风险披露声明（仅提供英文版本）
1. General
1.1 We hereby draw Your attention to and invite You to read carefully the following risk disclosure statement and ask questions and take independent advice if You wish. Please contact us if You wish to receive the Chinese version of the Risk Disclosure Statements. In case of any conflict between the English and Chinese versions, the English version shall prevail. If You have any questions, please contact our Customer Service.
1.2 These risk disclosure statements are not and are not intended to be a complete list of all the risks and considerations relevant to any investments, Transactions or Services to be provided, or Your investment decision or decision to engage in any such Transactions or Services.
1.3 You must be aware that investments may involve a high risk of loss. In light of the risks, You should invest, undertake such Transactions, or engage such Services only if You understand the nature of the investments and the contracts (and contractual relationships) into which You are entering as well as the extent of Your exposure to risks.
1.4 Before You invest, undertake a Transaction, or engage a Service, You should carefully consider Your own circumstances and consult Your own legal, regulatory, Tax, financial and/or accounting advisors or such other professional advisors to the extent You consider it necessary and appropriate.
2. Risk disclosure
2.1 Risks relating to most transactions
Investment risks
Any investment is subject to price fluctuations, which provide both opportunities and risks. Some examples:
(i) You may sustain substantial losses if market conditions move against Your position.
(ii) You may find it difficult or impossible to close-out or liquidate Your Fund Investments.
(iii) Your position may be closed-out or liquidated at a loss and You will be liable for any resulting deficit.
(iv) There may be adjustments to Your Fund Investments due to events such as market disruption, insolvency and changes in any applicable laws. Such adjustments may result in a total loss of or reduce any amount receivable by You.
(v) The performance of any investment, particularly off-exchange may be influenced by complex and interrelated political, economic, financial and other factors. Further, past performance is not indicative of future results.
(vi) You will be exposed to many different risks, including (without limitation) credit and insolvency risks of the issuer, interest rate, market or foreign exchange risk.
(vii) Some investments, in particular structured products, non-traditional funds and private equities, have long maturity periods or lock up periods. Heavy penalties or charges may be payable by You for early termination or surrender. You may incur significant loss of Your invested amount or initial investment amount, or the proceeds that You may receive may be substantially lower than Your invested amount should You redeem before maturity date or during the lock-up period.
Liquidity risks
Certain instruments, in particular structured notes or bonds, may not be readily realizable or marketable. There may be no or a limited secondary market and there is no certainty that market traders will be prepared to deal
with such instruments. Even when a market exists, there may be a substantial difference between the prevailing price of the secondary market and the purchase price paid by the investors. You may need to hold such instruments for an indefinite period.
Liquidity risks decrease for near term investments and increase for investments with longer maturity periods or investments that are linked to emerging markets or with lower credit ratings. Unexpected and sudden erosion of liquidity can also arise from sharp price movements and volatile market conditions. At certain times or under certain market conditions, it may be difficult or impossible to liquidate a position, to assess value or to determine a fair price.
Counterparty and issuer risk
Settlement of transactions that we enter into for You will depend on the relevant counterparty and broker performing their obligations. The insolvency or default of such counterparty or broker may lead to Your position being liquidated or closed out without Your consent. If You purchase a debt instrument, such as a note or bond, You will be exposed to the credit risk of the issuer of the debt instrument as well as the issuer of the underlying asset that the debt instruments invest in and of the derivative instruments that the debt instruments are exposed to. Any ability to repay may be subject to any intervening circumstances such as government action or legal inhibitions placed on the issuer or currency in which the instrument is denominated. Credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer.
Concentration risk
You should avoid excessive investment (in terms of its proportion of the overall portfolio) in any single type of investment, so as to avoid Your investment portfolio being over-exposed to any particular investment risk.
Deposited cash and property
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 may be distributed among other creditors on a pro-rata basis in the event of a shortfall.
2.2 Risk of investing in a Fund
The prices of a Fund fluctuate, sometimes dramatically. The price 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 investing in a Fund.
