Contract

中港通条款细则

在任何时间阁下向吾等通过中港通下单或以其他形式从事有关中港通交易,本中港通条款细则被视为适用于该等指示或交易。

1 适用范围

1.1 当客户(以下统称“阁下”)向兴证国际及/或其附属及子公司(以下统称“吾等”)下达通过中港通进行中港通证券交易的指示时，阁下同意接受本中港通条款的约束，并确认阁下已经阅读及明白附件所列风险披露声明和其他信息。

1.2 本中港通条款是客户协议的修订及补充、不影响客户协议的效力。在本中港通条款和客户协议其他部分不一致的情况下，以本中港通条款为准。

2 定义

以下黑体字词语具有下述或客户协议其他部分所载的含义：

「A 股」指由中国内地注册公司发行的任何在中国内地A 股市场（上海和深圳）而非联交所上市和交易的证券。

「联属公司」指就任何人士而言，由该人士直接或间接控制的实体，直接或间接控制该人士的任何实体或与该人士直接或间接共同被控制的实体。本定义中“控制”任何实体或人士指拥有该实体或人士的多数投票权。

「平均定价」指对基金经理在同一个交易日内交易的中港通证券，按每只中港通证券平均价格分配或适用于该基金经理管理的每一个基金。

「现金」指吾等根据本中港通条款收到的人民币现金或现金等价物。

「中央结算系统」指香港结算营运的、用于结算联交所上市或交易的证券的中央结算和交收系统，及／或为中港通设立的任何系统。

「中港通」指为互相进入联交所和相关中港通市场而由联交所、相关中港通市场、香港结算和中国结算建立的或将要建立的证券交易和结算互联互通机制。

「中港通监管机构」指管理中港通及与中港通有关活动的监管机构，包括但不限于，中国证监会、人民银行、外管局、香港证监会和其他对中港通具有管辖权、职权或责任的管理机构、代表机构或监管机构。

「中港通机构」指提供中港通服务的交易所、清算系统和其他机构，包括但不限于，联交所、香港结算、联交所附属公司、相关中港通市场和中国结算。

「中港通法律」指香港和中国内地就中港通或与中港通活动不时颁布的法律和法规。

「中港通市场」指为联交所认可，以及是中港通市场名单内合资格可进行中港通交易的中国内地证券市场。

「中港通市场系统」指由营运中港通市场以及可与联交所接入交易的相关交易所营运的用于在相关中港通市场进行中港通证券交易的系统。

「中港通市场规则」指与相关中港通市场有关的上市证券和在相关中港通市场发生的交易活动有关的规则、操作流程、通告及通知。

「中港通规则」指由任何中港通监管机构或中港通机构不时颁布或适用于中港通或中港通有关活动的任何规则、政策或指引。

「中港通证券」指任何在相关中港通市场上市，并不时由中港通监管机构批准且适合香港和国际投资者通过中港通进行交易的证券。

「中港通服务」指联交所附属公司向相关中港通市场传送交易所参与人下达的北向交易订单以买卖中港通证券的订单传送安排服务，以及其他相关支持服务。

「中港通条款」指可能会不时修订、补充、修改或更新的本中港通补充条款。

「中国结算」指中国证券登记结算有限公司。

「结算参与人」具有香港中央结算系统一般规则所指含义。

「客户信息」具有第12.1 条所指的含义。

「客户证券规则」指证券和期货（客户证券）规则（香港法例第571H 章）。

「中港通路由系统」指中港通下用于接收和传送订单到中港通市场的交易系统以实现自动对盘和执行的中港通交易系统。

「客户交易」具有第12.1 条所指的含义。

「中国证监会」指中国证券监督管理委员会。

「中国证监会《中港通规则》」指由中国证监会为实施中港通而不时颁布、修订、补充、修改及/或更新的规则。

「交易所参与人」具有联交所规则所指含义。

「强制卖出通知」具有第10.1 条规定的涵义。

「H 股」指由中国内地注册的公司发行的并在联交所上市的任何证券。

「港交所」指香港交易及结算所有限公司。

「香港结算」指香港中央结算有限公司，一间由港交所全资拥有的附属公司。

「中国内地」中华人民共和国（除香港特别行政区、澳门特别行政区和台湾地区）。

「中国内地上市公司」具有附件第14 段(权益披露)所指含义。

「中国内地居民」指中华人民共和国公民，并且不在中国内地以外的其他司法管辖区拥有永久居留权。

「非交易股票过户」指涉及中港通证券实益所有人变更的中港通证券过户，且该过户未通过中港通服务进行，亦未在中港通市场执行。

「北向交易」指香港和国际投资者通过中港通进行的中港通证券交易。

「人民银行」指中国人民银行。

「交易前检查」指中港通法律下的要求，根据此要求，若投资者在其账户内没有充足可用的中港通证券，相关中港通市场可以拒绝卖出指示。

「关联人士」xx等的任何联属公司，或xxx等或吾等联属公司的董事、高级人员、雇员或代理人。

「人民币」指中国内地的法定货币，在香港可交付使用。

「外管局」指国家外汇管理局。

「联交所」指香港联合交易所有限公司。

「联交所附属公司」指联交所的全资附属公司，根据证券及期货条例授权作为自动交易服务

提供者，并根据中国内地相关法律持牌提供中港通订单传送服务。

「香港证监会」指证券及期货事务监察委员会。

「证券及期货条例」指证券及期货条例（香港法律第571 章）。

「特别中港通证券」指联交所（在咨询相关中港通市场后）不时接受或者选定的只适合中港通卖出订单而不适合中港通买入订单的相关中港通市场挂牌上市的任何证券。

「上交所」指上海证券交易所。

「深交所」指深圳证券交易所。

「税费」指所有可追溯、现时或将来的就（i）中港通证券或现金，（ii）根据本中港通条款有效的任何交易,或（iii）阁下有关的税款、关税、征税、课税、收费、估税、扣除、扣缴和相关责任，包括额外税款、罚款和利息。

