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    Why choose Hang Seng MPF

    Founded in 1933, Hang Seng Bank is one of Hong Kong’s largest listed companies. We are committed to establishing solid financial standing and providing you with quality services. We are your strong companion for MPF, together with your MPF investment needs.

    Our MPF is operated by sponsor, trustee and custodian, administrator and investment managers. Each party is financially sound and has the experience and expertise to handle your money.

    Sponsor
    		 Hang Seng Bank Limited
    • Founded in 1933
    • One of the Hong Kong’s largest listed companies

    Administrator

    The Hongkong and Shanghai Banking Corporation Limited
    • Established in 1865 and is the founding member of the HSBC Group
    • One of the world’s largest banking and financial services organisations

    Trustee and Custodian

    HSBC Provident Fund Trustee (Hong Kong) Limited
    • Incorporated in Hong Kong and is registered as a Trust Company under the Trustee Ordinance and an Approved Trustee under the Mandatory Provident Fund Schemes Ordinance
    Investment Managers

    HSBC Global Asset Management (Hong Kong) Limited /
    HSBC Investment Funds (Hong Kong) Limited
    • Over 40 years of experience in managing retirement funds
    • One of Hong Kong’s largest retirement fund managers
    • Experienced worldwide fund management teams
    • Global investment planning platform supported by a worldwide network

    Hang Seng Investment Management Limited
    • Investment arm of Hang Seng Bank
    • Extensive experience in managing index-tracking funds, retirement funds, institutional accounts and private client portfolios

    Hang Seng MPF provides simple and fast contribution methods and various voluntary contribution arrangements for employers. MPF members can also prepare for their future retirement life accordingly with our flexible arrangement tool - Hang Seng MPF Flexi-Contributions.

    Employer Member

    Simple and fast contribution methods

    • Electronic remittance statement via Hang Seng Business e-Banking MPF and Payroll Services
    • Electronic remittance statement via designated securemail account and submission channel
    • HR software with facilities to handle MPF contribution calculation
    • File interface arrangement
    • Paper-based remittance statement

    Hang Seng MPF Flexi-Contributions

    • Self-arranged contribution instruction totally independent of any employer
    • Monthly contributions as low as HK$300 via direct debit
    • Lump sum contributions as low as HK$1,000

    Various voluntary contribution arrangements for employers

    • Fixed Amount
    • Percentage of the relevant income, either by contribution formula or a flat contribution percentage
    • Lump sum contributions

    Withdrawal of Flexi-Contributions when in need

    • Up to 12 times per financial year (from 1 July each year to the following 30 June) without any handling charge
    • Subject to a minimum withdrawal amount of HK$5,000 each time
     

    Hang Seng MPF Tax Deductible Voluntary Contributions

    • Self-arranged contribution instruction totally independent of any employer
    • Enjoy tax concession in accordance with Inland Revenue Ordinance
    • Balances of tax deductible voluntary contributions account are subject to the same vesting, preservation and withdrawal restrictions applicable to mandatory contributions

    Hang Seng MPF provides comprehensive services for employers and members including:

    Employer

    • Quarterly Fund Fact Sheet
    • Monthly Fund Performance Summary
    • MPF news updates
    • Comprehensive employee benefits package
    • MPF statements
    • Hang Seng MPF Overview on scheme features, Constituent Funds and general MPF information
    • MPF Scheme Brochure on product features and risks involved
    • Employer Service Guide on MPF scheme management
    • Periodic employer seminars
    • Hang Seng MPF Employer Direct (852) 2288 6822

    Member

    • Quarterly Fund Fact Sheet
    • Monthly Fund Performance Summary
    • MPF news updates
    • MPF Member Benefit Statement
    • Hang Seng MPF Overview on scheme features, Constituent Funds and general MPF information
    • MPF Scheme Brochureon product features and risks involved
    • Member Service Guide on MPF account management
    • Periodic MPF seminars
    • Hang Seng MPF Service Hotline (852) 2213 2213

    At Hang Seng, to provide people with various retirement needs, we provide a range of diversified constituent funds. Members can choose from a list of constituent funds available under the MPF scheme. Learn more

    Enjoy additional benefits from Hang Seng's financial services:

    • Single logon to Hang Seng Personal e-Banking or Hang Seng Personal Banking mobile app to manage MPF and bank accounts at one stop.
    • Easily check MPF account balance through your statement, as an integrated account holder.
    • With MPF balance included in ‘Total Relationship Balance’, you can achieve Hang Seng Prestige or Preferred Banking status more easily.

