Terms of Use
This section contains the terms of use of this website ('Terms'). By accessing this website and any of its pages, you are agreeing to these Terms.
Important Risk Warning
This structured product is a not-collateralised. The standard warrants ('Standard Warrants'), inline warrants (‘Inline Warrants’) and/or callable bull/bear contracts ('CBBCs') are non-collateralised structured products involving derivatives (‘Structured Products’) and are complex products. Investors should exercise caution in relation to them. Do not invest in them unless you fully understand and are willing to assume the risks associated with them. The price of the Structured Products may fall in value as rapidly as it may rise and investors may sustain a total or substantial loss of their investment. Prospective investors should ensure that they understand the nature and risks and seek professional advice where applicable.
Trading structured products with United States (US) underlying index may be exposed to additional risks, including:
(i)Risks relating to difference in trading days and hours
The US underlying index level is calculated and published during the trading hours of the respective index exchange. The US index futures contracts are traded on the respective index futures exchange. The trading days and hours of the index exchange and the index futures exchange (based on Hong Kong time) are different from that of the Stock Exchange of Hong Kong. In assessing the price of the structured products, you should be aware of the differences in the time zone and the actual trading days and hours of the relevant exchanges in Hong Kong and the United States. For example, the underlying index level may be volatile during a period which the Stock Exchange of Hong Kong is not open for trading of the structured products.
(ii)Less public information about the US underlying index and such information may not be available in Chinese
There may be less publicly available information about the US underlying index than those about Hong Kong indices and some of that information may not be available in Chinese. If you do not understand any such information, you should obtain independent advice.
(iii)Political and economic risks relating to the US underlying index
The US underlying index level may be subject to political, economic, financial and social factors that apply in those geographical regions (such as the United States), which may differ favourably or unfavourably from those factors that apply to Hong Kong. Moreover, foreign economies may also differ favourably or unfavourably from the Hong Kong economy in important respects such as, including but not limited to, growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.
(iv)Exchange rate risks
As the trading price of the constituent stocks comprising the US underlying index is quoted in United States Dollars (“US$”) but the structured products will be settled in Hong Kong Dollars (“HK$”), there will be an exchange rate risk when we convert US$ into HK$ in the calculation of the cash settlement amount.
(v)Possible delay in settlement
The valuation date could be postponed if such day is not the day on which the index futures contracts expire on the respective index futures exchange. Such postponement will in turn result in a delay for settlement of the structured products accordingly.
(vi)Publication of US index level when component shares are not trading
The index compiler may publish the index level at a time when one or more shares comprising the index are not trading. In such case, the index level may be calculated by the index compiler by reference to the remaining shares comprising the index. This may have an unforeseen adverse impact on the value of your investment.
(vii) Occurrence of Mandatory Call Event for US Index CBBCs outside trading hours
US Index CBBCs linked to overseas underlying assets may be called outside the Stock Exchange’s trading hours. In such cases, the US Index CBBCs will be suspended from trading on the Stock Exchange in the next trading session or soon after the issuer has notified the Stock Exchange about the occurrence of the Mandatory Call Event. There will be no automatic suspension of the US Index CBBCs by the trading systems of the Stock Exchange’s securities market upon the occurrence of a Mandatory Call Event. For Category R US Index CBBCs, valuation of the residual value will be determined on the valuation day according to the terms and conditions as set out in accordance with the relevant listing documents.
Issuer's Risk
You rely on creditworthiness of the Structured Products’ issuer. The product is subject to both the actual and perceived measures of the credit worthiness of its issuer and there is no assurance of protection against a default by its issuer in respect of its payment obligations. If the issuer is insolvent or defaults, investors may not recover part or all of the amount due (if any).
Information/Access
Unless otherwise stated, the information on this website, which is established, operated and/or maintained by or on behalf of The Hongkong and Shanghai Banking Corporation Limited (the 'Bank' or ’HSBC’), has been prepared for the supply of financial, market or other information and data ('Information') to residents of Hong Kong ('HK Residents'). Information contained in this website must not be relied or acted upon by persons who are not HK Residents. If you are not a HK Resident and access this website, you may be in breach of laws applicable to you. The Bank and all HSBC Group companies expressly disclaim all and any responsibility if you access this website and are not a HK Resident. 'HSBC Group company' means HSBC Holdings plc and any subsidiary or affiliate thereof.
No professional advice, advising on securities or fiduciary relationship
Market information contained in these pages are not intended to provide professional advice nor is HSBC, in providing such market information, intended to be advising on securities (as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong Special Administrative Region ('HKSAR')). As such, market information should not be relied upon in that regard. Persons accessing these pages are advised to obtain appropriate professional advice where necessary. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. HSBC Group companies and/or their affiliates assume no fiduciary responsibility or liability for any consequences, financial or otherwise, arising from the subscription or purchase of Structured Products and/or other investments or products mentioned herein.
