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I. Risk Disclosure Statement-GEM 風險披露聲明書-創業板
1.       Risk of Securities Trading 證券交易的風險
I/We acknowledge that the price of securities traded on Growth Enterprise Market ("GEM") can and does fluctuate, and any individual security may experience upwards or downwards movements, and may even become valueless. There is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling securities traded on GEM. I/We also acknowledge that there may be risks in leaving securities in your safekeeping. For example, if you are holding my/our securities and you become insolvent, I/we may experience significant delay in recovering the securities. These are risks that I/we am/are prepared to accept. 本人/吾等知悉創業板的證券價格可能會波動,任何個別證券的價格皆可上升或下跌,甚至可能變成亳無價值。 買賣創業板證券不一定獲利, 而且存在著招致損失的風險。本人/吾等也知道將證券交給 閣下保管可能存在風險。例如當 閣下持有本人/吾等的證券而 閣下無力償債時,本人/吾等取回證券的時問可能會受到嚴重阻延。本人/吾等願意承擔此等風險。
 
I/We understand that GEM has been established as a market designed to accommodate companies to which a high investment risk may be attached. In particular, I/we understand that companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability. I/We appreciate that there may be risks arising out of the emerging nature of companies listed on GEM and the business sectors or countries in which the companies operate. 本人/吾等明白創業扳之市場設計乃為可能附有高投資風險的公司而設,本人/吾等亦尤其明白公司可在沒有盈利往績記錄及在不需負責預測未來盈利的情況下在創業板上市。本人/吾等清楚了解,創業板上市公司的新興發展性質及其營運的業務行業或國家或會引致風險。
 
I/We am/are aware of the potential risks of investing in such companies and understand that I/we should make the decision to invest only after due and careful consideration. I/We understand the greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors. 本人/吾等知悉投資在此類公司的潛在風險,故此本人/吾等明白必須經過審慎考慮後才作出投資決定。本人/吾等亦明白創業板的較高風險性質及其他特點,應當更適合專業及其他熟悉投資技巧的投資者。
 
Given the emerging nature of companies listed on GEM, I/we understand there is a risk that securities traded on GEM may be susceptible to higher market volatility compared to securities traded on the Main Board and no assurance is given that there will be a liquid market in the securities traded on GEM. 基於創業板上市公司的新興發展性質,本人/吾等明白於創業板進行買賣的證券將可能較於主板買賣證券的市場波幅為高及不確保於創業板買賣時的證券得到一個有流通性市場。
 
I/We further understand that the principal means of information dissemination on GEM is publication on the internet website operated by the Exchange. Companies listed on GEM are not generally required to issue paid announcements in gazetted newspapers. According, I/we acknowledge that I/we need to have access to up-to-date information on GEM-listed companies as published on the GEM website. 本人/吾等亦明白創業板的主要信息發放渠道是透過聯交所運作的互聯網網頁刊登消息。創業板上市公司一般不須在憲報所登的報章上刊登付費公告。因此,本人/吾等知悉本人/吾等須可以獲取經由創業板網頁發佈的創業板上市公司的最新資料。
 
I/We acknowledge that this risk disclosure statement does not purport to disclose all the risks and other significant aspects of GEM. I/We understand that I/we should undertake my/our own research and study on the trading of securities on GEM before commencing any trading activities.本人/吾等確認此風險披露聲明書並不能申述創業板的所有風險及其他主要內容。本人/吾等明白在進行買賣活動之前須自行進行資料搜集及研究有關證券的買賣。
 
I/We understand that I/we should seek independent professional advice if I/we am/are uncertain of or have not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of securities on GEM.本人/吾等明白如本人/吾等對此風險披露聲明書的任何方面或對買賣創業板證券的性質及風險有不明確或不明白之處,本人/吾等須取得獨立專業的意見。
 
I/We understand that the signing of this risk disclosure statement is mandatory under the Rules of the Exchange. I/We understand that you will not be able to effect my/our instructions to deal in securities on GEM if this statement is not signed and acknowledged by me/us.本人/吾等明白簽署此風險披露聲明書是交易所規則的硬性規定。本人/吾等明白倘本人/吾等未能簽署及確認此聲明書,閣下將不能執行本人/吾等於創業板買賣証券的指令。
 
II. Risk Disclosure Statement of the Relevant Derivative Products
一般常見的衍生產品之風險披露聲明
The following risk disclosure statement is provided pursuant to the Code of Conduct for Persons Licensed by or Registered with the Securities or Futures Commission and Hong Kong Exchange.
以下的風險披露聲明書是根據《證券及期貨事務監察委員會持牌人或註冊人操守準則》或香港交易所的要求予以提供:
1.       Risks Involved in Trading Callable Bull/Bear Contracts (“CBBC”) 買賣牛熊證涉及的風險
I.        Mandatory call 強制收回
CBBC are not suitable for all types of investors and investors should consider their risk appetite prior to trading. In any case, one should not trade in CBBC unless he/she understands the nature of the product and is prepared to lose the total amount invested since a CBBC will be called by the issuer when the price of the underlying asset hits the Call Price and trading in that CBBC will expire early. Payoff for Category N CBBC will be zero when they expire early. When Category R CBBC expire early the holder may receive a small amount of Residual Value payment, but there may be no Residual Value payment in adverse situations. Brokers may charge their clients a service fee for the collection of the Residual Value payment from the respective issuers. 牛熊證並不適合所有類型的投資者,投資者在買賣牛熊證前應先考慮本身能承受多少風險。在任何情況下,除非投資者清楚明白牛熊證的性質,並已準備好隨時會損失所有的投資金額,否則投資者不應買賣牛熊證,因為當牛熊證的相關資產價格觸及收回價,牛熊證會即時由發行商收回,買賣亦會提早失效。N類牛熊證提早失效後回報為零。若是R 類牛熊證提早失效,持有人或可收回少量剩餘價值款項,但在最壞的情況下亦可能沒有剩餘價值款項。經紀代其客戶從發行商收回剩餘價值款項時或會收取服務費。
 