Past performance of any Fund is not necessarily indicative of future results.
Some of the Funds may have limited liquidity and may only be redeemed at restricted times, such as once a month, quarterly or even only annually, as provided in the Fund Documentation. Similarly, investors may only invest in such Funds at specific times. There could be long notice periods for redemptions and long lock-up periods (during which investors are obliged to leave their capital in the Fund) for some of the Funds.
There may be no secondary market for the interests for some of the Funds. Transfers of interests are subject to limitations. The Fund's manager may deny a request to transfer if it determines that the transfer may result in adverse legal or Tax consequences for the Fund.
Delays may occur, and unfavourable prices may result, when settling buy and sell orders in a Fund. There is no guarantee that investors will be able to enforce their rights.
Some of the Funds may invest in derivative instruments which may involve additional risks. For example, where such instruments are used for leveraging they may cause greater volatility. Some of the Funds will potentially make extensive use of derivatives including more complex derivative instruments or strategies to achieve the investment objective, this may give rise to additional exposure in that performance may rise or fall more than it would have done otherwise. In adverse situations, a Fund's use of derivative instruments may become ineffective and the Fund may suffer significant losses. The use of derivatives may give rise to leverage, liquidity, counterparty and valuation risks.
2.3 Risks of client assets received or held outside Hong Kong
Client assets received or held by us outside Hong Kong are subject to the Applicable Laws of the relevant overseas jurisdiction which may be different from the SFO 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 under the SFO, the Securities and Futures (Client Money) Rules (Chapter 5711 of the Laws of Hong Kong) and the Securities and Futures (Client Securities) Rules (Chapter 571H of the Laws of Hong Kong).
2.4 Transactions in other jurisdictions
Transactions in jurisdictions other than Hong Kong ("Foreign Jurisdictions") may expose You to additional risk. Such Foreign Jurisdictions may be subject to regulation which may offer different or diminished investor protection. The value of, or income deriving from, investing in Foreign Jurisdictions may be more volatile and less liquid than investing in Hong Kong and could be adversely affected by changes in currency rates of exchange, foreign Tax practices, foreign laws and regulations, government policies and the local and/or international political environment.
Before You invest in a Fund or enter into a Transaction, You should enquire about any rules relevant to Your particular Transaction as well as the nature or risks of such investment. Your local Regulatory Authority will be unable to compel the enforcement of the rules of Regulatory Authorities in other jurisdictions where Your Transactions have been entered into or effected. You are responsible for enquiring and ensuring that You are aware of the details about the types of redress available in both Your home jurisdiction and other relevant jurisdictions before You invest or enter into a Transaction. In addition, there may be restrictions for non residents, repatriation of capital investments and profits and there may be withholding or additional forms of Tax.
You should only undertake Transactions or investments in any Foreign Jurisdiction if You understand the nature of Transactions or investments in such Foreign Jurisdiction, and the extent of Your exposure to risks. In particular, investing or transacting in Foreign Jurisdictions may not be regulated by the Hong Kong Regulatory Authority and may not be covered by the investor compensation fund established under the SFO. Further, the recovery of the monies invested and any profits or gains may be reduced, delayed or prevented by exchange controls, debt moratorium or other rules and regulations imposed by the relevant government or Regulatory Authorities in the Foreign Jurisdiction. You should carefully consider Your own circumstances and seek independent professional advice as You see fit before making Your decision.
For Transactions in which Your money, securities and/or any other assets are held with any bank, exchange, depositary, clearing house, broker, agent, intermediary or any other institution in any Foreign Jurisdiction ("Foreign Institutions"), in the event of insolvency of the Foreign Institutions, the applicable legal and regulatory regime might be different from that of Hong Kong. In those situations Your money, securities and/or any other assets may be treated differently from the treatment which would otherwise apply if Your money, securities and/or any other assets were held in Hong Kong. We will not be liable for any loss, damage, liability, cost, claim or expense arising from or in connection with the insolvency, acts or omissions of any such Foreign Institutions.
