PART 7 RISK DISCLOSURE STATEMENTS

By requesting the Bank to provide the Services to you, you acknowledge and agree that you have read, fully understand and agree to the following risk disclosure statements.

Risk of Securities Trading

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.

There may be risks in leaving securities in the Bank’s safekeeping. For example, if the Bank is holding your securities and becomes insolvent, you may experience significant delay in recovering the securities.

Risk of Trading Growth Enterprise Market Stocks

Growth Enterprise Market (GEM) stocks involve a high investment risk. In particular, companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability. GEM stocks may be very volatile and illiquid.

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

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

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

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

The securities under the Nasdaq-Amex Pilot Program (PP) are aimed at sophisticated investors. You should consult the licensed or registered person and become familiarised with the PP before trading in the PP securities. You should be aware that the PP securities are not regulated as a primary or secondary listing on the Main Board or the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited.

Risk of Trading Futures and Options

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

Risk in relation to Electronic Trading Service

You acknowledge that the Internet or other electronic or telecommunications media are, due to unpredictable traffic congestion and other reasons, inherently unreliable media of communication and that transactions conducted over the Internet or via other electronic or telecommunications media are subject to (aa) possible failure or delays in the transmission and receipt of instructions for any or all transactions in securities or other information, and (bb) possible failure or delays of execution or execution at prices different from those prevailing at the time when your instructions were given.

You acknowledge that there are risks associated with the system, including the failure of hardware and/or software, and that the result of any such system failure may be that your instruction for any or all transactions in securities is not executed.

You acknowledge that there are risks of transmission interruption, distortion, omission or blackout, interception of instructions for any or all transactions in securities as well as of misunderstanding or errors in any communication.

You acknowledge that it is not usually possible to cancel an instruction for any or all transactions in securities after it has been given.

You accept all the above risks and other risks associated with conducting transactions in securities over the Internet or via other electronic or telecommunications media.

Risk of Margin Trading

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 the licensed or registered person. 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 and interest charged on your account. You should therefore carefully consider whether such a financing arrangement is suitable in light of your own financial position and investment objectives.

Risk of Trading Equity-linked Note/Deposit/Instrument

The risk of loss in a note/deposit/instrument may be substantial in certain circumstances. You should not deal in them unless you understand the nature of the transactions you are entering into and the extent of your exposure to risk. You should carefully consider whether the transactions are suitable for you in the light of your circumstances and financial position.

The interest which may become payable on a note/deposit/instrument is generally higher than the interest on an ordinary time deposit. However, this carries with it equity risk. You accept a legal obligation to take the underlying shares at the pre-agreed conversion price instead of receiving the principal of the note/deposit/instrument, if the price of the underlying shares falls below the conversion price. You will therefore receive a share that has fallen in value. You will lose the entire principal or deposit if the underlying shares become worthless.

Notes/Deposits/Instruments may be “non transferable” and it may be impossible for you to close out or liquidate them.

Any recommendation or information given by the Bank to you are for your reference only, and may be inaccurate, incomplete or unverified. Reliance on such recommendation or information is at your own risk. The Bank makes no representations regarding the performance of your investment or regarding any recommendation or information given by the Bank to you.

You confirm to the Bank that you have sufficient knowledge and experience to be able to evaluate the merits and risks of entering into each note/deposit/instrument, are acting in reliance solely upon your own judgment or upon professional advice obtained independently of the Bank as to those merits and risks (including, where relevant, the tax and accounting treatment of each note/deposit/instrument) and are not relying upon the Bank’s views or advice.

The Bank may have existing or future commercial or banking relationships with the issuer of the underlying shares or its affiliates, and will pursue actions which the Bank deems appropriate to protect the Bank’s interests, without any obligation to disclose or account to you, and regardless of whether any such action might adversely affect you.

Risk of Client Assets Received or Held outside Hong Kong

Client assets received or held by the licensed or registered person outside Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the Securities and Futures Ordinance (Cap. 571) and the rules made thereunder. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong.

Risk of Providing an Authority to Repledge your Securities Collateral etc.

