第一部份 - 证券交易帐户

Global Mastermind Securities Limited (“GMSL”) carries on securities trading business and is licensed to carry on Type 1 and Type 4 regulated activity (dealing in securities and advising on securities) under the Securities and Futures Ordinance (CE No. BIO067), and is an exchange participant of The Stock Exchange of Hong Kong Limited (Exchange Participant ID 2087).



The following risk disclosure statement is provided pursuant to the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission and Hong Kong Exchange. This brief statement cannot disclose all of the risks and other significant aspects of trading securities. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.

以下的风险披露声明是根据《证券及期货事务监察委员会持牌人或注册人操守准则》及香港交易所的要求予以提供。本声明书只扼要叙述买卖股票的风险,并不尽录与此相关的所有风险和其他重要事项。阁下在进行交易前,必须先了解投资性质 (及任何合约关系) 以及其中所涉及风险:



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.




Growth Enterprise Market (GEM) stocks involve a high investment risk. In particular, companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability. GEM stocks may be very volatile and illiquid.



You should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors.



Current information on GEM stocks may only be found on the internet website operated by The Stock Exchange of Hong Kong Limited. GEM companies are usually not required to issue paid announcements in gazetted newspapers.



You should seek independent professional advice if you are uncertain of or have not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks.




Client assets received or held by Global Mastermind Securities Limited outside Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the Securities and Futures Ordinance (Cap. 571) and the rules made thereunder. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong.

环球大通证券有限公司在香港以外地方收取或持有的客户资产,是受到有关海外司法管辖区的适用法律及规例所监管的。这些法律及规例与《证券及期货条例》(香港法例第 571 章)及根据该条例制订的规则可能有所不同。因此,有关客户资产将可能不会享有赋予在香港收取或持有的客户资产的相同保障。




The securities under the Nasdaq-Amex Pilot Program (“PP”) are aimed at sophisticated investors. You should consult a licensed or registered person and become familiarized with the PP before trading in the PP securities. You should be aware that the PP securities are not regulated as a primary or secondary listing on the Main Board or the Growth Enterprise Market of the Stock Exchange of Hong Kong Limited.



5.     RISK OF MARGIN TRADING 保证金买卖的风险

The risk of loss in financing a transaction by deposit of collateral is significant. You may sustain losses in excess of your cash and any other assets deposited as collateral with Global Mastermind Securities Limited. Market conditions may make it impossible to execute contingent orders, such as “stop-loss” or “stop-limit” orders. You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated without your consent. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. You should therefore carefully consider whether such a financing arrangement is suitable in light of your own financial position and investment objectives.





There is risk if you provide Global Mastermind Securities Limited with an authority that allows it to apply your securities or securities collateral pursuant to a securities borrowing and lending agreement, repledge your securities collateral for financial accommodation or deposit your securities collateral as collateral for the discharge and satisfaction of its settlement obligations and liabilities.



If your securities or securities collateral are received or held by Global Mastermind Securities Limited in Hong Kong, the above arrangement is allowed only if you consent in writing. Moreover, unless you are a professional investor, your authority must specify the period for which it is current and be limited to not more than 12 months. If you are a professional investor, these restrictions do not apply.

假如你的证券或证券抵押品是由环球大通证券有限公司在香港收取或持有的,则上述安排仅限于你已就此给予书面同意的情况下方行有效。此外,除非你是专业投资者,你的授权书必须指明有效期,而该段有效期不得超逾 12 个月。若你是专业投资者,则有关限制并不适用。


Additionally, your authority may be deemed to be renewed (i.e. without your written consent) if Global Mastermind Securities Limited issues you a reminder at least 14 days prior to the expiry of the authority, and you do not object to such deemed renewal before the expiry date of your then existing authority.

