Investment involves risks (including the possibility of loss of the capital invested). The price of securities and investment products may move up or down, and may even become valueless. Investors should not only base on this marketing material alone to make any investment decision, but should read in detail the offering documents and the Risk Disclosure Statement of the relevant investment products.

Investors should note that investing in different Renminbi-denominated securities and products involves different risks (including but are not limited to currency risk, exchange rate risk, credit risk of issuer / counterparty, interest rate risk, liquidity risk (where appropriate)).

The investment decision is yours but you should not invest in any investment product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives.

Risk Disclosure of Securities Investment
Investors should note that investment involves risks. 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. Investors should not only base on this material alone to make any investment decision, but should read in detail in the relevant risk disclosure statements.

Investors should note that investing in different Renminbi- denominated securities and products involves different risks (including but are not limited to currency risk, exchange rate risk, credit risk of issuer / counterparty, interest rate risk, liquidity risk (where appropriate)). The key risks of investing in A-shares of Stock Connect Northbound Trading include:

• Transactions under the Northbound or Southbound Trading of Shanghai-Hong Kong Stock Connect / Shenzhen-Hong Kong Stock Connect will not be covered by the Investor Compensation Fund in Hong Kong.
• Once the respective quota is used up, trading will be affected or will be suspended.
• Northbound Trading will only operate on days when both markets are open for trading and when banks in both markets are open on the corresponding settlement days. Investors should take note of the days the Northbound Trading is open for business and decide according to their own risk tolerance whether or not to take on the risk of price fluctuations in securities during the time when Northbound Trading is not trading.
• When some stocks are recalled from the scope of eligible stocks for trading via Northbound Trading, the stocks can only be sold but NOT bought.
• Investors will be exposed to currency risk if conversion of the local currency into Renminbi is required.

Risk Disclosure of Investment Fund Services
Before making an investment decision, investors should note:

• All investment involves risks (including the possibility of loss of the capital invested), price of fund units may go up as well as down and past performance information presented is not indicative of future performance. Investors should read the relevant fund's offering documents (including the full text of the risk factors stated therein (in particular those associated with investments in emerging markets for funds investing in emerging markets)) in detail before making any investment decision. • The risks for funds which are index funds include but not limited to:
• The risks for funds which are index funds include but not limited to:
  
-
Tracking error risk: There can be no assurance that the performance of the relevant fund will be identical to the performance of the relevant index. Factors such as the fees and expenses borne by the relevant fund, the time differences associated with portfolio re-balancing, the prices at which the constituent stocks of the relevant index are acquired or disposed by the relevant fund, the market condition at the relevant time of acquisition or disposal, the index-tracking strategies or financial derivative instruments used will affect the performance of such fund relative to the relevant index.
-
Passive investment risk: Fund manager does not have any discretion to select stocks individually or to take defensive positions in declining markets or changes in the composition of the index. Hence, any fall in the relevant index will result in corresponding fall in the value of the relevant fund. The composition of the relevant index may change and stocks currently comprising the relevant index may subsequently be delisted. Other stocks may also be added subsequently to become constituent stocks of the relevant index.
-
Concentration risk: The relevant fund may be concentrated in a single or particular sector(s)or single country/ region. The performance of the relevant fund could depend substantially on the performance of the relevant single or particular sector(s)/market(s) and the relevant fund is likely to be more volatile than a broad-based fund as it is more susceptible to adverse conditions in the relevant single or particular sector(s)/ market (s). In seeking to reflect the weightings of constituent stocks of the relevant index, investments of the relevant fund may be concentrated in a single constituent stock or several constituent stocks. The performance of the relevant index and the fund may be significantly affected by the price fluctuation of one or several of the constituent stocks of the relevant index.
• The risks for funds which are bond funds, including but not limited to the credit/default risks of the issuers of the bonds in which the bond funds invest, interest rate risk and liquidity risk etc.

RMB Currency Risk
Renminbi ("RMB") is subject to exchange rate risk. Fluctuation in the exchange rate of RMB may result in losses in the event that the customer subsequently converts RMB into another currency (including Hong Kong Dollars). Exchange controls imposed by the relevant authorities may also adversely affect the applicable exchange rate. RMB is currently not freely convertible and conversion of RMB may be subject to certain policy, regulatory requirements and/or restrictions (which are subject to changes from time to time without notice). The actual conversion arrangement will depend on the policy, regulatory requirements and/or restrictions prevailing at the relevant time.

Important notes and disclaimers:

• This webpage has not been reviewed by the Securities and Futures Commission in Hong Kong ("SFC"). The information contained herein is for general information and reference purposes only and is not intended to provide professional investment or other advice. It is not intended to form the basis of any investment decision. Persons accessing this webpage should not make any investment decision based solely on the information and services provided herein. Before making any investment decision, persons accessing this webpage should take into account his/her own circumstances including but not limited to his/her financial situation, investment experience and investment objectives, and should understand the nature, terms and risks of the relevant investment funds. Persons accessing this webpage should obtain appropriate professional advice where necessary.
• This webpage is not intended to provide or regard as legal or taxation advice, or investment recommendations.