RISK DISCLOSURE
This brief statement does not disclose all of the risks and other significant aspects of trading in securities. In light of the risks, you should undertake such transactions only if you understand the nature of the contracts (and contractual relationships) into which you are entering and the extent of your exposure to risk. Trading in securities 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.
Risk of securities trading
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.
Risk of trading Growth Enterprise Market stocks
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.
Political, economic, and social risks
All financial markets may at times be adversely affected by changes in political, economic and social conditions. The account would be affected by the Hong Kong and global environments in terms of the above risk factors.
Counterparty Risk
It originates from the fact that counterparties may be unwilling or unable to fulfill their contractual obligations which would result in incurring replacement cost.
Valuation Risk
It arises when some of the investment may not be actively traded and there may be uncertainties involved in the valuation of such investments.
Operational Risk
It can be viewed as the risk of direct and indirect loss resulting from failed or inadequate internal processes, systems and people, or from external events.
Liquidity Risk
You may suffer liquidity risk in that you will not be able to dispose of your invested product for a reasonable price in the market. This may be because there are insufficient buyers for the invested product, or the price buyers are prepared to pay is lower than sellers are prepared to accept.
Risk of Shanghai‐Hong Kong Stock Connect
This Risk Disclosure Statement is not exhaustive and may be amended or supplemented from time to time. Trading in securities via the Shanghai‐Hong Kong Stock Connect will be subject to the following key risks:
Not protected by Investor Compensation Fund
Investors should note that any northbound or southbound trading under Shanghai‐Hong Kong Stock Connect will not be covered by Hong Kong’s Investor Compensation Fund.
Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation to exchange‐traded products in Hong Kong.
As far as southbound trading is concerned, since Mainland China securities brokers are neither licensees nor registered institutions with the Securities and Futures Commission in Hong Kong (SFC) and they are not regulated by the SFC, the Investor Compensation Fund will not cover southbound trading via Shanghai‐Hong Kong Stock Connect.
As for northbound trading, according to the Securities and Futures Ordinance, the Investor Compensation Fund will only cover products traded in Hong Kong’s recognized securities market (The Stock Exchange of Hong Kong Limited, SEHK) and recognized futures market (Hong Kong Futures Exchange Limited, HKFE). Since default matters in northbound trading via Shanghai‐Hong Kong Stock Connect do not involve products listed or traded in SEHK or HKFE, so similar to the case of investors trading overseas securities, they will not be covered by the Investor Compensation Fund.
On the other hand, according to the Measures for the Administration of Securities Investor Protection Fund, the functions of China Securities Investor Protection Fund (CSIPF) include “indemnifying creditors as required by China’s relevant policies in case a securities company is subjected to compulsory regulatory measures including dissolution, closure, bankruptcy and administrative takeover by China Securities Regulatory Commission (CSRC) and custodian operation” or “other functions approved by the State Council”. As far as Hong Kong investors participating in northbound trading are concerned, since they are carrying out northbound trading through securities brokers in Hong Kong and these brokers are not Mainland China brokers, therefore they are not protected by CSIPF on the Mainland China.
Quotas used up
When the respective aggregate quota balance for northbound and southbound trading is less than the daily quota, the corresponding buy orders will be suspended on the next trading day (sell orders will still be accepted) until the aggregate quota balance returns to the daily quota level.
Once the daily quota is used up, acceptance of the corresponding buy orders will also be immediately suspended and no further buy orders will be accepted for the remainder of the day. Buy orders which have been accepted will not be affected by the using up of the daily quota, while sell orders will be continued to be accepted. Depending on the aggregate quota balance situation, buying services will be resumed on the following trading day.
Trading day
Shanghai‐Hong Kong Stock Connect will only operate on days when both markets are open for trading and when banks in both markets are open on the corresponding settlement days. So it is possible that there are occasions when it is a normal trading day for the Mainland China market but Hong Kong investors cannot carry out any securities trading. Investors should take note of the days Shanghai‐Hong Kong Stock Connect is open for business and decide according to their own risk tolerance capability whether or not to take on the risk of price fluctuations in securities during the time when Shanghai‐Hong Kong Stock Connect is not trading.