No offer
Market information is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any Structured Products and/or other investments or products. Unless governing law permits otherwise, you must contact a member of an HSBC Group companies in your home jurisdiction if you wish to use HSBC Group companies’ services in effecting a transaction in any investments mentioned on this site.
Prices and valuation
Market information is obtained from sources believed to be reliable but which has not been independently verified. No guarantee, representation or warranty is made and no responsibility or liability as to its accuracy or completeness is accepted. Please note that any prices or levels contained in these pages are indicative and may vary in accordance with changes in market conditions. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this market information. Expressions of opinion are those of HSBC only and HSBC maintains the right to delete or modify information on this website without prior notice.
Disclosure of interests
HSBC Group companies and/or their officers, directors and employees may own or have positions in any securities mentioned on this site (or in any related investment) and may from time to time add to or dispose of any such securities (or investment). HSBC may sell securities to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies. Brokerage fees may be earned by members of the HSBC Group companies in respect of any business transacted by them in all or any of the Structured Products, securities and/or instruments referred to on this site.
HSBC Group companies may act as market maker or have assumed an underwriting commitment in the Structured Products and other securities discussed on this site (or in any related investment).
Liability
You further undertake to unconditionally and irrevocably indemnify and keep indemnified all HSBC Group companies against all actions, claims, demands, liabilities, losses, damages, costs (including on a solicitor client basis) and expenses of whatever nature and howsoever occurring arising directly or indirectly from or in connection with any breach by you of these Terms and/or any undertakings given by you.
Historical data/Potential for loss/Liquidity
Illustration of performance or data of past performance of any Structured Products and/or other investments whether contained in this website or otherwise is not indicative of and does not represent a guarantee of any future performance. Inline warrant is newly introduced to the market and there are no similar products currently listed on the Hong Kong Stock Exchange for comparison.
Base Listing Document and Launch Announcement and Supplemental Listing Document
Investors are warned that the prices of the Structured Products may fall in value as rapidly as it may rise and holders may sustain a total or substantial loss of their investment. CBBCs have a mandatory call feature and may therefore be subject to early termination, upon which (i) investors in category N CBBCs will lose all of their investments in the CBBCs; and (ii) the residual value of category R CBBCs may be zero. Inline warrants carry exotic features, and their terms and pricing may be more complicated than standard derivative warrants. Maximum potential payoff is fixed and capped. Price movement of the inline warrants may be disproportionate or opposite to the price movement of the underlying asset.
You should ensure you understand the nature of the Structured Products and carefully study the full details and risk factors set out in the Base Listing Document and the relevant Launch Announcement and Supplemental Listing Document and, where necessary, seek professional advice before you invest in the Structured Products. The Base Listing Document and the relevant Launch Announcement and Supplemental Listing Document may be obtained during usual business hours on any weekday (Saturdays, Sundays and holidays excepted) at the offices of HSBC at HSBC Main Building, 1 Queen's Road Central, Hong Kong. Before purchasing the Structured Products you should ensure that you fully understand the potential risks and rewards and independently determine that they are appropriate for you given your objectives, experience, financial and operational resources and other relevant circumstances. Investors should note that HSBC issues or holds the above-mentioned Structured Products, and HSBC acting through its appointed liquidity provider may be the only market participant in the Structured Products and therefore the secondary market for the Structured Products may be limited. HSBC is not the ultimate holding company of the group to which HSBC belongs and with which the name of HSBC is identified. The ultimate holding company of the group to which HSBC belongs is HSBC Holdings plc.
Please also read the disclaimer for Structured Products with indices or exchange-traded funds as the underlying asset, contained in the relevant Launch Announcement and Supplemental Listing Documents.
Structured Products are offered solely on the basis of the terms and conditions and the information contained in the relevant Base Listing Document, the relevant Launch Announcement and Supplemental Listing Document and any supplement to it produced by the relevant issuer. The offering of Structured Products and other products and investments described on this site may, in certain jurisdictions, be restricted by law. Potential investors must inform themselves of and observe all such restrictions.
No verification
The information contained herein is derived from sources we believe to be reliable, but which we have not independently verified. HSBC makes no representation or warranty (express or implied) of any nature nor accepts responsibility of any kind with respect to the completeness, timeliness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this website. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of any information in this website. Any examples given are for the purposes of illustration only.
No liability
No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this website.
