RISK DISCLOSURE STATEMENTS

TABLE OF CONTENTS

1.      买卖证券的风险Risk of Securities Trading

2.     期货及期权交易的风险Risk of trading futures and options

3.      杠杆式外汇交易的风险Risk of trading in leveraged foreign exchange contracts

4.      保证金买卖的风险Risk of margin trading

5.      买卖创业板股份的风险Risk of Trading Growth Enterprise Market Stocks

6.     在香港联合交易所有限公司买卖纳斯达克—美国证券交易所证券的风险

Risk of Trading Nasdaq-Amex Securities at the Stock Exchange of Hong Kong Limited

7.      就客户的证券抵押品等再质押提供授权的风险

Risk of Providing an Authority to Repledge Customer's Securities Collateral etc.

8.      授权代存邮件或将邮件转寄予第三方的风险

Risk of Providing an Authority to Hold Mail or to Direct Mail to Third Parties

9.      在香港以外收取或持有的客户资产的风险

 Risk of Customer’s Assets Received or Held Outside Hong Kong

10.    货币风险Currency Risks

11.    场外交易的风险Risk on Off-Exchange Transactions

12.    存放现金及财产的风险Risk on Deposited Cash and Property

13.    佣金及其它收费Commission and Other Charges

14.    在其它司法管辖区进行交易的风险Risk on Transactions in Other Jurisdictions

15.    交易设施的风险Risk on Trading Facilities

16.    电子交易的风险Risk on Electronic Trading

 

1.      买卖证券的风险 Risk of Securities Trading

(a)    客户确认，证券价格可能及会出现波动，有时可能会非常波动。证券价格可升可跌，甚至变成毫无价值。客户明白，买卖证券未必一定能够获得利润，反而可能招致损失。客户应准备承受此项风险。

The Customer acknowledges that the prices of securities can and do fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. The Customer appreciates that losses may be incurred rather than profit made as a result of buying and selling securities. This is a risk that the Customer is prepared to accept.

 

(b)    某些证券可能不容易变现，也不能确定交易员可随时处理某些证券，且未必有适当的信息确定某些证券的实时价格。

Certain securities may not be readily realisable. There can be no certainty that market traders will be prepared to deal in them, and proper information for determining their current value may not be available.

 

(c)     任何过往的表现的陈述未必是将来表现的参考。

Any representation of past performance is not necessarily a guide to future performance.

 

(d)    当投资证券涉及外币，汇率的变化可能影响证券价值的波动。

Where investments in securities involve exposure to foreign currency, changes in rates of exchange may cause the value of the securities to fluctuate up or down.

 

(e)     本行是根据客户指示受权行动，且若客户的指示因任何原因而不适时或不妥当或指示可能造成客户损失的，客户不能假设本行会警告客户。

The Bank is entitled to act upon the Customer’s instructions and the Customer cannot assume that the Bank will warn the Customer if the Customer’s instructions is ill-timed or inadvisable for any reason or if the instructions are likely to cause loss to the Customer.

 

(f)     客户可能面对所购入的证券的交付风险。因任何原因已购买的证券没有以客户的名称登记或以客户的代名人或保管人的名义登记亦有风险。

The Customer will be exposed to the risks of bad delivery of securities purchased. There are also risks involved in not registering purchased securities in the name of the Customer for any reason or in the name of the Customer’s nominee or custodian.

 

2.     期货及期权交易的风险 Risk of trading futures and options

买卖期货合约或期权的亏蚀风险可以极大。在若干情况下，客户所蒙受的亏蚀可能会超过最初存入的保证金數额。即使客户设定了备用指示，例如 “止蚀” 或 “限价” 等指示，亦未必能够避免损失。市场情况可能使该等指示无法执行。客户可能会在短时间内被要求存入额外的保证金。假如未能在指定的时间内提供所需數额，客户的未平仓合约可能会被平仓。然而，客户仍然要对其账户内任何因此而出现的短欠數额负责。因此，客户在买卖前应研究及理解期货合约及期权，以及根据本身的财政狀况及投资目标，仔细考虑这种买卖是否对其适合。如果客户买卖期权，便应熟悉行使期权及期权到期时的程序，以及客户在行使期权及期权到期时的权利与责任。

The risk of loss in trading futures contracts or options is substantial. In some circumstances, the Customer may sustain losses in excess of his initial margin funds. Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily avoid loss. Market conditions may make it impossible to execute such orders. The Customer may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, the Customer’s position may be liquidated. The Customer will remain liable for any resulting deficit in his account. The Customer should therefore study and understand futures contracts and options before he trades and carefully considers whether such trading is suitable in the light of his own financial position and investment objectives. If the Customer trade options he should inform himself of exercise and expiration procedures and his rights and obligations upon exercise or expiry.