此外,假如环球大通证券有限公司在有关授权的期限届满前最少14 日向你发出有关授权将被视为已续期的提示,而你对于在现有授权的期限届满前以此方式将该授权延续不表示反对,则你的授权将会在没有你的书面同意下被视为已续期。


You are not required by any law to sign these authorities. But an authority may be required by Global Mastermind Securities Limited, for example, to facilitate margin lending to you or to allow your securities or securities collateral to be lent to or deposited as collateral with third parties. Global Mastermind Securities Limited should explain to you the purposes for which one of these authorities is to be used.



If you sign one of these authorities and your securities or securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on your securities or securities collateral. Although Global Mastermind Securities Limited is responsible to you for securities or securities collateral lent or deposited under your authority, a default by it could result in the loss of your securities or securities collateral.



A cash account not involving securities borrowing and lending is available from Global Mastermind Securities Limited. If you do not require margin facilities or do not wish your securities or securities collateral to be lent or pledged, do not sign the above authorities and ask to open this type of cash account.




A.     Deposited cash and property 存放的现金及财产

You should familiarize yourself with the protections given to money or other property you deposit for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which you may recover your money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as your own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.



B.     Commission and other chares 佣金及其他收费

Before you begin to trade, you should obtain a clear explanation of all commission, fees and other charges for which you will be liable. These charges will affect your net profit (if any) or increase your loss.



C.     Transactions in other jurisdictions 在其他司法管辖区进行交易

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade, you should enquiry about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask the firm with which you deal for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade.



D.     Currency risks 货币风险

The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contracts to another currency.



E.      Trading facilities 交易设施

Electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or participant firms. Such limits may vary: you should ask Global Mastermind Securities Limited for details in this respect.



F.      Electronic trading 电子交易

Trading on an electronic trading system may differ from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all.



Communications or instructions sent over the internet may be delayed due to internet traffic congestion, systems upgrades or maintenance or for other reasons, and orders of investors may not necessarily be executed at the price indicated on the Internet. Further, communications over the internet may also be subject to transmission blackout, interruption, interception, or incorrect data transmission due to the public nature of the internet or other reasons that are beyond Global Mastermind Securities Limited’s control. Messages sent over the internet cannot be guaranteed to be completely secure. You should be aware of the risk of any delay, loss, diversion, alteration, corruption or virus infection of any messages/instructions either sent to or received from Global Mastermind Securities Limited.



G.     Risk of e-statement service 电子结算单的风险

Access to the internet or other electronic medium may be limited or unavailable during periods of peak demand, market volatility, systems upgrades or maintenance or for other reasons. Any communication through the internet or other electronic medium may be subject to interruption, transmission blackout, and delayed transmission due to unpredictable traffic congestion and other reasons beyond Global Mastermind Securities Limited’s control. The internet is, due to technical limitations, an inherently unreliable medium of communication. As a result of such unreliability, there may be delays in the transmission and receipt of information. The statements may not be sent to the designated email address at all. Moreover, communications and personal data may be accessed by unauthorized third parties, and there are risks of misunderstanding or error in any communication.



H.     Off-exchange transactions 場外交易

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarize yourself with applicable rules and attendant risks.

在某些司法管辖区及只有在特定情况之下,有关商号获准进行场外交易。为你进行交易的商号可能是你所进行的买卖的交易对手方。在这种情况下,有可能难以或什至无法平掉既有仓盘、评估价值、厘定公平价格又或评估风险。因此,这些交易或会涉及更大的风险。此外,场外交易的监管或会比较宽松,又或需遵照不同的监管制度; 因此,你在进行该等交易前应先了解适用的规则和有关的风险。



第二部份 - 股票期权交易额外风险

The following risk disclosure statement are provided pursuant to the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission. This brief statement cannot disclose all of the risks and other significant aspects of stock options trading. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.




