Common use of 證券交易的風險 Clause in Contracts

證券交易的風險. 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. 證券價格有時可能會非常波動。證券價格可升可跌，甚至變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失。 RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS 買賣創業板股份的風險 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. 創業板股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流通性很低。 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. 你只應在審慎及仔細考慮後，才作出有關的投資決定。創業板市場的較高風險性質及其他特點，意味著這個市場較適合專業及其他熟悉投資技巧的投資者。 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. 現時有關創業板股份的資料只可以在香港聯合交易所有限公司所操作的互聯網網站上找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告。 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. 假如你對本風險披露聲明的內容或創業板市場的性質及在創業板買賣的股份所涉風險有不明白之處，應尋求獨立的專業意見。 RISKS OF CLIENT ASSETS RECEIVED OR HELD OUTSIDE HONG KONG 在香港以外地方收取或持有的客戶資產的風險 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. 持牌人或註冊人在香港以外地方收取或持有的客戶資產，是受到有關海外司法管轄區的適用法律及規例所監管的。這些法律及規例與《證券及期貨條例》( 第 571 章) 及根據該條例制訂的規則可能有所不同。因此，有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障。 RISK OF PROVIDING AN AUTHORITY TO REPLEDGE YOUR SECURITIES COLLATERAL ETC.

證券交易的風險. 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. 證券價格有時可能會非常波動。證券價格可升可跌，甚至變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失。 RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS 2. Risk of Trading Growth Enterprise Market Stocks 2. 買賣創業板股份的風險 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 obligation(s) forecast future profitability. GEM stocks may be very volatile and illiquid. 創業板股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流通性很低創業板股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流通性很低。 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. 你只應在審慎及仔細考慮後，才作出有關的投資決定。創業板市場的較高風險性質及其他特點，意味著這個市場較適合專業及其他熟悉投資技巧的投資者。 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. 現時有關創業板股份的資料只可以在香港聯合交易所有限公司所操作的互聯網網站上找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告。 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. 假如你對本風險披露聲明的內容或創業板市場的性質及在創業板買賣的股份所涉風險有不明白之處，應尋求獨立的專業意見閣下只應在審慎及仔細考慮後，才作出有關的投資決定。創業板市場的較高風險性質及其他特點，意味該市場較適合專業及其他熟悉投資技巧的投資者。 RISKS OF CLIENT ASSETS RECEIVED OR HELD OUTSIDE HONG KONG 在香港以外地方收取或持有的客戶資產的風險 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. 持牌人或註冊人在香港以外地方收取或持有的客戶資產，是受到有關海外司法管轄區的適用法律及規例所監管的。這些法律及規例與《證券及期貨條例》( 第 571 章) 及根據該條例制訂的規則可能有所不同。因此，有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障現時有關創業板股份的資料只可在香港聯合交易所有限公司運作的互聯網網站找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告。 RISK OF PROVIDING AN AUTHORITY TO REPLEDGE YOUR SECURITIES COLLATERAL ETC.若閣下對本風險披露聲明的任何方面或創業板市場的性質及在創業板買賣的股份所涉風險有不確知或不明白之處，應尋求獨立的專業意見。

