9988 ALIBABA | Warrants | Callable Bull/Bear Contracts

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Callable bull/bear contracts (“CBBCs”) have a mandatory call feature. Subject to the terms and conditions of CBBCs as set out in the Base Listing Document (including any addendum thereto), CBBCs will be automatically terminated when the spot price / spot level of the underlying asset reaches the call price / call level during the observation period, in which case, you will not receive any cash payment (for category N CBBCs) or may receive a cash payment called the residual value (for category R CBBCs).

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Last updated in January 2022

	Code	Strike	Entitlement Ratio	Eff. Gearing	I.V.	Price	Change (%)	Outstanding	Maturity
	Code	Call Level	Call Level to spot	Strike	Entitlement Ratio	Gearing	Price	Change(%)	Outstanding	Maturity

Highest Effective Gearing
Lowest Premium %
Citi Recommendation
Lowest Product Spot Price

Comparing the top 10 turnover Warrants/CBBCs products in a specific underlying name

Last updated time:

港股各板塊今天普遍向好，科網股走勢相對持平，留意科指牛61894/熊63176

2024-07-11, 15:16

恒指於250天綫附近爭持多日，暫時能守該水平。輪場資金部署方面，資金連續多日偏好好倉，截至上日（10日），牛證收回價17000點以上累積約5000張相關對冲期指合約張數，整體恒指牛熊街貨比例約6：4。投資者如看好恒指，或可留意恒指牛56350，收回價17295點，槓桿比率29.2 倍，換股比率10000 兌 1，2024年09月27日到期；如看淡，或可留意恒指熊62250，收回價18400點，槓桿比率30.7 倍，換股比率10000 兌 1，2026年02月26日到期。

内媒報導馬雲回國現身阿里杭州總部，引發市場對其會否有後續動作的揣測，馬雲上一次回國後，阿里（9988）即啟一拆六改革，阿里股價現處近期上落區間頂部。投資者如看好阿里，或可留意貼價阿里購24692，行使價78.04元，搏入價之選，實際槓桿6.5 倍，換股比率50 兌 1，2024年11月25日到期；如看淡，或可留意阿里沽21297，行使價71.8元，實際槓桿9 倍，換股比率50 兌 1，2024年09月20日到期。

港股各板塊今天（11日）普遍向好，然騰訊（0700）、美團（3690）等科技股走勢相對持平，恒科指受制20天綫超過1個月，今嘗試向上突破該位置。投資者如看好科網股，或可留意科指牛61894，收回價3500元，槓桿比率11.9 倍，換股比率10000 兌 1，2025年02月27日到期；如看淡，或可留意科指熊63176，收回價3800元，槓桿比率20 倍，換股比率5000 兌 1，2025年12月30日到期。

大市高開低走，阿里試探80元，留意恒指牛56643/熊56632、阿里購21298/沽21297

2024-05-03, 13:43

恒指今早（3日）高開低走，裂口高開超過300點後，進一步試探18600點水平回落，暫時連升第九天，於18400點位置附近徘徊，日綫圖上已升穿保力加通道，市場資金流方面，截至上日（2日），恒指牛熊證街貨比例約35.7：64.3，今早包括重貨區18500-18599在内的大量熊證觸發收回機制，下一個熊證重貨位於19000-19099點收回區間，該區間上日相關對冲期指合約張數882張。投資者如看好恒指，或可留意恒指牛56643，收回價17878點，槓桿比率33.9 倍，換股比率10000 兌 1，2024年10月30日到期；如看淡，或可留意恒指熊56632，收回價19000點，槓桿比率28.9 倍，換股比率10000 兌 1，2026年02月26日到期。

阿里（9988）股價近期終於發力，上日低開高走，技術圖標上呈“破脚穿頭”之勢，今早裂口上揚試探80元或250天綫位置，是去年9月以來首次觸及250天綫。投資者如看好阿里，或可留意阿里購21298，行使價91.8元，實際槓桿8.6 倍，換股比率50 兌 1，2024年08月22日到期；如看淡，或可留意阿里沽21297，行使價71.8元，實際槓桿5.8 倍，換股比率50 兌 1，2024年09月20日到期。

大市向上突破，留意恒指牛55895/熊60814

2024-04-25, 11:08

港股走强，恒指截至今早（25日）連升第四天，向上突破前阻力17200點水平，並進一步上試200天綫，儘管近日市況强勢，不過資金仍連續流入部署淡倉，截至上日恒指牛熊街貨比例為36：64。投資者如看好恒指，或可留意恒指牛55895，收回價16506點，槓桿比率21.1 倍，換股比率10000 兌 1，2024年09月27日到期；如看淡，或可留意恒指熊60814，收回價17800點，槓桿比率31.5 倍，換股比率10000 兌 1，2026年11月27日到期。

ATM中走勢最為落後的阿里（9988）周三（24日）終於發力，股價向上收復70元水平及多條移動平均綫，而中期的區間頂部則位於約75元水平，今早延續升勢。投資者如看好阿里，或可留意阿里購22008，行使價82.55元，實際槓桿7.3 倍，換股比率50 兌 1，2024年09月23日到期；如看淡，或可留意阿里沽21297，行使價71.8元，實際槓桿5.2 倍，換股比率50 兌 1，2024年09月20日到期。