The risk of loss in trading options is substantial. In some circumstances, you may sustain losses in excess of your initial margin funds. Placing contingent orders, such as “stop-loss” or “stop-limit” orders, will not necessarily avoid loss. Market conditions may make it impossible to execute such orders. You may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, your position may be liquidated. You will remain liable for any resulting deficit in your account. You should therefore study and understand options before you trade and carefully consider whether such trading is suitable in the light of your own financial position and investment objectives. You should also inform yourself of exercise and expiration procedures and your rights and obligations upon exercise or expiry.

买卖期权的亏蚀风险可以极大。在若干情况下,你所蒙受的亏蚀可能会超过最初存入的保证金数额。即使你设定了备用指示,例如 “止蚀”或 “限价”等指示,亦未必能够避免损失。市场情况可能使该等指示无法执行。你可能会在短时间内被要求存入额外的保证金。假如未能在指定的时间内提供所需数额,你的未平仓合约可能会被平仓。然而,你仍然要对你的帐户内任何因此而出现的短欠数额负责。因此,你在买卖前应研究及理解期权,以及根据本身的财政状况及投资目标,仔细考虑这种交易是否适合你。你应熟悉行使期权及期权到期时的程序,以及你在行使期权及期权到期时的权利与责任。


This statement does not disclose all of the risks and other significant aspects of trading in options. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationship) into which you are entering and the extent of your exposure to risk. Trading in options is not suitable for many members of the public. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.




Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of options (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs.



The purchaser of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the options is on futures, the purchaser will acquire a futures position with associated liabilities for margin. If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the options premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the chance of such options becoming profitable ordinarily is remote.



Selling ('writing' or 'granting') options generally entail considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavorably against him. The seller will also be exposed to the risk of the purchaser exercising the options and the seller will be obligated to either settle the options in cash or to acquire or deliver the underlying interest. If the options is on futures, the seller will acquire a position in futures with associated liabilities for margin (see the section on Futures above). If the options is 'covered' by the seller holding a corresponding position in the underlying interest or a futures or another options, the risk may be reduced. If the options is not covered, the risk of loss can be unlimited.



Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.




Some options may only be exercised on an expiry day (European-style exercise) and other options may be exercised at any time before expiration (American-style exercise). You understand that upon exercise some options require delivery and receipt of the underlying securities and that other options require a cash payment.



An option is a wasting asset and there is a possibility that as an option holder you may suffer the loss of the total premium paid for the option. As an option holder, in order to realize a profit it will be necessary to either exercise the option or close the long option position in the market. Under some circumstances it may be difficult to trade the option due to lack of liquidity in the market. Global Mastermind Securities Limited has no obligation either to exercise a valuable option in the absence of your instruction or to give to you prior notice of the expiration date of the option.




As a writer of an option you may be required to pay additional margin at any time. You may also be liable for unlimited losses based on the rise or fall of the price of the underlying securities and its gains are limited to the option premium.



Additionally, writers of American-style call (Put) options may be required at any time before expiry to deliver (pay for) the underlying securities to the full value of the strike price multiplied by the number of underlying securities. This obligation may be wholly disproportionate to the value of premium received at the time the options were written and may be required at short notice.




You should ask Global Mastermind Securities Limited about the terms and conditions of the specific options which you are trading and associated obligations (e.g. the circumstances under which you may become obliged to make or take delivery of the underlying interest and expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an option) may be modified by the exchange or clearing house to reflect changes in the underlying interest.




Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or “circuit breakers”) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If you have sold options, this may increase the risk of loss. Further, normal pricing relationships between the underlying interest and the option may not exist. The absence of an underlying reference price may make it difficult to judge “fair” value.





第三部份 - 結構性產品之額外風險

This brief statement cannot disclose all of the risks and other significant aspects of structured products. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.




A.     Issuer default risk 发行商失责风险

In the event that a structured product issuer becomes insolvent and defaults on their listed securities, investors will be considered as unsecured creditors and will have no preferential claims to any assets held by the issuer. You should therefore pay close attention to the financial strength and credit worthiness of structured product issuers.