    Member Account Management Service

    Hang Seng Personal e-Banking or MPF website
    Hang Seng Personal Banking mobile app
    Hang Seng MPF Service Hotline 2213 2213
    Hang Seng Bank and HSBC ATMs
    Account statements [1]
    MPF specialist stationed in designated Hang Seng Bank branches
    Account service (set up or consolidate MPF accounts, make voluntary contributions, etc.)

    Yes

    (Consolidate MPF personal accounts only)

    Yes

    Check account and fund balance

    Yes

    Yes

    Yes

    Yes

    (Check account balance only)

    Yes

    Yes

    Check account return

    Yes

    Yes

    Yes

    Check contribution history

    Yes

    (For the latest 24 months only)

    Yes

    (For the latest 12 months only)

    Yes

    (For the latest contribution only)

    Yes

    (For the latest contribution only)

    Yes

    Check transaction history

    Yes

    (For the latest 24 months only) 

    Yes

    (For the latest 12 months only) 

    Yes

    Change investment instructions

    Yes

    (For Portfolio Rebalance, Asset Switch, Contribution Redirection and switch into Default Investment Strategy ('DIS') only)

    Yes

    (For Portfolio Rebalance, Asset Switch, Contribution Redirection and switch into Default Investment Strategy ('DIS') only)

    Yes

    (For Portfolio Rebalance and
    Contribution Redirection only)

    Yes

    Check the latest unit prices and fund cumulative performance

    Yes

    Yes

    Yes

    (For the latest unit prices only)

    Yes

    Check fund information

    Yes

    Yes

    Yes

    Check MPF e-Statement / e-Advice [2]

    Yes

    Change contact details, e-Banking password or MPF phone PIN

    Yes

    (Change contact details and e-Banking password only)

    Yes

    (Change contact details only) 

    Yes

    (Change MPF phone PIN only)

    Yes

    Hang Seng MPF Scheme

    Actively managed funds

    Overview

    To suit various investment needs, Hang Seng MPF provides a range of investment options. You can choose from a list of Constituent Funds available under the MPF scheme.

    Hang Seng Mandatory Provident Fund – SuperTrust Plus comprises a total of 20 Constituent Funds including actively managed, passively managed and index-tracking Constituent Funds. They will suit your different needs in retirement.

    For the investment objective of each Constituent Fund and other particulars, please refer to section 3.4 "Statement of investment policies of each Constituent Fund and other particulars" of the MPF Scheme Brochure.

