风险披露声明

1、Risks Of Securities Trading 證券交易的風險 证券交易的风险

1.1

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。

证券价格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。买卖证券未必一定能够赚取利润,反而可能会招致损失。

1.2

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

任何關於以往業績的陳述,未必能夠作為日後業績的指引或參考。

任何关于以往业绩的陈述,未必能够作为日后业绩的指引或参考。

1.3

Investments in emerging markets need careful and independent assessment by you of each investment and the risks (including without limitation sovereign risk, issuer risk, price risk, liquidity risk, legal and tax risks). Further, you should be aware that, which such investments can yield high gains, they can also be highly risky as the markets are unpredictable and there may be inadequate regulations and safeguards available to investors.

在新興市場投資,閣下需要對每項投資以及風險(包括但不限於主權風險、價格風險、流動性風險、法律和稅務風險)作出謹慎和獨立的分析。而且閣下亦需注意,雖然這些投資可以產生很高的回報,它們亦同時存在高風險,因為市場是不可估計,而且市場未必有足夠的規條和措施去保障投資者。

在新兴市场投资,阁下需要对每项投资以及风险(包括但不限于主权风险、价格风险、流动性风险、法律和税务风险)作出谨慎和独立的分析。而且阁下亦需注意,虽然这些投资可以产生很高的回报,它们亦同时存在高风险,因为市场是不可估计,而且市场未必有足够的规条和措施去保障投资者。

1.4

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

倘若投資涉及外幣,匯率的波動或會導致投資的價值作出上下波動。

倘若投资涉及外币,汇率的波动或会导致投资的价值作出上下波动。

1.5

Towering Securities Limited is entitled to act upon your instructions, and you cannot assume that Towering Securities Limited will warn you if your instructions are ill-timed or inadvisable for any reason or if the instructions are likely to cause you loss.

高格證券有限公司有權按閣下的交易指示行動。若閣下的交易指示因任何原因乃不合時宜或不應該進行或該等交易指示很可能會帶給閣下損失,閣下不可假設高格證券有限公司會向閣下提出警告。

高格证券有限公司有权按阁下的交易指示行动。若阁下的交易指示因任何原因乃不合时宜或不应该进行或该等交易指示很可能会带给阁下损失,阁下不可假设高格证券有限公司会向阁下提出警告。

1.6

Before you make any investment, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.

在閣下進行任何投資前,閣下應索取有關所有佣金、開支和其他閣下須繳付的費用的明確說明。這些費用會影響閣下的純利潤(如有的話)或增加閣下的損失。

在阁下进行任何投资前,阁下应索取有关所有佣金、开支和其他阁下须缴付的费用的明确说明。这些费用会影响阁下的纯利润(如有的话)或增加阁下的损失。

2、Risks Of Margin Trading 保證金買賣的風險 保证金买卖的风险

The risk of loss in financing a transaction by deposit of collateral is significant. You may sustain losses in excess of your cash and any other assets deposited as Collateral with Towering Securities Limited. Market conditions may make it impossible to execute contingent orders, such as ‘stop-loss’ or “stop-limit” orders. You 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, your Collateral may be liquidated without your consent. Moreover, you will remain liable for any resulting deficit in your Account(s) and interest charged to your Account(s). You should therefore carefully consider whether such a financing arrangement is suitable in light of your financial position and investment objectives.

藉存放抵押品而為交易取得融資的虧損風險可能極大。你所蒙受的虧蝕可能會超過你存放於高格證券有限公司作為抵押品的現金及任何其他資產。市場情況可能使備用交易指示,例如「止蝕」或「限價」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款額或繳付利息。假如你未能在指定的時間內支付所需的保證金款額或利息,你的抵押品可能會在未經其同意下被出售。此外,你將要為你的帳戶內因此而出現的任何短欠數額及需繳付的利息負責。因此,你應根據本身的財政狀況及投資目 標,仔細考慮這種融資安排是否適合你。

借存放抵押品而为交易取得融资的亏损风险可能极大。你所蒙受的亏蚀可能会超过你存放于高格证券有限公司作为抵押品的现金及任何其他资产。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。你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。假如你未能在指定的时间内支付所需的保证金款额或利息,你的抵押品可能会在未经其同意下被出售。此外,你将要为你的帐户内因此而出现的任何短欠数额及需缴付的利息负责。因此,你应根据本身的财政状况及投资目标,仔细考虑这种融资安排是否适合你。

3、Risks Of Providing An Authority To Repledge Your Securities Collateral 提供將你的證券抵押品等再質押的授權書的風險 提供将你的证券抵押品等再质押的授权书的风险

There is the risk if you provide Towering Securities Limited with an authority that allows Towering Securities Limited to apply your Securities or Collateral pursuant to securities borrowing and lending agreement, repledge your Collateral for financial accommodation or deposit your Collateral as collateral for the discharge or satisfaction of Towering Securities Limited settlement obligations and liabilities.

向高格證券有限公司提供授權書,容許其按照某份證券借貸協議書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。

向高格证券有限公司提供授权书,容许其按照某份证券借贷协议书使用你的证券或证券抵押品、将你的证券抵押品再质押以取得财务通融,或将你的证券抵押品存放为用以履行及清偿其交收责任及债务的抵押品,存在一定风险。

If your Securities or Collateral are received or held by Towering Securities Limited in Hong Kong, the above arrangement is allowed only when you have consented in writing. Your express consent will be/has been obtained in a separate document which will require your signature. Moreover, unless you are a Professional Investor, the authority must specify the period for which it is current and be limited to not more than 12 months. If you are a Professional Investor, these restrictions do not apply.

假如你的證券或抵押品是由高格證券有限公司在香港收取或持有的,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。本公司已經/將會透過一份獨立文件獲取你的明確同意,該文件將需你的簽署。此外,除非你是專業投資者,你的授權書必須指明有效期,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。

假如你的证券或抵押品是由高格证券有限公司在香港收取或持有的,则上述安排仅限于你已就此给予书面同意的情况下方行有效。本公司已经/将会透过一份独立文件获取你的明确同意,该文件将需你的签署。此外,除非你是专业投资者,你的授权书必须指明有效期,该段有效期不得超逾12个月。若你是专业投资者,则有关限制并不适用。

Additionally, your authority may be deemed renewed (i.e., without your written consent) if Towering Securities Limited issues to you a written 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,高格證券有限公司在有關授權的期限屆滿前最少14日向你發出有關授權之續期將被視為已續期的書面提示,而你對於在有關授權的期限屆滿前不表示反對,則你的授權將會在沒有你的書面同意下被視為已續期。

此外,高格证券有限公司在有关授权的期限届满前最少14日向你发出有关授权之续期将被视为已续期的书面提示,而你对于在有关授权的期限届满前不表示反对,则你的授权将会在没有你的书面同意下被视为已续期。

You are not required by any law to sign these authorities. But an authority may be required by Towering Securities Limited, for example, to facilitate margin lending to you or to allow your Securities or Collateral to be lent to or deposited as collateral with third parties. Prior to your entering into an authority, Towering Securities Limited will explain to you the purposes for which such authority is to be used.

現時並無任何法例規定你必須簽署這些授權書。但是,高格證券有限公司可能需要此授權書,例如以便向你提供保證金貸款或獲准將你的證券或抵押品借出予第三方或作為抵押品存放於第三方。在你簽署授權書前,高格證券有限公司將向你解釋將為何種目的而使用此授權。

现时并无任何法例规定你必须签署这些授权书。但是,高格证券有限公司可能需要此授权书,例如以便向你提供保证金贷款或获准将你的证券或抵押品借出予第三方或作为抵押品存放于第三方。在你签署授权书前,高格证券有限公司将向你解释将为何种目的而使用此授权。

If you sign one of these authorities and your Securities or Collateral are lent to or deposited with third parties, those third parties may have a lien or charge on your Securities or Collateral. Although Towering Securities Limited is responsible to you for Securities or Collateral lent or deposited under the authority, a default by Towering Securities Limited could result in the loss of your Securities or Collateral.

倘你簽署授權書,而你的證券或抵押品已借出予或存放予第三方,該等第三方可能對你的證券或抵押品具有留置權或作出押記。雖然高格證券有限公司根據你的授權書而借出或存放屬於你的證券或抵押品須對你負責,但若高格證券有限公司有違責行為可能會導致你損失證券或抵押品。

倘你签署授权书,而你的证券或抵押品已借出予或存放予第三方,该等第三方可能对你的证券或抵押品具有留置权或作出押记。虽然高格证券有限公司根据你的授权书而借出或存放属于你的证券或抵押品须对你负责,但若高格证券有限公司有违责行为可能会导致你损失证券或抵押品。

A Securities Cash Account not involving securities borrowing and lending is available. If you do not require margin facilities or do not wish your Securities or Collateral to be lent or pledged, you should not sign the above authorities but should open a Securities Cash Account instead.

高格證券有限公司提供不涉及證券借貸的證券現金帳戶。假如你毋需使用保證金貸 款,或不希望本身證券或抵押品被借出或遭抵押,則切勿簽署上述的授權書,並應要求開立該等證券現金帳戶。

高格证券有限公司提供不涉及证券借贷的证券现金帐户。假如你毋需使用保证金贷 款,或不希望本身证券或抵押品被借出或遭抵押,则切勿签署上述的授权书,并应要求开立该等证券现金帐户。

4、Risks Of Trading Growth Enterprise Market Stocks 買賣創業板股份的風險 买卖创业板股份的风险

Growth Enterprise Market (the “GEM”) stocks involve high investment risk. In particular, companies may list on the 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。

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需预测未来盈利的情况下在创业板上市。创业板股份可能非常波动及流通性很低。

You should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of the 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。

你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他特点,意味着这个市场较适合专业及其他熟悉投资技巧的投资者。

Current information on the GEM stocks may only be found on the internet website operated by the Stock Exchange. Companies listed on the GEM are usually not required to issue paid announcements in gazetted newspapers.

現時有關創業板股份的資料只可以在交易所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。

现时有关创业板股份的资料只可以在交易所所操作的互联网网站上找到。创业板上市公司一般毋须在宪报指定的报章刊登付费公告。

You should seek independent professional advice if you are uncertain of or have not understood any aspect of this risk disclosure statement or nature and risks involved in trading of GEM stocks.

假如你對本風險披露聲明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。

假如你对本风险披露声明的内容或创业板市场的性质及在创业板买卖的股份所涉风险有不明白之处,应寻求独立的专业意见。

5、Risks 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 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

The Securities traded under the Nasdaq-Amex Pilot Program (the “PP”) are aimed at sophisticated investors. You should consult Towering Securities Limited and become familiarized 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 of the Stock Exchange or the GEM.

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。你在進行任何上述交易之前,應先諮詢高格證券有限公司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。

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。你在进行任何上述交易之前,应先咨询高格证券有限公司的意见和熟悉该项试验计划。你应知悉,按照该项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。

6、Risks Of Options Trading 期權買賣的風險 期权买卖的风险

This brief statement does not disclose all of the risks and other significant aspects of trading in 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 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、投資目的、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。

本声明并不涵盖买卖期权的所有风险及其他重要事宜。就风险而言,你在进行任何上述交易前,应先了解将订立的合约的性质(及有关的合约关系)和你就此须承担的风险程度。期权买卖对很多公众投资者都并不适合,你应就本身的投资经验、投资目的、财政资源及其他相关条件,小心衡量自己是否适合参与该等买卖。

The risk of loss in trading 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 options before you trade and carefully consider whether such trading is suitable in 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.

買賣期權的虧蝕風險可以極大。在若干情況下,你所蒙受的虧蝕可能會超過最初存入的保證金數額。即使你設定了備用指示,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,你仍然要對你的帳戶內任何因此而出現的短欠數額負責。因此,你在買賣前應研究及理解期權,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。

买卖期权的亏蚀风险可以极大。在若干情况下,你所蒙受的亏蚀可能会超过最初存入的保证金数额。即使你设定了备用指示,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。你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数额,你的未平仓合约可能会被平 仓。然而,你仍然要对你的帐户内任何因此而出现的短欠数额负责。因此,你在买卖前应研究及理解期权,以及根据本身的财政状况及投资目标,仔细考虑这种买卖是否适合你。如果你买卖期权,便应熟悉行使期权及期权到期时的程序,以及你在行使期权及期权到期时的权利与责任。

6.1 Variable Degree Of Risk 不同風險程度 不同风险程度

(a)

Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (i.e., put or call) which they contemplate trading and the associated risks.

期權交易的風險非常高。投資者不論是購入或出售期權,均應先瞭解其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。

期权交易的风险非常高。投资者不论是购入或出售期权,均应先了解其打算买卖的期权类别(即认沽期权或认购期权)以及相关的风险。你应计入期权金及所有交易成本,然后计算出期权价值必须增加多少才能获利。

Warning to option holders 對期權持有人之警告 对期权持有人之警告

Some options may be exercised on an expiry day (European- Style Exercise) and other options may be exercised at any time before expiration (American-Style Exercise). Upon exercise, some options require delivery and receipt of the underlying securities, and that other options require a cash payment.

