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Risk Disclosure Statement 

風險披露聲明

 
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. RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS  買賣創業板股份的風險
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. GEM stocks may be very volatile and illiquid.
創業板股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流通性很低。
You should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors.
你只應在審慎及仔細考慮後,才作出有關的投資決定。創業板市場的較高風險性質及其他特點,意味著這個市場較適合專業及其他熟悉投資技巧的投資者。
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.
現時有關創業板股份的最新資料只可以在香港聯合交易所有限公司所操作的互聯網網站上找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告。
You should seek independent professional advice if you are uncertain of or do not understand any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks.
假如你對本風險披露聲明書的內容或創業板市場的性質及在創業板買賣的股份所涉風險有不明白之處,應尋求獨立的專業意見。
 
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。你在買賣該項試驗計劃的證券之前,應先諮詢持牌人或註冊人的意見和熟悉該項試驗計劃。你應知悉,按照該項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 TRADING FUTURES AND OPTIONS 期貨或期權的買賣風險
 
The risk of loss in trading futures contracts or options is substantial. In some circumstances, you may sustain losses in excess of your 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. You may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, your position may be liquidated. You will remain liable for any resulting deficit in your account. You should therefore study and understand futures contracts and options before you trade and carefully consider whether such trading is suitable in the light of your own financial position and investment objectives. If you trade options, you should inform yourself of exercise and expiration procedures and your rights and obligations upon exercise or expiry;
買賣期貨合約或期權的虧蝕風險可以極大。在若干情況下,妳所蒙受的虧蝕可能會超過最初存入的保證金數額。即使妳設定了備用指示,例如“止蝕”或“限價”等指示,亦未必能夠避免損失。市場情況可能使該等指示無法執行。你可能會在短時間內被要求存入額外的保證金。假如未能在指定的時間內提供所需數額,你的未平倉合約可能會被平倉。然而,你仍然要對妳的帳戶內任何因此而出現的虧欠數額負責。因此,妳在買賣前應研究及理解期貨合約及期權,以及根據本身的財政狀況及投資目標,仔細考慮這種買賣是否適合你。如果你買賣期權,便應熟悉行使期權及期權到期時的程序,以及你在行使期權及期權到期時的權利與責任。
This brief statement does not disclose all of the risks and other significant aspects of trading in futures and options.  In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk.  Trading in futures and options is not suitable for many members of the public.  You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
本聲明並不涵蓋買賣期貨及期權的所有風險及其他重要事宜。就風險而言,你在進行任何上述交易前,應先瞭解將訂立的合約的性質(及有關的合約關係)和你就此須承擔的風險程度。期貨及期權買賣對很多公眾投資者都並不適合,你應就本身的投資經驗、投資目標、財政資源及其他相關條件,小心衡量自己是否適合參與該等買賣。

(a)     Effect of 'Leverage' or 'Gearing'「 槓 桿 」 效 應 

Transactions in futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract so that transactions are 'leveraged' or 'geared'. A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the firm with which you deal to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit.
買 賣 期 貨 的 風 險 非 常 高 。 由 於 基 本 按 金 金 額 相 對 地 低 於 期 貨 合 約 本 身 之 價 值 , 因 此 能 起 「 槓 桿 」 作 用 。 市 場 輕 微 的 波 動 也 會 對 閣 下 投 入 或 將 需 要 投 入 的 資 金 造 成 大 比 例 的 影 響 。 所 以 , 對 閣 下 來 說 , 這 種 效 應 可 以 說 是 利 弊 參 半 。 因 此 閣 下 要 承 受 虧 蝕 全 部 基 本 按 金 的 風 險 , 亦 可 能 需 要 向 市 場 參 與 者 存 入 額 外 金 額 以 維 持 本 身 的 倉 位 。 若 果 市 況 不 利 閣 下 倉 位 或 按 金 水 平 調 高 , 閣 下 就 會 被 追 收 按 金 , 須 在 短 時 間 內 存 入 額 外 資 金 以 維 持 本 身 倉 位 。 假 如 無 法 在 指 定 時 間 內 補 倉 , 閣 下 可 能 會 在 虧 蝕 情 況 下 被 迫 平 倉 , 所 有 因 此 而 造 成 的 虧 損 亦 一 概 由 閣 下 承 擔 。 
 