In general, the larger the buffer between the Call Price and the Spot Price of the underlying asset, the lower the probability of the CBBC being called since the underlying asset of that CBBC would have to experience a larger movement in the price before the CBBC will be called. However at the same time, the larger the buffer, the lower the leverage effect will be. 一般來說,收回價與相關資產現價的相差越大,牛熊證被收回的機會越低,因為相關資產的價格需要較大的變動才會觸及收回價。但同一時間,收回價與現價的相差越大,槓桿作用便越小。
 
Once the CBBC is called, even though the underlying asset may bounce back in the right direction, the CBBC which has been called will not be revived and investors will not be able to profit from the bounce-back. 當牛熊證被收回後,即使相關資產價格反彈,該隻牛熊證亦不會再次復牌在市場上買賣,因此投資者不會因價格反彈而獲利。
 
Besides, the Mandatory Call Event (MCE) of a CBBC with overseas assets as underlying may be triggered outside the Exchange‘s trading hours.若屬海外資產發行的牛熊證,強制收回事件可能會於香港交易所交易時段以外的時間觸發。
 
II.       Gearing Effects 槓桿作用
Since a CBBC is a leveraged product, the percentage change in the price of a CBBC is greater compared with that of the underlying asset. Investors may suffer higher losses in percentage terms if they expect the price of the underlying asset to move one way but it moves in the opposite direction.由於牛熊證是槓桿產品,牛熊證價格在比例上的變幅會較相關資產為高。若相關資產價格的走向與投資者預期的相反,投資者可能要承受比例上更大的損失。
 
III.     Limited life 有限的有效期
A CBBC has a limited life, as denoted by the fixed expiry date, with a lifespan of 3 months to 5 years. The life of a CBBC may be shorter if called before the fixed expiry date. The price of a CBBC fluctuates with the changes in the price of the underlying asset from time to time and may become worthless after expiry and in certain cases, even before the normal expiry if the CBBC has been called early.牛熊證的有效期有限,並於指定日期到期。有效期可以是3 個月至5 年不等。若在指定到期日期前遭提早收回牛熊證的有效期將變得更短。期間牛熊證的價值會隨着相關資產價格的變動而波動,於到期後或遭提早收回後或會變得沒有價值。
 
IV.     Liquidity 流通量
Although CBBC have liquidity providers, there is no guarantee that investors will be able to buy/sell CBBC at their target prices any time they wish.儘管牛熊證設有流通量提供者,但投資者不獲保證能隨時按其意願以其目標價買入/沽出牛熊證。
 
V.      Funding Costs 融資成本
The issue price of a CBBC includes funding costs and issuers will specify the formula for calculating the funding costs of their CBBC at launch in the listing documents. Since the funding costs for each CBBC issue may be different as it includes the issuer’s financing /stock borrowing costs after adjustment for expected ordinary dividend of the stock (if the underlying is a Hong Kong stock since the CBBC will not be adjusted for ordinary dividend) plus the issuer’s profit margin, investors are advised to compare the funding costs of different issuers for CBBC with similar underlying assets and terms. The funding costs will gradually be reduced over time along with the CBBC in the secondary market as the CBBC moves towards expiry. In general, the longer the duration of the CBBC, the higher the total funding costs will be since it is similar to investors borrowing for a longer tenure to trade in the underlying asset. When a CBBC is called, the CBBC holders (investors) will lose the funding cost for the full period since the funding cost is built into the CBBC price upfront at launch even though with the MCE, the actual period of funding for the CBBC turns out to be shorter. In any case, investors should note that the funding costs of a CBBC after launch may vary during its life and the Liquidity Provider is not obliged to provide a quote for the CBBC based on the theoretical calculation of the funding costs for that CBBC at launch. 牛熊證的發行價包括融資成本,而發行商會於發行時在發行文件中列明計算其牛熊證融資成本的方程式。由於各個牛熊證發行的融資成本包括發行商就股票預期一般股息(若相關資產為港股,由於牛熊證不會就一般股息作出調整)加上發行商的利潤率作出調整後的融資/借股成本,故或會不同。因此,建議投資者對比不同發行商具有類似相關資產及條款的牛熊證的融資成本。隨著牛熊證逐漸接近到期日,融資成本將隨著牛熊證在二級市場逐漸減少。一般來說,牛熊證存續期越長,總融資成本會越高,因其類似於投資者借用較長時間以買賣相關資產。當牛熊證被收回時,牛熊證持有人(投資者)將會損失整個期間的融資成本,因為融資成本已在發行時預先計入牛熊證價格,儘管強制收回事件後牛熊證的實際融資期間會縮短。投資者需注意,牛熊證的融資成本自其推出後或會改變,流通量提供者在牛熊證推出時並無責任根據融資成本的理論計算值提供牛熊證的報價。
 
VI.     Trading of CBBC Close to Call Price 買賣接近收回價的牛熊證
When the underlying asset is trading close to the Call Price, the price of a CBBC may be more volatile with wider spreads and uncertain liquidity. CBBC may be called at any time and trading will terminate as a result. 相關資產價格以接近收回價買賣,牛熊證的價格可能會變得更加波動,買賣差價可能會較闊,流通量亦或不確定。牛熊證隨時可能被收回導致交易終止。
 
However, the trade inputted by the investor may still be executed and confirmed by the investors after the MCE since there may be some time lapse between the MCE time and suspension of the CBBC trading. Any trades executed after the MCE (i.e. Post MCE Trades) will not be recognized and will be cancelled. Therefore, investors should be aware of the risk and ought to apply special caution when the CBBC is trading close to the Call Price. 由於強制收回事件發生的時間與停止牛熊證買賣之間可能會有一些時延,投資者輸入的交易於強制收回事件後可能仍被執行及確認,但任何在強制收回事件後始執行的交易將不被承認並會被取消。因此投資者買賣接近收回價的牛熊證時需額外小心。
Issuers will announce the exact call time within 1 hour after the trigger of MCE, and HKEx will also send the list of Post MCE Trades to the relevant Exchange Participants (brokers) who in turn will inform their clients accordingly. For avoidance of doubt on whether their trades have been cancelled (i.e. whether they are Post MCE Trades), the investors may check with their brokers. 發行商會於強制收回事件發生後1小時內公佈確切的收回時間,交易所亦會把於強制收回事件發生後才達成的交易資料發布給有關的交易所參與者經紀,讓他們通知其客戶。若投資者不清楚其交易是否在強制收回事件後才達成或有否被取消,應查詢經紀。
 