某些期權只能於屆滿日期行使用(歐式行使),而其他期權可於屆滿日期之前隨時行使(美式行使)。你瞭解,在某些期權行使之後,需要交付及收取相關之證券,而其他期權將需要現金付款。

某些期权只能于届满日期行使用(欧式行使),而其他期权可于届满日期之前随时行使(美式行使)。你了解,在某些期权行使之后,需要交付及收取相关之证券,而其他期权将需要现金付款。

An option is a wasting asset, and there is a possibility that as an option holder you may suffer the loss of the total premium paid for the option. As an option holder, in order to realize a profit, it will be necessary to either exercise the option or close the long position in the market. Under some circumstances, it may be difficult to trade the option due to lack of liquidity in the market. You acknowledge that Towering Securities Limited has no obligation either to exercise a valuable option in the absence of your instruction or to give you prior notice of the expiration date of the option.

期權是遞耗資產,而你作為期權持有人,可能會損失期權所付出全部期權金。你確認,作為期權持有人,必須行使有關期權或在市場上將期權長倉平倉,方可變現利潤。在若干情況下,由於市場流通量不足,可能難以進行期權交易。 你確認,如沒有你的指示,高格證券有限公司並無責任行使有價期權,亦無責任將期權的屆滿日期事先通知本人/吾等。

期权是递耗资产,而你作为期权持有人,可能会损失期权所付出全部期权金。你确认,作为期权持有人,必须行使有关期权或在市场上将期权长仓平仓,方可变现利润。在若干情况下,由于市场流通量不足,可能难以进行期权交易。 你确认,如没有你的指示,高格证券有限公司并无责任行使有价期权,亦无责任将期权的届满日期事先通知本人/吾等。

Warning to option writers 對期權賣方之警告 对期权卖方之警告

As a writer of an option, you may be required to pay additional margin at any time. You acknowledge that as an option writer, unlike an option holder, you may be liable for unlimited losses based on the rise or fall of the price of the underlying securities and you gain are limited to the option premium.

作為期權之賣方,你可能隨時被要求繳付額外保證金。你確認,作為期權賣方(與期權持有人有所不同),你可能須根據相關證券的價格升跌情況而須承擔無限損失,而你之得益僅限於期權金。

作为期权之卖方,你可能随时被要求缴付额外保证金。你确认,作为期权卖方(与期权持有人有所不同),你可能须根据相关证券的价格升跌情况而须承担无限损失,而你之得益仅限于期权金。

Additionally, writers of American-Style Call (Put) options may be required at any time before expiry to deliver (or pay for) the underlying securities to the full value of the strike price multiplied by the number of underlying securities. You recognize that this obligation may be wholly disproportionate to the value of premium received at the time the options were written and may be required at short notice.

此外,美式認購(認沽)期權之賣方,可能於屆滿之前隨時需交付(或繳付)相關證券,以至行使價乘以相關證券數目所得之全額款項,而你知悉此項責任與賣出期權之時所收到之期權金數值完全不成比例,亦可能須於短時間通知後履行有關責任。

此外,美式认购(认沽)期权之卖方,可能于届满之前随时需交付(或缴付)相关证券,以至行使价乘以相关证券数目所得之全额款项,而你知悉此项责任与卖出期权之时所收到之期权金数值完全不成比例,亦可能须于短时间通知后履行有关责任。

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.

這些費用將直接影響你可獲得的淨利潤(如有的話)或增加你的虧損。你一旦開始與高格證券有限公司進行任何交易活動即承認你已經獲得高格證券有限公司告知該等事宜。

这些费用将直接影响你可获得的净利润(如有的话)或增加你的亏损。你一旦开始与高格证券有限公司进行任何交易活动即承认你已经获得高格证券有限公司告知该等事宜。

(b)

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 the purchaser acquiring or delivering the underlying interest. If the option is on a futures contract, the purchaser will acquire a futures position with associated liabilities for margin. If the purchased options expire worthlessly, you will suffer a total loss of your investment which will consist of the option 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或任由期權到期。如果期權持有人選擇行使期權,便必須進行現金交收或購入或交付相關的資產。若購入的是期貨合約的期權,期權持有人將獲得期貨倉盤,並附帶相關的保證金責任。如所購入的期權在到期時已無任何價值,你將損失所有投資金額,當中包括所有的期權金及交易費用。假如你擬購入極價外期 權,應注意你可以從這類期權獲利的機會極微。

购入期权的投资者可选择抵销或行使期权或任由期权到期。如果期权持有人选择行使期权,便必须进行现金交收或购入或交付相关的资产。若购入的是期货合约的期权,期权持有人将获得期货仓盘,并附带相关的保证金责任 。如所购入的期权在到期时已无任何价值,你将损失所有投资金额,当中包括所有的期权金及交易费用。假如你拟购入极价外期权,应注意你可以从这类期权获利的机会极微。

(c)

Selling (“writing or granting”) an option generally entails 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. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a futures contract, the seller will acquire a position in a futures contract with associated liabilities for margin. If the option is “covered” by the seller holding a corresponding position in the underlying interest or a futures contract or another option, the risk may be reduced. If the option 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。若賣出的是期貨合約的期權,則期權賣方將獲得期貨合約倉盤及附帶的保證金責任。若期權賣方持有相應數量的相關資產或期貨合約或其他期權作「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。

出售(“沽出”或“卖出”)期权承受的风险一般较买入期权高得多。卖方虽然能获得定额期权金,但亦可能会承受远高于该笔期权金的损  失。倘若市况逆转,期权卖方便须投入额外保证金来补仓。此外,期权卖方还需承担买方可能会行使期权的风险,即期权卖方在期权买方行使时有责任以现金进行交收或买入或交付相关资产。若卖出的是期货合约的期权,则期权卖方将获得期货合约仓盘及附带的保证金责任。若期权卖方持有相应数量的相关资产或期货合约或其他期权作“备兑”,则所承受的风险或会减少。假如有关期权并无任何“备兑”安排,亏损风险可以是无限大。

(d)

Certain Exchanges in some jurisdictions permit deferred payment of the option 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 option 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,令買方支付保證金費用的責任不超過期權金。儘管如此,買方最終仍須承受損失期權金及交易費用的風險。在期權被行使又或到期時,買方有需要支付當時尚未繳付的期權金。

某些国家的交易所允许期权买方延迟支付期权金,令买方支付保证金费用的责任不超过期权金。尽管如此,买方最终仍须承受损失期权金及交易费用的风险。在期权被行使又或到期时,买方有需要支付当时尚未缴付的期权金。

ADDITIONAL RISKS COMMON TO OPTIONS期權的其他常見風險 期权的其他常见风险

6.2 Terms And Conditions Of Contracts合約的條款及細則 合约的条款及细则

(a)

You should ask Towering Securities Limited about the terms and conditions of the specific 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 options, expiration dates and restrictions on the time for exercise). Under certain circumstances, the specifications of outstanding contracts (including the exercise price of an option) may be modified by the Exchange or clearing house to reflect changes in the underlying interest.

你應向高格證券有限公司查詢所買賣的有關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權合約的相關資產進行交收,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。

你应向高格证券有限公司查询所买卖的有关期权合约的条款及细则,以及有关责任(例如在什么情况下你或会有责任就期权合约的相关资产进行交收,到期日及行使的时间限制)。交易所或结算公司在某些情况下,或会修改尚未行使的合约的细则(包括期权行使价),以反映合约的相关资产的变化。

6.3 Suspension Or Restriction Of Trading And Pricing Relationships 暫停或限制交易及價格關係 暂停或限制交易及价格关系

(a)

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/或某些市場規則的施行(例如因價格限制或「停板」措施而暫停任何合約或合約月份的交易),都可以增加虧損風險,這是因為投資者屆時將難以或無法執行交易或平掉/抵銷倉盤。如果你賣出期權後遇到這種情況,你須承受的虧損風險可能會增加。

市场情况(例如市场流通量不足)及/或某些市场规则的施行(例如因价格限制或“停板”措施而暂停任何合约或合约月份的交易),都可以增加亏损风险,这是因为投资者届时将难以或无法执行交易或平掉/抵销仓盘。如果你卖出期权后遇到这种情况,你须承受的亏损风险可能会增加。

(b)

Further, normal pricing relationships between the underlying interest and the option may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge “fair value”.

此外,相關資產與期權之間的正常價格關係可能並不存在。例如,期貨期權所涉及的期貨合約須受價格限制所規限,但期權本身則不受其規 限。缺乏相關資產參考價格會導致投資者難以判斷何謂「公平價格」。

此外,相关资产与期权之间的正常价格关系可能并不存在。例如,期货期权所涉及的期货合约须受价格限制所规限,但期权本身则不受其规 限。缺乏相关资产参考价格会导致投资者难以判断何谓“公平价格”。

6.4 Deposited Cash And Property 存放的現金及財產 存放的现金及财产

(a)

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。

如果你为在本地或海外进行的交易存放款项或其他财产,你应了解清楚该等款项或财产会获得哪些保障,特别是在有关商号破产或无力偿债时的保障。至于能追讨多少款项或财产一事,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,则可认定属于你的财产将会如现金般按比例分配予你。

6.5 Commission And Other Charges 佣金及其他收費 佣金及其他收费

(a)

Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss. By commencing any trading activities with Towering Securities Limited, you acknowledge that you have been so informed by Towering Securities Limited.

在開始交易之前,你先要清楚瞭解你必須繳付的所有佣金、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。閣下一旦開始與高格證券有限公司進行任何交易活動即承認閣下已經獲得高格證券有限公司告知該等事宜。

在开始交易之前,你先要清楚了解你必须缴付的所有佣金、费用或其他收费。这些费用将直接影响你可获得的净利润(如有)或增加你的亏 损。阁下一旦开始与高格证券有限公司进行任何交易活动即承认阁下已经获得高格证券有限公司告知该等事宜。

6.6 Transactions In Other Jurisdictions在其他司法管轄區進行交易 在其他司法管辖区进行交易

(a)

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 regulation which may offer different or diminished investor protection. Before you trade, you should enquire about any rules relevant to your particular transactions. 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 Towering Securities Limited 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,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,將不能迫使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執行有關的規則。有鑑於此,在進行交易之前,你應先向高格證券有限公司查詢你本身地區所屬的司法管轄區及其他司法管轄區可提供哪種補救措施及有關詳情。

在其他司法管辖区的市场(包括与本地市场有正式连系的市场)进行交易,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,你应先行查明有关你将进行的该项交易的所有规则。你本身所在地的监管机构,将不能迫使你已执行的交易所在地的所属司法管辖区的监管机构或市场执行有关的规则。有鉴于此,在进行交易之前,你应先向高格证券有限公司查询你本身地区所属的司法管辖区及其他司法管辖区可提供哪种补救措施及有关详情。

6.7 Currency Risks貨幣風險 货币风险

(a)

The profit or loss in the transaction in foreign currency-denominated contracts (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 contract to another currency.

以外幣計算的合約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其他地區進行),均會在需要將合約的單位貨幣兌換成另一種貨幣時受到匯率波動的影響。

以外币计算的合约买卖所带来的利润或招致的亏损(不论交易是否在你本身所在的司法管辖区或其他地区进行),均会在需要将合约的单位货币兑换成另一种货币时受到汇率波动的影响。

6.8 Trading Facilities 交易設施 交易设施

(a)

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 Towering Securities Limited 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,而你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,你應向為高格證券有限公司進行交易的商號查詢這方面的詳情。

电子交易的设施是以电脑组成系统来进行交易指示传递、执行、配对、登记或交易结算。然而,所有设施及系统均有可能会暂时中断或失灵,而你就此所能获得的赔偿或会受制于系统供应商、市场、结算公司及/或参与者商号就其所承担的责任所施加的限制。由于这些责任限制可以各有不同,你应向为高格证券有限公司进行交易的商号查询这方面的详情。

6.9 Electronic Trading 電子交易 电子交易

(a)

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.