「交易日」指联交所开市进行北向交易的日子，“T 日”指交易执行日，“T+1”日指T日之后的第一个交易日，或在资金交收的情况下，第一个工作日（香港和上海的银行通常开市营业日）。

「阁下」指本中港通条款所指向的客户，以及如适用，该客户代表的本人。

3 合资格投资者

阁下持续的，包括但不限于在本中港通条款生效的第一天以及阁下根据本中港通条款下达或发出与中港通证券有关的指示的每一天，xx并保证：

(a)（i）阁下不是中国内地居民或不是根据中国内地法律设立或登记的实体；或

（ii）若阁下是中国内地居民，阁下使用阁下合法所有的、在中国内地境外的资金进行中港通证券投资；或

（iii）若阁下是根据中国内地法律设立或登记的实体，阁下投资中港通证券是根据已获中国内地有法定资格的监管部门批准的任何机制（包括合格境内机构投资者机制，如适用）或中国内地有法定资格的监管部门的其他批准进行的；以及

(b) 阁下投资中港通证券符合经不时修订的中港通法律及适用的中国内地法律或法规，包括与外汇管制和汇报有关的法律法规。

4 遵守中港通法律和中港通规则

4.1 中港通证券的任何交易都受到中港通法律和中港通规则的限制，其中一些在附件中提及。

4.2 本中港通条款强调了本中港通条款制定之日中港通的若干重要特点。吾等概不对附件中所列资讯的任何不准确或错误xx负责。本中港通条款并不旨在涵盖所有的中港通法律和中港通规则。阁下需要对理解和遵守中港通法律和中港通规则以及中港通北向交易的任何后果负全部责任。吾等不会也并不打算就任何中港通法律和中港通规则给予阁下建议。如需获得更多资讯，阁下应不时参阅港交所网站和香港证监会网站上与中港通相关的网页及其他消息来源。

4.3 若按吾等之绝对酌情决定权决定为中港通法律、中港通规则或市场惯例之目的必须或可取的，吾等有权对中港通的中港通证券交易采取任何程序或要求。吾等或关联人士不对此程

序或要求而导致的任何直接或间接的损失或风险承担任何责任。

4.4 若存在以下情况（包括但不限于），x等可按吾等之绝对酌情决定权拒绝执行阁下发出的任何指示：

4.4.1 该指示不符合中港通法律或中港通规则，或吾等合理认为该指示可能与任何中港通法律或中港通规则不符，或吾等在联交所要求下不接受该等指示；

4.4.2 在不影响阁下在第8 条项下义务的情况下，对于任何北向卖出中港通证券的指示，吾等按吾等之绝对酌情决定权确定阁下在发出该等指示时没有足够的股票完成交付义务或若提交该订单将会使吾等违反中港通法律或中港通规则下的交易前检查要求或相关要求；以及

4.4.3 对于任何北向买入中港通证券的指示，x等按吾等之绝对酌情决定权决定阁下在交收日没有足够的资金完成付款义务。

吾等及关联人士不对由上述拒绝所造成的任何直接或间接损失或风险承担责任。

4.5 在不影响前述条款的前提下，在相关情况（包括但不限于在中港通监管机构要求或指示）下，吾等无需事先通知阁下，可按吾等之绝对酌情决定权暂停、终止或限制阁下通过吾等进入中港通市场。

4.6 若相关中港通市场、中国结算或任何其他相关交易所、结算机构或政府或监管机构通知联交所、联交所附属公司或香港结算，有合理的理由相信阁下未能遵守或者违反了任何中港通法律或中港通规则，在吾等要求下，阁下应向吾等提供吾等合理要求的资料（若吾等要求，应包括中文译本），使吾等能够协助相关交易所、结算机构或政府或监管机构（包括但不限于相关中港通市场、中国结算或任何中国政府或监管机构或当局）评估是否存在任何不符合或者违反了任何中港通法律或中港通规则的情况及／或不符或违反的程度。

5 风险披露和确认

当指示x等进行任何中港通证券交易时，阁下应被视为已确认如下内容：

5.1 阁下确认，阁下已阅读并明白附件所列的风险披露和其他资讯，并且明白附件所列阁下的义务、包括违反中港通法律和中港通规则的任何后果。

5.2 阁下确认，存在禁止及暂停中港通证券交易的风险，并且阁下的中港通证券交易订单可能不会被接受。

5.3 阁下确认，x等及关联人士不对阁下由于吾等及关联人士就提供中港通证券交易的作为或不作为（包括但不限于附件所列的任何风险因素的发生）而造成的任何直接或间接损失、责任或第三方的申索或要求负责。

5.4 阁下确认，若发现阁下或吾等或吾等的客户进行了或可能进行了相关中港通市场规则规定的任何异常交易或者未能遵守任何中港通规则，联交所有权不向阁下提供任何中港通服务，并有权要求吾等不接受阁下的指示。

5.5 阁下确认，若违反相关中港通市场规则或任何中港通法律或中港通规则所指的任何披露或其他义务，（i）相关中港通市场有权进行调查，并且可以通过联交所要求吾等或关联人士

（a）提供与阁下有关的任何资讯和材料，包括但不限于有关阁下的身份、个人资料和交易活动的资讯和材料，以及（b）协助中港通监管机构进行与阁下或阁下交易活动相关的调查；以及（ii）如果阁下违反或未能遵守该法律、规则和法规，阁下可能遭受监管调查和承担法

