual value may be zero. You should conduct risk assessment for yourself and ensure that you understand the nature andrisks of the Structured Products and should, where necessary, consult your own legal, tax, accounting, financial and other professional advisers to ensure that any decision to invest in theStructured Products is suitable with regard to your specific circumstances and financial position. Before investing in the Structured Products, you should carefully review and understand theterms and conditions of the Structured Products, together with the financial statements andother information of the Issuer, as set out in our base listing document (including any addendum), and the relevant launch announcement and supplemental listing document.