證券交易的風險. 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. 證券價格有時可能會非常波動。證券價格可升可跌，甚至變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失證券價格有時可能會非常波動。證券價格可升亦可跌，甚至可能變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失。 RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS 買賣創業板股份的風險 25.2. Risk of Trading Growth Enterprises Market Stocks 25.2. 買 賣 創 業 風 險 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. 創業板股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流通性很低創業板股份涉及高度投資風險，尤其是該等公司可在無須具備盈利往績及無須負責預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及缺乏流動性。 You The Client 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. 你只應在審慎及仔細考慮後，才作出有關的投資決定。創業板市場的較高風險性質及其他特點，意味著這個市場較適合專業及其他熟悉投資技巧的投資者客戶應在審慎及仔細考慮後才作出有關的投資決定。創業板市場較高風險的性質及其他特點，意味著這個市場較適合專業及其他熟悉投資技巧的投資者。 Current information on GEM stocks may only be found on the internet website operated by The Stock Exchange of Hong Kong LimitedLimited (“SEHK”). GEM Companies companies are usually not required to issue paid announcements in gazetted newspapers. 現時有關創業板股份的資料只可以在香港聯合交易所有限公司所操作的互聯網網站上找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告有關創業板股份的最新資料只可在香港聯合交易所有限公司 （「聯交所」）所操作的互聯網網站上找到。創業板上市公司一般無須在憲報指定的報章刊登付費公告。 You The Client should seek independent professional advice if you are he is uncertain of or have not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks. 假如你對本風險披露聲明的內容或創業板市場的性質及在創業板買賣的股份所涉風險有不明白之處，應尋求獨立的專業意見。 RISKS OF CLIENT ASSETS RECEIVED OR HELD OUTSIDE HONG KONG 在香港以外地方收取或持有的客戶資產的風險 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. 持牌人或註冊人在香港以外地方收取或持有的客戶資產，是受到有關海外司法管轄區的適用法律及規例所監管的。這些法律及規例與《證券及期貨條例》( 第 571 章) 及根據該條例制訂的規則可能有所不同。因此，有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障。 RISK OF PROVIDING AN AUTHORITY TO REPLEDGE YOUR SECURITIES COLLATERAL ETC.假如客戶對本風險披露聲明的任何方面或買賣創業板股份的性質及風險有不確定或不明白之處，應尋求獨立的專業意見。

證券交易的風險. The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, 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. 證券價格有時可能會非常波動。證券價格可升可跌，甚至變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失證券價格常有變動，並有時可能會非常波動。證券價格可升可跌，甚至可變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失。 RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS 買賣創業板股份的風險 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. 創業板股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流通性很低創業板（「創業板」）股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績或在無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流動性很低。 You The Client 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. 你只應在審慎及仔細考慮後，才作出有關的投資決定。創業板市場的較高風險性質及其他特點，意味著這個市場較適合專業及其他熟悉投資技巧的投資者。 Current information on GEM stocks may only be found on the internet website operated by The Stock Exchange of Hong Kong LimitedSEHK. GEM Companies are usually not required to issue paid announcements in gazetted newspapers. 現時有關創業板股份的資料只可以在香港聯合交易所有限公司所操作的互聯網網站上找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告客戶僅應在經審慎及仔細考慮後，才作出投資決定。創業板市場的較高風險性質及其他特點，意味著這個市場較適合專業及其他認識程度足夠的投資者。現時有關創業板股份的資料只可以在聯交所操作的互聯網網站上找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告。 You The Client should seek independent professional advice if you are the Client is uncertain of or have has not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks. 假如你對本風險披露聲明的內容或創業板市場的性質及在創業板買賣的股份所涉風險有不明白之處，應尋求獨立的專業意見倘客戶對本風險披露聲明任何方面的內容或對買賣創業板股份相關風險的性質有任何不清楚或不明白之處，應尋求獨立的專業意見。 