律和监管后果。

5.6 阁下确认，（为协助相关中港通市场对中港通市场的监管检查、实施相关中港通市场的中港通规则以及作为联交所、联交所附属公司和相关中港通市场之间监管合作协定的一部分），在相关中港通市场要求下，联交所可以要求吾等就吾等代表阁下或其他人士下达的任何中港通订单或进行的中港通交易，提供与阁下或联交所中港通规则中所指的其他人士相关的资讯（包括但不限于有关阁下的身份、个人资料及交易活动的资讯）。

5.7 阁下确认，若中港通监管机构认为存在严重违反相关中港通市场规则的情况，吾等可能被中港通监管机构要求（a）向阁下发出（书面或口头）警告；以及（b）停止向阁下提供任何通过中港通进行中港通证券交易的服务。

5.8 阁下确认，在吾等通知阁下的北向买入订单已交收前，阁下将不会就该北向买入订单所买入的中港通证券发出北向卖出订单。

5.9 阁下确认并同意，吾等或任何关联人士按照中港通监管机构不时规定的该段期间和该等形式，向其提供与阁下和阁下的档案有关的资讯（包括北向交易买卖订单的种类和价值以及吾等代表阁下执行的交易），包括就中港通监管机构进行的调查或检查提供该等资讯。

5.10 阁下确认并将负责支付中港通法律或中港通规则要求的与中港通证券和该证券股息或权益相关的所有费用、收费、征税和税费，并遵守任何相关申报或注册登记义务。

5.11 阁下确认并接受，吾等受限于中港通规则下保存记录的要求，因此将会保存与阁下北向交易相关的记录（包括电话、电子通讯记录和账号资讯）20 年或中港通规则或法律要求的其他年限。

5.12 阁下确认并接受，联交所可根据相关中港通市场的请求，要求吾等取消或拒绝代表阁下发出的任何订单。

5.13 阁下确认并接受，中港通监管机构和其各自董事、雇员和代理人不对吾等或任何关联人士、阁下或任何其他第三方因（i）中港通证券交易或对中港通路由系统对中港通证券的操作；或（ii）任何对中港通规则的修改、制订或执行，或（iii）中港通监管机构为实施其监督或检查义务或职能采取的任何行动（包括对异常交易活动而采取的任何行动），遭受的任何直接或间接的损失或损害负责或承担责任。

6 x x

阁下持续xx等作出本条款所列的如下xx：

6.1 阁下了解并将会遵守适用于阁下的任何中港通法律或中港通规则；

6.2 执行阁下向吾等发出的任何指示不会违反任何中港通法律或中港通规则；

6.3 阁下明白并已评估了与中港通有关的风险因素，以及阁下愿意承担与中港通有关的风险；以及

6.4 在每次下达中港通证券卖出订单指示当天，阁下向吾等作出如下xx：

6.4.1 阁下不知晓任何可能对该中港通证券的有效性造成损害的事实，以及阁下有权全权对此接受、处理和发出指示、授权或声明；

6.4.2 不存在对该中港通证券不利的索偿；以及

6.4.3 除了联交所规则或中央结算系统规则明确限制外，不存在对该中港通证券转让的限制。

7 处理订单

7.1 吾等将会公平的处理客户订单。吾等在处理订单时，可能会将阁下的北向交易订单与其他客户或其联属公司的北向交易订单合并处理。这可能在某些时候使阁下处于不利地位，并且由于附件所述限额控制的原因，可能导致阁下的订单仅能部分执行或全部无法执行。

7.2 所有提交适用开市竞价或持续交易时段开始（「开市」）的客户订单或交易（「客户订单」）将由吾等按照能够确保所有该等客户订单公平、平等的参与开市的方式进行操作。仅在吾等系统将客户订单提交适用开市竞价或持续交易时段开始之时，吾等方视所有该等客户订单已为吾等收悉。

8 遵守交易前检查要求

8.1 阁下承诺阁下将会遵守中港通监管机构、中港通机构强制要求的或吾等通知阁下的与交易前检查有关的任何要求。

8.2 另外，阁下承诺会确保在（由吾等不时通知阁下的）适用的截止时间，阁下账户中有足够可用的中港通证券，以满足在有关交易日任何拟作出的卖出订单。

8.3 如果吾等认为在适用的截止时间前（由x等不时通知阁下的），无论因何等原因阁下的账户内没有足够可用的中港通证券以交收卖出订单，吾等可以根据其自身的绝对酌情决定权：

8.3.1 拒绝阁下的卖出订单（部分或全部）；

8.3.2 使用吾等在指定的中央结算系统股票账户内自有或吾等代客持有的中港通证券以满足阁下卖出订单的事前检查要求。在此情况下，因吾等购入或通过其他途径获得阁下卖出订单下未能交付的等量中港通证券所产生的任何费用、损失或支出，阁下需按照吾等根据吾等的绝对酌情决定权确定的条款、价格（包括与之相关的费用和支出）和时间补偿吾等；或

8.3.3 采取任何吾等认为为符合交易前检查及／或相关中港通法律或中港通规则所必需或可取的行动以弥补阁下的差额（包括但不限于，采用吾等通过其他途径可得的中港通证券）。

8.4 另外，如果由于任何其他原因使吾等认为可能不符合中港通法律或中港通规则，吾等可以自行决定拒绝阁下的卖出订单（部分或全部）。由于不符合或潜在不符合交易前检查及／或相关中港通法律和中港通规则而造成的任何风险、损失或费用将由阁下承担。

8.5 如阁下对分配给阁下所管理的基金的中港通证券发出卖出订单，阁下承诺会确保在（由吾等不时通知阁下的）适用的截止时间，阁下账户中有足够可用的中港通证券分配给该基金以满足相关交易日的该卖出订单。在所有情况下，阁下有责任确保阁下所管理的每支基金符合其所适用的所有中港通法律和中港通规则。