(b)    Risk-reducing orders or strategies減 低 風 險 買 賣 盤 或 投 資 策 略 

The placing of certain orders, which are intended to limit losses to certain amounts, may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as 'spread' and 'straddle' positions may be as risky as taking simple 'long' or 'short' positions.
即 使 落 盤 時 採 用 某 些旨在預設虧損限額的交易指示(如“止蝕” 或“止蝕限價指示”) , 也可能作用不大,因為市況可以令這些交易指示無法執行。至於 運用不同持倉組合的策略如「跨 期」和 「馬鞍式」組合等,所承擔的風險也可能與持有最基本的「長」倉或「短」倉同樣的高 。
 
5. Options

(c)     Variable degrees of risk不 同 風 險 程 度

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of options (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs.
期權交易的風險非常高。投資者不論是購入或沽出期權,均應先瞭解他們打算買賣的期權類別(即認沽期權或認購期權) 以 及 相 關 的 風 險 。 你 應計入同 期 權 金 及 所 有 交 易 成 本 ,然後 計 算 出 期 權 價 值 必 須 增 加 多 少 才 能 獲 利 。
The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the options is on futures, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the options premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is remote.
購 入 期 權 的 投 資 者 可 選 擇 抵銷 或 行 使 期 權 又 或 任 由 期 權 到 期 作 廢 。 如 期 權 持 有 人 選 擇 行 使 期 權 ,便就必須進行現金交收又或是購入或交 出 相 關 的 資 產 。 若 購 入 的 是 期 貨 產 品 的 期 權 , 期 權 持 有 人 將 獲 得 期 貨 倉 位 , 並 附 帶 相 關 的保證 金 責 任 ( 見 上 文 「 期 貨 」 一 節 ) 。 如 所 購 入 的 期 權 在 到 期 時 已 沒 有 價 值 ,你將損失所有投資金額 , 當中包 括 所 有 期 權 金 和 交 易 費 用 。 假 如 你 擬 購 入 極 價 外 期 權 , 應 注 意 這 類 期 權 要 變 成 有 獲 利 的 機 會 極 微 。 
Selling ('writing' or 'granting') options generally entail considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavorably against him. The seller will also be exposed to the risk of the purchaser exercising the options and the seller will be obligated to either settle the options in cash or to acquire or deliver the underlying interest. If the options is on futures, the seller will acquire a position in futures with associated liabilities for margin (see the section on Futures above). If the options is 'covered' by the seller holding a corresponding position in the underlying interest or a futures or another options, the risk may be reduced. If the options is not covered, the risk of loss can be unlimited.
出售(“沽出”或“賣出”)期權承受的風險一般較買入期權高得多。賣方雖然能獲得定額期權金,但亦可能會承受遠高於該筆期權金的損失。倘若市況逆轉,期權賣方便須投入額外保證金來補倉。此外,期權賣方還需承擔買方可能會行使期權的風險,即期權賣方在期權買方行使時有責任以現金進行交收或買入或交付相關資產。若賣出的是期貨產品的期權,則期權賣方將獲得期貨倉盤及附帶的保證金責任(參閱上文“期貨”一節)。若期權賣方持有相應數量的相關資產或期貨或其他期權作“備兌”,則所承受的風險或會減少。假如有關期權並無任何“備兌”安排,虧損風險可以是無限大。
Certain exchanges in some jurisdictions permit deferred payment of the options premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the options is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.
某 些 國 家 的 交 易 所 允 許期權 買 方 延 遲 支 付 期 權 金 , 令 買 方 支 付 按 金 費 用 的 責 任 不 超 過 期 權 金 。 儘 管 如 此 , 買 方 最 終 仍 須 承 受 虧 損 期 權 金 和 交 易 費 用 的 風 險 。 當 期 權 被 行 使 又 或 到 期 時 , 買 方 有 需 要 支 付 當 時 餘 下 未 繳 付 的 期 權 金 。
 