透過某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。如果你透過某個電子交易系統進行買賣,便須承受該系統帶來的風險,包括有關系統硬件或軟件可能會失靈的風險。系統失靈可能會導致你的交易指示不能根據指示執行,甚或完全不獲執行。

透过某个电子交易系统进行买卖,可能会与透过其他电子交易系统进行买卖有所不同。如果你透过某个电子交易系统进行买卖,便须承受该系统带来的风险,包括有关系统硬件或软件可能会失灵的风险。系统失灵可能会导致你的交易指示不能根据指示执行,甚或完全不获执行。

6.10 Off–Exchange Transactions 場外交易 场外交易

(a)

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. Towering Securities Limited 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. (Please also see on “Generic Risks Associated with OTC Derivative Transaction”)

在某些司法管轄區,及只有在特定情況之下,有關商號獲准進行場外交易。高格證券有限公司可能是你所進行的買賣的交易對手方。在這種情況下,有可能難以或根本無法平掉既有倉盤、評估價值、釐定公平價格又或評估風險。此外,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;因此,你在進行該等交易前,應先瞭解適用的規則和有關的風險。(請參閱“與場外衍生工具交易有關的一股風險")

在某些司法管辖区,及只有在特定情况之下,有关商号获准进行场外交易。高格证券有限公司可能是你所进行的买卖的交易对手方。在这种情况下,有可能难以或根本无法平掉既有仓盘、评估价值、厘定公平价格又或评估风险。此外,场外交易的监管或会比较宽松,又或需遵照不同的监管制度;因此,你在进行该等交易前,应先了解适用的规则和有关的风险。(请参阅“与场外衍生工具交易有关的一股风险")

6.11 Margin Or Additional Margin Requirements Or Demands For Variation Adjustment 保證金、額外保證金或偏差調整額 保证金、额外保证金或偏差调整额

(a)

You agree to provide to and maintain with Towering Securities Limited such margin together with such guarantees and other security in such form and amount and on such terms as Towering Securities Limited may in its absolute discretion require from time to time. Such margin requirements established by Towering Securities Limited may exceed any margin requirements prescribed by any Exchange or Clearing house or authorised financial institution. Towering Securities Limited may change margin requirement in its sole discretion and at any time without prior to the Client. If Towering Securities Limited determines that additional margin is required, the Client agrees to deposit with Towering Securities Limited such additional margin forthwith upon demand.

你同意按高格證券有限公司不時酌情訂定之條款,向高格證券有限公司提供保證金以及擔保和抵押,而保證金、擔保及抵押之形式和數額概由高格證券有限公司不時訂定。高格證券有限公司所定之保證金規定,可超越任何交易所或結算所及認可金融機構所訂明之保證金規定。高格證券有限公司可隨時酌情更改保證金規定而毋須事先通知客戶。如高格證券有限公司認為需要增加保證金,客戶同意立即應高格證券有限公司之要求將額外之保證金存放於高格證券有限公司。

你同意按高格证券有限公司不时酌情订定之条款,向高格证券有限公司提供保证金以及担保和抵押,而保证金、担保及抵押之形式和数额概由高格证券有限公司不时订定。高格证券有限公司所定之保证金规定,可超越任何交易所或结算所及认可金融机构所订明之保证金规定。高格证券有限公司可随时酌情更改保证金规定而毋须事先通知客户。如高格证券有限公司认为需要增加保证金,客户同意立即应高格证券有限公司之要求将额外之保证金存放于高格证券有限公司。

(b)

In respect of all option contracts entered into by Towering Securities Limited on behalf of the Client, the client shall provide to Towering Securities Limited such margin or additional margin or demands for variation adjustment as Towering Securities Limited may in its absolute discretion require immediately upon demand. Such calls for margin or additional margin requirements or demands for variation adjustment by Towering Securities Limited may exceed the margin requirements or variation adjustments prescribed by Futures Exchange or Clearing House and may be changed by Towering Securities Limited with immediate effect without prior notice to the Client. Towering Securities Limited is obliged to report to the Futures Exchange particulars of all Open Contracts in respect of which the Client has failed on two successive occasions to meet a demand for margin or additional margin or variation adjustments and Towering Securities Limited may close out the Client’s Open Contracts in respect of which any demand for margin or additional margin variation adjustments has not been met.

就所有由高格證券有限公司代表客戶訂立之期權合約而言,如高格證券有限公司提出要求,客戶須向高格證券有限公司提供其酌情要求提供之保證金、額外保證金或偏差調整額。這類由高格證券有限公司提出之有關保證金、額外保證金或偏差調整額之要求,可超越期交所或結算公司所訂明之保證金規定或偏差調整額,並可由高格證券有限公司隨時更改而毋須事先通知客戶。倘若客戶連續兩次未有就任何未平倉合約迎合本段所訂之有關保證金、額外保證金或偏差調整額之要求,高格證券有限公司必須將該等未平倉合約之詳情向結算公司報告,而高格證券有限公司可將客戶並未迎合全部有關保證金、額外保證金或偏差調整額之要求之未平倉合約清結。

就所有由高格证券有限公司代表客户订立之期权合约而言,如高格证券有限公司提出要求,客户须向高格证券有限公司提供其酌情要求提供之保证金、额外保证金或偏差调整额。这类由高格证券有限公司提出之有关保证金、额外保证金或偏差调整额之要求,可超越期交所或结算公司所订明之保证金规定或偏差调整额,并可由高格证券有限公司随时更改而毋须事先通知客户。倘若客户连续两次未有就任何未平仓合约迎合本段所订之有关保证金、额外保证金或偏差调整额之要求,高格证券有限公司必须将该等未平仓合约之详情向结算公司报告,而高格证券有限公司可将客户并未迎合全部有关保证金、额外保证金或偏差调整额之要求之未平仓合约清结。

7、Risks 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 提供代存邮件或将邮件转交第三方的授权书的风险

If you provide Towering Securities Limited with 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.

假如客戶向高格證券有限公司提供授權書,允許高格證券有限公司代存郵件或將郵件轉交予第三方,那麼客戶便須盡速親身收取所有關於其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。

假如客户向高格证券有限公司提供授权书,允许高格证券有限公司代存邮件或将邮件转交予第三方,那么客户便须尽速亲身收取所有关于其帐户的成交单据及结单,并加以详细阅读,以确保可及时侦察到任何差异或错误。

8、Risks Of Client Assets Received Or Held Outside Hong Kong 香港以外地方收取或持有的客戶資產的風險 香港以外地方收取或持有的客户资产的风险

Client assets received or held by Towering Securities Limited 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 and the rules made thereunder. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong.

高格證券有限公司在香港以外地方收取或持有的客戶資產,是受到有關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》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。

高格证券有限公司在香港以外地方收取或持有的客户资产,是受到有关海外司法管辖区的适用法律及规例所监管的。这些法律及规例与《证券及期货条例》及根据该条例制订的规则可能有所不同。因此,有关客户资产将可能不会享有赋予在香港收取或持有的客户资产的相同保障。

9、Risks Of Trading Exchange Traded Derivatives Products 衍生產品買賣之風險 衍生产品买卖之风险

9.1 Derivative Warrants 衍生權證 衍生权证

Derivative warrants are an instrument that gives an investor the right but not the obligation to “buy” or “sell” an underlying asset at a pre-set price prior to a specified expiry date. At expiry, the settlement is usually made in cash rather than purchase or sale of the underlying asset.

Derivative warrants can be issued over a range of assets, including stocks, stock indices, currencies, commodities, or a basket of securities. They are divided into two types: calls and puts. Holders of call warrants have the right, but not obligation, to purchase from the issuer a given amount of the underlying asset at a predetermined price (also known as the exercise price) within a certain time period. Conversely, holders of put warrants have the right, but not obligation, to sell to the issuer a given amount of the underlying asset at a predetermined price within a certain time period.

衍生權證投資者有權而非有責任在指定期間以預定價格「購入」或「出售」相關資 産。到期時,衍生權證一般以現金作交收,而不涉及相關資產的實貨買賣。衍生權證的相關資產種類繁多,計有股票、股票指數、貨幣、商品或一籃子的證券等等。它們一般分作兩類:認購權證及認沽權證。認購權證的持有人有權(但沒有責任)在某段期間以預定價格(稱為「行使價」)向發行商購入特定數量的相關資産。相反,認沽權證的持有人有權(但沒有責任)在某段期間以預定價格向發行商沽售特定數量的相關資産。

衍生权证投资者有权而非有责任在指定期间以预定价格“购入”或“出售”相关资 产。到期时,衍生权证一般以现金作交收,而不涉及相关资产的实货买卖。衍生权证的相关资产种类繁多,计有股票、股票指数、货币、商品或一篮子的证券等等。它们一般分作两类:认购权证及认沽权证。认购权证的持有人有权(但没有责任)在某段期间以预定价格(称为“行使价”)向发行商购入特定数量的相关资产。相反,认沽权证的持有人有权(但没有责任)在某段期间以预定价格向发行商沽售特定数量的相关资产。

Risk Of Trading Derivatives 買賣衍生權證涉及的風險 买卖衍生权证涉及的风险

(a) Issuer risk 發行商風險 发行商风险

Derivative warrant holders are unsecured creditors of the issuer, and they have no preferential claim to any assets an issuer may hold. Therefore, investors are exposed to credit risk in respect to 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,衍生權證的投資者須承擔發行商的信貸風險。

衍生权证的持有人等同衍生权证发行商的无担保债权人,对发行商的资产并无任何优先索偿权;因此,衍生权证的投资者须承担发行商的信贷风险。

(b) Gearing risk 槓桿風險 杠杆风险

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 assets. In the worst case, the value of the derivative warrants falls to zero and holders may lose their entire purchase price.

儘管衍生權證價格遠低於相關資産價格,但衍生權證價格升跌的幅度亦遠較正股為大。在最差的情況下,衍生權證價格可跌至零,投資者會損失最初投入的全部資金。

尽管衍生权证价格远低于相关资产价格,但衍生权证价格升跌的幅度亦远较正股为大。在最差的情况下,衍生权证价格可跌至零,投资者会损失最初投入的全部资金。

(c) Limited life 具有效期 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。衍生權證到期時如非價內權證,則完全沒有價值。

与股票不同,衍生权证有到期日,并非长期有效。衍生权证到期时如非价内权证,则完全没有价值。

(d) Time decay 時間遞耗 时间递耗

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.

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。

衍生权证价格会随时间而递减,投资者绝对不宜视衍生权证为长线投资工具。

(e) Market forces 市場力量 市场力量

In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by the demand for and supply of the derivative warrants. Supply and Demand forces maybe greatest when a derivative warrant issue is almost sold out and when there are further issues of an existing derivative warrant.

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。

除了决定衍生权证理论价格的基本因素外,所有其他市场因素(包括权证本身在市场上的供求)也会影响衍生权证的价格。就市场供求而言,当衍生权证在市场上快将售罄又或发行商增发衍生权证时,供求的影响尤其大。

(f) Gearing risk 槓桿風險 杠杆风险

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 assets. In the worst case, the value of the derivative warrants falls to zero and holders may lose their entire purchase price.

儘管衍生權證價格遠低於相關資産價格,但衍生權證價格升跌的幅度亦遠較正股為大。在最差的情況下,衍生權證價格可跌至零,投資者會損失最初投入的全部資金。

尽管衍生权证价格远低于相关资产价格,但衍生权证价格升跌的幅度亦远较正股为大。在最差的情况下,衍生权证价格可跌至零,投资者会损失最初投入的全部资金。

(g) Turnover 成交量 成交量

High turnover in a derivative warrant should not be regarded as an indication that its price will go up. The price of a derivative warrant is affected by many factors from market forces to technical matters such as the price of the underlying asset, the volatility of the price of the underlying asset, the time remaining to expiry, interest rates and the expected dividend on the underlying asset.

個別衍生權證的成交量高,也不等同其價格會上升。如上所述,除了市場力量外,衍生權證的價值還受很多其他因素影響,例如相關資産價格及波幅、剩餘到期時間、利率、預期股息等等。

个别衍生权证的成交量高,也不等同其价格会上升。如上所述,除了市场力量外,衍生权证的价值还受很多其他因素影响,例如相关资产价格及波幅、剩余到期时间、利率、预期股息等等。

9.2 Callable Bull/Bear Contracts 牛熊證 牛熊证

Callable Bull/Bear Contracts (“CBBC”) are a type of structured product that tracks the performance of an underlying asset without requiring investors to pay the full price required to own the actual asset. They are issued either as Bull or Bear contracts with a fixed expiry date, allowing investors to take bullish or bearish positions on the underlying asset.

CBBC are issued with the condition that during their lifespan they will be called by the issuers when the price of the underlying asset reaches a level (known as the “Call Price”) specified in the listing document. If the Call Price is reached before expiry, the CBBC will expire early and the trading of that CBBC will be terminated immediately. The specified expiry date from the listing document will no longer be valid.

There are two categories of CBBC, namely Category N CBBC and Category R CBBC. A Category N CBBC refers to a CBBC where its Call Price is equal to its Strike Price, and the CBBC holder will not receive any cash payment once the price of the underlying asset reaches or goes beyond the Call Price. A Category R CBBC refers to a CBBC where its Call Price is different from its Strike Price, and the CBBC holder may receive a small amount of cash payment (called “Residual Value”) upon the occurrence of a Mandatory Call Event (“MCE”) but in the worst case, no residual value will be paid.