由于不符合或潜在不符合交易前检查及／或相关中港通法律或中港通规则而导致的任何风险、损失或费用将由阁下承担。

9 交收和货币兑换

9.1 由于所有的北向交易均以人民币交收及交易，xx等在北向交易买入订单交收前不能收到足额的人民币资金以支付该笔中港通证券买单，交收将会延迟及／或失败。阁下将可能无

法取得卖出或转让该中港通证券的权利。当x等代表阁下持有任何资金时，若没有充足的人民币资金支付任何中港通买入订单或其他与中港通有关的支付义务，阁下授权吾等将吾等代阁下持有的任何币种的资金兑换为人民币以达到此支付目的。

9.2 无论客户协议其他部分如何规定，当根据本中港通条款需要将一种货币兑换为另一种时，该兑换可由吾等以合理的商业方式自动进行，无需事先通知阁下。根据本中港通条款将一种货币兑换为另一种货币而造成的或与之有关的任何风险、损失或者费用（包括费用、收费及

／或佣金）将由阁下承担。

9.3 阁下同意若阁下不能按时支付任何与中港通证券买入指示有关的付款义务，吾等有权无需事前通知阁下而立即采取吾等认为合适的方式以减少或消除吾等遭受或可能遭受的任何损失或责任（包括但不限于，采取任何措施卖出、变现、处置或其他方式处理相关中港通证券），并且阁下应补偿吾等并确保吾等免受因行使上述权利而产生的任何责任、费用或其他损失。阁下进一步同意，x等无需对阁下因吾等或吾等的代理人根据本条采取或未采取行动所导致的任何损失、价值减损或其他损害承担任何责任。

9.4 无论客户协议其他部分如何规定，当吾等认为人民币的流动性不足，无法交收任何买入订单时，x等可根据吾等绝对酌情决定权拒绝阁下下达的该买入订单指示。

10 销售、转让和追缴

10.1 当吾等收到中港通监管机构要求吾等根据中港通规则出售和清算一定数额的中港通证券之通知（「强制出售通知」）时，吾等将有权向阁下发出相应的通知（「客户强制出售通知」），要求阁下在相关中港通监管机构指定的期限内出售和清算阁下在吾等账户内的任何数额（由x等根据x等的绝对酌情决定权确定）的该中港通证券。阁下承诺遵守任何该客户强制出售通知。

10.2 就任何强制销售通知而言，阁下授权吾等在阁下未能及时遵守客户强制出售通知时，以阁下的名义，在遵守所有中港通法律和中港通规则所必需的范围内，按照吾等根据吾等绝对酌情决定权决定的价格和条款出售或安排出售该中港通证券。

10.3 当受限于强制出售通知的、阁下所拥有的中港通证券已经从交收相关北向交易买入订单的结算参与人（「原结算参与人」）转移到另一结算参与人或托管人（「受让代理人」）时，阁下授权吾等以阁下名义向受让代理人发出指示要求其将相关中港通证券归还给原结算参与人，以使原结算参与人根据中港通法律和中港通规则进行出售和清算。阁下亦承诺通知受让代理人此项授权，并且在需要时，阁下承诺指示受让代理人依此执行。

10.4 xx等从任何中港通监管机构收到通知，要求阁下返还因违反短线交易获利规则（如附件第15 段（短线交易获利规则）所述）所得的任何收益，阁下授权吾等出售或安排出售阁下所拥有的任何数额的中港通证券。

10.5 除以上情况外，阁下授权吾等对阁下所拥有的中港通证券采取出售、转让或任何其他行动，若任何中港通监管机构向吾等提出该要求，或吾等根据吾等的绝对酌情决定权决定以上作法是为了符合任何中港通法律或中港通规则所必须或可取的。

10.6 x等及任何关联人士对吾等或任一关联人士根据本条采取的任何措施而直接或间接导致的任何损失或风险不承担任何责任。

11 托管

11.1 适用

本条仅适用于当阁下根据中港通规则和中港通法律下的交易前检查向吾等交付中港通证券的情况。

11.2 托管服务的性质

11.2.1 阁下确认吾等向阁下提供托管服务的主要或唯一原因是因为中港通规则和中港通法律下的交易前检查，并且提供托管服务并不是吾等一般的业务活动。因此，x等提供的任何托管服务本质上是有限的。本第11条中的条文并不影响阁下与吾等或吾等的联属公司之间达成的任何向阁下提供托管服务的约定。

11.2.2 阁下确认吾等为其他客户及自身进行中港通证券业务。

11.2.3 阁下应就本第11 条持有的中港通证券所涉及或有关的任何相关政府机构或其他机构要求的所有申报、报税和交易报告单独负责。

11.3 开立托管账户

11.3.1 阁下授权吾等在吾等簿册中以接收、妥善保管和维护中港通证券为目的而开立一个或多个托管账户（「托管账户」）。

11.3.2 x等将合理酌情决定是否将拟交付的任何中港通证券接收至托管账户。

11.4 托管程序

11.4.1 在通过最终交收收到中港通证券前，x等没有义务将该等中港通证券贷记入托管账户。

11.4.2 若吾等收到一个或多个指示使从托管账户交付的中港通证券的数量超过已贷记入托管账户的数量，吾等可拒绝任何该等指示或按任意顺序选择执行任何指示的部分或全部。

11.4.3 阁下确认交付中港通证券和相应的支付可能不会同时进行。因此，xx等收到指示要针对付款而交付中港通证券或针对交付而就中港通证券付款，吾等可能按照相关市场惯例、规则、及／或适用的法律或法规对中港通证券进行或接收支付或交付。