6. Additional Risks Common to Futures and Options

(a)    Terms and conditions of contracts合 約 的 條 款 及 細 則 

You should ask the firm with which you deal about the terms and conditions of the specific futures or options which you are trading and associated obligations (e.g. the circumstances under which you may become obliged to make or take delivery of the underlying interest of a futures contract and, in respect of options, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an options) may be modified by the exchange or clearing house to reflect changes in the underlying interest.
你應向替你進行交易的商號查詢所買賣的有關期貨或期權合約的條款及細則,以及有關責任(例如在什麼情況下你或會有責任就期貨合約的相關資產進行交收,或就期權而言,期權的到期日及行使的時間限制)。交易所或結算公司在某些情況下,或會修改尚未行使的合約的細則(包括期權行使價),以反映合約的相關資產的變化。

(b)   Suspension or restriction of trading and pricing relationships暫 停 或 限 制 交 易 以 及 價 格 關 係 

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or 'circuit breakers') may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss.
市 場 情 況 ( 例 如 市 場 流 通 量 不 足 ) 及 / 或 某 些 市 場 的 規 則 運 用 ( 例 如 因 為 價 格 限 制 或 一 些 「 跌 停 板 」 的 措 施 , 而 暫 停 任 何 合 約 或 合 約 月 份 的 交 易 ) , 都 可 以 令 損 失 的 風 險 增 加 , 因 為 在 此 等 情 況 下 , 投 資 者 將 難 以 完 成 甚 或 不 能 完 成 交 易 或 進 行 平 倉 。 如 果 閣 下 賣 出 期 權 後 遇 上 這 情 況 , 損 失 的 風 險 也 可 能 較 大 。
Further, normal pricing relationships between the underlying interest and the futures, and the underlying interest and the options may not exist. This can occur when, for example, the futures contract underlying the options is subject to price limits while the options are not. The absence of an underlying reference price may make it difficult to judge 'fair' value.
此 外 , 相 關 資 產 與 期 貨 之 間 以 及 相 關 資 產 與 期 權 之 間 的 正 常 價 格 關 係 也 可 能 不 存 在 。 譬 如 , 期 貨 期 權 所 涉 及 的 期 貨 合 約 須 受 價 格 限 制 而 定 , 但 期 權 本 身 則 不 受 限 制 。 缺 乏 相 關 資 產 參 考 價 格 會 叫 投 資 者 難 以 判 斷 「 公 平 」 價 格 的 水 平 。
 
 
7. ADDITIONAL TRADING RISKS  其他賣買風險
 
(a)          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.
如果你為在本地或海外進行的交易存放款項或其他財產,你應瞭解清楚該等款項或財產會獲得哪些保障,特別是在有關商號破產或無力償債時的保障。至於能追
討多少款項或財產一事,可能須受限於具體法例規定或當地的規則。在某些司法管轄區,收回的款項或財產如有不足之數,則可認定屬於你的財產將會如現金般
按比例分配予你。
 
(b)          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 ZY Securities 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.
中陽證券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,有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障。
 
(c)          Commission and other charges  傭金及其他收費
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,你先要清楚瞭解你必須繳付的所有傭金、費用或其他收費。這些費用將直接影響你可獲得的淨利潤(如有)或增加你的虧損。
 
(d)          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。根據這些市場的規例,投資者享有的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,你應先查詢你本身地區所屬的司法管轄區及其他有關司法管轄區可提供哪種補救措施的詳情。
 
(e)          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.
以外幣計算的資產之交易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其他地區進行),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。
 
(f)           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 participant firms. Such limits may vary: you should ask ZY Securities 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/或參與者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,閣下應向中陽證券查詢這方面的詳情。
 