    No. Constituent Fund Investment Manager[3] Fund Structure Fund Descriptor Investment Focus Risk Rating[4] Risk Class[4]
    1 MPF Conservative Fund[8]
    		 N/A Feeder fund Money Market Fund
    – Hong Kong
    • 100% in high grade HKD-denominated monetary instruments
    		 1 1
    2 Global Bond Fund N/A Feeder fund Bond Fund – Global
    • 70%–100% in fixed and floating rate debt securities;
    • up to 30% in deposits and other investments as allowed under the General Regulation
    		 2 4
    3 Guaranteed Fund[9][10][11] N/A Feeder fund Guaranteed Fund
    • 0%–50% in equities;
    • 20%–100% in bonds;
    • 0%–80% in cash
    		 2 3
    4 Age 65 Plus Fund N/A Feeder fund Mixed Assets Fund
    – Global
    – Maximum equity around 25%
    • 15%–25% in Higher Risk Assets;
    • 75%–85% in Lower Risk Assets
    		 1 4
    5 Core Accumulation Fund N/A Feeder fund Mixed Assets Fund
    – Global
    – Maximum equity around 65%
    • 55%–65% in Higher Risk Assets;
    • 35%–45% in Lower Risk Assets
    		 3 5
    6 Stable Fund N/A Feeder fund Mixed Assets Fund
    – Global
    – Maximum equity around 45%
    • 55%–85% in debt securities, bonds and deposits;
    • 15%–45% in equities and other investments as allowed under the General Regulation
    		 2 4
    7 Balanced Fund N/A Feeder fund Mixed Assets Fund
    – Global
    – Maximum equity around 85%
    • 55%–85% in equities and equity-related investments;
    • 15%–45% in deposits, debt securities and other investments as allowed under the General Regulation
    		 4 5
    8 Growth Fund N/A Feeder fund Mixed Assets Fund
    – Global
    – Maximum equity around 100%
    • 70%–100% in equities and equity-related investments;
    • up to 30% in deposits, debt securities and other investments as allowed under the General Regulation
    		 5 5
    9 Global Equity Fund N/A Feeder fund Equity Fund – Global
    • 70%–100% in equities and equity-related investments;
    • up to 30% in deposits, debt securities and other investments as allowed under the General Regulation
    		 3 6
    10 North American Equity Fund N/A Feeder fund Equity Fund
    – North America
    • 70%–100% in equities and equity-related investments;
    • up to 30% in deposits, debt securities and other investments as allowed under the General Regulation
    		 3 6
    11 European Equity Fund N/A Feeder fund Equity Fund
    – European countries
    • 70%–100% in equities and equity-related investments;
    • up to 30% in deposits, debt securities and other investments as allowed under the General Regulation
    		 3 6
    12 Asia Pacific Equity Fund N/A Feeder fund Equity Fund
    – Asia Pacific, excluding Japan
    • 70%–100% in equities and equity-related investments;
    • up to 30% in deposits, debt securities and other investments as allowed under the General Regulation
    		 3 6
    13 Hong Kong and Chinese Equity Fund N/A Feeder fund Equity Fund
    – mainland China and Hong Kong
    • 70%–100% in equities and equity-related investment (within the portfolio 10%–75% may invest in Chinese equities and 25%–90% may invest in other equities listed in Hong Kong and/or equities deriving a preponderant part of their income and/or assets from Hong Kong);
    • up to 30% in deposits, debt securities and other investments as allowed under the General Regulation

    5

     

    		 7
    14 Chinese Equity Fund N/A Feeder fund Equity Fund
    – mainland China
    • 70%–100% in equities and equity-related investments;
    • up to 30% in deposits, debt securities and other investments as allowed under the General Regulation
    		 5 7

    Overview

    To suit various investment needs, Hang Seng MPF provides a range of investment options. You can choose from a list of Constituent Funds available under the MPF scheme.

    Hang Seng Mandatory Provident Fund – SuperTrust Plus comprises a total of 20 Constituent Funds including actively managed, passively managed and index-tracking Constituent Funds. They will suit your different needs in retirement.

    For the investment objective of each Constituent Fund and other particulars, please refer to section 3.4 "Statement of investment policies of each Constituent Fund and other particulars" of the MPF Scheme Brochure.

    No. Constituent Fund Investment Manager[3] Fund Structure Fund Descriptor Investment Focus Risk Rating[4] Risk Class[4]
    1 ValueChoice Balanced Fund N/A Feeder fund Mixed Assets Fund 
    – Global
    – Maximum equity around 80%
     
    • 60%–80% in equities and equity-related investments;
    • 20%–40% in deposits, debt securities and other investments as allowed under the General Regulation
    		 4 5

    Overview

    To suit various investment needs, Hang Seng MPF provides a range of investment options. You can choose from a list of Constituent Funds available under the MPF scheme.

    Hang Seng Mandatory Provident Fund – SuperTrust Plus comprises a total of 20 Constituent Funds including actively managed, passively managed and index-tracking Constituent Funds. They will suit your different needs in retirement.

    For the investment objective of each Constituent Fund and other particulars, please refer to section 3.4 "Statement of investment policies of each Constituent Fund and other particulars" of the MPF Scheme Brochure.

    No. Constituent Fund Investment Manager[3] Fund Structure Fund Descriptor Investment Focus Risk Rating[4] Risk Class[4]
    1 ValueChoice North America Equity Tracker Fund N/A Feeder fund Equity Fund
    – North America
    • Up to 100% in equities
    		 3 6
    2 ValueChoice Europe Equity Tracker Fund N/A Feeder fund Equity Fund
    – European countries
    • Up to 100% in equities
    		 3 6
    3 ValueChoice Asia Pacific Equity Tracker Fund N/A Feeder fund Equity Fund
    – Asia-Pacific, excluding Japan
    • Up to 100% in equities
    		 3 6
    4 Hang Seng China Enterprises Index Tracking Fund N/A Feeder fund Equity Fund
    – mainland China
    • Up to 100% in equities
    		 5 7
    5 Hang Seng Index Tracking Fund N/A Feeder fund Equity Fund
    – Hong Kong
    • Up to 100% in equities
    		 3 7