11.4.4 吾等仅在收到特定指示后根据特定指示（除非本中港通条款另有明确规定）对中港通证券进行支付，及／或接收或交付中港通证券。

11.4.5 除非吾等收到并接受相反指示，则吾等无需任何指示下可进行如下操作：

(i) 以阁下名义或代表阁下签署与中港通证券有关的任何（i）为接收任何中港通证券或资金的目的所需的文件或（ii）由任何税务或监管机构所要求的文件；及

(ii) 对与中港通证券有关的支付或分派（无论是依据股息、红股派送、股份拆细或重组、准备金资本化或其他）进行代收、接收及／或采取其他的必要或适当的措施。

11.4.6 阁下确认x等可在吾等根据x等的绝对酌情决定权决定的时间向阁下或阁下的通常托管人再次交付吾等以阁下名义进行交收时没有使用的任何中港通证券。同样，阁下确认，x等可在收到阁下帐户内中港通证券的任何分派或付款的一个交易日内向阁下或阁下的通常托管人或银行交付或支付该等分派或付款（扣除阁下应向吾等支付的任何费用或其他开销的净额）。由于对于该再次交付或支付吾等可能需要事先授权，阁下将在收到吾等的请求后立即（x吾等及／或阁下的通常托管人及／或任何其他人）发出吾等所需的指示。

11.4.7 在吾等尽合理努力之后，仍未能（a）向阁下或阁下的通常托管人再交付该中港通证券，

或（b）向阁下或阁下的通常托管人或银行交付或支付任何分派或付款的情况下,例如但不限于，当（a）阁下未根据吾等的合理要求提供所需指示，及／或（b）阁下的通常托管人拒绝接受任何中港通证券的交付或付款，则阁下授权吾等根据吾等的绝对酌情决定权进行出售、变现或以其他方式处置相关中港通证券，并将销售、变现及／或处置所得及／或任何分派或付款过户至阁下的通常银行帐户，或若阁下没有银行帐户，则过户至吾等为阁下于第三方银行（即在收到向阁下所选帐户进行支付的指示前，x等根据x等的绝对酌情决定权所选的第三方银行）开立的账户。

11.4.8 吾等没有任何义务对阁下帐户内与中港通证券有关的任何支付或分派进行代收、接收或采取任何其他措施（包括出席任何股东大会及／或行使任何投票权），或通知阁下与中港通证券有关的任何通知、通函、报告、公告或类似公司行动的条款或其存在。阁下确认在特定情况下，包括但不限于，因任何中港通法律或中港通规则，使香港结算或其代理人（以及吾等或阁下）难以、不能或不被允许行使任何与中港通证券有关的权利或权益，或参与任何与之相关的行动、交易或其他事项。xx等进行了该代收、接收或采取该行为，或向阁下提供该通知，或根据该通知采取任何行动，吾等没有：

(i) 承担任何不准确或延迟的任何责任；以及

(ii) 继续或重复任何该行为的义务。

11.5 汇集／次托管／结算系统

11.5.1 吾等可将中港通证券汇集，并视其与其他客户相同的中港通证券可互换。x等可在任意时间向阁下分配等量的中港通证券，而不必向阁下归还阁下向吾等交付的原中港通证券。

11.5.2 吾等可根据法律、法规或市场惯例的要求将中港通证券存放在任何分托管人或结算系统，并不对任何次托管人或结算系统的执行或监管或其操作负责。另外，x等不对任何结算系统的任何行为、疏忽或破产负责。若阁下因任何结算系统的疏忽、故意违约或破产而产生损失，吾等将根据吾等酌情决定权采取合理措施向相关结算系统寻求补偿，但x等没有义务进行法律诉讼、在任何破产程序中提交申索证明、或采取类似措施。

11.6 阁下确认

11.6.1 在本中港通条款生效期间，阁下确认：

(i) 阁下有权在托管账户保存并持有中港通证券，并且不存在对任何交付中港通证券有或可能有不利影响的申索或权益负担；以及

(ii) 若阁下作为阁下客户的代理人，无论在任何时候是否向吾等明示，该客户不是或不被视为吾等的客户或间接客户，阁下是本中港通条款下的义务的本人。

11.6.2 阁下将根据x等的请求立即执行吾等为履行本中港通条款下义务或符合中港通规则或中港通法律的要求所需的文件，并采取吾等为上述目的要求的行为和行动。

11.7 托管职责和责任

11.7.1 x等仅有本中港通条款明确提出的职责。x等没有受信责任或其他隐含职责或其他任何类似义务。

11.7.2 吾等xxx等的职责受限于：

(i) 所有相关的当地法律、法规、法令、命令和政府法案；

(ii) 任何相关股票交易所、结算系统或市场的规则、操作程序和惯例；以及

(iii) 吾等无法合理控制的任何事项或情况。

11.7.3 对于本第11 条所述任何托管服务：

(x) x等不对阁下遭受的任何损失或损害负责，除非该损失或损害由吾等的严重疏忽、故意不当行为或欺诈所致；

(ii) 对于托管账户或吾等有关的服务，吾等在任何情况下不对任何的间接损失或损害（包括但不限于利润损失）负责，无论是否可预见，亦无论该申索以何种行为提出；及

(iii) 对于严重疏忽或故意不当行为，吾等的责任不能超过在相关时间替换相关中港通证券的费用或相关中港通证券的市场价值（取其较低者）。

11.7.4 吾等可设定接收指示的截止时间。xx等在已设定的截止时间之后收到指示，x等可将其视为在下一交易日接收到此指示，并依此行事。

11.8 利息

阁下托管账户将不存在应付利息。

11.9 留置权

对于阁下对吾等的所有欠款，吾等除可能享有的其他补偿外，对代阁下或阁下账户所持有的所有中港通证券吾等将享有持续的一般留置权。

12 客户信息

12.1 保存记录：若阁下指示吾等代表阁下的客户进行中港通证券北向交易（「客户交易」），阁下需要保存与客户交易有关的任何客户指示和账户信息（该等记录「客户信息」）不少于 20 年（或吾等根据中港通法律或中港通规则可能指示阁下的其他期限）。