VII.    CBBC with Overseas Underlying Assets 海外資產發行的牛熊證
Investors trading CBBC with overseas underlying assets are exposed to an exchange rate risk as the price and cash settlement amount of the CBBC are converted from a foreign currency into Hong Kong dollars. Exchange rates between currencies are determined by forces of supply and demand in the foreign exchange markets which are affected by various factors. 以海外資產發行的牛熊證,其價格及結算價均由外幣兌換港元計算,投資者買賣這類牛熊證需承擔有關的外匯風險。外匯價格由外匯市場供求釐定,其中牽涉的因素頗多。
 
Besides, CBBC issued on overseas underlying assets may be called outside the Exchange’s trading hours. In such case, the CBBC will be terminated from trading on the Exchange in the next trading session or soon after the issuer has notified the Exchange about the occurrence of the MCE. There will be no automatic suspension of the CBBC by AMS/3. For Category R CBBC, valuation of the residual value will be determined on the valuation day according to the terms in the listing documents. 以海外資產發行的牛熊證,可能會於香港交易所交易時段以外的時間收回。 有關的牛熊證會於下一個交易時段或發行商通知交易所強制收回事件發生後盡快停止在交易所買賣。強制收回事件發生後,AMS/3 不設自動停止機制。若屬R 類牛熊證,剩餘價值會根據上市文件的條款於估值日釐定。
 
2.       Risks Involved in Trading Derivative Warrants 買賣衍生權證(“窩輪”)涉及的風險
Derivative warrant trading involves high risks and is not suitable for every investor. Investors should understand and consider the following risks before trading in derivate warrants. 買賣衍生權證(“窩輪”)涉及高風險,並非人皆適合。投資者買賣衍生權證(“窩輪”)前應清楚明白及考慮以下的風險:
I.        Issuer Risk 發行商風險
Derivative warrant holders are unsecured creditors of an issuer and have no preferential claim to any assets an issuer may hold. Therefore, investors are exposed to credit risk in respect of the issuer. 衍生權證(“窩輪”)的持有人等同衍生權證(“窩輪”)發行商的無擔保債權人,對發行商的資產並無任何優先索償權;因此,衍生權證(“窩輪”)的投資者須承擔發行商的信貸風險。
 
II.       Gearing Risk槓桿風險
Although derivative warrants may cost a fraction of the price of the underlying assets, a derivative warrant may change in value more or less rapidly than the underlying asset. In the worst case the value of the derivative warrants falls to zero and holders lose their entire purchase price.儘管衍生權證(“窩輪”)價格遠低於相關資產價格,但衍生權證(“窩輪”)價格升跌的幅度亦遠較相關資產為大。在最差的情況下,衍生權證(“窩輪”)價格可跌至零,投資者會損失全部買入價款。
 
III.     Limited Life 有限的有效期
Unlike stocks, derivative warrants have an expiry date and therefore a limited life. Unless the derivative warrants are in-the-money, they become worthless at expiration. 與股票不同,衍生權證(“窩輪”)有到期日,故有效期有限。衍生權證(“窩輪”)到期時如非價內權證,則完全沒有價值。
 
IV.     Time Decay 時間遞耗
One should be aware that other factors being equal the value of derivative warrants will decrease over time. Therefore, derivative warrants should never be viewed as products that are bought and held as long term investments.
若其他因素不變,衍生權證(“窩輪”)價格會隨時間而遞減,投資者絕對不宜視衍生權證(“窩輪”)為長線投資工具。
 
V.      Volatility 波幅
Other factors being equal an increase in the volatility of the underlying asset should lead to a higher warrant price and a decrease in volatility lead to a lower derivative warrant price. 若其他因素不變,相關資產的波幅增加會令衍生權證(“窩輪”)價值上升;相反,波幅減少會令衍生權證(“窩輪”)價值下降。
 
VI.     Market Forces 市場力量
In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue. 除了決定衍生權證(“窩輪”)理論價格的基本因素外,所有其他現行市場因素(包括權證本身在市場上的供求)也會影響衍生權證(“窩輪”)的價格。就市場供求而言,當衍生權證(“窩輪”)在市場上快將售罄又或發行商增發衍生權證(“窩輪”)時,供求的影響尤其大。
                                                                                                                                   
3.       Risks Involved in Trading Exchange Traded Funds (“ETFs ”) 買賣交易所買賣基金涉及的風險
I.        Tracking Errors 追蹤誤差
Tracking errors refer to the disparity in performance between an ETF and its underlying index/assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index/assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication/representative sampling and synthetic replication which are discussed in more detail below.) 這是指交易所買賣基金的表現與相關指數/資產的表現脫節,原因可以來自交易所買賣基金的交易費及其他費用、相關指數/資產改變組合、交易所買賣基金經理的複製策略等等因素。(常見的複製策略包括完全複製/選具代表性樣本以及綜合複製,詳見下文。)
 
II.       Trading at Discount or Premium 以折讓或溢價交易
An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions. 交易所買賣基金的價格可能會高於或低於其資產淨值,當中主要是供求因素的問題,在市場大幅波動兼變化不定期間尤其多見,專門追蹤一些對直接投資設限的市場或行業的交易所買賣基金亦可能會有此情況。
 
III.     Foreign Exchange risk 外匯風險
Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price. 若投資者所買賣交易所買賣基金的相關資產並非以港幣為單位,其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值造成負面影響,連帶影響交易所買賣基金的價格。
 
 
IV.     Liquidity risk 流通量風險
Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product. 證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金多有一個或以上的證券莊家,但不能保證可以保持買賣活躍。若有證券莊家失責或停止履行職責,投資者或就不能進行買賣。
 
V.      Counterparty risk Involved in ETFs with Different Replication Strategies 交易所買賣基金的不同複製策略涉及對手風險
(a)     Full Replication and Representative Sampling Strategies 完全複製及選具代表性樣本策略
An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying assets rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern.
採用完全複製策略的交易所買賣基金,通常是以相同比重投資於所有的成份股/資產為基準。採取選具代表性樣本策略的,則只投資於其中部分(而不是全部)的相關成份股/資產。直接投資相關資產而不經第三者所發行綜合工具的交易所買賣基金,其交易對手風險通常不是太大問題。
 