Restrictions on selling imposed by front‐end monitoring
For investors who usually keep their securities outside of their brokers, if they want to sell certain securities they hold, they must transfer those securities to the respective accounts of their brokers before the market opens on the day of selling (T day). If they fail to meet this deadline, they will not be able to sell those securities on T day.
The recalling of eligible stocks
When a stock is recalled from the scope of eligible stocks for trading via Shanghai‐Hong Kong Stock Connect, the stock can only be sold but restricted from being bought. This may affect the investment portfolio or strategies of investors. Investors should therefore pay close attention to the list of eligible stocks as provided and renewed from time to time by Shanghai Stock Exchange and SEHK.
Currency risks
Hong Kong and overseas investor who holds a local currency other than RMB will be exposed to currency risk if he/she invests in a RMB product due to the need for the conversion of the local currency into RMB. During the conversion, he/she will also incur currency conversion costs. Even if the price of the RMB asset remains the same when he/she purchases it and when he/she redeems/sells it, he/she will still incur a loss when he/she converts the redemption/sale proceeds into local currency if RMB has depreciated.
Risk of Trading Derivative Warrants
Issuer default risk
In the event that a derivative warrants 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. Investors should therefore pay close attention to the financial strength and credit worthiness of derivative warrants issuers.
Uncollateralised product risk
Uncollateralised derivative warrants are not asset backed. In the event of issuer bankruptcy, investors can lose their entire investment. Investors should read the listing documents to determine if a product is uncollateralised.
Gearing risk
Derivative warrants are leveraged and can change in value rapidly according to the gearing ratio relative to the underlying assets. Investors should be aware that the value of a derivative warrant may fall to zero resulting in a total loss of the initial investment.
Expiry considerations
Derivative warrants have an expiry date after which the issue may become worthless. Investors should be aware of the expiry time horizon and choose a product with an appropriate lifespan for their trading strategy.
Extraordinary price movements
The price of a Derivative warrant 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.
Foreign exchange risk
Investors trading Derivative warrants 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 Derivative warrant price.
Liquidity risk
The Stock Exchange of Hong Kong Limited requires all Derivative warrant 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, investors may not be able to buy or sell the product until a new liquidity provider has been assigned.
Time decay risk
All things being equal, the value of a Derivative warrant will decay over time as it approaches its expiry date. DWs should therefore not be viewed as long term investments.
Volatility risk
Prices of Derivative warrants can increase or decrease in line with the implied volatility of underlying asset price. Investors should be aware of the underlying asset volatility.
Risk of Trading Exchange Traded Funds (ETFs)
Market risk
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.
Tracking errors
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.
Trading at discount or premium
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.
Foreign exchange risk
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.
Liquidity risk
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.
Counterparty risk involved in ETFs with different replication strategies
Full replication and representative sampling strategies
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 assets rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern
Synthetic replication strategies
ETFs utilising 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:
Swap-based ETFs
Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets.
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.
Derivative embedded ETFs
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 issuers default or fail to honour 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.
Risks of client assets received or held outside Hong Kong
Client assets received or held by the licensed or registered person 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.
Risk of providing an authority to hold mail or to direct mail to third parties
If you provide the licensed or registered person with an authority to hold mail or to direct mail to third parties, it is important for you to promptly collect in person all contract notes and statements of your account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion.
Risk of trading NASDAQ-AMEX securities at the stock exchange of Hong Kong limited
The securities under the Nasdaq-Amex Pilot Program ( “PP”) are aimed at sophisticated investors. You should consult the licensed or registered person and become familiarised 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.
Risk associated with electronic communication
You understand that the Internet or other electronic communication system, due to unpredictable traffic congestion and other reasons, may not be a reliable medium of communication and that such unreliability is beyond the control of Execution Broker. This may give rise to situations including delays in transmission and receipt of your instructions or other information, delays in execution or execution of your instructions at prices different from those prevailing at the time your instructions were given, misunderstanding and errors in any communication between you and Execution Broker and so on. Whilst Execution Broker will take every possible step to safeguard its systems, client information,accounts and assets held for the benefit of its clients, you accept the risk of conducting transactions via electronic communication systems.