12.2 阁下的客户作为中介人：若阁下指示吾等进行客户交易，并且阁下知道阁下的客户（直接或间接通过其他中介）以另一人士的中介人身份行事，而该人士为客户交易的实益所有人，阁下承诺并确认阁下已经采取措施：

12.2.1 要求阁下的客户在12.1 中所指明的期限内保存或促使保存与该客户交易的实益所有人有关的客户信息；以及

12.2.2 使阁下有权在吾等指明的期限内经请求获得或披露与该实益所有人有关的客户信息，或促使获得或披露该信息。

12.3 向中港通监管机构披露信息：xx等收到任何中港通监管机构有关客户交易的查询，阁下应在要求下并在吾等指明的期限内，向吾等或相关中港通监管机构披露与客户交易的实益所有人有关的客户信息，或促使披露该信息。

13 弥偿

除吾等于客户协议其他部分项下的权利之外，且在不损害任何该等权利的前提下，阁下将会按照全部弥偿的基础，xxx等以及任何关联人士（以下统称「被弥偿方」）因吾等以及任何关联人士就阁下交易或投资中港通证券向阁下提供的任何服务而直接或间接产生的任何申索、要求、行动、诉讼、损害、费用、支出、损失及所有其他责任，包括但不限于：（a）在中港通下交易或持有中港通证券而产生的任何税费支出；（b）附件所指任何风险的实现；

（c）因阁下所发出的指示使被弥偿方产生的任何法律费用；（d）因持有中港通证券而需要

向任何清算系统支付的费用和开销；或（e）因上述第10 条（销售、转让和追缴）而产生的任何费用。

14 费用和税费

14.1 阁下应负责支付中港通法律或中港通规则规定的与任何中港通证券和该等中港通证券任何股息和权益有关的所有税费，并须遵守中港通法律或中港通规则规定的与任何中港通证券和该等中港通证券任何股息和权益有关的任何申报或登记义务。

14.2 xx等被要求根据中港通法律或中港通规则支付任何税费，吾等可在需要时通知阁下并要求阁下向吾等提供吾等认为为满足吾等义务所必需的任何相关资讯。阁下必须在接获要求时立刻向吾等提供该等资讯和文件，例如但不限于阁下购买中港通证券的费用、阁下或任何实益所有人的税收状况或居所。吾等可从应向阁下支付的款项中预扣或扣除相关税费的金额，阁下仍须承担任何不足的部分。

14.3 若在合理时限内，x等未从阁下收到任何要求提供的资讯以履行吾等的义务，吾等有权根据吾等的绝对酌情决定权，无需进一步向阁下发出通知或要求，为了满足吾等或阁下支付或抵付任何税费金额的义务，立即卖出、变现或按吾等根据吾等的绝对酌情决定权决定的其他处理方式处置阁下在吾等账户内的、为任何目的由吾等持有的全部或部分财产，并用所得款项来抵消阁下对任何税务机关或吾等的欠款。

14.4 吾等没有责任核对阁下提供的资讯的准确性，并且有权依据该资讯履行吾等的义务。

14.5 x等对未能享受任何税收减免或没有获得税收抵免优惠不承担任何责任。

15 责任

无论本中港通其他条款如何规定，对于任何损害、责任或损失（包括利润损失），x等及任何关联人士概不负责，亦不就该等损害、责任或损失对阁下承担任何责任，除非该等损害、责任或损失是因吾等或关联人士的欺诈、故意失责或重大过失所致。

16 终止

16.1 本中港通条款可由任何一方在通过向另一方发出不少于30 天的书面通知而终止或于客户协议终止时自动终止。第4 条（遵守中港通法律和中港通规则），第5条（风险披露和确认），第10 条（销售、转让和追缴）、第13 条（弥偿）、第15条（责任）以及第17.3条在本中港通条款终止后继续有效。当本中港通条款终止时，x等将根据阁下的指示交付中港通证券及现金。若阁下未能发出指示，x等将继续持有中港通证券及／或现金，并就此按照吾等的绝对酌情决定权决定收取的费用。在任何情况下，x等有权根据吾等的绝对酌情决定权决定继续持有中港通证券及／或现金，以便完成需要以阁下名义交收的任何交易。

17 杂项

17.1 阁下将会按吾等不时的收费标准支付与本中港通条款相关的费用、收费和支出。

17.2 阁下将会按照吾等合理的要求签署任何其他必要的文件及／或提供任何资料和资讯，以便吾等在中港通规则不时修改或补充而变得必要时能够履行吾等在本中港通条款下的职责和义务。

17.3 若中港通监管机构或与港交所或联交所达成资讯共享安排或协定的交易所、监管机构或其他机构（无论是在香港境内或境外）要求任何资讯，阁下将会根据吾等的要求提供所有该等资讯（包括中文译本，如有需要）。阁下确认，若阁下未能遵守本条的规定，可能导致包括暂停向阁下提供中港通服务在内的后果。

17.4 吾等保留根据客户协议A 部第5.1 条通过书面通知阁下更改本中港通条款的权利。

17.5 若本中港通条款的任何条文全部或部分被认为不合法、无效或无法执行，该条款将在作出必要的删除和修改以使其成为合法、有效和可执行并考虑各方当事人的商业意图后适用。

17.6 任何一方未能或延迟行使本中港通条款下的任何权利或补偿不应被视为已放弃该权利或补偿；任何单独或部分行使任何权利或补偿亦不妨碍该权利或补偿的其他或进一步行使，或行使任何其他权利或补偿。放弃追究对本中港通条款的违反行为不构成放弃追究之后其他任何违反行为。