牛熊證類屬結構性產品,能追蹤相關資產的表現而毋須支付購入實際資產的全數金額。牛熊證有牛證和熊證之分,設有固定到期日,投資者可以看好或看淡相關資產而選擇買入牛證或熊證。牛熊證在發行時有附帶條件:在牛熊證有效期內,如相關資產價格觸及上市文件內指定的水平(稱為「收回價」),發行商會即時收回有關牛熊證。若相關資產價格是在牛熊證到期前觸及收回價,牛熊證將提早到期並即時終止買賣。在上市文件原定的到期日即不再有效。牛熊證分有兩類:N類和R類。N類牛熊證指收回價等同行使價的牛熊證。一旦相關資產的價格觸及或超越收回價,牛熊證持有人將不會收到任何現金款項。R類牛熊證指收回價有別於行使價的牛熊證。若出現強制收回事件,牛熊證持有人可收回少量現金款項(稱為「剩餘價值」)。但在最壞情況下,可能沒有剩餘價值。

牛熊证类属结构性产品,能追踪相关资产的表现而毋须支付购入实际资产的全数金额。牛熊证有牛证和熊证之分,设有固定到期日,投资者可以看好或看淡相关资产而选择买入牛证或熊证。牛熊证在发行时有附带条件:在牛熊证有效期内,如相关资产价格触及上市文件内指定的水平(称为“收回价”),发行商会即时收回有关牛熊证。若相关资产价格是在牛熊证到期前触及收回价,牛熊证将提早到期并即时终止买卖。在上市文件原定的到期日即不再有效。牛熊证分有两类:N类和R类。N类牛熊证指收回价等同行使价的牛熊证。一旦相关资产的价格触及或超越收回价,牛熊证持有人将不会收到任何现金款项。R类牛熊证指收回价有别于行使价的牛熊证。若出现强制收回事件,牛熊证持有人可收回少量现金款项(称为“剩余价值”)。但在最坏情况下,可能没有剩余价值。

Risk Of Trading Callable Bull/Bear Contracts 買賣牛熊證涉及的風險 买卖牛熊证涉及的风险

(a) Mandatory call強制收回 强制收回

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. The 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. 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.

如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。N 類牛熊證將不會有任何剩餘價值。若是R 類牛熊證,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。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。

如牛熊证的相关资产价格触及收回价,牛熊证会即时由发行商收回,买卖亦会终止。N 类牛熊证将不会有任何剩余价值。若是R 类牛熊证,持有人或可收回少量剩余价值,但在最坏的情况下亦可能没有剩余价值。当牛熊证被收回后,即使相关资产价格反弹,该只牛熊证亦不会再次复牌在市场上买卖,因此投资者不会因价格反弹而获利。

(b) Gearing effects 槓桿作用 杠杆作用

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原先預期的相反,投資者可能要承受比例上更大的損失。

由于牛熊证是杠杆产品,牛熊证价格在比例上的变幅会较相关资产为 高。若相关资产价格的走向与投资者原先预期的相反,投资者可能要承受比例上更大的损失。

(c) Limited life 限定的有效期 限定的有效期

A CBBC has a limited life, as denoted by the fixed expiry date. 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。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。

牛熊证有一固定有效期,并于指定日期到期。若在到期前遭提早收回,牛熊证的有效期将变得更短。期间牛熊证的价值会随着相关资产价格的变动而波动,于到期后或遭提早收回后更可能会变得没有价值。

(d) Movement with underlying asset 相關資產的走勢 相关资产的走势

Although the price of a CBBC tends to follow closely the price of its underlying asset, in some situations, it may not. 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。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。

牛熊证的价格变动虽然趋向紧贴相关资产的价格变动,但在某些情况下未必与相关资产价格的变动同步。牛熊证的价格受多个因素所影响,包括其本身的供求、财务费用及距离到期的时限。此外,个别牛熊证的对冲值亦不会经常接近一,特别是当相关资产的价格接近收回价时。

(e) Liquidity 流通量 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 anytime they wish.

雖然牛熊證設有流通量提供者,但不能保證投資者可以隨時以其目標價買入/沽出牛熊證。

虽然牛熊证设有流通量提供者,但不能保证投资者可以随时以其目标价买入/沽出牛熊证。

(f) Funding costs 財務費用 财务费用

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 the expected ordinary dividend of the stock 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. Funding costs are gradually reduced over time as the CBBC moves towards expiry. The longer the duration of the CBBC, the higher the total funding costs. 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.

牛熊證之發行價已包括財務費用,發行商會將其財務費用的計算程式列入牛熊證的上市文件。因此個別發行之牛熊證的財務費用將有所不同,因其包括發行商之財務成本或扣除預期普通股之股息後的股票借入成本加上發行商的邊際利潤率,投資者應注意比較不同發行商發行之類似相關資產及條件之牛熊證的財務費用。財務費用會隨牛熊證接近到期日而逐漸減少。牛熊證的年期愈長,總財務費用愈高。當牛熊證被收回,牛熊證持有人(投資者)將損失整個期間的財務費用,因發行時已把整個年期的財務費用計算在發行價內,其實際財務費用期間結果已變短。

牛熊证之发行价已包括财务费用,发行商会将其财务费用的计算程式列入牛熊证的上市文件。因此个别发行之牛熊证的财务费用将有所不同,因其包括发行商之财务成本或扣除预期普通股之股息后的股票借入成本加上发行商的边际利润率,投资者应注意比较不同发行商发行之类似相关资产及条件之牛熊证的财务费用。财务费用会随牛熊证接近到期日而逐渐减少。牛熊证的年期愈长,总财务费用愈高。当牛熊证被收回,牛熊证持有人(投资者)将损失整个期间的财务费用,因发行时已把整个年期的财务费用计算在发行价内,其实际财务费用期间结果已变短。

(g) Trading of CBBC close to Call Price 接近收回價時的交易 接近收回价时的交易

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. However, the trade inputted by the investor may still be executed and confirmed by the Exchange participants after the MCE since there may be some time lapse between the MCE time and suspension of the CBBC trading. Any trade executed after the MCE will not be recognized and canceled. Therefore, investors should be aware of the risk and ought to apply special caution when the CBBC is trading close to the call price.

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。由於強制收回事件發生的時間與牛熊證實際停止買賣之間可能會有一些時差。有一些交易或會在強制收回事件發生後才達成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。因此投資者買賣接近收回價的牛熊證時需額外小心。

相关资产价格接近收回价时,牛熊证的价格可能会变得更加波动,买卖差价可能会较阔,流通量亦可能较低。牛熊证随时会被收回而交易终 止。由于强制收回事件发生的时间与牛熊证实际停止买卖之间可能会有一些时差。有一些交易或会在强制收回事件发生后才达成及被交易所参与者确认,但任何在强制收回事件后始执行的交易将不被承认并会被取消。因此投资者买卖接近收回价的牛熊证时需额外小心。

(h) CBBC with overseas underlying assets 海外資產發行的牛熊證 海外资产发行的牛熊证

Investors trading CBBC with underlying overseas 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. Besides, CBBC issued on underlying overseas assets may be called outside the Exchange’s trading hours.

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。除此以外,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。

以海外资产发行的牛熊证,其价格及结算价均由外币兑换港元计算,投资者买卖这类牛熊证需承担有关的外汇风险。外汇价格由市场供求厘定,其中牵涉的因素颇多。除此以外,若属海外资产发行的牛熊证,强制收回事件可能会于香港交易所交易时段以外的时间发生。

9.3 Listed Equity Linked Instruments 股票掛鉤票據 股票挂钩票据

Equity Linked Instruments (“ELI”) are structured products which can be listed on the Stock Exchange under Chapter 15A of the Rules Governing the Listing of Securities on the Stock Exchange. They are marketed to retail and institutional investors who want to earn a higher interest rate than the rate on an ordinary time deposit and accept the risk of repayment in the form of the underlying shares or losing some or all of their investment.

When an investor purchases an ELI, he/ she is indirectly writing an option on the underlying shares. If the market moves as the investor expected, he/ she earns a fixed return from his/ her investment which is derived mainly from the premium received on writing the option. If the market moves against the investor's view, he/she may lose some or all of his/ her investment or receive shares worth less than the initial investment. ELI is traded scripless in Hong Kong dollars and odd lots are settled in cash. Investors should note that short selling of ELI is prohibited. To match their directional view on the underlying securities, investors may choose from three different types of ELI listed on the Stock Exchange: Bull, Bear and Range. Other types of ELI may be traded on the Stock Exchange in future.

股票掛鉤票據是一項結構性產品,可根據主板《上市規則》第十五章A 章在交易所上市。這種產品的對像是一些想賺取較一般定期存款為高的息率,亦願意接受最終可能只收取股票或蝕掉部分或全部本金風險的散戶或機構投資者。購入股票掛鉤票據時,投資者已等同間接沽出正股的期權。要是正股價格變動正如投資者所料,投資者便 可賺取主要來自沽出期權所得期權金的預定回報。如變動與投資者的看法背道而馳,則可能要蝕掉部份甚至全部本金,又或只收到價值比投資額為少的正股。股票掛鉤票據的交易貨幣為港幣;碎股是以現金結算;交易以無紙形式進行買賣。投資者須注意股票掛鉤票據是不可沽空的。在香港交易所證券市場上市買賣的股票掛鉤票據分「看漲」、「看跌」及「勒束式」三種,投資者可按本身對正股價格走勢的看法而選擇。香港交易所日後或會提供其他種類的股票掛鉤票據供投資者買賣。

股票挂钩票据是一项结构性产品,可根据主板《上市规则》第十五章A 章在交易所上市。这种产品的对像是一些想赚取较一般定期存款为高的息率,亦愿意接受最终可能只收取股票或蚀掉部分或全部本金风险的散户或机构投资者。购入股票挂钩票据时,投资者已等同间接沽出正股的期权。要是正股价格变动正如投资者所料,投资者便可赚取主要来自沽出期权所得期权金的预定回报。如变动与投资者的看法背道而驰,则可能要蚀掉部份甚至全部本金,又或只收到价值比投资额为少的正股。股票挂钩票据的交易货币为港币;碎股是以现金结算;交易以无纸形式进行买卖。投资者须注意股票挂钩票据是不可沽空的。在香港交易所证券市场上市买卖的股票挂钩票据分“看涨”、“看跌”及“勒束式”三种,投资者可按本身对正股价格走势的看法而选择。香港交易所日后或会提供其他种类的股票挂钩票据供投资者买卖。

Risk Of Trading Listed Equity Linked Instruments 買賣股票掛鉤票據涉及的風險 买卖股票挂钩票据涉及的风险

(a) Exposure to equity market 承受股本市場風險 承受股本市场风险

Investors are exposed to price movements in the underlying security and the stock market, the impact of dividends and corporate actions and counterparty risks. Investors must also be prepared to accept the risk of receiving the underlying shares or a payment less than their original investment.

投資者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,並要有心理準備在票據到期時可能會收到股票或只收到比投資額為少的款項。

投资者需承受正股及股票市场价格波动的风险、派息及公司行动之影响及对手风险,并要有心理准备在票据到期时可能会收到股票或只收到比投资额为少的款项

(b) Possibilities of losing investment 賠本可能 赔本可能

Investors may lose part or all of their investment if the price of the underlying security moves against their investment view.

如正股價格變動與投資者事前看法背馳,即可能要蝕掉部分甚至全部本金。

如正股价格变动与投资者事前看法背驰,即可能要蚀掉部分甚至全部本金。

(c) Price adjustment 價格調整 价格调整

Investors should note that any dividend payment on the underlying security may affect its price and the payback of the ELI at expiry due to ex-dividend pricing. Investors should also note that issuers may make adjustments to the ELI due to corporate actions on the underlying security.

投資者應注意,正股因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。投資者亦應注意,發行人可能會由於正股的公司行動而對票據作出調整。

投资者应注意,正股因派息而出现的除息定价或会影响正股的价格,以致连带影响股票挂钩票据到期的偿付情况。投资者亦应注意,发行人可能会由于正股的公司行动而对票据作出调整。

(d) Interest rates 利息 利息

While most ELI offers 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 the ELI.

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。

股票挂钩票据的孳息大都较传统债券及定期存款提供的利息为高,但投资回报只限于票据可得的孳息。

(e) Potential yield 準孳息計算 准孳息计算

Investors should consult their authorised financial institutions on fees and charges related to the purchase and sale of ELI and payment/ delivery at expiry. The potential yields disseminated by the Hong Kong Exchanges and Clearing Limited (“HKEx”) have not taken fees and charges into consideration.

投資者應向經紀查詢買賣股票掛鉤票據以及票據到期時因收到款項或正股而涉及的費用。香港交易所發佈的準孳息數字並無將這些費用計算在內。

投资者应向经纪查询买卖股票挂钩票据以及票据到期时因收到款项或正股而涉及的费用。香港交易所发布的准孳息数字并无将这些费用计算在内。

9.4 Exchange Traded Funds With Derivative Nature 有衍生特性的交易所買賣基金 有衍生特性的交易所买卖基金

Exchange Traded Funds (“ETFs”) are passively-managed and open-ended funds. All listed ETFs on the HKEx securities market are authorised by the Securities and Futures Commission as collective investment schemes. They are designed to track the performance of their underlying benchmarks (e.g. an index, a commodity such as gold, etc.) and offer investors an efficient way to obtain cost-effective exposure to a wide range of underlying market themes.