Risk of entering into OTC transactions
Over-the-counter or off-exchange transactions ( “OTC Transactions”) may be allowed or permitted in some jurisdictions. With regard to an OTC 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, OTC Transactions may involve increased risks. OTC 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.
Risk disclosure for OTC derivative transactions
Over-the-counter or off-exchange derivative transactions“ ( OTC Derivative Transactions”) involve a variety of significant risks. The specific risks presented by a particular OTC Derivative Transaction will necessarily depend upon the terms of the transaction. In general, all OTC Derivative Transactions involve some combination of market risk, credit risk, funding risk and operational risk. There may be other significant risks that you should consider based on the terms of a specific transaction. Highly customized OTC Derivative Transactions in particular may increase liquidity risk and introduce other significant risk factors of a complex character. Highly leveraged transactions may experience substantial gains or losses in value as a result of relatively small changes in the price or level of underlying asset or instrument or related market factors.
In evaluating the risks and contractual obligations associated with a particular OTC Derivative Transaction, you should also consider that an OTC Derivative Transaction may be modified or terminated only by mutual consent of the parties and subject to agreement on individually negotiated terms. Accordingly, it may or may not be possible for you to modify, terminate or offset your obligations or your exposure to the risks associated with a transaction prior to its scheduled termination date.
Risk of options trading
This brief 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 relationships) into which you are entering and the extent of your exposure to risk. Trading in futures and 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.
Variable degree of risk