In the event of insolvency of any Foreign Institution, there is a risk of a shortfall arising on the money, securities and/or assets available to meet Your claim as a creditor, and any of Your money, securities and/or assets held with a Foreign Institution may be subject to a security interest, lien or right of set-off in favour of such Foreign Institution.
You should carefully consider Your own circumstances and seek professional advice, where necessary. In considering whether to trade or to authorise someone else to trade for You, You should be aware of the following:
Differences in Regulatory Regimes
(i) Transactions in Foreign Jurisdictions may be subject to different regulations. For example, there may be different rules providing for the safekeeping of securities and monies held by custodian banks or depositories. This may affect the level of safeguards in place to ensure proper segregation and safekeeping of Your investment products or monies held overseas. There is also the risk of Your investment products or monies not being protected if the custodian has credit problems or failures. Foreign Jurisdictions may also have different periods for clearing and settling transactions. These may affect the information available to You regarding transaction prices and the time You have to settle Your trade in Foreign Jurisdictions.
(ii) Transactions in Foreign Jurisdictions may be subject to rules which may offer different investor protection as compared to Hong Kong. Before You start to trade, You should be fully aware of the types of redress available to You in Hong Kong and other relevant jurisdictions, if any.
Differences-in legal systems
(iii) In some countries, legal concepts which are practiced in mature legal systems may not be in place or may have yet to be tested in courts. This would make it more difficult to predict with a degree of certainty the outcome of judicial proceedings or even the quantum of damages which may be awarded following a successful claim.
(iv) The SFC will be unable to compel the enforcement of the rules of the Regulatory Authorities in other jurisdictions where Your Transactions will be effected.
(v) The laws of some jurisdictions may prohibit or restrict the repatriation of funds from such jurisdictions including capital, divestment proceeds, profits, dividends and interest arising from investment in such countries. Therefore, there is no guarantee that the Funds You have invested and the funds arising from You investment will be capable of being remitted.
(vi) Some jurisdictions may also restrict the amount or type of investment products that foreign investors may trade. This can affect the liquidity and prices of the investment products that You invest in.
Different costs involved
(vii) Your investment return on foreign currency-denominated investment products will be affected by exchange rate fluctuations where there is a need to convert from the currency of denomination of the investment products to another currency, or may be affected by exchange controls.
Political. Economic and Social Developments
(viii) Transactions in Foreign Jurisdictions are influenced by the political, economic and social developments in the foreign jurisdiction, which may be uncertain and may increase the risk of investing.
2.5 Currency risk
The underlying assets may comprise transactions in foreign currency-denominated contracts. The profits or loss in such transactions (whether they are traded in Your home jurisdiction 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. Exchange controls imposed by the relevant authorities may also adversely affect the applicable exchange rate and result in the receipt of a reduced principal.
2.6 Risk of providing an authority to deposit Your securities collateral
There is risk if You provide us with an authority that allows us to deposit Your securities collateral as collateral for the discharge and satisfaction of our settlement obligations and liabilities.
If Your securities or securities collateral are received or held by us in Hong Kong, the above arrangement is allowed only if You consent in writing by giving us a standing authority under the Securities and Futures (Client Money) Rules (Appendix 2) and/or a standing authority under the Securities and Futures (Client Securities) Rules (Appendix 3). Moreover, unless You are a Professional Investor, Your authority must specify the period for which it is current and be limited to not more than twelve (12) months. If You are a Professional Investor, these restrictions do not apply.
Additionally, Your authority may be deemed to be renewed (i.e. without Your written consent) if we issue You a reminder at least fourteen (14) Business 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.
You are not required by any law to sign these authorities. But an authority may be required by us, for example, to allow Your securities or securities collateral to be deposited as collateral with third parties. We should explain to You the purposes for which one of these authorities is to be used.
If You sign one of these authorities and Your securities or securities collateral are deposited with third parties, those third parties will have a lien or charge on Your securities or securities collateral. Although we are responsible to You for securities or securities collateral deposited under Your authority, a default by us could result in the loss of Your securities or securities collateral.