17.7 任何一方未经另一方事先书面同意不应转让或转移其在本协议下的所有或任何权利或义务。

18 适用法律和管辖

18.1 本中港通条款受香港法律管辖。

18.2 各方同意服从香港法院对本中港通条款下引起的或与本中港通条款相关的任何争议的专属管辖权。

附件：风险披露和其他信息

x附件描述了与中港通有关的部分主要风险因素和其他信息。本附件并未披露通过中港通进行北向交易的所有风险和其他重要方面。阁下应确保阁下明白中港通和北向交易的性质和相关风险，并仔细考虑（并在必要时咨询阁下的顾问）买卖中港通证券对于阁下的情况是否合适。买卖中港通证券是阁下自己的决定，除非阁下充分理解并自愿承担与中港通相关的风险,并有能力遵守相关的中港通法律和中港通规则，则阁下不应进行中港通证券交易。

阁下确认以下风险并同意本附件的条款。阁下有责任关注中港通法律和中港通规则的变化，并遵守新的规定。

x等没有声明本附件中所列信息是最新的，也不承诺会更新本附件所列相关信息。另外，x等对该信息不提供任何保证，以及该信息不构成吾等的法律、财务或税务或任何类似意见。

证券所属地市场规则

1 证券所属地市场规则

中港通的一个基本原则是相关证券所属地的法律法规对该证券的投资者适用。对于中港通证券而言，中国内地为其所属地，因此，通用的原则是中港通证券的投资者

需遵守相关中港通市场规则及其他中国内地的证券法律法规。若违反该规则和法规，相关中港通市场有权进行调查。

尽管如此，香港的某些法律和监管规定将仍然继续适用于北向交易。交易及交收限制

2 交易前检查

对于交易所参与人发出的任何北向交易卖出订单,联交所需要审查相关交易所参与人是否持有足够且可供使用的中港通证券以满足该北向交易卖出订单。交易前检查将会在每个交易日开始前进行。

因此，阁下可能因交易前检查的相关要求无法执行北向交易卖出订单。阁下需注意本中港通条款第8 条所列条文。特别注意，若相关中港通证券因任何原因延迟或未能过户到吾等任何结算账户，或若出于其他任何理由吾等认为存在违反中港通法律或中港通规则的情况，阁下可能无法执行中港通证券卖出订单。

因不符合或可能不符合交易前检查及／或相关中港通法律或中港通规则导致的任何风险、损失或费用应由阁下自行承担。

3 交收

北向交易将遵循A 股股票的交收循环。中港通证券交易交收方面，中国结算将于T日在其参与人（包括作为其结算参与人的香港结算）的证券账户记账或扣账，无需付款。吾等现有交收安排可能与中国结算的交收安排不尽一致。除非吾等同意垫款，此等交易的款项交收将于 T+1 日完成。吾等可根据x等的绝对酌情决定权决定提供交收垫款。在吾等同意为中港通证券交易交收提供垫款的情况下，（a）吾等将保留在T+1 日从香港结算收到的资金；并且

（b）阁下需要偿还吾等提供的超额垫款。尽管中港通证券转让先于资金转让，中港通服务下中港通证券所有权直到在收到付款确认时才会让与。因此，对于买卖单据而言，交收日应当为证券和现金都已交收的T+1 日，或者，若购买是垫付的，交收日为证券发还日。

阁下确认吾等不保证会提供交收垫款，xx等决定提供交收垫款，x等可决定在任意时间终止该服务。

4 限额控制

通过中港通购买中港通证券受制于下述限额控制。因此，不能保证买入订单能够成功通过中港通承配。

每个交易日交易所参与人能够执行的所有北向交易买入交易的最大净额则受每日额度所限制（「每日额度」）。每日额度有可能在没有提前通知的情况下不时变动，投资者应参考联交所网站和联交所公布的其他信息以获取最新信息。

联交所和相关中港通市场也可能会对买入订单设置定价及其他限制以防止虚假使用或申报每日额度。

若由于违反每日额度或相关定价及其他限制导致北向交易购买受到限制、拒绝或暂停（包括已接受但未执行的任何订单），吾等将不能够执行任何买入订单，并且已经提交但未执行的任何买入指示将会被限制或拒绝。

相反，根据联交所规则，无论是否存在超过每日额度的情况，投资者均可以卖出中港通证券。

5 限制即日交易

中国内地A 股市场不允许即日交易。若阁下于T 日购买中港通证券，阁下仅可以于T+1 日或之后卖出。由于交易前检查的规定，仅在T+1 日适用的（由吾等不时通知阁下的）截止时间之后吾等方可接受卖出于T 日购买的中港通证券的订单。

6 禁止场外交易和转让

阁下、吾等和任何关联人士不能通过中港通市场系统以外的其他场所进行中港通证券交易或为该交易提供服务，并且除以下情况或相关中港通监管机构另有规定外，吾等除根据中港通规则通过中港通途径外，不能以其他方式撮合、执行或安排执行阁下任何买卖或转让中港通证券的指示或使任何中港通证券的非交易股票过户或结算指令生效：

(a) 对合资格于有担保的卖空的中港通证券进行股票借贷，并且为期不超过一个月；

(b) 对合资格于满足交易前检查要求的中国通证券进行为期一日（并不可续期）的股票借贷；

(d) 相关中港通市场和中国结算指明的其他情况，包括但不限于，为以下目的或由于以下原因进行的非交易股票过户：（a）继承；（b）离异；（c）任何公司或企业解散、清算或结束营业；（d）向慈善团体捐赠；以及（e）协助任何法院、检察院或执法机构采取执法程序或行动。

7 落盘

根据中港通法律和中港通规则，只允许有指定价格的限价订单，买入订单不能低于现时最佳价格，卖出订单可以按照指定价格或高于指定价格执行。市价订单将不被接受。

8 价格限制

中港通证券的价格受限于一个前一交易日收市价的±10%的一般价格限制。另外，风险警示板上的任何中港通证券受限于一个前一交易日收市价的±5%的价格限制。价格限制可能会不时变化。所有中港通证券订单必须在价格限制范围内。任何超过价格限制的订单将被相关中港通市场拒绝。