(b)     Synthetic Replication Strategies 綜合複製策略
ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, synthetic replication ETFs can be further categorized into two forms: 採用綜合複製策略的交易所買賣基金,主要透過掉期或其他衍生工具去追蹤基準的表現。現時,採取綜合複製策略的交易所買賣基金可再分為兩種:
 
i.        Swap-based ETFs 以掉期合約構成
(a)     Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets. 總回報掉期(total return swaps)讓交易所買賣基金經理可以複製交易所買賣基金基準的表現而不用購買其相關資產。
(b)     Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments. 以掉期合約構成的交易所買賣基金需承受源自掉期交易商的交易對手風險。若掉期交易商失責或不能履行其合約承諾,基金或要蒙受損失。
 
ii.       Derivative embedded ETFs 以衍生工具構成
(a)     ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers. 交易所買賣基金經理也可以用其他衍生工具,綜合複製相關基準的經濟利益。有關衍生工具可由一個或多個發行商發行。
 
Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers and may suffer losses if such issuers default or fail to honour their contractual commitments. 以衍生工具構成的交易所買賣基金需承受源自衍生工具發行商的交易對手風險。若發行商失責或不能履行其合約承諾,基金或要蒙受損失。
 
Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF. 交易所買賣基金即使取得抵押品,也需依靠抵押品提供者履行責任。此外,當行使申索抵押品的權利時,抵押品的市值可以遠低於擔保金額,令交易所買賣基金損失嚴重。
 
It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics. 投資者務須了解並能審慎評估不同的交易所買賣基金結構及特色所產生的影響。
 
III. Risk Disclosure Statement-Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect
風險披露聲明書-滬港通及深港通
Specific Risks Relating to Securities Trading Through Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect
透過滬港通及深港通買賣證券的特定風險
1.       Not Protected by Investor Compensation Fund 不受投資者賠償基金保障
The Client should note that any Northbound or Southbound trading under Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect will not be covered by Hong Kong’s Investor Compensation Fund. As far as Hong Kong investors participating in Northbound trading are concerned, since they are carrying out Northbound trading through securities brokers in Hong Kong and these brokers are not Mainland brokers, they are not protected by China Securities Investor Protection Fund on the Mainland.客戶須注意,香港的投資者賠償基金並不涵蓋滬港通及深港通下的任何北向交易或南向交易。對於參與北向交易的香港投資者而言,由於他們是通過香港本地券商進行北向交易,該等券商並非內地證券公司,因此滬股通/深股通的北向交易亦不受中國內地投資者保護基金保護。
 
2.       Quotas used up 額度用盡
When the respective aggregate quota balance for Northbound and Southbound trading is less than the daily quota, the corresponding buy orders will be suspended on the next trading day (sell orders will still be accepted) until the aggregate quota balance returns to the daily quota level. Once the daily quota is used up, acceptance of the corresponding buy orders will also be immediately suspended and no further buy orders will be accepted for the remainder of the day. Buy orders which have been accepted will not be affected by the using up of the daily quota, while sell orders will be continued to be accepted. Depending on the situation of aggregate quota balance, buying transactions will be resumed on the following trading day.當北向交易和南向交易分別的總額度餘額少於每日額度時,相應買盤會於下一個交易日暫停(但仍可接受賣盤訂單),直至總額度餘額重上每日額度水平。而每日額度用完時,亦會即時暫停相應買盤交易訂單,當日不會再次接受買盤訂單。已獲接受的買盤訂單不會因每日額度用盡而受到影響,此外仍可繼續接受賣盤訂單。視乎總額度餘額狀况,買盤交易將於下一個交易日恢復。
 
3.       Difference in Trading day and Trading Hours 交易日及交易時間差異
The Client should note that, due to differences in public holidays between Hong Kong and Mainland China or other reasons such as bad weather conditions, there may be differences in trading days and trading hours in the two markets. Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect will only operate on days when both markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore it is possible that there are occasions when it is a normal trading day for the Mainland market but Hong Kong investors cannot trade A-shares. The Client should take note of the days and the hours which Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect is open for business and decide according to his own risk tolerance capability whether or not to take on the risk of price fluctuations in A-shares during the time when Shanghai-Hong Kong Stock Connect/ Shenzhen-Hong Kong Stock Connect is not trading.客戶應注意因香港和內地的公眾假期日子不同或惡劣天氣等其他原因,兩地市場交易日及交易時間或有所不同。由於滬港通及深港通只有在兩地市場均為交易日、而且兩地市場的銀行在相應的款項交收日均開放時才會運作,所以有可能出現內地市場為正常交易日、而香港投資者卻不能買賣A股的情況。客戶應該注意滬港通及深港通的開放日期及時間,並因應自身的風險承受能力決定是否承擔A股在滬港通/深港通不交易的期間價格波動的風險。
 
4.       Restrictions on Selling Imposed by Front-end Monitoring 前端監控對沽出的限制
For the Client who deposits his A-shares with securities companies other than The company, if he wishes to sell certain A-shares he holds, he must transfer such A-shares to his account with The company before the day of selling (T day). If he fails to meet this deadline, he will not be able to sell such A-shares on T day. 對於那些一般將A股存放於本公司以外證券公司的客戶而言,如欲沽出所持有的某些A股股票,必須於沽出當天(T 日)前成功把該等A股股票轉移至其本公司賬戶内。如果客戶錯過了此期限,將不能於T日沽出該等A股。
 
5.       The Recalling of Eligible Stocks and Trading Restrictions 合資格股票的調出及買賣限制
A stock which is on the list of eligible stocks for trading via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect may be recalled from the list for various reasons and, in such event, the stock can only be sold but cannot be bought. This may affect the investment portfolio or strategies of the Client. The Client should therefore pay close attention to the list of eligible stocks as provided and updated from time to time by Shanghai Stock Exchange (“SSE”), Shenzhen Stock Exchange (“SZSE”) and Hong Kong Exchanges and Clearing Limited (“HKEx”).
當一隻原本在滬港通/深港通合資格股票名單内的股票由於各種原因被調出名單時,該股票只能被賣出而不能被買入。這位客戶的投資組合或策略可能會受影響。因此,客戶需要密切關注上海交易所(「上交所」)、 深圳证券交易所(「深交所」)和香港交易及結算所有限公司(「港交所」)提供及不時更新的合資格股票名單。 
 