    Overview

    The management fees (as a percentage of the net asset value (‘NAV’) per annum) and fund expenses ratio of the Constituent Funds under Hang Seng Mandatory Provident Fund ― SuperTrust Plus are briefly summarised as below for reference only. Please refer to the MPF Scheme Brochure for more details of the management fees and other applicable fees, charges and expenses[5] of the Constituent Funds.

    Name of Constituent Fund
    		 Management fees[6][7](As a percentage of NAV per annum)
    		 Fund Expense Ratio[13]
    MPF Conservative Fund [8] 0.75% 0.77059%
    Global Bond Fund 0.79% 0.82723%
    Guaranteed Fund[9][10][11][12] 1.275% 2.05658%
    Age 65 Plus Fund 0.75% 0.77844%
    Core Accumulation Fund 0.75% 0.77643%
    Stable Fund 1.25% 1.32713%
    Balanced Fund 1.35% 1.42722%
    Growth Fund 1.45% 1.52584%
    Global Equity Fund 0.79% 0.81984%
    North American Equity Fund 1.30% 1.32250%
    European Equity Fund 1.30% 1.34422%
    Asia Pacific Equity Fund 1.45% 1.50289%
    Hong Kong and Chinese Equity Fund 1.45% 1.49059%
    Chinese Equity Fund 1.45% 1.49495%
    ValueChoice Balanced Fund 0.79% 0.92876%
    ValueChoice North America Equity Tracker Fund 0.79% 0.82426%
    ValueChoice Europe Equity Tracker Fund 0.79% 0.88059%
    ValueChoice Asia Pacific Equity Tracker Fund 0.79% 0.87896%
    Hang Seng China Enterprises Index Tracking Fund Up to 0.79% 0.88854%
    Hang Seng Index Tracking Fund Up to 0.73% 0.78561%

    What is Default Investment Strategy (DIS)?

    The Default Investment Strategy (DIS) is a standardised and fee-controlled MPF investment strategy that was applied since from 1 April 2017 as the "default" investment strategy in all MPF schemes in Hong Kong. It replaced the different default investment strategies employed by different MPF schemes prior to 1 April 2017. From now on, MPF members joining an MPF scheme without providing a valid investment choice will have their monies invested in accordance with the DIS.

    The DIS consists of 2 Constituent Funds, the Core Accumulation Fund (CAF) and the Age 65 Plus Fund (A65F). Both funds adopt a globally diversified investment approach, with the CAF investing 60% of its assets in higher risk assets such as equities and 40% in lower risk assets such as global bonds and money market instruments. The A65F has 20% of its assets invested in higher risk assets, and 80% in lower risks assets.

    DIS contains an automatic de-risking feature, under which, members who are below age 50 investing in DIS will have their new contributions and accrued benefits 100% invested in CAF. In general, when a member turns 50, their accrued benefits and new contributions will automatically be partially allocated to the A65F annually on their birthdays until they reach 64, when the entire accrued benefits will be invested in the A65F. This is illustrated by the diagram and the DIS de-risking table.

    Another key feature of the DIS is that both the CAF and A65F are subject to a management fee cap of 0.75% of the net asset value of the fund each year (measured on a daily basis). Furthermore, there is an additional cap of 0.2% of net asset value on the recurrent out-of-pocket expenses in operating the funds.

    While the DIS has been intended for members who have not made any investment choices before, it may also be an appropriate investment option for you if the features of it fits your circumstances. The DIS is available as a standalone investment option that you may choose explicitly, or you may also choose to invest in the CAF and A65F separately.