ETFs can be broadly grouped into two types: Physical ETFs (i.e. traditional or in-specie ETFs) and Synthetic ETFs. Many of physical ETFs directly buy all the assets needed to replicate the composition and weighting of their benchmark (e.g. constituents of a stock index). Some physical ETFs with underlying equity-based indices may also invest partially in futures and options contracts. Synthetic ETFs do not buy the assets in their benchmark. Instead, they typically invest in financial derivative instruments to replicate the benchmark’s performance.

交易所買賣基金(Exchange Traded Funds 或 ETF,內地稱為「交易所交易基金」)是被動型管理開放式基金。所有在香港交易所上市的ETF均為證監會認可的集體投資計劃。ETF 投資緊貼相關基準(例如指數及商品如黃金)的表現,讓投資者可投資於不同類型的市場而又符合成本效益。ETF 可大致分為兩類:實物資產ETF(即傳統型ETF)及合成ETF。這些實物資產ETF 很多皆完全按照相關基準的同一組成及比重,直接買進複製相關基準所需的全部資產(譬如股票指數的成分股)。有些追蹤股票指數的實物資產ETF 或也部分投資於期貨及期權合約。而合成ETF不買相關基準的成分資產,一般都是透過金融衍生工具去「複製」相關基準的表現。

交易所买卖基金(Exchange Traded Funds 或 ETF,内地称为“交易所交易基金”)是被动型管理开放式基金。所有在香港交易所上市的ETF均为证监会认可的集体投资计划。ETF 投资紧贴相关基准(例如指数及商品如黄金)的表现,让投资者可投资于不同类型的市场而又符合成本效益。ETF 可大致分为两类:实物资产ETF(即传统型ETF)及合成ETF。这些实物资产ETF 很多皆完全按照相关基准的同一组成及比重,直接买进复制相关基准所需的全部资产(譬如股票指数的成分股)。有些追踪股票指数的实物资产ETF 或也部分投资于期货及期权合约。而合成ETF不买相关基准的成分资产,一般都是透过金融衍生工具去“复制”相关基准的表现。

Risks Of Trading Exchange Traded Funds 買賣交易所買賣基金涉及的風險 买卖交易所买卖基金涉及的风险

(a) Market risk 市場風險 市场风险

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。

交易所买卖基金主要为追踪某些指数、行业/领域又或资产组别(如股票、债券或商品)的表现。交易所买卖基金经理可用不同策略达至目标,但通常也不能在跌市中酌情采取防守策略。投资者必须要有因为相关指数/资产的波动而蒙受损失的准备。

(b) Tracking errors 追蹤誤差 追踪误差

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 the composition of the underlying index/ assets, and the ETF manager’s replication strategy.

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。

这是指交易所买卖基金的表现与相关指数/资产的表现脱节,原因可以来自交易所买卖基金的交易费及其他费用、相关指数/资产改变组合、交易所买卖基金经理的复制策略等等因素。

(c) Trading at discount or premium 以折讓或溢價交易 以折让或溢价交易

An ETF may be traded at a discount or premium to its Net Asset Value. 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/行業的交易所買賣基金亦可能會有此情況。

交易所买卖基金的价格可能会高于或低于其资产净值,当中主要是供求因素的问题,在市场大幅波动兼变化不定期间尤其多见,专门追踪一些对直接投资设限的市场/行业的交易所买卖基金亦可能会有此情况。

(d) Foreign exchange risk 外匯風險 外汇风险

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 affect 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。

若投资者所买卖结构性产品的相关资产并非以港币为单位,其尚要面对外汇风险。货币兑换率的波动可对相关资产的价值造成负面影响,连带影响结构性产品的价格。

(e) Liquidity risk 流通量風險 流通量风险

Securities Market Makers (“SMMs”) are Stock 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. If 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。

证券庄家是负责提供流通量,方便买卖交易所买卖基金的交易所参与者。尽管交易所买卖基金多有一个或以上的证券庄家,但若有证券庄家失责或停止履行职责,投资者或就不能进行买卖。

(f) 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的對手風險 交易所买卖基金的不同复制策略涉及的对手风险

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. Where ETFs are utilizing a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark, they are exposed to counterparty risk of the swap dealers or the derivative instruments’ issuers and may suffer losses if such dealers or issuers default or fail to honor their contractual commitments.

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.

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/資產。採取選具代表性樣本策略的,則已投資於其中部份(而不是全部) 的相關成份股/資產。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,它們需承受源自掉期交易商或衍生工具發行商的交易對手風險。若掉期交易商或發行商失責或不能履行其合約承諾,基金或要蒙受損失。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得之數,令交易所買賣基金損失嚴重。

采用完全复制策略的交易所买卖基金,通常是按基准的相同比重投资于所有的成份/资产。采取选具代表性样本策略的,则已投资于其中部份(而不是全部) 的相关成份股/资产。采用综合复制策略的交易所买卖基金,主要透过掉期或其他衍生工具去追踪基准的表现,它们需承受源自掉期交易商或衍生工具发行商的交易对手风险。若掉期交易商或发行商失责或不能履行其合约承诺,基金或要蒙受损失。交易所买卖基金即使取得抵押品,也需依靠抵押品提供者履行责任。此外,申索抵押品的权利一旦行使,抵押品的市值可以远低于当初所得之数,令交易所买卖基金损失严重。

9.5 Convertible Bonds 可換股債券 可换股债券

Convertible bonds have investment characteristics of both debt and equity securities. A convertible bond gives its holder the right to convert the bond into shares of the issuing corporation according to predetermined terms during a conversion period or at conversion dates.

Convertible bonds have the characteristics of debt securities, such as interest payments and a definite date upon which the principal must be repaid. They also offer possible capital appreciation through the right to convert the bonds into shares at the holder’s option according to stipulated terms over certain periods. Due to their conversion feature, convertible bonds usually offer a slight interest payments than corporate bonds.

可換股債券同時具有債券及股本證券的特性。可換股債券持有人有權在指定的轉換期內或在指定的轉換日,按預先訂立的條款換取或購買發債公司的股份。可換股債券既有債券的特性,例如票面息率及指定歸還本金日期,同時亦提供資本增值機會,持有人有權在指定時間內按指定條款將債券換成普通股份。由於有換股的權利,可換股債券的票息通常稍低於公司債券。

可换股债券同时具有债券及股本证券的特性。可换股债券持有人有权在指定的转换期内或在指定的转换日,按预先订立的条款换取或购买发债公司的股份。可换股债券既有债券的特性,例如票面息率及指定归还本金日期,同时亦提供资本增值机会,持有人有权在指定时间内按指定条款将债券换成普通股份。由于有换股的权利,可换股债券的票息通常稍低于公司债券。

Risks Of Trading Convertible Bonds買賣可換股債券涉及的風險 买卖可换股债券涉及的风险

(a) Issuer risk 發行商風險 发行商风险

The issuer may fail to pay interest or principal to bondholders on time.

發行商未能如期繳付利息或本金予債券持有人。

发行商未能如期缴付利息或本金予债券持有人。

(b) Interest rate risk 利率風險 利率风险

The price of fixed rate bonds fluctuates according to changes in market interest rates. Prices for fixed-rate bonds move inversely with changes in interest rates. In general, market interest rate movements have a larger impact on the price of bonds with a longer remaining period to maturity.

定息債券的價格會隨著市場利率升降而變動,債券價格的走勢與市場息率背道而馳,此升彼跌;一般而言, 市場息口變動對愈遲到期的債券價格影響愈大。

定息债券的价格会随着市场利率升降而变动,债券价格的走势与市场息率背道而驰,此升彼跌;一般而言, 市场息口变动对愈迟到期的债券价格影响愈大。

(c) Liquidity risk 流通量風險 流通量风险

Liquidity of some bonds in the secondary market may be low. Investors may find it hard to buy or sell such bonds and need to hold them to maturity.

某些債券可能在二手交易市場欠缺流通性,投資者可能較難買入投資或賣出套現,而需持有債券至到期日。

某些债券可能在二手交易市场欠缺流通性,投资者可能较难买入投资或卖出套现,而需持有债券至到期日。

(d) Foreign exchange risk 外匯風險 外汇风险

Liquidity of some bonds in the secondary market may be low. Investors may find it hard to buy or sell such bonds and need to hold them to maturity.

某些債券可能在二手交易市場欠缺流通性,投資者可能較難買入投資或賣出套現,而需持有債券至到期日。

某些债券可能在二手交易市场欠缺流通性,投资者可能较难买入投资或卖出套现,而需持有债券至到期日。

(e) Equity risk 股票風險 股票风险

If the bond is converted into shares of the issuing corporation, equity risk associated with the stock will exist.

如債券被轉換為發債公司的股份,債券持有人將面對有關正股所帶來的股票風險。

如债券被转换为发债公司的股份,债券持有人将面对有关正股所带来的股票风险。

9.6 Other Market Conditions And Risks 其他市場因素和其他風險 其他市场因素和其他风险

As with all investments, returns on derivatives products are influenced by external factors such as inflation and political changes. Uncollateralized derivative products are not assets backed. In the event of issuer bankruptcy, investors can lose their entire investment. Investors should read the listing documents to determine if a product is uncollateralized.

與其它投資一樣,衍生產品的投資回報會受到外來因素如通脹及政治變動等因素影響。非抵押衍生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,投資者須細閱上市文件。

与其它投资一样,衍生产品的投资回报会受到外来因素如通胀及政治变动等因素影响。非抵押衍生产品并没有资产担保。倘若发行商破产,投资者可以损失其全数投 资。要确定产品是否非抵押,投资者须细阅上市文件。

10、Risks Of Trading Listed Renminbi-Denominated Securities 人民幣產品風險 人民币产品风险

10.1 Currency Risk 匯率風險 汇率风险

In general, a non-Mainland (including Hong Kong) investor who holds a local currency other than renminbi will be exposed to currency risk if he/she invests in a renminbi product. It is because renminbi is a restricted currency and subject to exchange controls, you may have to convert the local currency into renminbi when you invest in a renminbi product. When you redeem/sell your investment, you may also need to convert the renminbi received upon redemption/sale of your investment product into the local currency (even if redemption/sale proceeds are paid in renminbi). During these processes, you will incur currency conversion costs (e.g. as a result of the fluctuations in the exchange rates between the relevant currencies) and you will also be exposed to currency risk. In other words, even if the price of the renminbi product remains the same when you purchase it and when you redeem/sell it, you will still incur a loss when you convert the redemption/sale proceeds into local currency if renminbi has depreciated. Like any currency, the exchange rate of renminbi may rise or fall. Further, the renminbi is subject to conversion restrictions and foreign exchange control mechanism.

一般來說,非內地(包括香港)的投資者若以人民幣以外的本地貨幣投資人民幣產品,便需承受匯率風險。因為人民幣是受到外匯管制的貨幣,當你打算投資於人民幣產品時,便可能要將你的本地貨幣轉換為人民幣。而當你贖回或售出你的投資時,你或需要將人民幣轉換回本地貨幣(即使贖回或出售投資的收益是以人民幣繳付)。在這過程中,你會牽涉轉換貨幣的成本,亦要承受匯率風險。換言之,就算你買賣該人民幣產品的價格不變,於轉換貨幣的過程中,如果人民幣貶值,你亦會有所損失。正如所有貨幣一樣,人民幣的匯率可升可跌,而人民幣更是受到轉換限制及外匯管制的貨幣。

一般来说,非内地(包括香港)的投资者若以人民币以外的本地货币投资人民币产品,便需承受汇率风险。因为人民币是受到外汇管制的货币,当你打算投资于人民币产品时,便可能要将你的本地货币转换为人民币。而当你赎回或售出你的投资时,你或需要将人民币转换回本地货币(即使赎回或出售投资的收益是以人民币缴付)。在这过程中,你会牵涉转换货币的成本,亦要承受汇率风险。换言之,就算你买卖该人民币产品的价格不变,于转换货币的过程中,如果人民币贬值,你亦会有所损失。正如所有货币一样,人民币的汇率可升可跌,而人民币更是受到转换限制及外汇管制的货币。

10.2 Liquidity risk 流通風險 流通风险

Renminbi products are also subject to liquidity risk as renminbi products are a new type of product and there may not be regular trading or an active secondary market. Therefore, you may not be able to sell your investment in the product on a timely basis, or you may have to sell the product at a deep discount to its value. In addition, investors shall also find out whether the renminbi product is subject to any lock-up period or heavy penalty or charges for early surrender or termination of the product.