Promotion programmes with brokers
In respect of the Structured Products, HSBC or any of its affiliates may from time to time implement promotion programmes with a selected number of brokers or banks within a selected period of time. Under such programmes, retail investors may be offered a partial or total commission rebate or other forms of incentives in connection with certain Structured Products issued by HSBC.
Use of software or materials
Materials on this site are protected by copyright. No part of these materials may be modified, reproduced, stored in a retrieval system, transmitted, copied, distributed or used in any other way for commercial or public purposes without the HSBC's prior written consent.
If you wish to use any software or materials made available on this site the following restrictions apply:
- you may only use the software and materials as strictly necessary for the intended business purpose of the customers whom you represent;
- you undertake not to alter, reverse engineer, copy (other than to the extent necessary for the permitted use), publish or impart to any third party any such software or materials;
- you may only use such software or materials subject to any disclaimers or other restrictions on use or on liability, or any other warranties or terms that appear on or are supplied with any such software or materials.
None of HSBC or any member of the HSBC Group companies or any information provider of Structured Products represents that the software or materials or the market information is free from virus or other destructive features which may adversely affect your hardware, software or equipment.
Privacy
HSBC respects your privacy. Please refer to
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Amendments
HSBC may revise these terms and conditions and/or introduce additional terms and conditions at any time and from time to time. Any revision and/or addition to these terms and conditions shall be binding on you if you continue to use this site on or after the effective date of variation.
Copyright and Trademarks
The Bank and other parties own the trademarks, logos and service marks displayed on this website. These may not be used without the written permission of the Bank or the party owning these.
Materials on this site are protected by copyright. No part of these materials may be modified, reproduced, stored in a retrieval system, transmitted, copied, distributed or used in any other way for commercial or public purposes without the Bank's prior written consent.
No Warranties
Whilst every care has been taken in preparing the information materials contained in this website, such information and materials are provided "as is" without warranty of any kind, either express or implied. In particular, no warranty regarding non-infringement, security, accuracy, fitness for a purpose or freedom from computer viruses is given in connection with such information and materials.
Linked Websites
The Bank or any other member of HSBC Group companies is not responsible for the contents available on or the set-up of any other websites linked to this site. Access to and use of such other websites is at the user's own risk and subject to any terms and conditions applicable to such access/use. By providing hyperlinks to other websites, the Bank shall not be deemed to endorse, recommend, approve, guarantee or introduce any third parties or the service/products they provide on their website, or have any form of cooperation with such third parties and websites. The Bank is not a party to any contractual arrangements entered into between you and the provider of the external website(s) unless otherwise expressly specified or agreed to by the Bank.
Please also refer to HSBC's
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Email
Email messages sent to the Bank over the internet cannot be guaranteed to be completely secure. The Bank is not responsible for any damages incurred by users if they send a message to the Bank, or if the Bank sends a message to them at their request, over the internet. The Bank is not responsible in any way for direct, indirect, special or consequential damages arising out of the use of this website.
Transmitting over the internet
Due to the nature of the internet, transactions may be subject to interruption, transmission blackout, delayed transmission and incorrect data transmission. The Bank is not liable for malfunctions in communications facilities not under its control that may affect the accuracy or timeliness of messages and transactions you send.
Downloading
HSBC does not represent or warrant that the site will be available and meet your requirements, that access will not be interrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties. HSBC makes no representations or warranties regarding the accuracy, functionality or performance of any third party software that may be used in connection with the site.
Accessibility
HSBC aims to provide a website that is accessible to people with different needs. However, it is not always possible to do so in all areas of the website.
Users of the NVDA screen reader in connection with the Chinese sections of the website may experience difficulties where numbers are not announced correctly; specifically, the decimal point is ignored e.g. two point five zero is announced as two five zero. This is a known issue with using NVDA screen readers with Chinese websites and is outside of our control.
To solve the abovementioned issue, please follow the
steps to open the NVDA Symbol Pronunciation dialog Opens in a new window. In the Symbols listview, locate the item named Decimal Point, then move to the Replacement edit field and enter a suitable description or character, e.g. ‘decimal point’. Thereafter NVDA should announce the symbol correctly.
Governing law and jurisdiction
These terms and conditions shall be governed by and construed in accordance with the laws of the HKSAR.
By accessing these webpages, you are deemed to submit to the non-exclusive jurisdiction of the courts of the HKSAR; however, these terms and conditions may be enforced in the courts of any competent jurisdiction.
Inconsistencies
The English language version of these Terms shall prevail over the version in any other language to the extent of any inconsistency.