 

3.      杠杆式外汇交易的风险 Risk of trading in leveraged foreign exchange contracts

杠杆式外汇交易的亏损风险可以十分重大。客户所蒙受的亏损可能超过其最初保证金款额。即使客户定下备用交易指示，例如“止蚀”或“限价”交易指示，亦未必可以将亏损局限于客户原先设想的數额。市场情况可能使这些交易指示无法执行。客户可能被要求一接到通知即存入额外的保证金款额。如客户未能在所订的时间内提供所需的款额，其未平仓合约可能会被了结。客户将要为其账户所出现的任何逆差负责。因此，客户必需仔细考虑，鉴于其财务狀况及投资目标，这种买卖是否对其适合。

The risk of loss in leveraged foreign exchange trading can be substantial. The Customer may sustain losses in excess of his initial margin funds. Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily limit losses to the intended amounts. Market conditions may make it impossible to execute such orders. The Customer may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, his position may be liquidated. The Customer will remain liable for any resulting deficit in his account. The Customer should therefore carefully consider whether such trading is suitable in light of his own financial position and investment objectives.

 

4.      保证金买卖的风险 Risk of margin trading

藉存放抵押品而为交易取得融资的亏损风险可能极大。客户所蒙受的亏蚀可能会超过其存放于有关持牌人或注册人作为抵押品的现金及任何其它资产。市场情况可能使备用交易指示，例如 “止蚀”或“限价” 指示无法执行。客户可能会在短时间内被要求存入额外的保证金款额或缴付利息。假如客户未能在指定的时间内支付所需的保证金款额或利息，客户的抵押品可能会在未经客户的同意下被出售。此外，客户将要为其账户内因任何情况而导致的任何短欠數额及需缴付的利息负责。因此，客户应根据本身的财政狀况及投资目标，仔细考虑这种融资安排是否对其适合。

The risk of loss in financing a transaction by deposit of collateral is significant. The Customer may sustain losses in excess of his cash and any other assets deposited as collateral with the licensed or registered person. Market conditions may make it impossible to execute contingent orders, such as "stop-loss" or "stop-limit" orders. The Customer may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, the Customer’s collateral may be liquidated without his consent. Moreover, the Customer will remain liable for any resulting deficit in his account and interest charged on his account. The Customer should therefore carefully consider whether such a financing arrangement is suitable in light of his own financial position and investment objectives.

 

5.      买卖创业板股份的风险 Risk of Trading Growth Enterprise Market Stocks

(A)    客户确认，创业板股份涉及很高的投资风险，尤其是该等公司可在无需具备盈利往绩及无须预测未来盈利的情况下在创业板上市。客户亦确认创业板股份可能非常波动及流通性很低。

The Customer acknowledges that the growth enterprise market (“GEM”) stocks involve a high investment risk, in particular, companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability. The Customer also acknowledges that GEM stocks may be very volatile and illiquid.

 

(B)    客户确认，客户只应在审慎及仔细考虑后，才作出有关的投资决定。创业板市场的较高风险性质及其它特点，意味着这个市场较适合专业及其他熟练的投资者。

The Customer acknowledges that he should make the decision to invest only after due and careful consideration. The greater risk profiles and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors.

 

(C)    客户亦确认，创业板股份的现时数据只可以在香港联合交易所有限公司操作的网站上找到。创业板上市公司一般无须在宪报指定的报章刊登付费公告。

The Customer also acknowledges that current information on GEM stocks may only be found on the internet website operated by the Stock Exchange of Hong Kong Limited. GEM companies are usually not required to issue paid announcements in gazetted newspapers.

 

(D)    客户确认，假如客户对本风险披露声明的内容或买卖创业板股份的性质及所涉风险有不明白之处，应寻求独立的专业意见。

The Customer acknowledges that he should seek independent professional advice if he is uncertain of or have not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks.

 

6.     在香港联合交易所有限公司买卖纳斯达克—美国证券交易所证券的风险

Risk of Trading Nasdaq-Amex Securities at the Stock Exchange of Hong Kong Limited

 

客户确认，按照纳斯达克—美国证券交易所试验计划(「试验计划」)挂牌买卖的证券是为熟悉投资技巧的投资者而设的。客户确认，客户在买卖试验计划的证券之前，应先咨询有持牌人或注册人的意见及熟悉试验计划。客户亦确认，客户应知道按照试验计划挂牌买卖的证券，并非以香港联合交易所有限公司的主板或创业板作第一或第二上市的证券类别加以监管。

The Customer acknowledges that the securities under the Nasdaq-Amex Pilot Scheme (“PP”) are aimed at sophisticated investors. The Customer acknowledges that he should consult the licensed or registered person and become familiarised with the PP before trading in the PP securities. The Customer also acknowledges that he should be aware that the PP securities are not regulated as a primary or secondary listing on the main board or the GEM of the Stock Exchange of Hong Kong Limited.