RISKS RISK OF CLIENT TRADING NASDAQ-AMEX SECURITIES AT THE STOCK EXCHANGE OF HONG KONG LIMITED 在香港聯合交易所有限公司買賣納斯達克－美國證券交易所證券的風險 The securities under the Nasdaq-Amex Pilot Program (PP) are aimed at sophisticated investors. The Client should consult OPSL and become familiarized with the PP before trading in the PP securities. The Client 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 SEHK. 按照納斯達克－美國證券交易所試驗計劃（試驗計劃）掛牌買賣的證券是針對認識程度足夠的投資者為對象。客戶在買賣該項試驗計劃的證券之前，應先諮詢開盤證券的意見並熟悉該項試驗計劃。客戶應知悉，按照該項試驗計劃掛牌買賣的證券並非以聯交所的主板或創業板作第一或第二上市的證券類別加以監管。 RISK OF PROVIDING AUTHORITY TO HOLD MAIL OR TO DIRECT MAIL TO THIRD PARTIES 提供代存郵件或將郵件轉交第三方的授權之風險 If the Client provides OPSL with an authority to hold mail or direct mail to third parties, it is important for the Client to promptly collect in person all contract notes and statements of the Client’s Account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion. 倘客戶已授權開盤證券代存郵件或將郵件轉交予第三方，則客戶須盡速親身收取所有關於客戶帳戶的成交單據及結單，並加以詳細閱讀，以確保可及時發現任何差異或錯誤。 RISK OF CLIENT’S ASSETS RECEIVED OR HELD OUTSIDE HONG KONG 在香港以外地方收取或持有的客戶資產的風險 Client 在香港以外地區收取或持有客戶資產的風險 The Client’s assets received or held by the licensed or registered person OPSL 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) SFO 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.開盤證券在香港以外地區收取或持有的客戶資產將受到有關海外司法管轄區適用的法律和法規所監管，而該等法律和法規與《證券及期貨條例》及其規則或有不同。因此，該客戶資產未必能享有在香港收取或持有客戶資產所能獲得的相同保障。 SPECIFIC RISK RELATING TO SECURITIES DENOMINATED IN RENMINBI (“RMB”) 人民幣（「人民幣」）計值證券相關的特定風險 RMB securities are subject to exchange rate fluctuations which may provide both opportunities and risks. 持牌人或註冊人在香港以外地方收取或持有的客戶資產，是受到有關海外司法管轄區的適用法律及規例所監管的。這些法律及規例與《證券及期貨條例》( 第 571 章The fluctuations in the exchange rate of RMB may result in losses in the event that the Client converts RMB into Hong Kong dollars (“HKD”) 及根據該條例制訂的規則可能有所不同。因此，有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障or other foreign currencies. Currently, RMB is not fully and freely convertible and conversion of RMB through banks is subject to a daily limit and other limitations as applicable from time to time. The Client should take note of the limitations and changes thereof as applicable from time to time and allow sufficient time for exchange of RMB from/to another currency if the RMB amount exceeds the daily limit. The Client should open RMB bank accounts for money settlement purpose if the Client wishes to receive payments (such as sales proceeds and dividends) in RMB via banks. Any RMB conversion in relation to a RMB securities transaction shown in statements and contract notes is based on the prevailing exchange rate provided by the SEHK at 11:00am or other time as stipulated by the SEHK on the relevant trade day from time to time. However, actual RMB conversion upon settlement or on any other conversion day will be based on an exchange rate determined by OPSL as a principal according to the prevailing exchange rate. If the Client provides a settlement sum in a currency other than RMB, OPSL will convert the settlement sum to RMB at the exchange rate determined by OPSL as