Note: “Issuers Credit Rating” showing the credit ratings of individual issuers is now available under the Issuer and Liquidity Provider Information sub-section under Derivative Warrants and under CBBCs section on the HKEx corporate website.

注意: 香港交易所公司网站的「衍生权证」及「牛熊证」内的「发行商与流通量提供者资料」部份均载列「发行商之信贷评级」,显示个别发行的信贷评级。


B.     Uncollateralized product risk 非抵押产品风险

Uncollateralized structured products are not asset backed. In the event of issuer bankruptcy, investors can lose their entire investment. You should read the listing documents to determine if a product is uncollateralized.



C.     Gearing risk 杠杆风险

Structured products such as derivative warrants and callable bull/bear contracts (CBBCs) are leveraged and can change in value rapidly according to the gearing ratio relative to the underlying assets. You should be aware that the value of a structured product may fall to zero resulting in a total loss of the initial investment.



D.     Expiry considerations 有效期的考虑

Structured products have an expiry date after which the issue may become worthless. You should be aware of the expiry time horizon and choose a product with an appropriate lifespan for your trading strategy.



E.      Extraordinary price movements 特殊价格移动

The price of a structured product may not match its theoretical price due to outside influences such as market supply and demand factors. As a result, actual traded prices can be higher or lower than the theoretical price.



F.      Foreign exchange risk 外汇风险

Investors trading structured products with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the structured product price.



G.     Liquidity risk 流通量风险

The Exchange requires all structured product issuers to appoint a liquidity provider for each individual issue. The role of liquidity providers is to provide two way quotes to facilitate trading of their products. In the event that a liquidity provider defaults or ceases to fulfill its role, you may not be able to buy or sell the product until a new liquidity provider has been assigned.




This brief statement cannot disclose all of the risks and other significant aspects of trading callable bull/bear contracts. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.



A.     Mandatory call 强制收回

CBBC are not suitable for all types of investors and you should consider your risk appetite prior to trading. In any case, you should not trade in CBBC unless you understand the nature of the product (including its intraday “knockout” or mandatory call feature) and is prepared to lose the total amount invested since a CBBC will be called by the issuer when the price of the underlying asset hits the Call Price and trading in that CBBC will expire early. Investors will only be entitled to the residual value of the terminated CBBC as calculated by the product issuer in accordance with the listing documents. Payoff for Category N CBBC will be zero when they expire early. When Category R CBBC expire early the holder may receive a small amount of residual value payment, but there may be no residual value payment in adverse situations. Broker may charge their clients a service fee for the collection of the Residual Value payment from the respective issuers.

牛熊证并不适合所有投资者,阁下在买卖牛熊证前应先考虑本身能承受多少风险。在任何情况下,除非阁下清楚明白牛熊证的性质(包括其可以即日「取消」或强制收回的特色),并己准备好随时会损失所有的投资金额,否则阁下不应买卖牛熊证,因为万一牛熊证的相关资产价格触及收回价,牛熊证会即时由发行商收回,买卖亦会终止。届时,投资者只能收回已停止买卖的牛熊证由产品发行商按上市文件所述计算出来的剩余价值。提早终止的 N 类牛熊证将不会有任何剩余价值。若是 R 类牛熊证提早终止,持有人或可收回少量剩余价值,但在最坏的情况下亦可能没有剩余价值。经纪代其客户从发行商收回剩余价值款项时或会收取服务费。


In general, the larger the buffer between the Call Price and the Spot Price of the underlying asset, the lower the probability of the CBBC being called since the underlying asset of that CBBC would have to experience a larger movement in the price before the CBBC will be called. However, at the same time, the larger the buffer, the lower the leverage effect will be.



Once the CBBC is called, even though the underlying asset may bounce back in the right direction, the CBBC which has been called will not be revived and you will not be able to profit from the bounce-back.



Besides, the Mandatory Call Event (MCE) of a CBBC with overseas assets as underlying may be triggered outside the Hong Kong Stock Exchange’s trading hours.