Transaction in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (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 option 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 option is on a futures contract, 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 option 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”) an option generally entails 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 unfavourably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a futures contract, the seller will acquire a position in a futures contract with associated liabilities for margin. If the option is “covered” by the seller holding a corresponding position in the underlying interest or a futures contract or another option, the risk may be reduced. If the option 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.
Terms and conditions of contracts
You should ask the firm with which you deal 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 obligated to make or take delivery of the underlying interest of a futures contract and, in respect of options, 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.
Suspension or restriction of trading and pricing relationships
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 futures, and the underlying interest and the option may not exist. This can occur when, for example, the futures contract underlying the option is subject to price limits while the option is not. The absence of an underlying reference price may make it difficult to judge “fair value”.
Deposited cash and property
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.
Commission and other charges
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.
Transactions in other jurisdictions
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 enquire 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.
Currency risks
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 contract to another currency.
Trading facilities
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 member or participant firms. Such limits may vary: you should ask the firm with which you deal for details in this respect.
Electronic trading
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.
Off-exchange transactions
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.
风险披露声明
本声明并不涵盖证券交易的所有风险及其他重要事宜。就风险而言，您在进行任何上述交易前，应先了解将订立的合约的性质（及合约关系）和您须就此承担的风险。许多公众人士不适宜进行证券交易。您应就本身的投资经验、投资目标、财务资源和其他相关条件，小心衡量自己是否适宜参与该等买卖。
证券交易风险
证券的价格时有波动，而且有时候幅度非常大。某个证券的价格可能上涨或下跌，还有可能归零。买卖股票可能带来损失而非收益。
买卖创业板股份的风险
