RISK OF TRADING OVERSEAS ISSUERS’ SECURITIES. Overseas issuer is subject to a different set of governing laws. The tax consequences derived from trading in overseas issuers’ securities which are listed in Hong Kong might vary from that of Hong Kong issuers’ securities owing to the differences in the tax regime (e.g. transactions tax, dividends tax, capital gains tax, etc.). You should consult your own tax advisors as to the applicable tax consequences of purchasing, holding, disposing of or dealing in overseas issuers’ securities based on your particular circumstances in order to comply with applicable laws and regulations.