(g)          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,或完全不獲執行。
Communication or instructions sent over the internet may be delayed due to internet traffic jam or other reasons, and orders of investors may not necessarily be executed at the price indicated on the Internet. Further, communications over the internet may also 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 ZY Securities’ control. Messages sent over the internet cannot be guaranteed to be completely secure. You shall be aware of the risk of any delay, loss, diversion, alteration, corruption or virus infection of any messages/instructions either sent to or received from ZY Securities.
因網路擠塞或其他原因可引致通過互聯網傳送的訊息或指示有所延誤,而投資者的指示亦可能不能以互聯網上列出的價位執行。此外,由於互聯網的公眾性質或其他中陽證券不能控制的理由,互聯網上的通訊可能暫時中斷、傳遞終止或被截取,或引致資料傳送有失誤。透過互聯網發出的訊息無法保證完全安全。你應注意,任何中陽證券系統發出或接收的訊息/指示均可能出現被延誤、遺失、轉換、更改、訛用或被病毒感染的風險。
 
(h)          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,有關商號獲準進行場外交易。中陽證券可能是你所進行的買賣的交易對手方。在這種情況下,有可能難以或甚至無法平掉既有倉盤、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,又或需遵照不同的監管制度;你在進行該等交易前應先瞭解適用的規則和有關的風險。
 
 
(i) Risk of E-Statement Service  電子結算單的風險
Access to the internet or other electronic medium may be limited or unavailable during periods of peak demand, market volatility, systems upgrades or maintenance or for other reasons. Any communication through the internet or other electronic medium may be subject to interruption, transmission blackout, and delayed transmission due to unpredictable traffic congestion and other reasons beyond ZY Securities’ control. Internet is, due to technical limitation, an inherently unreliable medium of communication. As a result of such unreliability, there may be delays in the transmission and receipt of information. The statements may not be sent to the designated email address at all. Moreover, communications and personal data may be accessed by unauthorized third parties, and there are risks of misunderstanding or error in any communication.
互聯網及其他電子媒介的接達可能因為高峰期、市場波動、系統升級或維修或因其他原因而受到限制或未能提供。透過互聯網及其他電子媒介進行的任何通信可能會受到干擾、出現傳輸中斷,及由於未能預測的互聯網通信量或因其他不受中陽證券控制的原因而導致傳輸延誤。基於技術所限,互聯網本身為不可靠的通信媒介。因此,可能會出現資訊傳輸及接收之延誤,以及結算單未必能傳送到你指定的電郵帳號。此外,未經授權第三方可能獲得通訊及個人資料,及存在誤解通信或通信錯誤之風險。
 
(j) RISK OF PROVIDING AN AUTHORITY TO HOLD MAIL OR TO DIRECT MAIL TO THIRD PARTIES 提供代存郵件或將郵件轉交第三方的授權書的風險
If you provide ZY Securities with an authority to hold mail or to direct mail to third parties, it is important for you to promptly collect in person all contract notes and statements of your account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion.
假如你向中陽證券提供授權書,允許它代存郵件或將郵件轉交予第三方,那麼你便須盡速親身收取所有關於你帳戶的成交單據及結單,並加以詳細閱讀,以確保可及時偵察到任何差異或錯誤
 
 
Risk Disclosure Statement – Additional Risks for Structured Products

風險披露聲明  –  結構性產品之額外風險

 

1. RISKS ASSOCIATED WITH STRUCTURED PRODUCTS  結構性產品涉及的風險

Issuer default risk  發行商失責風險
In the event that a structured product issuer becomes insolvent and defaults on their listed securities, investors will be considered as unsecured creditors and will have no preferential claims to any assets held by the issuer. You should therefore pay close attention to the financial strength and credit worthiness of structured product issuers.
倘若結構性產品發行商破產而未能履行其對所發行證券的責任,投資者只被視為無抵押債權人,對發行商任何資產均無優先索償權。因此,閱下須特別留意結構性產品發行商的財力及信用。
 
Note: “Issuers Credit Rating” showing the credit ratings of individual issuers is now available under the Issuer and Liquidity Provider Information sub-section under Derivative Warrants and under CBBCs section on the HKEX corporate website.
注意:香港交易所公司網站的「衍生權證」及「牛熊證」內的「發行商與流通量提供者資料」部份均載列「發行商之信貸評級」,顯示個別發行商的信貸評級。
 