There is risk if you provide the licensed or registered person with an authority that allows it to apply your securities or securities collateral pursuant to a securities borrowing and lending agreement, repledge your securities collateral for financial accommodation or deposit your securities collateral as collateral for the discharge and satisfaction of its settlement obligations and liabilities.

If your securities or securities collateral are received or held by the licensed or registered person in Hong Kong, the above arrangement is allowed only if you consent in writing. Moreover, unless you are a professional investor, your authority must specify the period for which it is current and be limited to not more than 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 the licensed or registered person issues you a reminder at least 14 days prior to the expiry of the authority, and you do not object to such deemed renewal before the expiry date of your then existing authority.

You are not required by any law to sign these authorities. But an authority may be required by licensed or registered persons, for example, to facilitate margin lending to you or allow your securities or securities collateral to be lent to or deposited as collateral with third parties. The licensed or registered person should explain to you the purposes for which one of these authorities is to be used.

If you sign one of these authorities and your securities or securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on your securities or securities collateral. Although the licensed or registered person is responsible to you for securities or securities collateral lent or deposited under your authority, a default by it could result in the loss of your securities or securities collateral.

A cash account not involving securities borrowing and lending is available from most licensed or registered persons. If you do not required margin facilities or do not wish your securities or securities collateral to be lent or pledged, do not sign the above authorities and ask to open this type of cash account.

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

If you provide the Bank with an authority to hold mail or to direct mail to third parties, it is important for you to promptly collect in person all contract notes and statements of your account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion.

第七部分 風險披露聲明

您要求銀行向您提供有關服務，您即承認及同意，您已經閱讀、充分理解並同意下列風險 披露聲明。

證券交易的風險

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。

將證券交由銀行保管可能會有風險。例如，倘若銀行持有您的證券而破產，則可能因此而 嚴重延誤您收回證券的時間。

買賣創業板股份的風險

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。

您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。

現時有關創業板股份的資料只可以在聯交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。

假如您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。

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

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。您在買賣該項試驗計劃 的證券之前，應先諮詢持牌人或註冊人的意見和熟悉該項試驗計劃。您應知悉，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。

期貨及期權交易的風險

買賣期貨合約或期權的虧蝕風險可以極大。在若干情況下，您所蒙受的虧蝕可能會超過您最初存入的保證金數額。即使您設定了 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。您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，您的未平倉合約可能會被平倉。然而，您仍然要對您的賬戶內任何因此而出現的短欠數額負責。因此，您在買賣前應研究及理解期貨合 約及期權，以及根據您本身的財政狀況及投資目標，仔細考慮這種買賣是否適合您。如果您買賣期權，便應熟悉行使期權及期權到期時的程序，以及您在行使期權及 期權到期時的權利與責任。

關於電子交易服務的風險

您承認，由於無法預料的網絡擠塞及其他原因，互聯網或其他電子或電訊媒介本來並非可 靠的通訊媒介，而且透過互聯網或其他電子或電訊媒介進行的交易可能會發生以下情況：(aa) 任何或所有證券買賣交易的 指示或其他訊息的傳送和接收可能出現故障或被延誤，及 (bb) 指示可能沒有被執行或被延 誤執行，或執行指示所依據的價格與您發出指示時的價格不同。

您承認，系統有其相關的風險（包括硬件和╱或軟件故障），而且任何該等系統故障可能 導致您的任何或所有證券買賣交易指示無法執行。

您承認，任何或所有證券買賣交易指示的傳送有發生中斷、失真、遺漏、停頓或被截取以 及被誤解或任何溝通失誤的風險。

您承認，在一般情況下，任何或所有證券買賣交易指示一經發出是不能取消的。

您接受上述所有風險以及與透過互聯網或其他電子或電訊媒介進行證券買賣交易相關的其 他風險。

保證金買賣的風險

藉 存放抵押品而為交易取得融資的虧損風險可能極大。您所蒙受的虧蝕可能會超過您存放於持牌人或註冊人作為抵押品的現金及任何其他資產。市場情況可能使備用買 賣指示，例如「止蝕」或「限價」指示無法執行。您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。假如您未能在指定的時間內支付所需的保證金款額 或利息，您的抵押品可能會在未經您同意下被出售。此外，您將要為您的有關賬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，您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您。

