BNP Paribas Warrant on Zhaojin Mining CW26 is a standard European-style call derivative warrant issued by BNP Paribas Issuance B.V. It provides investors with leveraged exposure to the performance of Zhaojin Mining, a prominent gold mining company listed under stock code 01818. This warrant functions as a call option, granting the right—but not the obligation—to settle in cash based on the difference between Zhaojin Mining's share price and a strike price of HKD 45, upon exercise or at maturity on July 3, 2026. Key features include an entitlement ratio of 10, meaning 10 warrants are required for entitlement to one underlying share, a board lot size of 5,000 units, and a total issue size of 70 million warrants, with trading conducted in HKD. Launched on December 22, 2025, and listed on December 29, 2025, at an initial issue price of HKD 0.250, it features a low delta of 2.49% and implied volatility of 60.56%, reflecting its sensitivity to underlying price movements. Liquidity is supported by BNP Paribas Securities (Asia) Ltd. As a structured product in the derivatives market, it enables targeted speculation on Zhaojin Mining's upside potential within the commodities sector, particularly gold mining, while offering defined risk limited to the premium paid.
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