    DIS de-risking table

    Age
    		 Core Accumulation Fund ("CAF")
    		 Age 65 Plus Fund ("A65F")

    Below 50

    100.0%

    0.0%

    50

    93.3%

    6.7%

    51

    86.7%

    13.3%

    52

    80.0%

    20.0%

    53

    73.3%

    26.7%

    54

    66.7%

    33.3%

    55

    60.0%

    40.0%

    56

    53.3%

    46.7%

    57

    46.7%

    53.3%

    58

    40.0%

    60.0%

    59

    33.3%

    66.7%

    60

    26.7%

    73.3%

    61

    20.0%

    80.0%

    62

    13.3%

    86.7%

    63

    6.7%

    93.3%

    64 and above

    0.0%

    100.0%

    Useful information

    Call us

    MPF service hotline

    Members / Self-employed person:
    (852) 2213 2213

    HKSARG Employees:
    (852) 2269 2269

    MPF Employer Direct

    (852) 2288 6822

    Enquires / Apply for MPF

    (852) 2997 2838

    Need more help?

    Visit our branches

    Find a branch with MPF Specialists

    Visit our branches

    Branches with MPF appointment service

    Make an e-Appointment

    Book now

    Footnote

    Other point(s) to note

    1. Additional voluntary contributions, Flexi-Contributions and tax deductible voluntary contributions are accepted at the discretion of the Trustee. The Trustee reserves the absolute right not to accept any additional voluntary contributions, Flexi-Contributions and tax deductible voluntary contributions at any time.
    2. The risk class is prescribed by the Mandatory Provident Fund Schemes Authority according to the Code on Disclosure for MPF Investment Funds and the risk class has not been reviewed or endorsed by the Securities and Futures Commission.
    3. Risk class is not available to the Constituent Fund with performance history of less than 3 years since inception to the risk class reporting quarter end date.
    4. Investment involves risks. Past performance is not indicative of future performance. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. For further details including the product features and risks involved, please refer to the MPF Scheme Brochure.

    Remark(s)