Uncollateralized product risk  非抵押產品風險
Uncollateralized structured products are not asset backed. In the event of issuer bankruptcy, investors can lose their entire investment. You should read the listing documents to determine if a product is uncollateralized.
非抵押結構性產品並沒有資產擔保。倘若發行商破產,投資者可以損失其全數投資。要確定產品是否非抵押,閱下須細閱上市文件。
 
Gearing risk  槓桿風險
Structured products such as derivative warrants and callable bull/bear contracts (CBBCs) are leveraged and can change in value rapidly according to the gearing ratio relative to the underlying assets. You should be aware that the value of a structured product may fall to zero resulting in a total loss of the initial investment.
結構性產品如衍生權證及牛熊證均是槓桿產品,其價值可按相對相關資產的槓桿比率而快速改變。閱下須留意,結構性產品的價值可以跌至零,屆時當初投資的資金將會盡失。
 
Expiry considerations  有效期的考慮
Structured products have an expiry date after which the issue may become worthless. You should be aware of the expiry time horizon and choose a product with an appropriate lifespan for your trading strategy.
結構性產品設有到期日,到期後的產品可能一文不值。閱下須留意產品的到期時間,確保所選產品尚餘的有效期能配合閱下的交易策略。
 
Extraordinary price movements  特殊價格移動
The price of a structured product may not match its theoretical price due to outside influences such as market supply and demand factors. As a result, actual traded prices can be higher or lower than the theoretical price.
結構性產品的價格或會因為外來因素(如市場供求)而有別於其理論價,因此實際成交價可以高過亦可以低過理論價。
 
Foreign exchange risk  外匯風險
Investors trading structured products 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 structured product price.
若投資者所買賣結構性產品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,連帶影響結構性產品的價格。
 
Liquidity risk  流通量風險
The Exchange requires all structured product issuers to appoint a liquidity provider for each individual issue. The role of liquidity providers is to provide two way quotes to facilitate trading of their products. In the event that a liquidity provider defaults or ceases to fulfill its role, investors may not be able to buy or sell the product until a new liquidity provider has been assigned.
聯交所規定所有結構性產品發行商要為每一隻個別產品委任一名流通量提供者。流通量提供者的職責在為產品提供兩邊開盤方便買賣。若有流通量提供者失責或停止履行職責,有關產品的投資者或就不能進行買賣,直至有新的流通量提供者委任出來止。
 

2. RISKS INVOLVED IN TRADING CALLABLE BULL/BEAR CONTRACTS (“CBBC”)  買賣牛熊證涉及的風險

Mandatory call  強制收回
CBBC are not suitable for all types of investors and you should consider your risk appetite prior to trading. In any case, you should not trade in CBBC unless you understand the nature of the product (including its intraday “knockout” or mandatory call feature) 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. Investors will only be entitled to the residual value of the terminated CBBC as calculated by the product issuer in accordance with the listing documents. 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投資者,閱下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,除非閱下清楚明白牛熊證的性質(包括其可以即日「取消」或強制收回的特色),並已準備好隨時會損失所有的投資金額,否則閱下不應買賣牛熊證,因為萬一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,買賣亦會終止。屆時,投資者只能收回已停止買賣的牛熊證由產品發行商按上市文件所述計算出來的剩餘價值。提早終止的N類牛熊證將不會有任何剩餘價值。若是R類牛熊證提早終止,持有人或可收回少量剩餘價值,但在最壞的情況下亦可能沒有剩餘價值。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 you 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,因此閣下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 Hong Kong Stock 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發生。
 
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. You may suffer higher losses in percentage terms if you 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閣下原先預期的相反,閣下可能要承受比例上更大的損失。
 
 
Limited life  限定的有效期
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.
牛熊證有一固定有效期,並於指定日期到期。有效期可以是3個月至5年不等。若在到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著相關資產價格的變動而波動,於到期後或遭提早收回後更可能會變得沒有價值。
 