Under the following circumstances, purchase of A shares via Northbound trading will be suspended temporarily (but sale is permitted): (i) the A-shares cease to be constituent stocks of the relevant indices; (ii) the A-shares are put under “risk alert”; and/or (iii) the corresponding H shares of the A-shares cease to be traded on SEHK. The Client should also note that such A-shares may be subject to the restriction of price fluctuation limits.滬股通及深港通股票將在以下幾種情況下暫停買入(但允許賣出): (一)該等A股不再屬於有關指數成份股;(二)該等A股被實施「風險警示」;及/或(三)該等A股相應的H股不再在聯交所掛牌買賣。客戶亦需要留意有關A股有可能受漲跌停板幅度限制。
 
6.       Transaction Costs 交易費用
In addition to paying trading fees and stamp duties in connection with trading of A-shares, the Client carrying out Northbound trading via Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect should also take note of any new portfolio fees, dividend tax and tax concerned with income arising from stock transfers, which may be levied by the relevant authorities.經滬港通及深港通進行北向交易的投資者除須繳交買賣A 股的交易費用及印花稅外,亦需留意可能須繳交相關機構徵收之任何新的組合費、紅利稅及針對股票轉讓而產生收益的稅項。
 
7.       Mainland China’s laws and Regulations, Foreign Shareholding Restrictions and Disclosure Obligations 內地法例、法規、外資持股比例限制及披露責任
Under Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, A-share listed companies and trading thereof are subject to the laws and regulations and disclosure obligations of the A-share market. Any changes in relevant laws or regulations may affect share prices. The Client should also take note of the foreign shareholding restrictions and disclosure obligations applicable to A-shares. The Client may be subject to restrictions on trading and retention of proceeds as a result of his interests and shareholdings in A-shares. The Client himself is responsible for compliance with the requirements of all relevant notifications, reports and disclosure of interests. 滬港通及深港通相關的A股上市公司及交易須遵守A股市場的法例、法規及披露責任,任何相關法例或法規的改動均有可能影響股價。客戶亦應留意適用於A股的外資持股比例限制及披露責任。因應客戶所擁有A 股的利益及持股量,客戶的交易及收益保留可能受限制,客戶需自行負責所有相關通知、申報及利益披露之合規要求。
 
 
Under the current Mainland rules, when an investor holds up to 5% of the shares of a company listed on SSE, the investor is required to disclose his interest within three working days during which he cannot trade the shares of that company. The investor is also required to disclose any change in his shareholding and comply with related trading restrictions in accordance with the Mainland laws.根據現行內地規定,當任何一名投資者持有上交所上市公司的股權達5% 時,須於三個工作日內披露其權益,該投資者亦不得於該三日內買賣該公司股份。該投資者亦須就其持股量的變化按內地法律進行披露並遵守相關的買賣限制。
 
According to existing Mainland practices, Hong Kong and overseas investors as beneficial owners of A-shares traded via Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect cannot appoint proxies to attend shareholders’ meetings on their behalf.根據現行內地慣例,香港及海外投資者作為滬股通或深港通股票的實益擁有人並不能委任代表代其親身出席股東大會。
 
IV. Risk Disclosure Statement-Securities Trading Account
風險披露聲明書-證券交易帳戶
The following risk disclosure statement is provided pursuant to the Code of Conduct for Persons Licensed by or Registered with the Securities or Futures Commission and Hong Kong Exchange.
以下的風險披露聲明書是根據《證券及期貨事務監察委員會持牌人或註冊人操守準則》或香港交易所的要求予以提供:
 
1.       Risk of Securities Trading 證券交易的風險
The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. 證券價格有時可能會非常波動。證券價格可升可跌,甚至變成毫無價值。買賣證券未必一定能夠賺取利潤,反而可能會招致損失。
 
2.       Risks of Client Assets Received or held Outside Hong Kong 在香港以外地方收取或持有的客戶資產的風險
Client assets received or held by the licensed or registered person outside Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the Securities and Futures Ordinance (Cap.571) and the rules made therein. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong. 持牌人或註冊人在香港以外地方收取或持有的客戶資產,是受到有關的海外司法管轄區的適用法律及規例所監管的。這些法律及規例與《證券及期貨條例》(香港法例第571 章)及根據該條例制訂的規則可能有所不同。因此,有關客戶資產或不享有賦予在香港收取或持有的客戶資產的相同保障。
 
3.       Risk of Trading Nasdaq-Amex Securities at the Stock Exchange of Hong Kong Limited 在香港聯合交易所有限公司買賣納斯達克-美國證券交易所證券的風險
The securities under the Nasdaq-Amex Pilot Program (“PP”) are aimed at sophisticated investors. You should consult a licensed or registered person and become familiarised with the PP before trading in the PP securities. You should be aware that the PP securities are not regulated as a primary or secondary listing on the Main Board or the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited. 按照納斯達克-美國證券交易所試驗計劃(「試驗計劃」)掛牌買賣的證券是為熟悉投資技巧的投資者而設的。你在買賣試驗計劃的證券之前,應先諮詢有關持牌人或註冊人的意見和熟悉試驗計劃。你應知悉,按照試驗計劃掛牌買賣的證券並非以香港聯合交易所有限公司的主板或創業板作第一或第二上市的證券類別加以監管。
 
4.       Risk of Providing an Authority to Repledge your Securities Collateral etc. 提供將你的證券抵押品等再質押的授權書的風險
There is risk if you provide the licensed or registered person with an authority that allows it to apply your securities or securities collateral pursuant to a securities borrowing and lending agreement, repledge your securities collateral for financial accommodation or deposit your securities collateral as collateral for the discharge and satisfaction of its settlement obligations and liabilities. 向持牌人或註冊人提供授權書,容許其按照某份證券借貸合約使用你的證券或證券抵押品,將你的證券抵押品再質押以取得財務通融,或將你的證券抵押品存放為用以履行及清償其交收責任及債務的抵押品,存在一定風險。
 