B.     Gearing effects 杠杆作用

Since a CBBC is a leveraged product, the percentage change in the price of a CBBC is greater compared with that of the underlying asset. You may suffer higher losses in percentage terms if you expect the price of the underlying asset to move one way but it moves in the opposite direction.



C.     Limited life 限定的有效期

A CBBC has a limited life, as denoted by the fixed expiry date, with a lifespan of 3 months to 5 years. The life of a CBBC may be shorter if called before the fixed expiry date. The price of a CBBC fluctuates with the changes in the price of the underlying asset from time to time and may become worthless after expiry and in certain cases, even before the normal expiry if the CBBC has been called early.

牛熊证有一固定有效期,并于指定日期到期。有效期可以是 3 个月至 5 年不等。若在到期前遭提早收回牛熊证的有效期将变得更短。期间牛熊证的价值会随着相关资产价格的变动而波动,于到期后或遭提早收回后更可能会变得没有价值。


D.     Movement with underlying asset 相关资产的走势

Although the price of a CBBC tends to follow closely the price of its underlying asset, but in some situations it may not (i.e. delta may not always be close to one). Prices of CBBC are affected by a number of factors, including its own demand and supply, funding costs and time to expiry. Moreover, the delta for a particular CBBC may not always be close to one, in particular when the price of the underlying asset is close to the Call Price.



E.      Liquidity 流通量

Although CBBC have liquidity providers, there is no guarantee that you will be able to buy/sell CBBC at their target prices any time you wish.



F.      Funding costs 财务费用

The issue price of a CBBC includes funding costs and issuers will specify the formula for calculating the funding costs of their CBBC at launch in the listing documents. Since the funding costs for each CBBC issue may be different as it includes the issuer’s financing/stock borrowing costs after adjustment for expected ordinary dividend of the stock (if the underlying is a Hong Kong stock since the CBBC will not be adjusted for ordinary dividend) plus the issuer’s profit margin, you are advised to compare the funding costs of different issuers for CBBC with similar underlying assets and terms. The funding costs will gradually be reduced over time along with the CBBC in the secondary market as the CBBC moves towards expiry. In general, the longer the duration of the CBBC, the higher the total funding costs will be since it is similar to investors borrowing for a longer tenure to trade in the underlying asset. When a CBBC is called, you will lose the funding cost for the full period since the funding cost is built into the CBBC price upfront at launch even though with the MCE, the actual period of funding for the CBBC turns out to be shorter. In any case, you should note that the funding costs of a CBBC after launch may vary during its life and the Liquidity Provider is not obliged to provide a quote for the CBBC based on the theoretical calculation of the funding costs for that CBBC at launch.



G.     Trading of CBBC close to Call Price 接近收回价时的交易

When the underlying asset is trading close to the Call Price, the price of a CBBC may be more volatile with wider spreads and uncertain liquidity. CBBC may be called at any time and trading will terminate as a result.



However, the trade inputted by the investor may still be executed and confirmed by the investors after the MCE since there may be some time lapse between the MCE time and suspension of the CBBC trading. Any trades executed after the MCE (i.e. Post MCE Trades) will not be recognized and will be cancelled. Therefore, you should be aware of the risk and ought to apply special caution when the CBBC is trading close to the Call Price.



Issuers will announce the exact call time within 1 hour after the trigger of MCE, and HKEx will also send the list of Post MCE Trades to the relevant Exchange Participants (brokers) who in turn will inform their clients accordingly. For avoidance of doubt on whether their trades have been cancelled (i.e. whether they are Post MCE Trades), you may check with Global Mastermind Securities Limited.