於人民幣產品是一項新產品,因此可能沒有一般的交易活動或活躍的二手市場。因此,你或不能即時出售有關產品,又或可能要以極低價出售。

于人民币产品是一项新产品,因此可能没有一般的交易活动或活跃的二手市场。因此,你或不能即时出售有关产品,又或可能要以极低价出售。

10.3 Issuer / counterparty risk發行人/交易對手風險 发行人/交易对手风险

Renminbi products are subject to the credit and insolvency risks of their issuers. You should consider the creditworthiness of the issuers carefully before investing. Furthermore, as a renminbi product may invest in derivative instruments, counterparty risk may also arise as the default by the derivative issuers may adversely affect the performance of the renminbi products and result in substantial losses.

人民幣產品須面對發行人的信貸風險及無力償債風險。你應該仔細考慮發行人的信用程度,再作出投資決定。由於人民幣產品亦可能投資於衍生工具,你亦須承受衍生工具發行人違約的風險。這些風險可能對產品的回報有負面影響,更可能構成重大損失。

人民币产品须面对发行人的信贷风险及无力偿债风险。你应该仔细考虑发行人的信用程度,再作出投资决定。由于人民币产品亦可能投资于衍生工具,你亦须承受衍生工具发行人违约的风险。这些风险可能对产品的回报有负面影响,更可能构成重大损失。

10.4 Investment / Market risk 投資風險/市場風險 投资风险/市场风险

Like any investments, renminbi products are subject to investment risk and may not be principal protected i.e. the assets that the products invest in or referenced to may fall as well as rise, resulting in gains or losses to the product.

Depending on the nature of the renminbi product and its investment objective, there may be other risk factors specific to the product which you should consider. Before making an investment decision, always read the risk factors as set out in the offering documents and seek professional advice where necessary.

跟所有投資一樣,人民幣產品須面對投資風險,並且可能不保本。即產品內的投資或相關資產的價格可升可跌,而導致產品可能賺取收益或招致損失。

視乎該人民幣產品的性質及投資目標,你可能須承受其他風險。作出投資決定前,記得要細讀銷售文件內的風險因素,如有需要,應尋求專業意見。

跟所有投资一样,人民币产品须面对投资风险,并且可能不保本。即产品内的投资或相关资产的价格可升可跌,而导致产品可能赚取收益或招致损失。

视乎该人民币产品的性质及投资目标,你可能须承受其他风险。作出投资决定前,记得要细读销售文件内的风险因素,如有需要,应寻求专业意见。

11、Generic Risks Associated With OTC Derivative Transactions 與場外衍生工具交易有關的一般風險 与场外衍生工具交易有关的一般风险

OTC derivative transactions, like other financial transactions, involve a variety of significant risks. The specific risks presented by a particular OTC derivative transaction necessarily depend upon the terms of the transaction and your circumstances. In general, however, all OTC derivative transactions involve some combination of market risk, credit risk, funding risk and operational risk.

正如其他金融交易一樣,場外衍生工具交易涉及一系列重大風險。與特定場外衍生工具交易相關的具體風險必然取決於交易條件及閣下所處情況。不過整體而言,所有的場外衍生工具交易都或多或少涉及市場風險、信貸風險、融資風險以及操作風險。

正如其他金融交易一样,场外衍生工具交易涉及一系列重大风险。与特定场外衍生工具交易相关的具体风险必然取决于交易条件及阁下所处情况。不过整体而言,所有的场外衍生工具交易都或多或少涉及市场风险、信贷风险、融资风险以及操作风险。

11.1

Market risk is the risk that the value of a transaction will be adversely affected by fluctuations in the level or volatility of or correlation or relationship between one or more market prices, rates or indices or other market factors or by illiquidity in the market for the relevant transaction or a related market.

市場風險是指由於一個或多個市場價格、利率或指數或者其他市場因素之波動或其等間的關聯性關係,或者由於相關交易市場或關聯市場流通性不足,從而導致相關交易價值受到不利影響的風險。

市场风险是指由于一个或多个市场价格、利率或指数或者其他市场因素之波动或其等间的关联性关系,或者由于相关交易市场或关联市场流通性不足,从而导致相关交易价值受到不利影响的风险。

11.2

Credit risk is the risk that a counterparty will fail to perform its obligations to you when due.

信貸風險是指相關交易對手無法按時向閣下履行責任的風險。

信贷风险是指相关交易对手无法按时向阁下履行责任的风险。

11.3

Funding risk is the risk that, as a result of mismatches or delays in the timing of cash flows due from or to your counterparties in OTC derivative transactions or related hedging, trading, collateral or other transactions, you or your counterparty will not have adequate cash available to fund current obligations.

融資風險是指在場外衍生工具交易或相關對沖、貿易、抵押或者其他交易當中,由於閣下的交易對手的資金流動時機出現錯配或延誤,從而導致閣下或者閣下的交易對手沒有足夠的現金履行責任的風險。

融资风险是指在场外衍生工具交易或相关对冲、贸易、抵押或者其他交易当中,由于阁下的交易对手的资金流动时机出现错配或延误,从而导致阁下或者阁下的交易对手没有足够的现金履行责任的风险。

11.4

Operational risk is the risk of loss to you arising from inadequacies in or failures of your internal systems and controls for monitoring and quantifying the risks and contractual obligations associated with OTC derivative transactions, for recording and valuing OTC derivative and related transactions, or for detecting the human error, systems failure or management failure.

操作風險是指由於閣下用作監控及量度與場外衍生工具交易相關風險及合約責任、用作記錄及評估場外衍生工具及相關交易,或者用作監察人為錯誤、系統故障或管理不善的內部系統及控制措施存在缺陷或者出現故障,從而導致閣下蒙受損失的風險。

操作风险是指由于阁下用作监控及量度与场外衍生工具交易相关风险及合约责任、用作记录及评估场外衍生工具及相关交易,或者用作监察人为错误、系统故障或管理不善的内部系统及控制措施存在缺陷或者出现故障,从而导致阁下蒙受损失的风险。

There may be other significant risks that you should consider based on the terms of a specific transaction. Highly customized OTC derivative transactions, in particular, may increase liquidity risk and introduce other significant risk factors of a complex character. Highly leveraged transactions may experience substantial gains or losses in value as a result of relatively small changes in the value or level of an underlying or related market factor.

因應相關交易條款,閣下可能仍需考慮其他重大風險。其中,高度地按客戶意思而訂立的場外衍生工具交易可能會增加流通風險並帶來其他較為複雜的重大風險因素。就高槓效應交易而言,其指定或相關市場因素若有輕微波幅,則可能會導致相關高槓桿效應之交易出現重大的價值損益。

因应相关交易条款,阁下可能仍需考虑其他重大风险。其中,高度地按客户意思而订立的场外衍生工具交易可能会增加流通风险并带来其他较为复杂的重大风险因素。就高杠效应交易而言,其指定或相关市场因素若有轻微波幅,则可能会导致相关高杠杆效应之交易出现重大的价值损益。

Because the price and other terms on which you may enter into or terminate an OTC derivative transaction are individually negotiated, these may not represent the best price or terms available to you from other sources.

由於閣下訂立或終止場外衍生工具交易的價格及其他條件是個別議定,其等可能不是閣下可於其他途徑可獲得之最佳價格或條件。

由于阁下订立或终止场外衍生工具交易的价格及其他条件是个别议定,其等可能不是阁下可于其他途径可获得之最佳价格或条件。

In evaluating the risks and contractual obligations associated with a particular OTC derivative transaction, you should also consider that an OTC derivative transaction may be modified or terminated only by mutual consent of the original parties and subject to agreement on individually negotiated terms. Accordingly, it may not be possible for you to modify, terminate or offset your obligations or your exposure to the risks associated with a transaction prior to its scheduled termination date.

在評估個別場外衍生工具交易有關的風險及其合約責任時,閣下亦須考慮到,該場外衍生工具交易可能須得到原先合約雙方一致同意之後方可能修訂或終止,同時該場外衍生工具交易亦必須受到相關合約條款之約束。因此,閣下在預定終止日期之前可能無法修改、終止或抵消閣下就相關交易所承擔之責任或者所面對之風險。

在评估个别场外衍生工具交易有关的风险及其合约责任时,阁下亦须考虑到,该场外衍生工具交易可能须得到原先合约双方一致同意之后方可能修订或终止,同时该场外衍生工具交易亦必须受到相关合约条款之约束。因此,阁下在预定终止日期之前可能无法修改、终止或抵消阁下就相关交易所承担之责任或者所面对之风险。

Similarly, while market makers and dealers generally quote prices or terms for entering into or terminating OTC derivative transactions and provide indicative or mid-market quotations with respect to outstanding OTC derivative transactions, they are generally not contractually obligated to do so. In addition, it may not be possible to obtain indicative or mid-market quotations for an OTC derivative transaction from a market maker or dealer that is not a counterparty to the transaction. Consequently, it may also be difficult for you to establish an independent value for an outstanding OTC derivative transaction. You should not regard your counterparty’s provision of valuation or indicative price at your request as an offer to enter into or terminate the relevant transaction at that value or price, unless the value or price is identified by the counterparty as firm or binding.

同樣地,雖然市場作價者及交易商一般會提供訂立或終止場外衍生工具的價格或條 件,以及會就未完成的場外衍生工具交易提供指示性或中期市場報價,但一般來說,他們並沒有合約性責任約束其等必須提供上述價格、條件或報價。此外,如果某一市場作價者或交易商並非相關交易對手,就可能無法向其取得場外衍生工具交易的指示性或中期市場報價。因此,閣下可能難以確立未完成場外衍生工具交易的獨立價值。閣下不應將交易對手因應閣下要求而提供的估價或指示性價格視為以該價格訂立或相關交易之要約,除非有關價值或價格經已由交易對手確認並承認其具有約束力。

同样地,虽然市场作价者及交易商一般会提供订立或终止场外衍生工具的价格或条 件,以及会就未完成的场外衍生工具交易提供指示性或中期市场报价,但一般来说,他们并没有合约性责任约束其等必须提供上述价格、条件或报价。此外,如果某一市场作价者或交易商并非相关交易对手,就可能无法向其取得场外衍生工具交易的指示性或中期市场报价。因此,阁下可能难以确立未完成场外衍生工具交易的独立价值。阁下不应将交易对手因应阁下要求而提供的估价或指示性价格视为以该价格订立或相关交易之要约,除非有关价值或价格经已由交易对手确认并承认其具有约束力。

The above does not purport to disclose all of the risks and other material considerations associated with over-the-counter (“OTC”) derivative transactions. You should not construe this generic disclosure statement as business, legal, tax or accounting advice or as modifying the applicable law. You should consult your own business, legal, tax and accounting advisers with respect to proposed OTC derivative transactions and you should refrain from entering into any OTC derivative transaction unless you have fully understood the terms and risks of the transaction, including the extent of your potential risk of loss.

以上所述並非旨在披露與場外衍生工具交易有關的所有風險及其他考慮因素。閣下不應將此一般披露聲明視為商業、法律、稅務或會計建議或者視為對相關法例之修訂。閣下應當就擬定進行的場外衍生工具交易自行咨詢閣下的商業、法律、稅務或會計顧問之意見;除非閣下經已完全明白相關交易的條件及風險,包括閣下可能蒙受損失之風險水平,否則閣下不應參與任何場外衍生工具交易。

以上所述并非旨在披露与场外衍生工具交易有关的所有风险及其他考虑因素。阁下不应将此一般披露声明视为商业、法律、税务或会计建议或者视为对相关法例之修订。阁下应当就拟定进行的场外衍生工具交易自行咨询阁下的商业、法律、税务或会计顾问之意见;除非阁下经已完全明白相关交易的条件及风险,包括阁下可能蒙受损失之风险水平,否则阁下不应参与任何场外衍生工具交易。

12、Overseas Market Risk 在其他司法管轄區的市場進行交易的風險 在其他司法管辖区的市场进行交易的风险

Transactions on the market in other jurisdictions may expose you to additional risk. Such overseas markets may be subject to regulation which may offer different or diminished investor protection. Before you trade, you should inquire about any rules relevant to your particular transactions. The Client understands that his local regulatory authority will be unable to compel the enforcement of the rules or regulatory authorities or markets in other jurisdictions where the Client’s transactions have been affected.

在其他司法管轄區的市場進行交易,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,客戶應先行查明有關客戶將進行的該項交易的所有規則。客戶明白,客戶本身所在地的監管機構,將不能迫使客戶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執行有關的規則。

在其他司法管辖区的市场进行交易,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客户将进行的该项交易的所有规则。客户明白,客户本身所在地的监管机构,将不能迫使客户已执行的交易所在地的所属司法管辖区的监管机构或市场执行有关的规则。

13、Internet Risk 互聯網的風險 互联网的风险

Since Towering Securities Limited does not control signal power, its reception or routing via the internet, the configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading online (via internet). Thus, you agree to accept that such prices as Towering Securities Limited may offer from time to time are the best prices than available.