Movement with underlying asset  相關資產的走勢
Although the price of a CBBC tends to follow closely the price of its underlying asset, but in some situations it may not (i.e. delta may not always be close to one). Prices of CBBC are affected by a number of factors, including its own demand and supply, funding costs and time to expiry. Moreover, the delta for a particular CBBC may not always be close to one, in particular when the price of the underlying asset is close to the Call Price.
牛熊證的價格變動雖然趨向緊貼相關資產的價格變動,但在某些情況下未必與相關資產價格的變動同步(即對沖值不一定等於一)。牛熊證的價格受多個因素所影響,包括其本身的供求、財務費用及距離到期的時限。此外,個別牛熊證的對沖值亦不會經常接近一(特別是當相關資產的價格接近收回價時)。
 
Liquidity  流通量
Although CBBC have liquidity providers, there is no guarantee that you will be able to buy/sell CBBC at their target prices any time you wish.
雖然牛熊證設有流通量提供者,但不能保證閣下可以隨時以閣下的目標價買入/沽出牛熊證。
 
Funding costs  財務費用
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, you 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, you 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財務費用,發行商在發行時已把其牛熊證計算財務費用的方式列於發行文件中。財務費用包括(經有關證券之預期一般股息調整(如相關資產為香港證券,因牛熊證並不會作一般股息調整)後)發行商的融資/借用證券費用,及發行商的利潤,由於各牛熊證發行的財務費用並不相同,故閱下應比較具相類相關資產及條款的牛熊證之不同發行商的財務費用。隨著牛熊證的年期時間過去,其財務費用亦連同在第二市場之牛熊證遞減。一般而言,牛熊證的年期越長,其財務費用亦越高(類似投資者借款年期更長以對相關資產進行交易)。當牛熊證被收回時,閣下仍會損失整個年期的財務費用,因為整個年期的財務費用乃計算在發行價內(即使強制收回事件使牛熊證的實際年期較短)。投資者需注意牛熊證推出後,其財務費用或會轉變調整,流通量提供者在牛熊證推出時未必會根據財務費用的理論值價格為牛熊證開價。
 
Trading of CBBC close to Call Price  接近收回價時的交易
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.
相關資產價格接近收回價時,牛熊證的價格可能會變得更加波動,買賣差價可能會較闊,流通量亦可能較低。牛熊證隨時會被收回而交易終止。
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, you 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差。有一些交易在強制收回事件發生後可能被執行及被交易所參與者確認,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。因此閱下需知悉該風險及在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), you may check with your brokers.
發行商會於強制收回事件發生後1小時內通知市場確實的收回時間,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,讓他們通知其客戶。若閣下不清楚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。
 
CBBC with overseas underlying assets  涉及海外資產的牛熊證
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 Hong Kong Stock Exchange’s trading hours. In such case, the CBBC will be terminated from trading on Hong Kong Stock Exchange in the next trading session or soon after the issuer has notified Hong Kong Stock 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.
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發生。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香港交易所買賣。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於訂價日釐定。
 
3. RISKS INVOLVED IN TRADING DERIVATIVE WARRANTS  投資衍生權證(窩輪”)涉及的風險
Derivative warrant trading involves high risks and is not suitable for every investor. You 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。閱下買賣衍生權證前必須清楚明白及考慮以下的風險:
 
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, you are exposed to credit risk in respect of the issuer.
衍生權證的持有人等同衍生權證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,閣下須承擔發行商的信貸風險。
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 you lose your entire purchase price.
儘管衍生權證價格遠低於相關資產價格,但衍生權證價格升趺的幅度亦遠較其相關資產為大。在最差的情況下,衍生權證價格可趺至零,閣下會損失最初投入的 全部資金。
Limited Life  具有效期
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,衍生權證有到期日,並非長期有效。衍生權證如非價內權證,到期時則完全沒有價值。
Time Decay  時間遞耗
One should be aware that other factors being equal the value of derivative warrants will decrease over time as they approach their expiry dates. 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,衍生權證價格會隨時間而遞減,投資者絕對不宜視衍生權證為長線投資工具。
Volatility  波幅
Prices of derivative warrants can increase or decrease in line with the implied volatility of underlying asset price. You should be aware of the underlying asset volatility.
相關資產的波幅增加會令衍生權證價值上升;相反,波幅減少會令衍生權證價值下降。閣下需留意相關資產的波動性。
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.
除了決定衍生權證理論價格的基本因素外,所有其他市場因素(包括權證本身在市場上的供求)也會影響衍生權證的價格。就市場供求而言,當衍生權證在市場上快將售罄又或發行商增發衍生權證時,供求的影響尤其大。
 