发行商会于强制收回事件发生后 1 小时内通知市场确实的收回时间,交易所亦会把于强制收回事件发生后才达成的交易资料发布给有关的交易所参与者,让他们通知其客户。若阁下不清楚交易是否在强制收回事件后才达到或有否被取消,应查询环球大通证券有限公司。


H.     CBBC with overseas underlying assets 涉及海外资产的牛熊证

Investors trading CBBC with overseas underlying assets are exposed to an exchange rate risk as the price and cash settlement amount of the CBBC are converted from a foreign currency into Hong Kong dollars. Exchange rates between currencies are determined by forces of supply and demand in the foreign exchange markets which are affected by various factors.



Besides, CBBC issued on overseas underlying assets may be called outside the Stock Exchange of Hong Kong’s trading hours. In such case, the CBBC will be terminated from trading on the Stock Exchange of Hong Kong in the next trading session or soon after the issuer has notified the Stock Exchange of Hong Kong about the occurrence of the MCE. There will be no automatic suspension of the CBBC by the trading system of the Stock Exchange of Hong Kong's securities market (i.e. AMS/3) upon occurrence of an MCE. For Category R CBBC, valuation of the residual value will be determined on the valuation day according to the terms in the listing documents.

若属海外资产发行的牛熊证,强制收回事件可能会于香港交易所时段以外的时间发生。有关的牛熊证会于下一个交易时段或发行商通知交易所强制收回事件发生后尽快停止在香港交易所买卖。当强制收回事件发生时,香港联合交易所的交易系统(AMS/3)不设自动停止机制。若属 R 类牛熊证,剩余价值会根据上市文件于订价日厘定。



Derivative warrant trading involves high risks and is not suitable for every investor. You should understand and consider the following risks before trading in derivative warrants. This brief statement cannot disclose all of the risks and other significant aspects of trading derivative warrants. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.

买卖衍生权证 (“窝轮”) 涉及高风险,并非人人皆适合。阁下买卖衍生权证前必须清楚明白及考虑以下的风险。本声明书只扼要叙述买卖衍生权证的风险,并不尽录与此相关的所有风险和其他重要事项。阁下在进行交易前,必须先了解投资性质(及任何合约关系)以及其中所涉及风险:


A.     Issuer risk 發行商風險

Derivative warrant holders are unsecured creditors of an issuer and have no preferential claim to any assets an issuer may hold. Therefore, you are exposed to credit risk in respect of the issuer.

衍生权证的持有人等同衍生权证发行商的无担保债权人,对发行商的资产并无任何优先索偿权; 因此,阁下须承担发行商的信贷风险。


B.     Gearing risk 杠杆风险

Although derivative warrants may cost a fraction of the price of the underlying assets, a derivative warrant may change in value more or less rapidly than the underlying asset. In the worst case, the value of the derivative warrants may fall to zero and you may lose your entire investment amount.



C.     Limited life 具有效期

Unlike stocks, derivative warrants have an expiry date and therefore a limited life. Unless the derivative warrants are in-the-money, they become worthless at expiration.



D.     Time decay 时间递耗

One should be aware that other factors being equal the value of derivative warrants will decrease over time as they approach their expiry dates. Therefore, derivative warrants should never be viewed as products that are bought and held as long term investments.



E.      Volatility 波幅

Prices of derivative warrants can increase or decrease in line with the implied volatility of underlying asset price. You should be aware of the underlying asset volatility.

相关资产的波幅增加会令衍生权证价值上升; 相反,波幅减少会令衍生权证价值下降。阁下需留意相关资产的波动性。


F.      Market forces 市场力量

In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue.

除了决定衍生权证理论价格的基本因素外,所有其他市场因素 (包括权证本身在市场上的供求)也会影响衍生权证的价格。就市场供求而言,当衍生权证在市场上快将售罄又或发行商增发衍生权证时,供求的影响尤其。


G.     Turnover 成交量

High turnover in a derivative warrant should not be regarded as an indication that its price will go up. The price of a derivative warrant is affected by many factors from market forces to technical matters such as the price of the underlying asset, the volatility of the price of the underlying asset, the time remaining to expiry, interest rates and the expected dividend on the underlying asset.




