• RMB denominated Local Securities and A-shares of Stock Connect Northbound Trading
• RMB denominated Investment Funds
  
• RMB Structured Products
  
• RMB denominated Bonds
  
• RMB dominated Certificate of Deposits
  

Investors should note that all investments involve risks. Prices of securities may go up as well as 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 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.
  
• Stock Connect 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 Stock Connect 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 Stock Connect Northbound Trading is not trading.
  
• When some stocks are recalled from the scope of eligible stocks for trading via Stock Connect 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 RMB is required.
  

Risks Associated with Investment Fund

• Investors should note that all investments involve risks (including the possibility of loss of the capital invested), price of fund units may go up as well as down and past performance 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 detail before making any investment decision.
• With respect to investing in RMB investment funds, non-RMB based investors are exposed to fluctuations in the RMB exchange rate against their base currencies. If investors wish or intend to convert the redemption proceeds (in RMB) into a different currency (for example Hong Kong dollars), they are subject to the relevant foreign exchange risk and may incur substantial capital loss from such conversion. There is no guarantee that RMB will not depreciate.
  
• Investors should note that funds denominated in RMB involve RMB currency risk. Besides general exchange rate risks, RMB is subject to foreign exchange control by the PRC government. Furthermore, funds with underlying investments which are not denominated in RMB are 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 (e.g. settling operation expenses). Apart from the RMB currency risk, investors should also note the other risk disclosures stated in the offering documents of the relevant funds, including but not limited to limited availability of underling investments denominated in RMB, credit risk of counterparties, interest rate risk, liquidity risk, possibility of not receiving RMB upon redemption etc (if applicable). If the funds invest in offshore RMB debt securities, investors should note that the quantity of debt securities issued outside mainland China that are available to the funds is currently limited, which may adversely affect the performance and return of the funds. This type of funds is denominated in RMB, but they are not protected deposit, they are not protected by the Deposit Protection Scheme in Hong Kong.
  
• An ETF (“Exchange Traded Fund”) is different from a typical unit trust as it is listed on The Stock Exchange of Hong Kong Limited, and like other listed stocks, carry similar risks such as liquidity risk and risk of trading suspension. The market price per Unit could be significantly higher or lower than its net asset value per unit due to market demand and supply, liquidity and scale of trading spread in the secondary market and will fluctuate during the trading day.
  

Risk Disclosure for Structured Product
Investors should note that all investment involves risks. Prices of investment products may go up as well as 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 Statements of the relevant investment products.

Risks Associated with RMB Bonds
Investment involves risks. The prices of bonds can and do fluctuate and any individual bond may experience upward or downward movements, and may even become valueless. There is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling bonds. Holders of bonds bear the credit risk of the issuer.