4. RISKS INVOLVED IN TRADING EXCHANGE TRADED FUNDS (“ETFs”)  投資交易所買賣基金涉及的風險

Market risk  市場風險
ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index/assets.
交易所買賣基金主要為追蹤某些指數、行業/領域又或資產組別(如股票、債券或商品)  的表現。交易所買賣基金經理可用不同策略達至此目標,但通常也不能在跌市中酌情採取防守策略。投資者必須要有因為相關指數/資產的波動而蒙受損失的準備。
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.)
追蹤誤差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。)
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影響,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/行業的交易所買賣基金亦可能會有此情況。
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.
若投資者所買賣結構性產品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,連帶影響結構性產品的價格。
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,但無保證能維持活躍之交易狀況。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。
Counterparty risk involved in ETFs with different replication strategies  不同複製策略的交易所買賣基金涉及之對手風險
(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,通常是按基準的相同比重投資於所有的成份股/資產。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合成複製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 utilizing 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
?   Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying ssets.
總回報掉期(total return swaps)讓交易所買賣基金經理可以複製基金基準的表現而不用購買其相關資產。
?   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
?   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,以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 honor 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,申索抵押品的權利一旦行使,抵押品的市值可以遠低於當初所抵押之數額,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.
投資者了解並能審慎評估不同的交易所買賣基金結構及特色引致的影響極為重要。
 

5. RISKS INVOLVED IN TRADING EQUITY LINKED INSTRUMENTS (“ELI”)  投資股票掛鉤票據涉及的風險

Possibilities of losing investment  賠本可能
You may lose part or all of your investment if the price of the underlying security moves against your investment view.
如正股價格變動與閣下事前看法背馳,即可能要蝕掉部分甚至全部本金。
 
Exposure to equity market  承受股本市場風險
You will be exposed to the movements in prices of the underlying securities and the stock market, dividend policy and corporate actions and counterparty risks. You must also be prepared to accept the risk of receiving the underlying securities or a payment less than your original investment.
閣下需承受正股及股票市場價格波動的風險、派息及公司行動之影響及對手風險,並要有心理準備收到股票或只收到比投資額為少的款項。
Price adjustment  價格調整
You should note that any dividend declaration or payment may affect the prices of the underlying securities and the payback of the ELI at expiry due to ex-dividend pricing. You should also note that issuer1s may make adjustments to the ELI due to corporate actions on the underlying securities.
閣下應注意,正股因派息或宣佈派息而出現的除息定價或會影響正股的價格,以致連帶影響股票掛鉤票據到期的償付情況。閣下亦應注意,發行人可能會由於正股的公司行動而對票據作出調整。
Fees and charges  費用及收費
You should consult ZY Securities on the fees and charges related to the purchase and sale of ELI and payment / delivery at expiry. The potential yields disseminated by the Hong Kong Stock Exchange have not taken fees and charges into consideration.
閣下應向中陽證券查詢買賣股票掛鉤票據以及票據到期時因付款/交付責任而涉及的費用及收費。香港交易所發布的準孳息數字並無將這些費用計算在內。
Potential yields  準孳息計算
While most ELIs offer a yield that is potentially higher than the interest on fixed deposits and traditional bonds, the return on investment is limited to the potential yield of individual ELIs.
股票掛鉤票據的孳息大都較傳統債券及定期存款提供的利息為高,但投資回報只限於票據可得的孳息。
 
 

 

This Risk Disclosure Statement may be revised or supplemented from time to time. Client should refer to the latest version at our Website.
本風險披露聲明會不時修訂或補充,客戶應參閱其最新版本(可於中陽證券網站上獲取)

 


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