 

7.      就客户的证券抵押品等再质押提供授权的风险

Risk of Providing an Authority to Repledge Customer's Securities Collateral etc.

 

(a)    客户亦确认，将证券置于本行托管，或根据《证券及期货条例》（香港法例第571 章）及相关规则授权本行借出客户的证券或将客户的证券存放于若干第三方（例如作为本行获贷款或垫款的抵押品），均存在风险。客户明白，上述安排仅限于客户已就此给予书面同意的情况下方可进行，该书面同意或授权必须指明有效期，若客户并非专业投资者，该有效期不得超逾12 个月。客户亦明白，若客户是专业投资者，则不受任何法例规定其必须签署上述授权或给予上述同意。

The Customer also acknowledges that there are risks in leaving securities in the custody of the Bank or in authorising the Bank to lend the Customer’s securities to or deposit them with certain third parties (e.g. as collateral for loans or advances made to the Bank) under the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) and related rules. The Customer understands that this is allowed only if he consents in writing, which consent or authority must specify the period for which it is current and cannot exceed 12 months if he is not a professional investor. The Customer also understands that he is not required by any law to sign these authorities or to give any such consent if he is a professional investor.

 

(b)   客户知悉，若本行向客户提供保证金贷款或准许将客户的证券借出予第三方或作为抵押品存放于第三方，则本行可能要求上文 (a) 项所述的授权，而本行将向客户解释上述授权将用于甚么用途。

The Customer is aware that an authority as stated in (a) above may be required by the Bank if margin lending facilities are offered to the Customer or to allow the Customer’s Securities to be loaned to or deposited as collateral with third parties and that the Bank will explain to the Customer the purposes for which the authorities given by the Customer will be used.

 

(c)     客户确认，若客户签署上文所述的其中一项授权书，而客户的证券已借出予或存放于第三方，该等第三方将对该等证券具有一项留置权或押记。客户亦明白，虽然本行须就根据授权书借出或存放的证券对客户负责，然而本行的违责行为可能会导致客户证券的损失。

The Customer acknowledges that if he signs one of the authorities stated above, and the Customer’s securities are lent to or deposited with third parties, those third parties will have a lien or charge on the securities. The Customer further understands that although the Bank is responsible to the Customer for the securities lent or deposited under the authority, a default by the Bank could result in the loss of the Customer’s securities.

 

(d)    客户确认，若本行（或其代名人）在有关授权期限届满前最少14 日向客户发出有关授权将被视为已续期的提示，而客户在其当时有效的授权期限届满前，对于以此方式被视为续期不表示反对，则上文所述的授权将在无须客户书面同意下被视为已续期。

The Customer acknowledges that an authority referred to above may be deemed to be renewed (i.e. without the Customer’s written consent) if the Bank (or its nominee) issues the Customer a reminder at least 14 days prior to the expiry of the authority, and the Customer does not object to such deemed renewal before the expiry date of his then existing authority.

 

(e)     客户明白，若客户无须使用保证金贷款，或不希望其证券或证券抵押品被借出、质押或存放于第三方作为抵押品，则无须签署上述任何授权书，并应要求开立现金账户。

The Customer understands that he need not sign any of the above authority if he does not require margin facilities or does not wish his securities or securities collateral to be lent or pledged or deposited as collateral with third parties and should request to open a cash account.

 

8.      授权代存邮件或将邮件转寄予第三方的风险

Risk of Providing an Authority to Hold Mail or to Direct Mail to Third Parties

 

客户确认，若客户提供授权书允许本行（或其代名人）代存邮件或将邮件转交予第三方，客户则须尽快亲身收取其账户的所有成交单据及结单并详细阅读，以确保可及时发现任何差异或错误。

The Customer acknowledges that if he provides an authority to hold mail or to direct mail to third parties to the Bank (or its nominee), it is important for him to promptly collect in person all contract notes and statements of his account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion.

 

9.      在香港以外收取或持有的客户资产的风险

 Risk of Customer’s Assets Received or Held Outside Hong Kong

 

客户确认，本行（或其代名人）在香港以外收取或持有客户的任何资产，均须受有关海外司法管辖区的适用法律及规例监管。该等法律及规例与《证券及期货条例》（香港法例第571 章）及根据该条例制订的规则可能有所不同。因此，该等客户资产将可能不会享有在香港收取或持有的客户资产获赋予的相同保障。

The Customer acknowledges that any of his assets received or held by the Bank (or its nominee) 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 (Chapter 571 of the laws of Hong Kong) and the rules made thereunder. Consequently, such Customer’s assets may not enjoy the same protection as that conferred on Customer’s assets received or held in Hong Kong.