创业板股份涉及很高的投资风险。尤其是该等公司可在无须具备盈利往绩及在无需预测未来盈利的情况下在创业板上市，创业板的股票非常波动及流通性很低。您仅应在经审慎及仔细考虑后，才作出有关的投资决定。创业板市场较高的风险及其他特点，意味着该市场较适合专业和熟悉投资技巧的投资者。现时有关创业板股份的资料只可以在香港联合交易所有限公司的网站上找到。创业板上市公司一般不需要在宪报报纸上刊登付费公告。假如您对本风险披露声明的内容或创业板市场的性质及在创业板买卖股票所涉风险有不确定或不明白之处，应当向独立的专业人士进行咨询。
政治、经济与社会风险
所有金融市场随时会受到政治、经济与社会条件所带来的负面影响。帳户在大多数情况下会受到香港本地及环球市场的上述风险因素的影响。
交易对手风险
该风险是指交易对手不愿意或不能履行合同义务，从而产生重置成本。
估值风险
该风险是指某些流动性不足的资产存在价格不确定性。
操作风险
该风险可以被视为由于内部流程、系统及人员的操作不当或者外部事件带来直接或间接损失的风险。
流动性风险
您可能承受无法将您的投资产品在市场上以合理的价格出售的流动性风险。这可能是因为对该投资产品的买家不足，或者买家愿意支付的价格低于卖家愿意接受的价格。
沪港通的风险
此风险披露声明并未涵盖所有风险，而且可能不时作出更改或补充。透过沪港通买卖证券所涉及的主要风险如下:
不受投资者赔偿基金保障
投资者须注意，香港的投资者赔偿基金并不涵盖沪港通下的任何北向交易和南向交易。香港的投资者赔偿基金主要保障任何因持牌中介人或认可财务机构因为违约事项，而导致任何国籍的投资者因涉及香港交易所上市或买卖的产品而蒙受的金钱损失。
就港股通南向交易而言，由于中国内地的证券商并非香港证监会的持牌人或注册机构，亦不受到香港证监会的规管，因此投资者赔偿基金将不涵盖港股通南向交易。就沪股通北向交易而言，根据《证券及期货条例》，投资者赔偿基金仅涵盖在认可股票市场香港联合交易所有限公司（联交所）及认可期货市场香港期货交易所有限公司（期交所）上买卖的产品。由于沪港通北向交易违责事项并不涉及联交所和期交所上市或买卖的产品，因此一如买卖海外证券的投资者，投资者赔偿基金亦不涵盖沪股通北向交易。
另一方面，根据《证券投资者保护基金管理办法》，中国投资者保护基金的用途为“证券公司被撤销、关闭和破产或被中国证监会实施行政接管、托管经营等强制性监管措施时，按照国家有关政策规定对债权人予以「偿付」或「国务院批准的其他用途」。对于参与北向交易的香港投资者而言，由于他们是通过香港本地券商进行北向交易，该券商并非内地证券公司，因此中国内地投资者保护基金亦不涵盖沪股通北向交易。
额度用尽
当北向交易和南向交易分别的总额度余额少于每日额度时，相应买盘会于下一个交易日暂停(但仍可接受卖盘订单)，直至总额度余额重上每日额度水平。而每日额度用完时，亦会实时暂停相应买盘交易订单(已获接受的买盘订单不会因每日额度用尽而受到影响，此外仍可继续接受卖盘订单) ，当日不会再次接受买盘订单，但会视乎总额度余额状况于下一个交易日恢复买盘交易。
交易日差异
由于沪港通只有在两地市场均为交易易日、而且两地市场的银行在相应的款项交收日均开放时才会开放，所以有可能出现内地市场为正常交易日、而香港投资者却不能买卖证券的情况。投资者应该注意沪港通的开放日期，并因应自身的风险承受能力决定是否在沪港通不交易的期间承担证券价格波动的风险。
前端监控对沽出的限制
对于那些一般将证券存放于券商以外的投资者而言，如果需要沽出所持有的某些证券，必须在不晚于沽出当天（T日）开市前成功把该证券转至券商账户中。如果投资者错过了此期限，他/她将不能于T日沽出该证券。
合资格股票的调出
当一些原本为沪港通合资格股票被调出沪港通范围时，该股票只能被卖出而不能被买入。这对投资者的投资组合或策略可能会有影响。投资者需要密切关注两地交易所提供及不时更新的合资格股票名单。
货币风险
香港及海外的投资者若以人民币以外的本地货币投资人民币资产，由于要将本地货币转换为人民币，便需承受汇率风险。在汇兑过程中，将会牵涉转换货币的成本。即使该人民币资产的价格不变，于转换货币的过程中，如果人民币贬值，亦会有所损失。
买卖衍生权证的风险:
发行商违约风险
倘若衍生权证发行商破产而未能履行其对所发行证券的责任，投资者只被视为无抵押债权人，对发行商任何资产均无优先索偿权。因此，投资者须特别留意衍生权证发行商的财力及信用。
非抵押产品风险
非抵押衍生权证并没有资产担保。倘若发行商破产，投资者可能损失其全数投资。要确定产品是否非抵押，投资者须细阅上市文件。
杠杆风险
衍生权证是杠杆产品，其价值可按相对相关资产的杠杆比率而快速改变。投资者须留意，衍生权证的价值可以跌至零，届时当初投资的资金将会尽失。
有效期的考虑
衍生权证设有到期日，到期后的产品即可能归零。投资者须留意产品的到期时间，确保所选产品尚余的有效期能配合其交易策略。
特殊价格移动
衍生权证的价格或会因为外来因素(如市场供求)而有别于其理论价，因此实际成交价可以高过亦可以低过理论价。
外汇风险
若投资者所买卖衍生权证的相关资产并非以港币为单位，其尚要面对外汇风险。货币兑换率的波动可对相关资产的价值造成负面影响，连带影响衍生权证的价格。
流通量风险
香港联合交易所有限公司规定所有衍生权证发行商要为每一只个别产品委任一名流通量提供者。流通量提供者的职责在为产品提供两边开盘方便买卖。若有流通量提供者失责或停止履行职责，有关产品的投资者或就不能进行买卖，直至有新的流通量提供者委任出来为止。
