The recent popularity of exchange-traded barrier options, namely Callable Bull/Bear Contracts (CBBC) to the Hong Kong Stock Exchange can materially alters the informed trading activities related to the underlying assets. We study the influence of CBBC on the probability of informed trading (PIN), focusing on CBBC issuance, expiration and MCE. The PIN is significant lower around CBBC issuance and MCE and is normal around CBBC expiration. We find the arrival rate of informed trader and uninformed traders are significant higher before CBBC issuance. Also, arrival rates are higher around MCE. The result shows that potential risk exists for small investors though PIN is lower when CBBC exist especially around the MCE. We use Volume-Synchronized Probability of Informed Trading (VPIN) metric to measure the risk around CBBC. The high VPIN around the MCE indicate that large volume imbalance exists and it predict the high risk in the market. This study provides evidences that how CBBC can influence investors’ trading behavior in market and give some suggestions to investors.