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
Hyperlink Policy Opens in a new window on this site.
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.
1. 牛熊證基本介紹
在金融市場中,牛熊證作為一種槓桿式衍生工具,因其結構簡單、交易靈活以及高槓桿特性,吸引了眾多投資者的關注。無論是牛市還是熊市,牛熊證都能為投資者提供參與市場波動的機會。然而,對於初次接觸牛熊證的投資者來說,了解其定義、工作原理以及在不同市場情況下的運作方式,是進行有效投資的基礎。本文將全面介紹牛熊證的基本概念,並探討其在牛市與熊市中的運作機制。 牛熊證的定義可以簡單概括為一種槓桿式的投資工具,旨在讓投資者以較低的資金成本參與市場波動。牛熊證分為牛證和熊證兩種,分別適用於看好和看淡市場的情況。牛證適合於投資者預期相關資產價格上升的情況,而熊證則適合於投資者預期相關資產價格下跌的情況。牛熊證的標的資產可以是股票、指數等,投資者可以根據自己的市場看法選擇相應的產品。 牛熊證的工作原理與其槓桿特性密切相關。與傳統的股票或基金不同,牛熊證的價格變動與標的資產的價格變動呈線性關係,並且具有槓桿效應。這意味著,當標的資產價格變動時,牛熊證的價格會以更大的幅度變動。例如,假設某隻牛證的槓桿倍數為10倍,當標的資產價格上漲1%時,該牛證的價格將上漲約10%。同樣,當標的資產價格下跌1%時,該牛證的價格也將下跌約10%。這種槓桿效應使得牛熊證成為一種高風險高回報的投資工具。 牛熊證的運作方式還涉及一個關鍵概念——收回機制。每隻牛熊證都設有一個收回價,當標的資產價格觸及或超過該收回價時,牛熊證將被強制收回,並停止交易。對於牛證而言,收回價通常低於標的資產的現價;而對於熊證而言,收回價則高於標的資產的現價。一旦觸發收回機制,投資者將失去繼續參與市場波動的機會,並可能面臨部分或全部損失。因此,投資者在選擇牛熊證時,應特別關注收回價與標的資產現價之間的距離,並根據自己的風險承受能力進行選擇。 在牛市中,當市場處於上升趨勢時,投資者可以通過購買牛證,以較低的資金成本參與市場的上漲。例如,假設某隻牛證的槓桿倍數為5倍,假設對沖值為一的情況下, 當標的資產價格上漲2%時,該牛證的價格將上漲約10%。這種槓桿效應使得牛證成為牛市中追求高回報的理想工具。然而,投資者需要注意的是,牛市並不意味著標的資產價格會持續上漲,市場的短期波動可能導致牛證價格的劇烈變化,甚至觸發收回機制。因此,在牛市中使用牛證時,投資者應密切關注市場走勢,並設置合理的止損策略,以降低風險。 相反,在熊市中,熊證的運作方式則為投資者提供了參與市場下跌的機會。當市場處於下降趨勢時,投資者可以通過購買熊證,從標的資產價格的下跌中獲利。例如,假設某隻熊證的槓桿倍數為8倍,當標的資產價格下跌1.5%時,該熊證的價格將上漲約12%。這種反向槓桿效應使得熊證成為熊市中對沖風險或獲取回報的有效工具。然而,與牛證類似,熊證同樣面臨收回機制的風險,投資者需要謹慎選擇收回價與標的資產現價之間的距離,並根據市場情況靈活調整投資策略。 牛熊證的另一個特點是其交易靈活性。與傳統的股票或基金相比,牛熊證的交易成本較低,且可以在二級市場上隨時買賣,這為投資者提供了更大的操作空間。此外,牛熊證的價格透明度較高,投資者可以通過發行商提供的報價工具,實時了解牛熊證的價格變化,從而做出更明智的投資決策。 總結來說,牛熊證作為一種槓桿式衍生工具,為投資者提供了參與市場波動的靈活方式。無論是在牛市還是熊市中,牛熊證都能幫助投資者實現高槓桿的回報。然而,其高風險特性也要求投資者具備一定的市場分析能力和風險管理意識。在選擇牛熊證時,投資者應充分了解其工作原理以及收回機制,並根據自己的風險承受能力和市場看法,制定合理的投資策略。只有在深入理解牛熊證運作方式的基礎上,投資者才能在市場波動中靈活應對,實現穩健與高效的投資目標。
Check point:
以下哪一項是牛熊證的主要特點?