2.7 Risk of investing in RMB products
RMB is currently not freely convertible in Hong Kong, and is subject to foreign exchange controls and restrictions (for example, the PRC government regulates conversion between RMB and foreign currencies). Conversion of RMB through banks in Hong Kong is subject to certain restrictions, and conversion may be subject to multiple currency conversion costs. In particular, the conversion of RMB by an individual in Hong Kong is subject to a daily limit. If an individual investor intends to convert an amount of RMB from/to another currency exceeding such daily limit, he should allow sufficient time for the conversion.
For RMB products which are with underlying investments which are not RMB-denominated, such products will be subject to multiple currency conversion costs involved in making investments and liquidating investments, as well as the RMB exchange rate fluctuations and bid/offer spreads when assets are sold to meet redemption requests and other capital requirements. For RMB products with a significant portion of non-RMB-denominated underlying investments, there is a possibility of not receiving the full amount in RMB upon redemption. This may arise if the issuer is not able to obtain sufficient amount of RMB in a timely manner due to the exchange controls and restrictions applicable to the currency.
The value of RMB against other currencies may be affected by a wide range of factors and may fluctuate substantially, which may adversely affect the return on the investment when RMB is converted into the investor's home currency. There is no guarantee that RMB will not depreciate.
The liquidity of RMB products may be adversely affected by the limited availability of RMB outside the PRC and the exchange control and restrictions on the conversion of RMB. Particularly, secondary market for RMB related products may not be well developed and You may not be able to find a buyer, or the sale price could be much lower than the amount You invested and hence suffer significant loss.
RMB 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. This means that You may suffer a loss even if RMB appreciates.
RMB products are subject to the credit and insolvency risks of their issuers.
2.8 Emerging markets
Investing in or entering into transactions in emerging markets carry heightened risks due to the developing nature of the economies and inadequate regulations/safeguards available to investors. Changes in political, economic and foreign policies of emerging markets may have a greater effect than on more mature markets. The profit outlook for foreign investors may fluctuate dramatically due to country risks such as government intervention in markets in the form of exchange control laws or restrictions in the repatriation of profits, or other events such as natural disasters, fluctuations in commodity prices and/or exchange rates and political upheavals.
The relative market volatility is heightened by frequent dependence on commodities price trends and the tendency for slower recovery from adverse economic events.
Emerging markets may have a different settlement or clearance procedures. There may also be a lack of standardised settlement regulations that could prevent You from transacting at Your preferred time or price. You should be aware that regulatory supervision and legal protection of Your rights may be adversely different to that of more mature or transparent financial systems.
When investing in or entering into transactions involving emerging markets, You confirm that You have assessed the risks (including but not limited to sovereign risk, issuer risk, price risk, political risk and liquidity risk) involved and that we have not made any representations or warranties as to the creditworthiness or performance of any issuer. You should make Your appraisal and investigations into the creditworthiness and performance of the relevant issuer. You should consult Your own legal, regulatory, Tax, financial and/or accounting advisors or such other professional advisors to the extent You consider it necessary and appropriate before making any investment decision.
2.9 Cyber security risk
Cyber-attacks, disruptions, failures, security breaches and data-hacks are increasing threats to all businesses and may adversely impact our information and technology systems. Attacks in the form of computer viruses and other malicious code, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors or malfeasance by their respective professionals or service providers, power, communications or other service outages and catastrophic events such as fires, tornadoes, floods, hurricanes, earthquakes or terrorist incidents are all possible cyber security risks, which could be detrimental to our operation, and may cause losses and damages to You.
Whilst we will undertake reasonable efforts in relation to the system controls, reliability, security and capacity of our information and technology systems, You understand and accept the risks in using the Platform and Services. When using the Platform and/or Services, You are required to take all reasonable security measures and precautions, including complying with any security-related policies, guidelines and procedures made available by us to You from time to time. You accept full responsibility for keeping all login credentials secure and confidential, and You will be responsible and liable for any accidental, intentional or unintentional use or disclosure of any login credentials.