中移動（941）早前突破69元區間頂部，周三進一步向好升穿70元，創2019年7月以來新高，今早更進一步逼近71元位置。投資者如看好中移，或可留意中移購22994，行使價80.05元，實際槓桿14.4 倍，換股比率10 兌 1，2024年09月20日到期；如看淡，或可留意中移沽24086，行使價57元，實際槓桿14.7 倍，換股比率10 兌 1，2024年10月23日到期。

五一前濠賭股承壓，阿里下試68元，留意金沙購23270/阿里購22008

2024-04-17, 10:29

周二（16日）港股隨外圍受壓，恒指顯著偏軟失守50天綫水平，為3月初以來首次，收報16248點，全日跌351點，周二牛證重貨區下移至15800-15899水平，該區間相關對冲期指合約張數近1700張，恒指牛熊整體街貨比例為65.5:34.5。投資者如看好恒指，或可留意恒指牛69901，收回價15778點，槓桿比率32.5 倍，換股比率10000 兌 1，2024年07月30日到期；如看淡，或可留意恒指熊55248，收回價16722點，槓桿比率26.2 倍，換股比率10000 兌 1，2025年04月29日到期。

周二濠賭股普遍受壓，金沙（1928）失守前支持位約20元位置，今早（17日）進一步下試去年11月尾的52周低位約18.8元水平，内地勞動節假期臨近，濠賭股表現或額外受市場關注。投資者如看好金沙，或可留意金沙購23270，行使價28.05元，實際槓桿6.3 倍，換股比率10 兌 1，2024年12月24日到期；如看淡，或可留意金沙沽22214，行使價18.48元，實際槓桿4.9 倍，換股比率10 兌 1，2024年08月22日到期。

阿里巴巴（9988）為港股ATM三大科網巨頭中表現最差，股價連跌三日之際更一連兩日裂口下挫，周二回落至68元位置附近，阿里在2月份至今曾至少3次在該位置附近獲得承接，相反若進一步向下觀望，阿里52周低位則在65元附近。投資者如看好阿里，或可留意阿里購22008，行使價82.55元，實際槓桿7.7 倍，換股比率50 兌 1，2024年09月23日到期；如看淡，或可留意阿里沽21297，行使價71.8元，實際槓桿4.3 倍，換股比率50 兌 1，2024年09月20日到期。

中國推多項救市措施；馬雲增持阿里；留意恒指購21975/阿里購21400

2024-01-25, 10:04

市場憧憬内地政府救市措施，以及内險、社保基金有望入市，恒指周三（24日）承接前日升勢向上，下午中國人民銀行宣佈降準0.5%，恒指尾段進一步抽升，收報15899點，全日升545點，大市成交金額約1288億。投資者如看好恒指，或可留意恒指購21975，行使價17000點，實際槓桿9 倍，換股比率6500 兌 1，2024年07月30日到期；如看淡，或可留意恒指熊66208，收回價16480點，槓桿比率25.7 倍，換股比率10000 兌 1，2025年02月27日到期。

馬雲、蔡崇信大手增持阿里（9988）股份，内媒報導指兩人合計持股比例已超越最大股東軟銀，阿里周三顯著向好，裂口重返50天綫，收報72.6元，全日升7.3%。投資者如看好阿里，或可留意阿里購21400，行使價83.83元，實際槓桿7.9 倍，換股比率50 兌 1，2024年05月13日到期；如看淡，或可留意阿里沽22086，行使價68.83元，實際槓桿2.9 倍，換股比率50 兌 1，2024年12月27日到期。

内地國資委官員表示，將進一步研究將市值管理納入中央企業負責人業績考核，中字頭股份周三造好，中移動（0941）自250天綫位置獲支持反彈，收報66.1元，全日升3.5%。投資者如看好中移，或可留意中移購20890，行使價72.05元，實際槓桿13.6 倍，換股比率10 兌 1，2024年06月20日到期；如看淡，或可留意中移沽20003，行使價56.83元，實際槓桿13.7 倍，換股比率10 兌 1，2024年06月25日到期。

恒指牛證上日大量加倉，留意恒指牛59543/熊56491

2023-11-24, 13:15

恒指牛證上日大量加倉，留意恒指牛59543/熊56491

雖然外電報導中國考慮首次允許銀行向房企提供無抵押的流動資金貸款，恒指周五（24日）早段則未能延續上日（23日）尾段升勢，跌超過200點再次回試50天綫水平，牛熊證街貨方面，截至周四牛熊街貨比例為58.8：41.2，熊證在上日有大量減倉，熊證街貨現集中於18200-18599各水平皆有分佈，每個區間約400-700張相關對冲期指合約，牛證則上日則有大量加倉，17300-17599水平累積大量街貨，合共超過2800對冲期指合約。投資者如看好恒指，或可留意恒指牛59543，收回價17300點，槓桿比率37.6 倍，換股比率10000 兌 1，2024年09月27日到期；如看淡，或可留意恒指熊56491，收回價18200點，槓桿比率28.5 倍，換股比率10000 兌 1，2024年10月30日到期。

阿里（9988）上周五（17日）急挫後，股價本周反彈靠穩，距離回補裂口重返80元仍有一定距離，成交量亦持續回落，MACD指標背馳。投資者如看好阿里，或可留意阿里牛59295，收回價71.5元，槓桿比率11.2 倍，換股比率100 兌 1，2024年06月03日到期；如看淡，或可留意阿里沽21297，行使價71.8元，實際槓桿3.3倍，換股比率50 兌 1，2024年09月20日到期。

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