4. 實戰策略:對沖與鎖利
在投資市場中,窩輪作為一種帶槓桿的衍生工具,因其靈活性和潛在回報,吸引了眾多投資者。然而,窩輪的高槓桿特性不僅能讓投資者在看對市況時提升獲得回報的機會,但也在看錯方向時,伴隨著更高的風險。如何在市場波動中鎖定利潤、避免損失,成為投資者在實戰中必須掌握的核心技巧。本文將圍繞窩輪的對沖及鎖利策略,探討如何在不同市場情況下靈活應對,實現穩健的投資目標。 窩輪的對沖策略,核心在於靈活應對市場變化,並在適當時機進行調整,舉例來說,當投資者持有一隻正股作長線投資, 若投資者面對突如其來的負面消息, 認為正股可能出現短暫下跌, 此時可考慮買入同一正股的認沽期權作對沖, 以減低股價下跌時出現的虧損及避免賣出正股時須支付較高昂的手續費。 而鎖利的策略上, 如正股已出現大幅上升, 欲鎖定已有的利潤, 投資者亦可使用同樣操作, 買入同一正股的認沽期權作對沖, 若正股如預期向下行, 認沽證的升幅或可以部分抵消正股下跌的損失。相反, 如正股未如預定的出現下挫反而上升, 損失亦是收益的一部分, 故亦有投資者視對沖為購買投資的保險。 另外, 除了正股的鎖利, 輪證的操作上, 亦可套用鎖利技巧。舉例來說,當投資者持有一隻價外認購證,並在短期內因正股價格上漲而獲得可觀的浮動利潤時,投資者可考慮在市場回調前將利潤鎖定。以下是應用例子。首先,對沖的第一步是了解市場趨勢的變化。假設投資者看好恒指的短期走勢,並選擇了一隻價外認購證。隨著恒指的上漲,該窩輪的價格因行使機會增加而大幅上升,投資者此時已經獲得了不錯的浮動利潤。然而,市場的波動性往往難以預測,恒指可能在短期內出現回調,導致窩輪價格迅速下跌。為了避免這種情況,投資者可以選擇將部分持倉獲利了結,將利潤鎖定在手中。同時,保留部分倉位以繼續參與市場的潛在上行空間,這種「部分鎖利」的策略能平衡風險與回報。 其次,對沖策略的另一個重要應用是換倉操作。當投資者持有的窩輪已經由價外變為價內,並且價格大幅上漲時,該窩輪的槓桿效應會逐漸減弱,因為價內窩輪的內在值增加,而槓桿效應主要來自於價外部分的波動性。在這種情況下,投資者可以考慮將已經深入價內的窩輪獲利了結,並轉換至另一隻價外窩輪,以保持高槓桿的特性。例如,當商湯(0020)股價在短期內大幅上漲時,某些價外認購證因行使機會急升而產生內在值,輪價隨之急漲。此時,投資者可以選擇將該窩輪賣出,並重新選擇一隻行使價更高的價外認購證,從而繼續參與市場的潛在上行空間。 對沖策略的成功應用,還需要投資者對窩輪的價格組成有深入的理解。窩輪的價格由內在值和時間值組成,其中內在值是指窩輪在價內時的價值,而時間值則是未到期前的機會成本。當窩輪由價外變為價內時,其內在值會迅速增加,價格隨之上漲。然而,隨著到期日的臨近,時間值的損耗也會加速,這對窩輪價格構成了潛在的壓力。因此,投資者在進行對沖操作時,應充分考慮時間值的影響,選擇適當的時機進行調整。例如,當某隻窩輪的到期日臨近且時間值損耗加劇時,投資者可以選擇將該窩輪賣出,並重新選擇一隻年期較長的窩輪,以延長投資的時間窗口。 最後,對沖策略的應用還需要關注市場的流動性和交易成本。窩輪的買賣差價是投資者進行交易時需要考慮的重要因素,差價越窄,交易成本越低。在選擇對沖工具時,投資者應優先考慮買賣差價較窄的產品,從而降低交易成本,提升投資效率。同時,街貨量也是影響窩輪價格的重要因素之一,街貨量過高的窩輪,其價格可能會受到市場供求的影響,導致價格波動加劇。因此,投資者在進行對沖操作時,應避免選擇街貨量過高的產品,以免因市場供求失衡而影響投資回報。 總結來說,窩輪的對沖策略是一門需要靈活應用的投資技巧,其核心在於鎖定利潤、減少損失,並在市場波動中保持穩健的投資回報。通過部分鎖利、轉換操作、對沖等方法,投資者可以幫助應對市場的不確定性,平衡風險與回報。然而,對沖策略的成功應用,還需要投資者對市場趨勢、窩輪條款以及相關資產的波動性有深入的理解,並在實戰中不斷總結經驗,提升自己的投資能力。
Check point:
以下哪一項是對沖策略的主要目標?