 

10.    货币风险 Currency Risks

客户确认，如需将合约的计值货币兑换为其它货币，则以外币计值的证券交易的溢利或亏损（不论于客户本身或其它司法管辖区进行买卖），将受到汇率波动的影响。

The Customer acknowledges that the profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in the Customer’s 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 contract to another currency.

 

11.    场外交易的风险Risk on Off-Exchange Transactions

客户确认，于某些司法管辖区及仅于特定情况下，商号获准及本行可能获准进行场外交易。与客户进行交易的商号或本行可能是客户所进行的交易的对手方。要平掉既有的仓盘、评估价值、厘定公平价格或评估风险可能相当难以或无法进行。基于上述理由，该等交易可能涉及更高风险。场外交易的监管可能比较宽松，或须遵照不同的监管制度。客户于进行该等交易前，必须熟悉适用规则及有关风险。

The Customer acknowledges that in some jurisdictions, and only then in restricted circumstances, firms are and the Bank may be permitted to effect off-exchange transactions. The firms with which the Customer deal or the Bank may be acting as the Customer's 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 the Customer undertakes such transactions, the Customer should familiarise himself with applicable rules and attendant risks.

 

12.    存放现金及财产的风险 Risk on Deposited Cash and Property

客户确认，如果客户为在本地或海外进行的交易存放款项或其它财产，客户应了解清楚该等款项或财产会获得哪些保障，特别是在有关商号无力偿债或破产时的保障。客户能追讨多少款项或财产，可能须受限于具体法例规定或当地的规则。在某些司法管辖区，收回的款项或财产如有不足之数，已具体认明为属于客户的财产将会如现金般按比例划分，以供分配。

The Customer acknowledges that he should familiarize himself with the protections given to money or other property he deposits for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which the Customer may recover his money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as the Customer’s own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.

 

13.    佣金及其它收费 Commission and Other Charges

客户确认，在开始交易之前，客户应先清楚了解其必须缴付的所有佣金、费用或其它收费。这些收费将直接影响客户可获得的净利润（如有）或增加客户的亏损。

The Customer acknowledges that before he begins to trade, he should obtain a clear explanation of all commission, fees and other charges for which he will be liable. These charges will affect his net profit (if any) or increase his loss.

 

 

14.    在其它司法管辖区进行交易的风险 Risk on Transactions in Other Jurisdictions

客户确认，在其它司法管辖区的市场（包括与本地市场有正式连系的市场）进行交易，或会涉及额外的风险。根据这些市场的规例，投资者享有的保障程度可能有所不同，甚或有所下降。在进行交易前，客户应先行查明有关其将进行的交易的所有规则。客户本身所在地的监管机构，将不能在客户交易进行所在地的司法管辖区，迫使强制执行监管机构或市场的规则。在进行交易之前，客户应先向有关商号查询其本身的司法管辖区及其它有关司法管辖区可提供哪种补救措施的详情。

The Customer acknowledges that transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose him to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before he trades the Customer should enquire about any rules relevant to his particular transactions. The Customer’s local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where his transactions have been effected. The Customer should ask the firm with which he deals for details about the types of redress available in both his home jurisdiction and other relevant jurisdictions before he starts to trade.

 

15.    交易设施的风险 Risk on Trading Facilities

客户确认，电子交易设施是以计算机组成的系统来进行交易指令传递、执行、配对、登记或结算交易。然而，与所有设施及系统一样，它们均有可能暂时中断或失灵，而客户能够就此获得的赔偿，可能受制于系统供货商、市场、结算公司及／或参与者商号施加的责任限制。由于这些责任限制或有改变，客户应向与其进行交易的商号查询详情。

The Customer acknowledges that 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. The Customer’s ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or participant firms. Such limits may vary and the Customer should ask the firm with which he deals for details in this respect.

 

16.    电子交易的风险Risk on Electronic Trading

客户确认，透过某电子交易系统进行买卖，可能会与透过其它电子交易系统进行买卖有所不同。如果客户透过某个电子交易系统进行买卖，便须承受该系统的相关风险，包括有关系统硬件或软件失灵的风险。系统失灵可能会导致客户的指令不能根据指示执行，甚或完全不获执行。

The Customer acknowledges that trading on an electronic trading system may differ from trading on other electronic trading systems. If he undertakes transactions on an electronic trading system, he 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 his order is either not executed according to his instructions or is not executed at all.