If your securities or securities collateral are received or held by the licensed or registered person in Hong Kong, the above arrangement is allowed only if you consent in writing. Moreover, unless you are a professional investor, your authority must specify the period for which it is current and be limited to no more than 12 months. If you are a professional investor, these restrictions do not apply. 假如你的證券或證券抵押品是由持牌人或註冊人在香港收取或持有,則上述安排僅限於你已就此給予書面同意的情況下方行有效。此外,除非你是專業投資者,否則你的授權書必須指明有效期,而該段有效期不得超逾12 個月。若你是專業投資者,則有關限制並不適用。
 
Additionally, your authority may be deemed to be renewed (i.e. without your written consent) if the licensed or registered person issues you a reminder at least 14 days prior to the expiry of the authority, and you do not object to such deemed renewal before the expiry date of your then existing authority. 此外,假如你的持牌人或註冊人在有關授權的期限屆滿前最少14 日向你發出有關授權將被視為已續期的提示,而你在現有授權的期限屆滿前對於以此方式將該授權延續不表示反對,則你的授權將會在沒有你的書面同意下被視為已續期。
 
You are not required by any law to sign these authorities. But an authority may be required by licensed or registered persons, for example, to facilitate margin lending to you or to allow your securities or securities collateral to be lent to or deposited as collateral with third parties. The licensed or registered person should explain to you the purposes for which one of these authorities is to be used. 現時並無任何法例規定你必須簽署這些授權書。然而,持牌人或註冊人可能需要授權書,以便例如向你提供保證金貸款或獲准將你的證券或證券抵押品借出予第三方或作為抵押品存放於第三方。有關持牌人或註冊人應向你闡釋將為何種目的而使用該等授權書。
 
If you sign one of these authorities and your securities or securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on your securities or securities collateral. Although the licensed or registered person is responsible to you for securities or securities lent or deposited under your authority, a default by it could result in the loss of your securities or securities collateral. 倘若你簽署該等授權書,而你的證券或證券抵押品已借出予或存放於第三方,該等第三方將對你的證券或證券抵押品具有留置權或作出押記。雖然有關持牌人或註冊人根據你的授權書而借出或存放屬於你的證券或證券抵押品須對你負責,但上述持牌人或註冊人的違責行為可能會導致你損失你的證券或證券抵押品。
 
A cash account not involving securities borrowing and lending is available from most licensed or registered persons. If you do not require margin facilities or do not wish your securities or securities collateral to be lent or pledged, do not sign the above authorities and ask to open this type of cash account. 大多數持牌人或註冊人均提供不涉及證券借貸的現金賬戶。假如你毋需使用保證金貸款,或不希望本身證券或證券抵押品被借出或遭質押,則切勿簽署上述的授權書,並應要求開立該類現金賬戶。
 
5.       Risk of Password Delivery by E-mail 經電郵傳遞交易密碼的風險
The Client acknowledge that there are risks associated with receiving the password of my internet trading account by email and agree to solely bear all such risks, including (without limitation) the risks of transmission error, delay, unauthorized disclosure and unauthorized use in respect of the password. The Client acknowledge and agree that once a password is deemed receipt by the Client, the Client shall be the only authorized user(s) of such password. The Client shall be solely responsible for the confidentiality, protection and use of the password. The Client acknowledge and agree that the Client shall be solely responsible for all instructions/offers placed by using the password (including all transactions and actions that occur or are taken subsequent to or as a consequence of such instructions/offers) and the Company shall not have any liability to the Client or any third party for any loss, damages, expense, cost, claim or liability of whatsoever nature, directly or indirectly, arising out of or in connection with any such instruction/offer and/or the handling, inaccurate or incomplete transmission, delay in transmission, loss or loss of confidentiality, of the same. Further, the Client agree at all times on demand to indemnify and keep indemnified the Company from and against all liabilities costs, and expenses of any nature whatsoever reasonably incurred by it arising from or in any way related to its reliance and/or acting on this Authorization (including any email address provided by the Client). 客戶確認以電郵收取網上交易帳戶密碼的方式有其關連風險,並同意獨自承擔所有該等風險,包括(但不限於)關於密碼之傳輸錯誤、延遲、未獲授權披露及未獲授權使用之風險。客戶確認並同意一旦密碼被視為已被客戶收取,客戶即為密碼的唯一獲授權使用者。客戶須對密碼的保密、保護及使用承擔全部責任。客戶承認及同意,客戶須對使用該密碼發出的所有指示/要約負全責(包括所有於該等指示/要約之後或因該等指示/要約而發生或做出之交易及行動),同時,任何該等指示/要約及/或其處理、不準確或不完整傳輸、延遲傳輸、遺失或失卻保密性直接或間接產生或與其有關之任何損失、損害賠償、費用、支出、申索或責任(不論任何性質),本公司皆不會對客戶或任何第三方負責。再者,客戶同意時刻按本公司要求彌償本公司因或任何情況下相關於其依賴此授權(包括客戶提供之任何電郵地址)及/或據其行事而合理地招致之所有責任、費用及開支(不論任何性質),並確保本公司免受損害。
 
If the Client give an instruction/offer to the Company outside Hong Kong, the Client agree to ensure and represent that such instruction/offer will be given in compliance with any applicable law of the relevant jurisdiction from which such instruction/offer is given, and the Client further agree that the Client shall, when in doubt, consult legal and other professional advisers of the relevant jurisdiction. The Client accept that there may be taxes or charges payable to relevant authorities in respect of any instruction/offer given outside Hong Kong, and the Client agree to pay such taxes or charges as applicable. The Client acknowledge that this Authorization will become effective on the date of the Company’s approval of sending the password in accordance with the terms hereof, which approval may or may not be given by the Company in its absolute discretion.若客戶在香港以外地區向本公司發出指示/要約,客戶同意確保及聲明,該指示/要約將遵守發出該指示/要約所在的相關司法管轄區的任何適用法律。客戶進一步同意: 客戶有疑問時,會諮詢相關司法管轄區的法律及其他專業顧問。客戶接受在香港以外地區發出的指示/要約,可能需向相關當局支付稅項或費用,客戶同意支付該等適用稅項或費用。客戶確認此授權將於本公司批准根據本文條款發出密碼之日生效,而本公司具絕對酌情權予以決定是否作出該批准。
 