股票掛鈎的票據╱存款╱工具交易的風險

在若干情況下，票據╱存款╱工具虧蝕的風險程度可能相當高。除非您了解現正訂立交易 的性質及您所承受的風險程度，否則不應參與該等交易。您須因應本身的情況及財政狀況，審慎考慮交易是否適合您。

票據╱存款╱工具可能應付的利息一般高於普通定期存款的利息，但卻帶有股權風險。如 相關股份的股價跌至低於換股價，您得承擔責任，按預先商定的換股價承購相關股份而並非收取票據╱存款╱工具的本金。因此，您會取得已跌價的股份。如相關股 份變得毫無價值，您將損失全部本金或存款。

票據╱存款╱工具可能屬「不可轉讓」性質，故您可能不能將票據╱存款╱工具出售或平 倉。

銀行給予您的任何建議或資料僅供參考之用，且或會失準、不完整或未經核實。倚賴該等 建議或資料所涉風險概由您承擔。銀行並無就您投資的業績或就銀行給予您的任何建議或資料作出任何聲明。

您向銀行確認，您具備充份的知識及經驗，足以評估訂立每項票據╱存款╱工具的可取之 處與風險，而在關於此等可取之處與風險方面(倘相關時包括每項票據╱存款╱工具的稅務及會計處理方法)，您在行事時乃純粹依據本身的判斷或在不涉及銀行下所取得的專業意見，而並非以銀行的看法或意見為依據。

銀行與相關股份的發行人或其附屬成員在現時或將來或會有商業關係或銀行業務關係，並 且會採取銀行視為適當的行動以保障銀行的利益，而無須向您披露或交待，不論上述任何行動是否會對您構成不利影響。

在香港以外地方收取或持有的客戶資產的風險

持牌人或註冊人在香港以外地方收取或持有的客戶資產，是受到有關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》( 第571 章) 及根據該條例制訂的規則可能有所不 同。因此，有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障。

提供將您的證券抵押品等再質押的授權書的風險

向持牌人或註冊人提供授權書，容許其按照某份證券借貸協議書使用您的證 券或證券抵押品、將您的證券抵押品再質押以取得財務通融，或將您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。

假如您的證券或證券抵押品是由持牌人或註冊人在香港收取或持有的，則上述安排僅限於您已就此給予書面同意的情況下方行有 效。此外，除非您是專業投資者，您的授權書必須指明有效期，而該段有效期不得超逾12個月。若您是專業投資者，則有關限制並不適用。

此外，假如您的持牌人或註冊人在有關授權的期限屆滿前最少14日向您發出有關授權將被視為已續期的提示，而您對於在有關授權的期限屆滿前以此方式將該授權延續不表示反對，則您的授權 將會在沒有您的書面同意下被視為已續期。

現時並無任何法例規定您必須簽署這些授權書。然而，持牌人或註冊人可能 需要授權書，以便例如向您提供保證金貸款或獲准將您的證券或證券抵押品借出予第三方或作為抵押品存放於第三方。有關持牌人或註冊人應向您闡釋將為何種目的 而使用授權書。

倘若您簽署授權書，而您的證券或證券抵押品已借出予或存放於第三方，該 等第三方將對您的證券或證券抵押品具有留置權或作出押記。雖然有關持牌人或註冊人根據您的授權書而借出或存放屬於您的證券或證券抵押品須對您負責，但上述 持牌人或註冊人的違責行為可能會導致您損失您的證券或證券抵押品。

大 多數持牌人或註冊人均提供不涉及證券借貸的現金帳戶。假如您毋需使用保證金貸款，或不希望本身證券或證券抵押品被借出或遭抵押，則切勿簽署上述的授權書， 並應要求開立該等現金帳戶。

授權銀行暫存郵件或向第三方寄發郵件的風險

如 果您授權銀行暫存郵件或向第三方發出郵件，您須及時親自領取所有成交單據和您賬戶的結單，並仔細地審閱，以確保及時發現任何不正常情況或錯誤。