a principal according to the prevailing exchange rate. RMB securities will be traded and settled in RMB. However, all trading related fees (including stamp duty, SFC transaction levy and the SEHK trading fees) shall be payable to Inland Revenue Department, SFC and SEHK by OPSL, as the case maybe, on behalf of the Client in HKD. Of the settlement sum in RMB, OPSL shall convert an amount equivalent to the trading related fees into HKD to settle the trading related fees. Any gain or loss arising from the currency exchange regarding the trading related fees shall be for the account of OPSL instead of the Client. The Client shall not have any rights to claim any gain arising from such currency conversion. 人民幣證券受匯率波動影響，而匯率波動可能產生機會或風險。客戶如將人民幣兌換為港幣（「港幣」）或其他外幣時，可能受人民幣匯率波動影響而招致損失。目前人民幣並非完全可自由兌換，而通過銀行進行人民幣兌換亦受每日限額限制及不時適用的其他限制。客戶務須留意不時適用的有關兌換的限制及其變動，如客戶需兌換的人民幣金額超過每日限額，須預留時間以備兌換。客戶如希望透過銀行收取人民幣款項（例如售賣收益及股息)，應開立人民幣銀行帳戶作交收之用。結單及成交單據所示任何與人民幣證券交易有關的人民幣兌換乃基於聯交所在有關交易日上午十一時正或聯交所不時規定的其他時間就該貨幣所提供的現行匯率而進行。但是，實際於交收或其他兌換日進行的人民幣兌換將由開盤證券以主事人的身份按市場當時通行匯率而決定之匯率進行。如客戶提供用於交收之款額為人民幣以外之貨幣，開盤證券將以主事人的身份按市場當時通行匯率以其所決定之匯率將交收之款額兌換為人民幣。人民幣證券將以人民幣交易及交收，但是所有交易相關費用（包括印花稅、證監會交易徵費及聯交所交易費）均會由開盤證券代表客戶以港幣支付予稅務局、證監會及聯交所（視情況而定)。在人民幣交收款額中，開盤證券會將相當於交易相關費用的金額兌換成港幣以償付交易相關費用。就交易相關費用的外匯兌換所產生的任何收益或虧損應由開盤證券(而非客戶)負責。客戶無權就上述貨幣兌換產生的任何收益作出任何申索。 RISK OF PROVIDING AN AUTHORITY TO LEND, REPLEDGE YOUR OR DEPOSIT CLIENT’S SECURITIES OR SECURITIES COLLATERAL ETC.. WITH THIRD PARTIES 向第三者提供將客戶的證券或證券抵押品等借出、再抵押或存放授權的風險

證券交易的風險. 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. 證券價格有時可能會非常波動。證券價格可升可跌，甚至變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失。 RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS 2. Risk of Trading Growth Enterprise Market Stocks 2. 買賣創業板股份的風險 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 obligation(s) forecast future profitability. GEM stocks may be very volatile and illiquid. 創業板股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流通性很低。 You should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics 創業板股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流通性很低。 閣下只應在審慎及仔細考慮後，才作出有關的投資決定。創業板市場的較高風險性質及其他特點，意味該市場 of GEM mean that it is a market more suited to professional and other sophisticated investors. 你只應在審慎及仔細考慮後，才作出有關的投資決定。創業板市場的較高風險性質及其他特點，意味著這個市場較適合專業及其他熟悉投資技巧的投資者。 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. 現時有關創業板股份的資料只可以在香港聯合交易所有限公司所操作的互聯網網站上找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告。 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. 假如你對本風險披露聲明的內容或創業板市場的性質及在創業板買賣的股份所涉風險有不明白之處，應尋求獨立的專業意見較適合專業及其他熟悉投資技巧的投資者。 RISKS OF CLIENT ASSETS RECEIVED OR HELD OUTSIDE HONG KONG 在香港以外地方收取或持有的客戶資產的風險 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. 持牌人或註冊人在香港以外地方收取或持有的客戶資產，是受到有關海外司法管轄區的適用法律及規例所監管的。這些法律及規例與《證券及期貨條例》( 第 571 章) 及根據該條例制訂的規則可能有所不同。因此，有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障現時有關創業板股份的資料只可在香港聯合交易所有限公司運作的互聯網網站找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告。 RISK OF PROVIDING AN AUTHORITY TO REPLEDGE YOUR SECURITIES COLLATERAL ETC.若閣下對本風險披露聲明的任何方面或創業板市場的性質及在創業板買賣的股份所涉風險有不確知或不明白之處，應尋求獨立的專業意見。