6.       That in Respect of Trading Securities Denominated in Renminbi (“RMB”): 有關買賣人民幣計值證券:
I.        such securities are subject to exchange rate fluctuations which may provide both opportunities and risks. The fluctuations in the exchange rate of RMB may result in losses in the event that the Client converts RMB into Hong Kong dollars (“HKD”) or other foreign currencies. 該等證券受匯率波動影響,而匯率波動可能產生機會或風險。客戶如將人民幣兌換為港幣或其他外幣,可能受人民幣匯率波動影響而招致損失。
 
II.       currently, RMB is not fully and freely convertible and conversion of RMB through banks is subject to a daily limit and other limitations as applicable from time to time. The Client should take note of the limitations and changes thereof as applicable from time to time and allow sufficient time for exchange of RMB from/to another currency if the RMB amount exceeds the daily limit. 目前人民幣並非完全可自由兌換,而通過銀行進行人民幣兌換亦受每日限額限制及不時適用的其他限制。閣下務須留意不時適用的有關兌換的限制及其變動。如客戶需兌換人民幣金額超過每日限額,須預留時間以備兌換。
 
III.     the Client should open RMB bank accounts for money settlement purpose if the Client wishes to receive payments (such as sales proceeds and dividends ) in RMB via banks. 客戶如希望透過銀行收取人民幣款項(例如售賣收益及股息),應開立人民幣銀行戶口作交收之用。
 
IV.     any RMB conversion in relation to a RMB securities transaction shown in statements and contract notes is based on the prevailing exchange rate provided by the Exchange at 11:00am or other time as stipulated by the Exchange on the relevant trade day from time to time. However, actual RMB conversion upon settlement or on any other conversion day will be based on an exchange rate determined by the Company as a principal according to the prevailing exchange rate. 結單及成交單據所示任何與人民幣証券交易有關的人民幣兌換乃基於交易所在有關交易日上午十一時正或交易所不時規定的其他時間就該貨幣所提供的現行匯率而進行。但是,實際於交收或者其他兌換日進行的人民幣兌換將由本公司以主事人的身份按市場當時通行匯率而決定之匯率進行。
V.      if the Client provides a settlement sum in a currency other than RMB, the Company will convert the settlement sum to RMB at the exchange rate determined by the Company as a principal according to the prevailing exchange rate. 如客戶提供用於交收之款額為人民幣以外之貨幣,本公司將以主事人的身份按市場當時通行匯率以其所決定之匯率將交收之款額兌換為人民幣。
 
VI.     such securities will be traded and settled in RMB. However, all trading related fees (including stamp duty, SFC transaction levy and the Exchange trading fees) shall be payable to Inland Revenue Department, SFC and Exchange by the Company, as the case maybe, on behalf of the Client in HKD. If the settlement sum is in RMB, the Company shall convert an amount equivalent to the trading related fees into HKD to settle the trading related fees. Any gain or loss arising from the currency exchange regarding the trading related fees shall be for the account of the Company instead of the Client. The Client shall not have any rights to claim any gain arising from such currency conversion. 該等證券將以人民幣交易及交收。所有交易相關費用(包括印花稅,證監會交易徵費及交易所交易費)均會由本公司代表閣下以港幣支付予稅務局,證監會及交易所(視情況而定)。在人民幣交收款額中,本公司會將相當於交易相關費用的款額兌換成港元以作交收之用。就交易相關費用的外匯兌換所產生的任何收益或虧損應計入本公司(而非客戶)戶口。客戶無權索要上述貨幣兌換產生的任何收益。
 
7.       Additional Trading Risks 其他買賣風險
I.        Deposited cash and property 存放的現金及財產
You should familiarize yourself with the protections given to money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall. 你應瞭解清楚你為在本地或海外進行的交易存放的款項或其他財產會獲得哪些保障,特別是在有關商號無力償債或破產時的保障。至於能追討多少款項或財產一事,可能由具體法例規定或當地的規則管轄。在某些司法管轄區,當有關商號無力悉數償債時,被認定屬於你的資產也會像現金一樣按比例分配。
 
II.       Commission and other charges 佣金及其他收費
Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you may be liable. These charges will affect your net profit (if any) or increase your loss. 在開始交易之前,你先要清楚瞭解你或須繳付的所有佣金、費用及其他收費。這些費用將影響你可獲得的淨利潤(如有)或增加你的虧損。
 
III.     Transactions in other jurisdictions 在其他司法管轄區進行交易
Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulations which may offer different or diminished investor protection. Before you trade, you should enquire about any rules relevant to your particular transactions in those jurisdictions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade. 在其他司法管轄區的市場(包括與本地市場有正式連繫的市場)進行交易,或會涉及額外的風險。這些市場的規例提供的投資者保障程度可能有所不同,甚或有所下降。在進行交易前,你應先行查明在那些司法管轄區有關你將進行的該項交易的所有規則。你本身所在地的監管機構,對於你已執行的交易所在地的所屬司法管轄區的監管機構或市場,將不能迫使它們執行有關的規則。有鑑於此,在進行交易之前,你應先查詢你本地司法管轄區及其他有關司法管轄區可提供補救措施的詳情。
 
 
IV.     Currency risks 貨幣風險
The profit or loss in transactions in foreign currency-denominated assets (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the assets to another currency. 以外幣計算的資產買賣所帶來的利潤或招致的虧損(不論交易是否在你本身所在的司法管轄區或另一司法管轄區進行),均會在需要將資產的貨幣單位兌換成另一種貨幣時受到匯率波動的影響。
                                                                                                          
V.      Trading Facilities 交易設施
Electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or Exchange Participant firms. Such limits may vary: you should ask the firm with which you deal for details in this respect. 電子交易的設施是以電腦組成系統來進行交易指示傳遞、執行、配對、登記或交易結算。然而,所有設施及系統均有可能會暫時中斷或失靈,而閣下就此所能獲得的賠償或會受制於系統供應商、市場、結算公司及/或交易所參與商號就其所承擔的責任所施加的限制。由於這些責任限制可以各有不同,閣下應向為閣下進行交易的商號查詢這方面的詳情。
 