由於高格證券有限公司無法控制互聯網的訊號、接收或線路,以及你的設備配置或連接的可靠性,因此不會對因透過互聯網進行的網上交易中出現的通訊故障、失實或延誤負責。因此你同意接受高格證券有限公司不時向其提供的價格是當時最好的價格。

由于高格证券有限公司无法控制互联网的讯号、接收或线路,以及你的设备配置或连接的可靠性,因此不会对因透过互联网进行的网上交易中出现的通讯故障、失实或延误负责。因此你同意接受高格证券有限公司不时向其提供的价格是当时最好的价格。

You acknowledge 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 of failure. You acknowledge that 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 particular firms, such limits may vary.

客戶確認,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。客戶確認,客戶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。

客户确认,电子交易的设施是以电脑组成系统来进行交易指示传递、执行、配对、登记或交易结算。然而,所有设施及系统均有可能会暂时中断或失灵。客户确认,客户就此所能获得的赔偿或会受制于系统供应商、市场、结算公司及/或参与者商号就其所承担的责任所施加的限制。

You understand that trading on an electronic trading system may differ from trading on other trading systems. You acknowledge that if you undertake transactions on an electronic 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.

客戶明白,透過某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。客戶確認,如果客戶透過個電子交易系統進行買賣,便須承受該系統帶來的風險,包括有關系統硬件或軟件可能會失靈的風險。系統失靈可能會導致客戶的交易指示不能根據指示執行,甚或完全不獲執行。

客户明白,透过某个电子交易系统进行买卖,可能会与透过其他电子交易系统进行买卖有所不同。客户确认,如果客户透过个电子交易系统进行买卖,便须承受该系统带来的风险,包括有关系统硬件或软件可能会失灵的风险。系统失灵可能会导致客户的交易指示不能根据指示执行,甚或完全不获执行。

14、E-Statement Risk Disclosure Statement 電子日結單風險披露 电子日结单风险披露

You understand that electronic transmission may be subject to interruption, transmission blackout, delayed transmission due to Internet traffic or incorrect data transmission due to the public nature of the Internet. Due to unpredictable traffic congestion and other reasons, electronic transmission may not be a reliable medium of communication and that such unreliability is beyond the control of Towering Securities Limited. You understand that Towering Securities Limited have been used its best endeavors to protect clients benefit, but the communications and personal data of clients also may be accessed by unauthorised third parties from the electronic transmission.

客戶明白由於網絡擁擠,電子傳送可能受阻、中斷、耽誤;又因互聯網可供大眾使 用,可能會有數據誤傳;無法預期的網絡擁擠和其他原因,電子傳送可能並非可靠的通訊媒體,而此又非高格證券有限公司所控制。客戶明白高格證券有限公司已盡力保障客戶利益,但電子傳送仍有機會導致第三者可能擅自取閱客戶通信及個人資料。

客户明白由于网络拥挤,电子传送可能受阻、中断、耽误;又因互联网可供大众使 用,可能会有数据误传;无法预期的网络拥挤和其他原因,电子传送可能并非可靠的通讯媒体,而此又非高格证券有限公司所控制。客户明白高格证券有限公司已尽力保障客户利益,但电子传送仍有机会导致第三者可能擅自取阅客户通信及个人资料。

15、Risks Of Undertaking OTC Transactions 進行場外交易的風險 进行场外交易的风险

You should only undertake OTC Transactions (including but without limitation transactions in relation to pre-IPO securities) if you understand the nature of such trading and such trading facilities and the extent of your exposure to risks. By trading through us with our counterparty (i.e. other authorised financial institutions), you are exposed to the credit, settlement and other risks of such counterparty to the relevant OTC Transactions. Settlement of the relevant transactions is not guaranteed and you will be responsible for any losses or expenses resulting from your and/or the counterparty’s settlement failures.

你必須了解場外交易(包括但不限於有關證券在交易所上市前的交易)的性質、交易設施及你可承擔的風險程度,才可進行場外交易。你透過本公司跟交易對手(即其它認可金融機構)進行交易須承擔相關場外交易的信貸、結算及該交易對手的其它風 險。本公司並不保證相關證券結算的完成,你須承擔你及/或交易對手因無法結算所招致的任何虧損或開支。

你必须了解场外交易(包括但不限于有关证券在交易所上市前的交易)的性质、交易设施及你可承担的风险程度,才可进行场外交易。你透过本公司跟交易对手(即其它认可金融机构)进行交易须承担相关场外交易的信贷、结算及该交易对手的其它风 险。本公司并不保证相关证券结算的完成,你须承担你及/或交易对手因无法结算所招致的任何亏损或开支。

The transactions in pre-IPO shares executed / trade executed on our counterparty’s trading facilities will be canceled and void if the relevant security subsequently fails to list on the Exchange. Towering Securities Limited is acting as agent for the Client and does not guarantee the settlement of such OTC transactions (including but without limitation transactions in relation to pre-IPO Securities, which trades are done through other authorised financial institutions). Towering Securities Limited is bound by the terms and conditions from time to time agreed with such authorised financial institution when executing trades for the Client through such authorised financial institution and no prior notification will be given if there is any change in the terms agreed with such authorised financial institution.

如相關證券其後無法在交易所上市,有關證券在交易所上市前的交易/在本公司的交易對手的交易設施上執行的交易可能會取消或成為無效。高格證券有限公司作為客戶的中介人,並不保證該場外交易的結算(包括但不限於由其它認可金融機構所執行的有關證券在交易所上市前的交易)。高格證券有限公司透過授權經紀為客戶執行交易時乃受制於與該授權經紀不時同意的條款及條件所約束。如相關條款上有任何變更,恕不會作事先通知。

如相关证券其后无法在交易所上市,有关证券在交易所上市前的交易/在本公司的交易对手的交易设施上执行的交易可能会取消或成为无效。高格证券有限公司作为客户的中介人,并不保证该场外交易的结算(包括但不限于由其它认可金融机构所执行的有关证券在交易所上市前的交易)。高格证券有限公司透过授权经纪为客户执行交易时乃受制于与该授权经纪不时同意的条款及条件所约束。如相关条款上有任何变更,恕不会作事先通知。

Furthermore, your order may only be partially executed, or not all, as a result of the lower liquidity in trading through our counterparty as compared to regular market hours of the Exchange. There may also be greater volatility in trading through our counterparty than in regular market hours of the Exchange. The lower liquidity and higher volatility in trading through our counterparty may then result in wider than normal spreads for a particular type of securities.

此外,由於透過本公司的交易對手所進行的交易流動性相對於交易所正規市場時間所進行的交易為低,你的指示可能只有部分執行或全部未能執行。此外,透過本公司的交易對手所進行的交易波幅亦可能較交易所正規市場時間為高。透過本公司的交易對手的交易的流動性較低及波幅較高,可能導致個別證券種類的買賣差價較正常闊。

此外,由于透过本公司的交易对手所进行的交易流动性相对于交易所正规市场时间所进行的交易为低,你的指示可能只有部分执行或全部未能执行。此外,透过本公司的交易对手所进行的交易波幅亦可能较交易所正规市场时间为高。透过本公司的交易对手的交易的流动性较低及波幅较高,可能导致个别证券种类的买卖差价较正常阔。

The prices of securities traded through our counterparty may differ significantly from their opening or traded prices transacted during the regular market hours upon the listing of the securities on the Exchange. The prices by which the counterparty displayed may not reflect the prices in other concurrently operating automated trading systems dealing in the same securities. News announcements made by the issuers may affect the price of their securities after regular market hours. Similarly, important financial information is often announced outside regular market hours. In trading through our counterparty’s facilities, these announcements may occur during trading and may cause an exaggerated and unsustainable effect on the price of a particular type of securities.

透過本公司的交易對手交易的證券價格,亦可能與該證券在交易所上市後於正規市場時間交易的開市或交易價格出現重大差距。本公司的交易對手顯示的證券價格可能無法反映相同證券於其它同時運作的自動化交易系統交易的價格。發行人發表的新聞公告可能會影響證券在正規市場時間後的價格。同樣地,重要財務資料通常會在正規市場時間以外發表。此等公告可能會在本公司的交易對手於交易設施進行交易期間發放,並會導致個別種類的證券的價格被誇大及產生不能持續的影響。

透过本公司的交易对手交易的证券价格,亦可能与该证券在交易所上市后于正规市场时间交易的开市或交易价格出现重大差距。本公司的交易对手显示的证券价格可能无法反映相同证券于其它同时运作的自动化交易系统交易的价格。发行人发表的新闻公告可能会影响证券在正规市场时间后的价格。同样地,重要财务资料通常会在正规市场时间以外发表。此等公告可能会在本公司的交易对手于交易设施进行交易期间发放,并会导致个别种类的证券的价格被夸大及产生不能持续的影响。

16、Risks Of Algorithmic Trading 程式交易的風險 程式交易的风险

There are various order types on the trading platform that may use computerized algorithms. These order types allow you to input various conditions as part of your order placed with Towering Securities Limited. Towering Securities Limited's computerized routing systems will attempt to place such orders into the market in accordance with the conditions set. Algorithmic order types range from standard limit orders to more complex strategies.

交易平台上的各類訂單有可能正使用電腦化程式。這些訂單類型允許閣下輸入各種條件,以向高格證券有限公司下訂單。高格證券有限公司的電腦化路由系統將根據設定的條件嘗試將此類訂單投放到市場。程式訂單類型範圍可從標準限價單至更複雜的策略。

交易平台上的各类订单有可能正使用电脑化程式。这些订单类型允许阁下输入各种条件,以向高格证券有限公司下订单。高格证券有限公司的电脑化路由系统将根据设定的条件尝试将此类订单投放到市场。程式订单类型范围可从标准限价单至更复杂的策略。

There are special characteristics and risks associated with algorithmic trading. You should understand these risks and determine whether Algorithmic Trading is appropriate in light of your objectives and experience. Some risks associated with algorithmic trading are as follows:

程式交易具有特殊的特點和風險。閣下須了解這些風險,並根據閣下的目標和經驗確定程式交易是否合適。與程式交易的相關風險如下:

程式交易具有特殊的特点和风险。阁下须了解这些风险,并根据阁下的目标和经验确定程式交易是否合适。与程式交易的相关风险如下:

16.1

Technical Errors: Algorithmic trading can be affected when Towering Securities Limited's systems or exchanges' systems are experiencing technical difficulties. Risks include possible delays or failures in (i) availability of your connection to our services and of our services to the relevant exchange, including any authentication protocols and internet connectivity issues; (ii) the operation of databases and internal transfers of data; (iii) the provision of data feeds (accuracy of data and stability of data connections); (iv) possible hardware failures; (v) usage loads, bandwidth limitations, and other bottlenecks inherent in computerized and networked architectures; (vi) issues, disputes, or failures of third party vendors and other dependencies; and (vii) other general risks inherent in computer-based operations. Any of these could lead to delays or failures in order execution, incorrect order execution or other problems.

技術錯誤:當高格證券有限公司的系統或交易所的系統遇到技術困難時,程式交易可能受到影響。風險包括導致以下之延遲或失敗(i)閣下與本公司的服務以及本公司向相關交易所提供的服務的可用性,包括任何身份驗證協議和互聯網連接問題;(ⅱ)數據庫和數據的內部傳輸的操作;(iii)提供數據饋送(數據的準確性和數據連接的穩定性);(iv)硬件故障;(v)使用負載,頻寬限制,以及電腦化和網絡化架構中固有的其他樽頸;(vi)第三方供應商和其他依賴者的問題,爭議或失利; 和(ⅶ)電腦操作的固有風險。任何這些情況都可能導致訂單執行延誤或失敗,訂單執行不正確或其他問題的。

技术错误:当高格证券有限公司的系统或交易所的系统遇到技术困难时,程式交易可能受到影响。风险包括导致以下之延迟或失败(i)阁下与本公司的服务以及本公司向相关交易所提供的服务的可用性,包括任何身份验证协议和互联网连接问题;(ⅱ)数据库和数据的内部传输的操作;(iii)提供数据馈送(数据的准确性和数据连接的稳定性);(iv)硬件故障;(v)使用负载,频宽限制,以及电脑化和网络化架构中固有的其他樽颈;(vi)第三方供应商和其他依赖者的问题,争议或失利; 和(ⅶ)电脑操作的固有风险。任何这些情况都可能导致订单执行延误或失败,订单执行不正确或其他问题的。

16.2

Software or Design Flaws: All software is subject to inadvertent programming errors and bugs embedded in the code comprising that software. Algorithmic order types may contain logical errors in the code to implement them. Errors may exist in the data used for testing the algorithm or the applicable model of the market. Despite testing and monitoring, inadvertent errors and bugs may still cause algorithmic order types to fail or behave incorrectly.