    1. Applicable to Hang Seng Bank integrated account holders.
    2. View the steps on how to register for the MPF e-Statement / e-Advice for details.
    3. As all the Constituent Funds are feeder funds investing in a single approved pooled investment fund or index-tracking collective investment scheme, no investment manager is required to be appointed at the Constituent Fund level. The investment manager of the underlying approved pooled investment fund or index-tracking collective investment scheme of each of the Constituent Funds is listed in section 2 ‘Directory of Trustee and Service Providers’ of the MPF Scheme Brochure.
    4. Information as at 31 March 2025.
    5. Other applicable fees, charges and expenses include but are not limited to joining fee, annual fee, contribution charge, offer spread, bid spread, withdrawal charge and other expenses. For further details, please refer to the MPF Scheme Brochure.
    6. Management fees include fees paid to the Trustee, Custodian, Administrator, Investment Manager (including fees based on fund performance, if any), Investment Agent and Sponsor of the scheme for providing their services to the relevant Constituent Fund. They are usually charged as a percentage of the net asset value ('NAV') of the relevant Constituent Fund. The management fees of all Constituent Funds are deducted from the asset of the Constituent Fund.
      In the case of each of the Core Accumulation Fund and the Age 65 Plus Fund, management fees payable to the parties named above (excluding the Custodian), or their delegates, can only (subject to certain exceptions in the Mandatory Provident Fund Schemes Ordinance) be charged as a percentage of the NAV of the Constituent Fund. These management fees are also subject to a statutory daily limit equivalent to 0.75% per annum of the NAV of the Constituent Fund which applies across both the Constituent Fund and underlying approved pooled investment fund(s) and index-tracking collective investment scheme(s).
    7. Preferential rate on the management fee may be applied to certain Members. Such preferential rate will be effected by way of ‘special bonus units’ credited to the Member’s employer and/or member’s contribution related sub-accounts on a monthly basis. The ‘special bonus units’ form part of the account balance and are subject to relevant fees and charges applicable to the Hang Seng Mandatory Provident Fund - SuperTrust Plus. If a Member terminates the Member’s account or transfers all assets out before the ‘special bonus units’ are being credited for a particular month, no ‘special bonus units’ will be granted for that month. The Trustee may offer other rebate/incentive arrangement to certain Participating Employers and/or Members.
    8. Fees and charges of an MPF Conservative Fund can be deducted from either: (i) the assets of the MPF Conservative Fund; or (ii) Members' account by way of unit deduction. The MPF Conservative Fund under the Hang Seng Mandatory Provident Fund – SuperTrust Plus uses method (i) and therefore, its unit prices, NAV and fund performance quoted have reflected the impact of fees and charges. Under section 37 of the Mandatory Provident Fund Schemes (General) Regulation (Cap. 485A of the laws of Hong Kong) and any subsequent amendments ('General Regulation'), fees and charges of the MPF Conservative Fund may only be deducted in the following circumstances:
      (a) if the amount of income derived from the investment of funds of the MPF Conservative Fund in a particular month exceeds the amount of interest that would be earned if those funds had been placed on deposit in a Hong Kong dollar savings account at the prescribed savings rate, an amount not exceeding the excess may be deducted from the MPF Conservative Fund for that month; or
      (b) if for a particular month, no amount is deducted under (a) or the amount that is deducted is less than the actual fees and charges for the month, the deficiency may be deducted from the amount of any excess that may remain in any of the following 12 months after deducting the fees and charges applicable to that following month.
    9. The Guaranteed Fund invests solely in an approved pooled investment fund in the form of an insurance policy provided by HSBC Life (International) Limited. The guarantee is also given by HSBC Life (International) Limited. Your investments in the Guaranteed Fund, if any, are therefore subject to the credit risks of HSBC Life (International) Limited.
      The guarantee in the Guaranteed Fund only applies under certain conditions. Please refer to subsection 3.4.3(f) ‘Guarantee features’ of the MPF Scheme Brochure for details of the guarantee features (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.
    10. Guarantee Conditions:
      Transfer of balances to a recipient scheme (including the existing scheme) on termination of employment[14].
      Withdrawal of balances with respect to one of the following:
          - termination of employment[14];
          - reaching retirement age or normal retirement date;
          - death;
          - reaching early retirement date;
          - total incapacity;
          - terminal illness;
          - permanent departure from the Hong Kong SAR; or
          - making a claim on small balance under section 162(1)(c) of the General Regulation.
    11. The account balance of a Member in the Guaranteed Fund will be crystallised (the ‘Crystallised Amount’) on 31 December in the year in which the Member reaches age 65. The Crystallised Amount will be the greater of the Actual Balance and the Guaranteed Balance to which the Member would be entitled had the Member withdrawn the accrued benefits from the Guaranteed Fund on 31 December in that year on the ground of reaching retirement age or normal retirement date. This is calculated in accordance with the MPF Scheme Brochure (the ‘31 December Amount’). However, where the 31 December Amount is less than the amount of accrued benefits as at the Member’s 65th birthday calculated in accordance with the MPF Scheme Brochure (the ‘65th Birthday Amount’), the 65th Birthday Amount will be deemed to be the Crystallised Amount. Where the Member switches or withdraws part of the investment out of the Guaranteed Fund between the Member’s 65th birthday and 31 December in that year, the Crystallised Amount will be the higher of the 31 December Amount and the pro-rated 65th Birthday Amount calculated in the following manner:
      (X/Y) times Z
      where:
      X: the number of units held in the Guaranteed Fund in respect of the Member ('GF Units') as at 31 December in the relevant year
      Y: the number of GF Units as at 65th birthday of the Member
      Z: the greater of the Guaranteed Balance and the Actual Balance as at 65th birthday of the Member
      The Crystallised Amount will then become the Actual Balance from 1 January in the following year. No further Guarantee will apply to the Crystallised Amount and any new contributions or transfer-in assets that are to invest in the Guaranteed Fund thereafter (the ‘Relevant Amount’). However, while all fees and charges including the Guarantee charge will continue to apply to the Relevant Amount, the Guarantee charge will be rebated to the Member on a monthly basis in arrears, calculated by using the daily NAV in that month. Please refer to Appendix 1 for the illustrative examples of the MPF Scheme Brochure for how the Guarantee operates in the context of payments in instalments.
    12. The percentage does not include the guarantee charge of 0.75% per annum of the NAV.
    13. The Fund Expense Ratio (FER) outlines the fees and charges of the relevant constituent fund in percentage for the financial year which ended on 30 June 2024.
    14. This condition does not apply to balances in a personal account (as defined in the General Regulation) or a TVC account. Please refer to the ‘Guarantee features’ under ‘Guaranteed Fund’ in the MPF Scheme Brochure for details of the ‘Guarantee features’ (including in the context of payment of accrued benefits in instalments) and the ‘Guarantee Conditions’.
    Issued by Hang Seng Bank Limited