VI.     Electronic trading 電子交易
Trading on an electronic trading system may differ from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all. 透過一個電子交易系統進行買賣可能會與透過其他電子交易系統進行買賣有所不同。如你透過某個電子交易系統進行買賣,你須承受該系統帶來的風險,包括有關硬件或軟件失靈的風險。系統失靈可能會導致你的買賣盤不能根據指示執行,或完全不獲執行。
 
You acknowledge and bear the risk that messages sending over the internet may be delayed due to internet traffic jam or other reasons. The licensed or registered person shall not be responsible for any consequences of these delays, including without limitation delays in the transmission of instructions/orders to the place of execution or the transmission of reports of execution to you due to any failure of communication facilities, or any other delays beyond the reasonable control of the licensed or registered person. 你確認並承擔因網路擠塞或其他原因而引致通過互聯網傳送的訊息有所延誤的風險。持牌人或註冊人不會就有關延誤所構成的後果(包括但不限於因任何通訊設施故障而延誤向交易地點發出指示或命令,或延遲向你發出執行報告,或其他不能合理地由持牌人或註冊人控制的延誤)負責。
 
Communications over the internet may be subject to transmission blackout, interruption, interception, or incorrect data transmission due to the public nature of the internet or other reasons that are beyond the licensed or registered person’s control. Messages sent over the internet cannot be guaranteed to be completely secure. You shall be aware of and bear the risk of any delay, loss, diversion, alteration, corruption or virus infection of any messages/instructions either sent to or received from the licensed or registered person’s systems. The licensed or registered person shall not be responsible for any losses or damages incurred or suffered as a result thereof. 互聯網上的通訊因互聯網的公眾背景或其他持牌人或註冊人不能控制的理由可能傳輸中斷、間斷或截取,或資料傳送有誤。透過互聯網發出的訊息無法保證完全安全。你應注意,任何經持牌人或註冊人系統發出或接收的訊息/指示均可能出現被延誤、遺失、轉向、更改、訛用或被病毒感染的風險,你須承擔有關風險。持牌人或註冊人不會就因此招致的損失及損害負上責任。
 
VII.    Off-exchange transactions 場外交易
In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks. 在某些司法管轄區及只有在特定情況之下,有關商號獲准執行場外交易。為你進行交易的商號可能是你所進行的買賣的交易對手方。在這種情況下,有可能難以或無法平掉既有倉盤、評估價值、釐定公平價格又或評估風險。因此,這些交易或會涉及更大的風險。場外交易的監管或會比較寬鬆,又或需遵照另一監管制度;你在進行該等交易前應先瞭解適用的規則和有關的風險。
 
VIII.   Risk of using the Electronic Services under the On-line Trading Agreement使用網上交易協議下之電子服務的風險
If you undertake transactions via Electronic Services, you will be exposed to risks associated with the Electronic Services system including the failure of hardware and software, and the result of any system failure may be that your order is either not executed according to your instructions or is not executed at all; Due to unpredictable traffic congestion and other reasons, Electronic Services may not be reliable and Transactions conducted via Electronic Services may be subject to delays in transmission and receipt of your Instructions or other Information, delays in execution or execution of your Instructions at prices different from those prevailing at the time your Instructions were given, transmission interruption or blackout. There are risks of misunderstanding or errors in communications, and it is also usually not possible to cancel an Instruction after it has been given. The company accepts no responsibility for any loss which may be incurred by the Customer as a result of such interruptions or delays or access by third parties. You should not place nay Instruction with us via Electronic Services if you are not prepared to accept the risk of such interruptions or delays; and Market data and other Information made available to the Customer through our Electronic Service may be obtained by the Company from third parties. While the Company believes such market data or information to be reliable, neither the Company nor such third parties guarantees the accuracy, completeness or timeliness of any such market data or information. 如果你透過電子服務進行買賣,你便須承受該電子服務系統帶來的風險,包括有關系統硬體和軟件可能會失靈的風險。系統失靈可能會導致你的買賣盤不能根據指示執行,甚或完全不獲執行。由於未可預計的交通擠塞和其他原因,電子服務可能並不可靠的,及存在通過電子服務進行的交易在傳輸和接收你的指示或其他資訊過程中可能會被耽誤、延遲執行你的指示或有關指示以有別於你發出指示時的市價執行、指示在傳輸時被中斷或停頓等風險。在通訊過程中也存在誤解或錯誤的風險,以及在發出了指示後,通常也不一定可以取消。由於此類中斷、耽誤或被第三方進入而使客戶遭受的任何損失,本公司概不承擔責任。如果你不準備接受此類中斷或耽誤引致的風險,你不應透過電子服務來作出任何指示。通過電子服務向你提供的市場數據和其他資訊可能是本公司從第三者獲得的。雖然本公司相信這些數據和資訊是可靠的,但本公司或該等第三者都不會保證這些數據和資訊的準確性、完整性和即時性。
 
IX.    Risk of Trading Equity-linked Instrument (“ELI”) 買賣與股票掛鈎的工具(「ELI」)的風險
Where you instruct the Company to use the Account for trading equity-linked instrument, you acknowledge that ELIs are not principal protected and you may suffer a loss if the price(s) of the reference asset(s) of an ELI go against your view. In extreme cases, you could lose your entire investment. The risk of loss may be substantial in certain circumstances and should not deal in them unless you understand the nature of the transactions entering into and the extent of your exposure to risk. You should carefully consider whether the transactions are suitable in the light of your circumstances and financial position. 如閣下指示本公司用該戶口買賣與股票掛鈎的工具,閣下確認 ELI 並不保本,而如 ELI 的參考資產的價格與閣下的看法不同,則閣下可蒙受損 失。在極端的情況下,閣下可損失全部投資。在若干情況下的損失風險甚大,除非閣下明白正在進行的買賣的性質以及所須承擔的風險,否則不 應買賣該等工具。閣下並須因應本身的環境及財政狀況,審慎考慮究竟有關買賣是否適合。