軟件或設計缺陷:所有軟件都會因無意的編寫錯誤和嵌入錯誤代碼所影響。程式訂單類型可能在代碼中包含邏輯錯誤。數據用於測試的程式或市場模型可能存在錯誤。儘管進行了測試和監控,但無意的錯誤和錯誤代碼仍可能導致程式訂單失敗或操作有誤。

软件或设计缺陷:所有软件都会因无意的编写错误和嵌入错误代码所影响。程式订单类型可能在代码中包含逻辑错误。数据用于测试的程式或市场模型可能存在错误。尽管进行了测试和监控,但无意的错误和错误代码仍可能导致程式订单失败或操作有误。

16.3

Market Impact and Events: Market conditions will impact the execution of algorithmic orders. Possible adverse market conditions include lack of liquidity, price swings, late market openings, early market closings, market chaos, and mid-day trading pauses, and other such disruptive events. The execution of an algorithm can itself have an impact on the market, including causing lack of liquidity or abrupt and unwarranted price swings.

市場衝擊及事件:市場狀況會影響程式指令的執行。可能出現不利市場的狀況包括缺乏流動性,價格波動,市場延遲開放,市場提早關閉,市場混亂以及中午時段交易暫停以及其他類似的破壞性事件。程式的執行本身可能會對市場產生影響,包括導致缺乏流動性或突然和無理的價格波動。

市场冲击及事件:市场状况会影响程式指令的执行。可能出现不利市场的状况包括缺乏流动性,价格波动,市场延迟开放,市场提早关闭,市场混乱以及中午时段交易暂停以及其他类似的破坏性事件。程式的执行本身可能会对市场产生影响,包括导致缺乏流动性或突然和无理的价格波动。

16.4

Losses: Losses can happen more quickly with electronic and algorithmic trading compared to other forms of trading. Any or all of the above risk factors could cause more significant trading losses when using algorithmic trading compared to other forms of trading.

損失:與其他形式的交易相比,電子和程式交易可能會更快地發生損失。使用程式交易時,上述任何或全部風險因素都可能導致更大的交易損失。

损失:与其他形式的交易相比,电子和程式交易可能会更快地发生损失。使用程式交易时,上述任何或全部风险因素都可能导致更大的交易损失。

17、Risks Of After-Hours Trading 盤後交易的風險 盘后交易的风险

There are special characteristics and unique risks associated with trading in securities at times that are outside the ordinary trading hours for the exchange(s) upon which such securities are traded ("After-Hours Trading" or “Extended Hours Trading”). You must familiarize themselves with these risks and determine whether After-Hours Trading is appropriate in light of their objectives and experience. You are responsible for familiarizing themselves with the hours of the relevant markets upon which they trade and for determining when to place orders for particular securities, how they wish to direct those orders, and what types of orders to use. Towering Securities Limited offer of After-Hours Trading does not constitute a recommendation or conclusion that After-Hours Trading will be successful or appropriate for all customers or trades.

在交易所正常交易時間之外所進行的證券交易,將涉及某些獨特的風險(“盤後交易"或“延長交易時段")。閣下必須熟悉這些風險,並根據自己的目標和經驗以決定盤後交易是否合適。閣下有責任熟悉相關市場的交易時間,以及確定何時為特定證券下達合適的訂單指示。高格證券有限公司提供的盤後交易,並不構成對所有客戶或交易作出任何建議或結論。

在交易所正常交易时间之外所进行的证券交易,将涉及某些独特的风险(“盘后交易"或“延长交易时段")。阁下必须熟悉这些风险,并根据自己的目标和经验以决定盘后交易是否合适。阁下有责任熟悉相关市场的交易时间,以及确定何时为特定证券下达合适的订单指示。高格证券有限公司提供的盘后交易,并不构成对所有客户或交易作出任何建议或结论。

Some risks associated with After-Hours Trading are as follows:

與盤後交易的相關風險如下:

与盘后交易的相关风险如下:

17.1

Risk of Lower Liquidity: Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with the greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended-hours trading as compared to regular market hours. As a result, your order may only be partially executed, or not at all.

低流動性風險:流動性指的是市場參與者買賣證券的能力。總體來說,市場上訂單越多,流動性就越高。高流動性容易使投資人買進或賣出證券;從而,投資人更可能支付或得到比較有競爭力的價格。延長交易時段的流動性可能比正常交易時段低。因此,閣下的訂單可能只有部分執行或根本不能執行。

低流动性风险:流动性指的是市场参与者买卖证券的能力。总体来说,市场上订单越多,流动性就越高。高流动性容易使投资人买进或卖出证券;从而,投资人更可能支付或得到比较有竞争力的价格。延长交易时段的流动性可能比正常交易时段低。因此,阁下的订单可能只有部分执行或根本不能执行。

17.2

Risk of Higher Volatility: Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular market hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price in extended hours trading than you would during regular markets hours.

高波動性風險:波動性是指證券在交易時的價格波動範圍。總體來說,波動性越高,價格的變化就越大。延長交易時段的波動性可能比正常交易時間高。因此,您的訂單可能只有部分執行或根本不能執行,或閣下在延長交易時段得到的價格可能沒有正常交易時段的優越。

高波动性风险:波动性是指证券在交易时的价格波动范围。总体来说,波动性越高,价格的变化就越大。延长交易时段的波动性可能比正常交易时间高。因此,您的订单可能只有部分执行或根本不能执行,或阁下在延长交易时段得到的价格可能没有正常交易时段的优越。

17.3

Risk of Changing Prices: The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular market hours or upon the opening of the next morning. As a result, you may receive an inferior price in extended hours trading than you would during regular market hours.

價格變化風險:在延長交易時段交易的證券價格也許並不反映正常交易時段在當天結束或第二天一早開盤的價格。因此,閣下在延長交易時段得到的價格可能沒有正常市場期間的優越。

价格变化风险:在延长交易时段交易的证券价格也许并不反映正常交易时段在当天结束或第二天一早开盘的价格。因此,阁下在延长交易时段得到的价格可能没有正常市场期间的优越。

17.4

Risk of Unlinked Markets: Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. Accordingly, you may receive an inferior price in one extended hour trading system than you would in another extended hour trading system.

市場斷連風險:基於延長時段交易系統或當天的時間,在某特定延長時段交易系統顯示的同一股票價格並不與其它延長時段交易系統同時顯示的價格相吻合。從而閣下在某個延長時段交易系統得到的價格可能沒有另一個延長時段交易系統的價格優越。

市场断连风险:基于延长时段交易系统或当天的时间,在某特定延长时段交易系统显示的同一股票价格并不与其它延长时段交易系统同时显示的价格相吻合。从而阁下在某个延长时段交易系统得到的价格可能没有另一个延长时段交易系统的价格优越。

17.5

Risk of News Announcements: Normally, issuers make news announcements that may affect the price of their securities after regular market hours. Similarly, important financial information is frequently announced outside of regular market hours. In extended hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.

新聞發佈風險:發行商在延長交易時段發佈的新聞通常會影響其證券價格。同樣,重要的金融訊息通常是在正常交易時段以外發佈的。在延長交易時段,這些新聞可能在交易期間發佈,如果同時加上有較低的流動性及高度波動性,則會影響並造成證券價格誇大及無法支撐。

新闻发布风险:发行商在延长交易时段发布的新闻通常会影响其证券价格。同样,重要的金融讯息通常是在正常交易时段以外发布的。在延长交易时段,这些新闻可能在交易期间发布,如果同时加上有较低的流动性及高度波动性,则会影响并造成证券价格夸大及无法支撑。

17.6

Risk of Wider Spreads: The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.

大價差風險:價差是指一支證券買價和賣價之間的差額。延長交易時段的低流動性及高波動性會造成某一證券的買賣價差大於正常價差。

大价差风险:价差是指一支证券买价和卖价之间的差额。延长交易时段的低流动性及高波动性会造成某一证券的买卖价差大于正常价差。

17.7

Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value ("IIV"): For certain Derivative Securities Products, an updated underlying index value or IIV may not be calculated or publicly disseminated in extended trading hours. Since the underlying index value and IIV are not calculated or widely disseminated during the pre-market and post-market sessions, an investor who is unable to calculate implied values for certain Derivative Securities Products in those sessions may be at a disadvantage to market professionals. Additionally, securities underlying the indexes or portfolios will not be regularly trading as they are during Regular Trading Hours, or may not be trading at all. This may cause prices during Extended Trading Hours do not reflect the prices of those securities when they open for trading.

缺乏底層指數價值或日間指示值(簡稱“IIV”)計算或傳播的風險:在延長交易時段,對於某些衍生證券產品,可能沒有計算或者傳播底層指數價值或者IIV 的更新訊息。由於底層指數價值和IIV 在正常交易時段以外沒有被計算或者普遍傳播,那些無法在這些時段計算某些衍生證券產品的隱含價值的投資人與市場專業人士相比處於不利的地位。

缺乏底层指数价值或日间指示值(简称“IIV”)计算或传播的风险:在延长交易时段,对于某些衍生证券产品,可能没有计算或者传播底层指数价值或者IIV 的更新讯息。由于底层指数价值和IIV 在正常交易时段以外没有被计算或者普遍传播,那些无法在这些时段计算某些衍生证券产品的隐含价值的投资人与市场专业人士相比处于不利的地位。

17.8

Index Values: The Exchange will not report a value of an index underlying an index option trading during Extended Trading Hours because the value of the underlying index will not be recalculated during or at the close of Extended Trading Hours.

指數價值:在延長交易時段,交易所不會報告指數期權交易相關指數的價值,因為相關指數的價值將不會在延長交易時段內重新計算。

指数价值:在延长交易时段,交易所不会报告指数期权交易相关指数的价值,因为相关指数的价值将不会在延长交易时段内重新计算。

During After-Hours Trading, Towering Securities Limited may provide quotations from and execute Customer trades through various Electronic Communications Networks ("ECNs"), exchanges or other trading systems ("After-Hours Trading Facilities"). Quotations provided during After-Hours Trading may be different than quotations provided during exchange trading hours. Likewise, it is possible that the quotations displayed by Towering Securities Limited from After-Hours Trading Facilities on which Towering Securities Limited can execute your trades may be less favourable than those on other After-Hours Trading Facilities to which Towering Securities Limited does not have access. Last sale information provided by Towering Securities Limited may not reflect the prices of the most recent trades on all of the various After-Hours Trading Facilities.

在盤後交易時段,高格證券有限公司將通過各種電子通信網絡,交易所或其他交易系統提供報價並執行閣下的交易。在盤後交易時段提供的報價可能與交易所交易時段所提供的報價不同。同樣地,高格證券有限公司所提供的報價有可能低於其他盤後交易設施。高格證券有限公司提供的最新銷售信息可能無法反映所有盤後交易設施的最近交易價格。

在盘后交易时段,高格证券有限公司将通过各种电子通信网络,交易所或其他交易系统提供报价并执行阁下的交易。在盘后交易时段提供的报价可能与交易所交易时段所提供的报价不同。同样地,高格证券有限公司所提供的报价有可能低于其他盘后交易设施。高格证券有限公司提供的最新销售信息可能无法反映所有盘后交易设施的最近交易价格。

You should therefore carefully consider whether such trading is appropriate for you in the light of your experience, risk profile and other relevant circumstances and seek independent professional advice if you are in doubt.

因此,你務須根據本身的經驗、風險承受能力及其它相關情況,仔細考慮此等交易是否適合你,如有疑問應尋求獨立的專業意見。

因此,你务须根据本身的经验、风险承受能力及其它相关情况,仔细考虑此等交易是否适合你,如有疑问应寻求独立的专业意见。

Terms used herein shall have the same meanings as those defined in the Terms & Conditions unless stated herein to the otherwise.

除非本聲明另有所指,本聲明所用詞彙與《條款及條件》所用詞彙具相同定義。

除非本声明另有所指,本声明所用词汇与《条款及条件》所用词汇具相同定义。

**Investors should make their own risk assessment and seek independent professional advice where necessary with respect to any exposure to derivative products to ensure that any decision you make is suitable with regards to your circumstances and financial position. In addition, investors should refer to the relevant derivative product's listing documents (including the full text of the risk factors stated therein) in detail before making any investment decision.

**投資者應衡量其自身可承受之風險,並在有需要時就衍生產品之風險諮詢獨立專業意見,以確保任何投資者所作之決定會合乎閣下之情況及經濟能力。另外,投資者於作出任何投資決定前,應詳細閱讀有關衍生產品之上市文件(包括當中所載之風險因素之全文)。

**投资者应衡量其自身可承受之风险,并在有需要时就衍生产品之风险谘询独立专业意见,以确保任何投资者所作之决定会合乎阁下之情况及经济能力。另外,投资者于作出任何投资决定前,应详细阅读有关衍生产品之上市文件(包括当中所载之风险因素之全文)。