时间值损耗风险
假若其他情况不变，衍生权证愈接近到期日，价值会愈低，因此不能视为长线投资。
波幅风险
衍生权证的价格可随相关资产价格的引伸波幅而升跌，投资者须注意相关资产的波蝠。
买卖交易所买卖基金的风险:
市场风险
交易所买卖基金主要为追踪某些指数、行业/领域又或资产组别(如股票、债券或商品) 的表现。交易所买卖基金经理可用不同策略达至目标，但通常不能在跌市中酌情采取防守策略。投资者必须要有因为相关指数/资产的波动而蒙受损失的准备。
追踪误差
这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等因素。
以折让或溢价交易
交易所买卖基金的价格可能会高于或低于其资产净值，当中主要是供求因素的问题，在市场大幅波动兼变化不定期间尤其多见，专门追踪一些对直接投资设限的市场/行业的交易所买卖基金亦可能会有此情况。
外汇风险
若投资者所买卖结构性产品的相关资产并非以港币为单位，其尚要面对外汇风险。货币兑换率的波动可对相关资产的价值造成负面影响，连带影响结构性产品的价格。
流通量风险
证券庄家是负责提供流通量、方便买卖交易所买卖基金的交易所参与者。尽管交易所买卖基金多有一个或以上的证券庄家，但若有证券庄家失责或停止履行职责，投资者或就不能进行买卖。
交易所买卖基金的不同复制策略涉及对手风险
全复制及选具代表性样本策略
采用完全复制策略的交易所买卖基金，通常是按基准的相同比重投资于所有的成份股/资产。采取选具代表性样本策略的，则只投资于其中部分(而不是全部)的相关成份股/资产。直接投资相关资产而不经第三者所发行合成复制工具的交易所买卖基金，其交易对手风险通常不是太大问题。
综合复制策略
采用综合复制策略的交易所买卖基金，主要透过掉期或其他衍生工具去追踪基准的表现。现时，采取综合复制策略的交易所买卖基金可再分为两种：
以掉期合约构成
总回报掉期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。
以掉期合约构成的交易所买卖基金需承受源自掉期交易商的交易对手风险。若掉期交易商失责或不能履行其合约承诺，基金或要蒙受损失。
以衍生工具构成ETFs
交易所买卖基金经理也可以用其他衍生工具，综合复制相关基准的经济利益。有关衍生工具可由一个或多个发行商发行。
以衍生工具构成的交易所买卖基金需承受源自发行商的交易对手风险。若发行商失责或不能履行其合约承诺，基金或要蒙受损失。
交易所买卖基金即使取得抵押品，也需依靠抵押品提供者履行责任。此外，申索抵押品的权利一旦行使，抵押品的市值可以远低于当初所得之数，令交易所买卖基金损失严重。
在香港以外地区收取或持有客户资产的风险
持牌人或注册人在香港以外地区收取或持有的客户资产，受到有关海外司法管辖区的适用法律及规例所监管，这些法律及规例与《证券及期货条例》（第571章）及据其制定的规则可能有所不同。因此，该类客户资产将可能无法享有赋予在香港收取或持有的客户资产相同的保障。
提供代存邮件或将邮件转交第三方的授权书的风险
假如您向持牌人或注册人提供授权书，授权他代存邮件或将邮件转交第三方，那么您必须尽快亲自收取所有关于您账户的成交单据及结单，并详细阅读，确保可及时发现任何差异或错误。
在香港联合交易所有限公司买卖纳斯达克－美国证券交易所证券的风险
按照纳斯达克－美国证券交易所试验计划 “( 试验计划”) 挂牌买卖的证券是为熟悉投资技巧的投资者而设的。你在买卖该项试验计划的证券之前，应先咨询有关持牌人或注册人的意见和熟悉该项试验计划。你应知悉，按照该项试验计划挂牌买卖的证券并非以香港联合交易所有限公司的主板或创业板作第一或第二上市的证券类别加以监管。
电子通讯相关的风险
你了解基于互联网或其他电子通讯系统可能遇到未可预计的交通挤塞情况及其他原因，因此电子通讯系统可能并非是可靠的通讯途径，而这种不可靠性并非执行交易的经纪行所能控制。这可能会导致下列情况，包括：在传送或收取你的指示或其他数据时有所延误、延误执行买卖盘或有关买卖盘以有别于你落盘时的市价执行、你与执行交易的经纪行进行通讯时出现误解及错误等等。尽管执行交易的经纪行将会采取一切可行的步骤去保障其系统、顾客数据、帐户及为客户利益而持有的资产，你接纳透过电子通讯系统进行交易所涉及的风险。
进行场外交易的风险
在某些司法管豁区，场外交易或会是容许或获批准的。就某宗场外交易而言，有可能很困难或甚至无法去平掉现有的仓位、进行估值、判断价格或评估须承受的风险。因此，场外交易或会涉及更高的风险。此等交易也可能受到较宽松的规管或受另一个监管制度所约束。于你进行此等交易之前，你应当熟习适用的规则及有关的风险。
关于场外衍生工具交易的额外风险披露
场外衍生工具交易涉及多种不同的重大风险。某宗场外衍生工具交易所带来的风险，乃必然地视乎该宗交易本身的条款。一般而言，所有场外衍生工具交易涉及市场风险、信贷风险、融资风险及运作上的风险。基于某宗特定交易的条款，你应当考虑其他重大的风险。特别是极为度身订造的场外衍生工具交易，它们或会增加流通性风险及带来其他复杂性质的重大风险因素。高度杠杆的交易或会由于相关资产或工具的价格或水平或相关市场因素较小的变化，而带来重大的收益或亏损。
