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How is the settlement price at expiry of a warrant calculated?

For warrants issued on a single local stock traded on the Exchange, the settlement price at expiry is calculated based on the 5-day average closing price of the underlying stock prior to and excluding the expiry day.

For local index warrants, the settlement price at expiry is based on the final settlement price of the corresponding index futures contract of the same expiry month as the warrants traded on the Hong Kong Futures Exchange.

For more information about the settlement price at expiry for warrants on other underlying assets, please refer to the relevant listing documents.

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