證券交易的風險. The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, 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. 證券價格有時可能會非常波動。證券價格可升可跌，甚至變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失證券價格常有變動，並有時可能會非常波動。證券價格可升可跌，甚至可變成毫無價值。買賣證券未必一定能夠賺取利潤，反而可能會招致損失。 RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS 買賣創業板股份的風險 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. 創業板股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流通性很低創業板（「創業板」）股份涉及很高的投資風險。尤其是該等公司可在無需具備盈利往績或在無需預測未來盈利的情況下在創業板上市。創業板股份可能非常波動及流動性很低。 You The Client 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. 你只應在審慎及仔細考慮後，才作出有關的投資決定。創業板市場的較高風險性質及其他特點，意味著這個市場較適合專業及其他熟悉投資技巧的投資者。 Current information on GEM stocks may only be found on the internet website operated by The Stock Exchange of Hong Kong LimitedSEHK. GEM Companies are usually not required to issue paid announcements in gazetted newspapers. 現時有關創業板股份的資料只可以在香港聯合交易所有限公司所操作的互聯網網站上找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告客戶僅應在經審慎及仔細考慮後，才作出投資決定。創業板市場的較高風險性質及其他特點，意味著這個市場較適合專業及其他認識程度足夠的投資者。現時有關創業板股份的資料只可以在聯交所操作的互聯網網站上找到。創業板上市公司一般毋須在憲報指定的報章刊登付費公告。 You The Client should seek independent professional advice if you are the Client is uncertain of or have has not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks. 假如你對本風險披露聲明的內容或創業板市場的性質及在創業板買賣的股份所涉風險有不明白之處，應尋求獨立的專業意見倘客戶對本風險披露聲明任何方面的內容或對買賣創業板股份相關風險的性質有任何不清楚或不明白之處，應尋求獨立的專業意見。 RISKS RISK OF CLIENT TRADING NASDAQ-AMEX SECURITIES AT THE STOCK EXCHANGE OF HONG KONG LIMITED 在香港聯合交易所有限公司買賣納斯達克－美國證券交易所證券的風險 The securities under the Nasdaq-Amex Pilot Program (PP) are aimed at sophisticated investors. The Client should consult TCCS and become familiarized with the PP before trading in the PP securities. The Client 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 SEHK. 按照納斯達克－美國證券交易所試驗計劃（試驗計劃）掛牌買賣的證券是針對認識程度足夠的投資者為對象。客戶在買賣該項試驗計劃的證券之前，應先諮詢天宸康合的意見並熟悉該項試驗計劃。客戶應知悉，按照該項試驗計劃掛牌買賣的證券並非以聯交所的主板或創業板作第一或第二上市的證券類別加以監管。 RISK OF PROVIDING AUTHORITY TO HOLD MAIL OR TO DIRECT MAIL TO THIRD PARTIES 提供代存郵件或將郵件轉交第三方的授權之風險 If the Client provides TCCS with an authority to hold mail or direct mail to third parties, it is important for the Client to promptly collect in person all contract notes and statements of the Client’s Account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion. 倘客戶已授權天宸康合代存郵件或將郵件轉交予第三方，則客戶須盡速親身收取所有關於客戶帳戶的成交單據及結單，並加以詳細閱讀，以確保可及時發現任何差異或錯誤。 RISK OF CLIENT’S ASSETS RECEIVED OR HELD OUTSIDE HONG KONG 在香港以外地方收取或持有的客戶資產的風險 Client 在香港以外地區收取或持有客戶資產的風險 The Client’s assets received or held by the licensed or registered person TCCS 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) SFO 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.天宸康合在香港以外地區收取或持有的客戶資產將受到有關海外司法管轄區適用的法律和法規所監管，而該等法律和法規與《證券及期貨條例》及其規則或有不同。因此，該客戶資產未必能享有在香港收取或持有客戶資產所能獲得的相同保障。 SPECIFIC RISK RELATING TO SECURITIES DENOMINATED IN RENMINBI (“RMB”) 人民幣（「人民幣」）計值證券相關的特定風險 RMB securities are subject to exchange rate fluctuations which may provide both opportunities and risks. 