[Against the Market] After Xiaomi's share repurchase and 33 consecutive days of inflows into warrants, the stock price rose 2% today against the market. Pay attention to call 29601/put 22196

According to institutional reports, Xiaomi (1810) has received positive reviews for its newly launched Xiaomi 17 series, thanks to its bold rear secondary screen design, with strong sales in the first month driving a 21% year-on-year increase in overall company sales. Unlike previous years, this year, the high-end Pro and Pro Max models have become the main sales drivers. This shift not only enhances Xiaomi's average selling price but also highlights its increasing competitiveness in the high-end market. Additionally, after the earnings report, Xiaomi spent HKD 500 million to repurchase 13.5 million shares, and with warrant funds flowing into call warrants for 33 consecutive days, the stock price rose 2% on Friday (21/11). If optimistic about Xiaomi's rebound, one can pay attention to the call warrant (29601), with an exercise price of HKD 56.04, expiring in August 2026, with an actual leverage of 5 times. Conversely, if one believes that external market conditions remain unfavorable for Xiaomi, one can consider the put warrant (22196), with an exercise price of HKD 35.16, expiring in April 2026, with an actual leverage of 4.8 times.This structured product is not secured, and if the issuer is unable to repay or defaults, investors may not recover part or all of the receivables.This article is issued by HSBC Hong Kong Shanghai Banking Corporation Limited (the "Bank" or "Issuer") (including any reference terms) for reference only and does not constitute an invitation, solicitation, or recommendation to sell or purchase structured products.Structured products are complex products, and investors must act prudently in this regard. Unless investors fully understand and are willing to bear the risks involved, they should not invest in this product. The prices of structured products can rise or fall sharply, and investors may lose all or most of their investment. Past performance does not reflect future performance. Investors should understand the nature and risks of structured products before investing and carefully read the relevant offering documents to independently determine whether it is suitable for them. The Bank and its appointed liquidity providers may be the only market participants for structured products, and the secondary market for structured products may be limited. Please note that bull and bear certificates have a mandatory redemption mechanism, which may lead to early termination. In this case, (i) investors in N-type bull and bear certificates will lose their entire investment in the bull and bear certificates; and (ii) the remaining value of R-type bull and bear certificates may be zero.Trading structured products linked to U.S. indices may carry additional risks, including: (a) risks related to differences in trading days and trading hours; (b) less public information available regarding the index, or no Chinese version provided; (c) political and economic risks related to the index (e.g., the U.S.); (d) exchange rate risks; (e) potential settlement delays; (f) announcement of index levels when there is no trading in constituent stocks; and (g) mandatory redemption events for U.S. index bull and bear certificates occurring during non-trading hours.The author is a licensed person under the Monetary Authority and the Securities and Futures Commission and holds no direct or indirect interests in structured products or related assets.Information / UseUnless otherwise specified, the information in this article is provided by the Bank for financial, market, or other information and data ("Information") established, operated, and/or maintained for Hong Kong residents ("Hong Kong Residents"). Non-Hong Kong residents should not rely on or make any decisions based on the information in this article. If you are not a Hong Kong resident and use this article, you may be in violation of the laws applicable to youOur bank and all HSBC Group companies shall not be liable for any and all responsibilities arising from your use of the video as a non-Hong Kong resident. "HSBC Group companies" refers to HSBC Holdings plc and any subsidiaries or affiliated companies