This brief statement cannot disclose all of the risks and other significant aspects of trading ETFs. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.



A.     Market risk 市场风险

ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index/assets.



B.     Tracking errors 追踪误差

Tracking errors refer to the disparity in performance between an ETF and its underlying index/assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index/assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication/representative sampling and synthetic replication which are discussed in more detail below.)

追踪误差是指交易所买卖基金的表现与相关指数/资产的表现脱节,原因可以来自交易所买卖基金的交易费及其他费用、相关指数/资产改变组合、交易所买卖基金经理的复制策略等因素。 (常见的复制策略包括完全复制/选具代表性样本以及综合复制,详见下文。)


C.     Trading at discount or premium 以折让或溢价交易

An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions.



D.     Foreign exchange risk 外汇风险

Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price.



E.      Liquidity risk 流通量风险

Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product.



F.      Counterparty risk involved in ETFs with different replication strategies 不同复制策略的交易所买卖基金涉及之对手风险

(i)     Full replication and representative sampling strategies 完全复制及选具代表性样本策略

An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying asses rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern.



(ii)    Synthetic replication strategies 综合复制策略

ETFs utilizing a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, synthetic, replication ETFs can be further categorized into two forms:



a.      Swap-based ETFs 以掉期合约构成

-     Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets.

总回报掉期 (total return swaps) 让交易所买卖基金经理可以复制基金基准的表现而不用购买其相关资产。


-     Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments.



b.     Derivative embedded ETFs 以衍生工具構成

ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers.



Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers and may suffer losses if such default or fail to honor their contractual commitments.



Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF.



It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics.




This brief statement cannot disclose all of the risks and other significant aspects of trading ELI. In light of the risks, you should undertake such transactions only if you understand the nature of the investment (and any contractual relationships) that you are entering into and the extent of your exposure to risk.



A.     Possibilities of losing investment 賠本可能

You may lose part or all of your investment if the price of the underlying security moves against your investments view.



B.     Exposure to equity market 承受股本市场风险

You will be exposed to the movements in prices of the underlying securities and the stock market, dividend policy and corporate actions and counterparty risks. You must also be prepared to accept the risk of receiving the underlying securities or a payment less than your original investment.



C.     Price adjustment 价格调整

You should note that any dividend declaration or payment may affect the prices of the underlying securities and the payback of the ELI at expiry due to ex-dividend pricing. You should also note that issuers may make adjustments to the ELI due to corporate actions on the underlying securities.



D.     Potential yields 准孳息计算

You should consult Global Mastermind Securities Limited on the fees and charges related to the purchase and sale of ELI and payment/delivery at expiry. The potential yields disseminated by the Hong Kong Exchanges and Clearing Limited (“HKEx”) have not taken fees and charges into consideration.



E.      Interest rates 利息

While most ELIs offer a yield that is potentially higher than the interest on fixed deposits and traditional bonds, the return on investment is limited to the potential yield of individual ELIs.




This disclosure does not disclose all risks and features of the common types of derivative products mentioned herein. This disclosure has been issued by Global Mastermind Securities Limited for informational purposes only. You should not rely on this disclosure alone to make any decision but should read carefully the related offering documentation and any other relevant documentation, in particular, detailed risks relating to each product contained in such documents. You should not deal in derivative products unless you understand the nature of the product and the extent of the exposure to risk. Global Mastermind Securities Limited will not be responsible or liable for any loss caused by the investment in any products mentioned herein. You should not only consider the information contained in this document nor in the offering documentation but should also consider your own financial position and particular circumstances before making any investment decision. In case of doubt, you should obtain independent professional advice.


This disclosure does not constitute, nor is it intended to be nor should it be construed as offer or solicitation to invest in any of the products mentioned herein. This disclosure is not intended to be distributed to persons in the jurisdiction or countries that will violate the law or regulation, and it is not intended to be used by such persons.