在衡量某宗场外衍生工具交易所带来的风险及合约责任时，你应当同时考虑该宗交易的被修改或终止，可能须要立约人相互的同意及受限于个别地谈判的条款所达成的协议。因此，在有关合约约定的终止日前，你或会可以或不可以修改、终止或抵偿你的有关责任或你所须承受的风险。
期权交易风险
本声明并不完全涵盖买卖期权的所有风险及其他重要事宜。就风险而言，你在进行任何上述交易前，应先了解将订立的合约的性质(及有关的合约关系)和你就此须承担的风险程度。期货与期权交易对于许多公众投资者来说是不适合的，你应就自身的投资经验、投资目标、财政资源及其他相关条件，小心衡量自己是否适合参与此类交易。
不同风险程度
期权交易的风险非常高。投资者不论是购入或出售期权，均应先了解其打算买卖的期权类别(即认沽期权或认购期权)以及相关的风险。你应计入期权金及所有交易成本，然后计算出期权价值必须增加多少才能获利。
购入期权的投资者可选择抵销或行使期权或任由期权到期。如果期权持有人选择行使期权，便必须进行现金交收或购入或交付相关的资产。若购入的是期货产品的期权，期权持有人将获得期货仓盘，并附带相关的保证金责任。如所购入的期权在到期时已无任何价值，你将损失所有投资金额，当中包括所有的期权金及交易费用。假如你拟购入极价外期权，应注意你可以从这类期权获利的机会极微。
出售(“沽出”或“卖出”)期权承受的风险一般较买入期权高得多。卖方虽然能获得定额期权金，但亦可能会承受远高于该笔期权金的损失。倘若市况逆转，期权卖方便须投入额外保证金來补仓。此外，期权卖方还需承担买方可能会行使期权的风险，即期权卖方在期权买方行使时有责任以现金进行交收或买入或交付相关资产。若卖出的是期货产品的期权，则期权卖方将获得期货仓位及附带的保证金责任。若期权卖方持有相应数量的相关资产或期货或其他期权作“备兑”，则所承受的风险或会减少。假如有关期权并无任何“备兑”安排，亏损风险可以是无限大。
某些国家的交易所允许期权买方延迟支付期权金，令买方支付保证金费用的责任不超过期权金。尽管如此，买方最终仍须承受损失期权金及交易费用的风险。在期权被行使又或到期时，买方有需要支付当时尚未缴付的期权金。
合约的条款及细则
你应向替你进行交易的商号查询所买卖的有关期权合约的条款及细则，以及有关责任 (例如在什么情况下你或会有责任就期货合约的相关资产进行交收，或就期权而言，期权的到期日及行使的时间限制)。交易所或结算公司在某些情况下，或会修改尚未行使的合约的细则(包括期权行使价)，以反映合约的相关资产的变化。
暂停或限制交易及价格关系
市场情况(例如市场流通量不足)及/或某些市场规则的施行(例如因价格限制或“停板”措施而暂停任何合约或合约月份的交易)，都可以增加亏损风险，这是因为投资者届时将难以或无法执行交已或平掉/抵销仓位。如果你卖出期权后遇到这种情况，你须承受的亏损风险可能会增加。
此外，相关资产与期货之间以及相关资产与期权之间的正常价格关系可能并不存在。例如，期货期权所涉及的期货合约须受价格限制所规限，但期权本身则不受其规限。缺乏相关资产参考价格会导致投资者难以判断何谓“公平价格”。
存放的現金及财产
如果你为在本地或海外进行的交易存放款项或其他财产，你应了解清楚该等款项或财产会获得哪些保障，特别是在有关商号破产或无力偿债时的保障。至于能追讨多少款项或财产一事，可能须受限于具体法例规定或当地的规则。在某些司法管辖区，收回的款项或财产如有不足之数，则可认定属于你的财产将会如现金般按比例分配予你。
佣金及其他收费
在开始交易之前，你先要清楚了解你必须缴付的所有佣金、费用或其他收费。这些费用将直接影响你可获得的净利润(如有)或增加你的亏损。
在其他司法管辖区进行交易
在其他司法管辖区的市场(包括与本地市场有正式联系的市场)进行交易，或会涉及额外的风险。根据这些市场的规例，投资者享有的保障程度可能有所不同，甚或有所下降。在进行交易前，你应先行查明有关你将进行的该项交易的所有规则。你本身所在地的监管机构，将不能迫使你已执行的交易所在地的所属司法管辖区的监管机构或市场执行有关的规则。有鉴于此，在进行交易之前，你应先向有关商号查询你本身地区所属的司法管辖区及其他司法管辖区可提供哪种补救措施及有关详情。
货币风险
以外币计算的合约买卖所带來的利润或招致的亏损(不论交易是否在你本身所在的司法管辖区或其他地区进行)，均会在需要将合约的单位货币兑换成另一种货币时受到汇率波动的影响。
交易设施
电子交易的设施是以计算机组成系统來进行交易指示传递、执行、配对、登记或交易结算。然而，所有设施及系统均有可能会暂时中断或失灵，而你就此所能获得的赔偿或会受制于系统供货商、市场、结算公司及/或参与者商号就其所承担的责任所施加的限制。由于这些责任限制可以各有不同，你应向为你进行交易的商号查询这方面的详情。
电子交易
透过某个电子交易系统进行买卖，可能会与透过其他电子交易系统进行买卖有所不同。如果你透过某个电子交易系统进行买卖，便须承受该系统带來的风险，包括有关系统硬件或软件可能会失灵的风险。系统失灵可能会导致你的交易指示不能根据指示执行，甚或完全不获执行。
场外交易
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，有可能难以或根本无法平掉既有仓位、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。
* 如英文文本与中文译本文义有歧异，概以英文本为准