持牌人或註冊人在香港以外地方收取或持有的客戶資產，是受到有關海外司法管轄區的適用法律及規例所監管的。這些法律及規例與《證券及期貨條例》( 第 571 章The fluctuations in the exchange rate of RMB may result in losses in the event that the Client converts RMB into Hong Kong dollars (“HKD”) 及根據該條例制訂的規則可能有所不同。因此，有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障or other foreign currencies. Currently, RMB is not fully and freely convertible and conversion of RMB through banks is subject to a daily limit and other limitations as applicable from time to time. The Client should take note of the limitations and changes thereof as applicable from time to time and allow sufficient time for exchange of RMB from/to another currency if the RMB amount exceeds the daily limit. The Client should open RMB bank accounts for money settlement purpose if the Client wishes to receive payments (such as sales proceeds and dividends) in RMB via banks. Any RMB conversion in relation to a RMB securities transaction shown in statements and contract notes is based on the prevailing exchange rate provided by the SEHK at 11:00am or other time as stipulated by the SEHK on the relevant trade day from time to time. However, actual RMB conversion upon settlement or on any other conversion day will be based on an exchange rate determined by TCCS as a principal according to the prevailing exchange rate. If the Client provides a settlement sum in a currency other than RMB, TCCS will convert the settlement sum to RMB at the exchange rate determined by TCCS as a principal according to the prevailing exchange rate. RMB securities will be traded and settled in RMB. However, all trading related fees (including stamp duty, SFC transaction levy and the SEHK trading fees) shall be payable to Inland Revenue Department, SFC and SEHK by TCCS, as the case maybe, on behalf of the Client in HKD. Of the settlement sum in RMB, TCCS shall convert an amount equivalent to the trading related fees into HKD to settle the trading related fees. Any gain or loss arising from the currency exchange regarding the trading related fees shall be for the account of TCCS instead of the Client. The Client shall not have any rights to claim any gain arising from such currency conversion. 人民幣證券受匯率波動影響，而匯率波動可能產生機會或風險。客戶如將人民幣兌換為港幣（「港幣」）或其他外幣時，可能受人民幣匯率波動影響而招致損失。目前人民幣並非完全可自由兌換，而通過銀行進行人民幣兌換亦受每日限額限制及不時適用的其他限制。客戶務須留意不時適用的有關兌換的限制及其變動，如客戶需兌換的人民幣金額超過每日限額，須預留時間以備兌換。客戶如希望透過銀行收取人民幣款項（例如售賣收益及股息)，應開立人民幣銀行帳戶作交收之用。結單及成交單據所示任何與人民幣證券交易有關的人民幣兌換乃基於聯交所在有關交易日上午十一時正或聯交所不時規定的其他時間就該貨幣所提供的現行匯率而進行。但是，實際於交收或其他兌換日進行的人民幣兌換將由天宸康合以主事人的身份按市場當時通行匯率而決定之匯率進行。如客戶提供用於交收之款額為人民幣以外之貨幣，天宸康合將以主事人的身份按市場當時通行匯率以其所決定之匯率將交收之款額兌換為人民幣。人民幣證券將以人民幣交易及交收，但是所有交易相關費用（包括印花稅、證監會交易徵費及聯交所交易費）均會由天宸康合代表客戶以港幣支付予稅務局、證監會及聯交所（視情況而定)。在人民幣交收款額中，天宸康合會將相當於交易相關費用的金額兌換成港幣以償付交易相關費用。就交易相關費用的外匯兌換所產生的任何收益或虧損應由天宸康合(而非客戶)負責。客戶無權就上述貨幣兌換產生的任何收益作出任何申索。 RISK OF PROVIDING AN AUTHORITY TO LEND, REPLEDGE YOUR OR DEPOSIT CLIENT’S SECURITIES OR SECURITIES COLLATERAL ETC.. WITH THIRD PARTIES 向第三者提供將客戶的證券或證券抵押品等借出、再抵押或存放授權的風險