9 在相关中港通市场的上市公司退市

根据相关中港通市场规则，若任何一个相关中港通市场的上市公司处于退市程序或因财务或其他情况出现运营不稳定，导致其股票存在退市的风险或投资者权益可能受到不当的损害的，相关中港通市场上市公司将被实施风险警示并被纳入风险警示板。风险警示板的任何变化可能在没有事先通知的情况下发生。若一只中港通证券在中港通机制启动时合资格进行中港通交易，随后被移至风险警示板，中港通的投资者仅允许卖出该中港通证券而禁止买入。风险警示板的详情请不时参考相关中港通市场规则以及其他相关信息来源。

10 实益拥有人的账户信息

卖出订单所卖出的中港通证券的实益拥有人身份需要向香港结算及／或相关中国内地监管机构披露。

11 禁止人手对盘交易和大宗交易

中港通下对北向交易不设人手对盘交易机制或大宗交易机制。

12 修改订单及丧失优先级

与中国内地现有做法一致，若进行北向交易的投资者希望修改订单，投资者必须首先取消原订单，然后输入新的订单。因此，订单的优先级将会丧失。另外，由于每日额度的限制，新订单可能不会在同一交易日被执行。

13 特别中港通证券

联交所将会接受并指定不再满足中港通证券合资格条件的证券（若该证券仍在相关中港通市场挂牌上市）为特别中港通证券。另外，阁下因分派权利或权益、转换、收购、其他公司行

动或异常交易而获得的任何（不合资格进行中港通交易的）证券或期权，联交所也将接受或指定其为特别中港通证券。阁下将仅可出售，但不得购买，任何特别中港通证券。

中国内地和香港法律问题

14 权益披露

根据中国内地法律、法规和条例，若阁下持有或控制一个在中国内地设立并在中国内地股票交易所上市的公司（「中国内地上市公司」）的股票（以总额计算，包括同一中国内地上市公司在内地和境外所发行的股票，无论该持有是通过北向交易、合格境外投资者／人民币合格境外投资者或其他投资途径）达到中港通监管机构不时规定的披露水平，阁下必须在相关中港通监管机构规定的期限内披露该等权益，并且阁下在相关中港通监管机构规定的时间内不得买卖该股票。阁下也必须根据相关中港通监管机构的要求披露阁下持股的任何重大变化。

当一家中国内地设立的公司同时有是联交所上市的H 股股票和在相关中港通市场上市的A 股股票时，若某一投资者持有该中国内地设立的公司的任何一类具有投票权的股票（包括通过中港通途径购买的A 股股票）超过（可能不时指定的）披露水平时，该投资者根据证券及期货条例第XV 部分的规定有披露义务。当一家中国内地设立的公司在联交所没有股票上市，则证券及期货条例第XV 部分将不适用。

阁下有责任遵守中港通监管机构不时公布的关于权益披露的规则，并安排任何相关申报。

15 短线交易获利规则

根据中国内地法律、法规和条例，若（a）阁下持有的某中国内地上市公司的股票超过中港通监管机构不时规定的水平，并且（b）在买入交易后六（6）个月内发生相应的卖出交易或反之亦然，则短线交易获利规则要求阁下放弃／退还买卖某特定中国内地上市公司中港通证券所取得的任何收益。阁下（且阁下本身）必须遵守「短线交易获利规则」。

16 外国投资者所有权限制

根据中国内地法律、法规和条例，对一个外国投资者可以持有单一中国内地上市公司的股票数量，以及单一中国内地上市公司所有外国投资者的最高总持股比例均设有限制。该等外国投资者所有权限制可能按总额适用（即，包括同一发行人在境内和境外所发行股票，无论该等股票是通过北向交易、合格境外投资者／人民币合格境外投资者或其他投资途径）。阁下有责任遵守所有中港通法律和中港通规则不时规定的外国投资者所有权限制。由于诸如资金回流限制、交易限制、不利的税收待遇、较高的佣金、监管报告要求和对当地托管人和服务提供商的依赖等因素，这些法律和监管管制或限制可能对中港通证券投资的流动性和表现带来负面影响。因此，阁下投资或交易中港通证券可能遭受损失。

xx等发现阁下违反了（或合理认为若再执行北向交易买入订单，则阁下可能会违反）外国投资者所有权限制，或若中港通监管机构对吾等提出要求，包括但不限于因相关中港通市场发出强制卖出通知，若阁下未能遵守相应的客户强制卖出通知，则为了确保遵守所有中港通法律和中港通规则，吾等将会根据上文第10 条（销售、转让和追缴）卖出任何中港通证券。在此情况下，在相关中港通市场通知联交所附属公司或联交所外国持股总额已降至低于某一百分比之前，吾等将不接受相关中港通证券的买入订单。联交所可根据其绝对酌情决定权决定对哪一位交易所参与人发出强制卖出通知以及所涉及的股数（这可能按照后进先出的原

则），并且联交所（或联交所附属公司）的记录将会是终局的和不可推翻的。

另外，根据中国内地法律，当外国投资者持有单一内地上市公司发行的股票的总额超过一定的百分比（即「警戒水平」）并经相关中港通市场通知联交所附属公司后，联交所及联交所附属公司应在切实可行的情况下尽快暂停接受相关中港通证券的买入订单。在此情况下，x等可拒绝阁下的买入订单直到外国投资者的总持股比例降至低于相关中港通市场规定的百分比（「许可水平」）。

截止本中港通条款的日期，单一外国投资者的限制设定为一家中国内地上市公司股票的10%，所有外国投资者的限制总额设定为一家中国内地上市公司的股票的30%（警戒水平和许可水平分别设定为一家中国内地上市公司股票的28%和26%）。该等限额可不时更改，但x等没有任何义务就此等外国投资者所有权限制的变化通知

阁下。

17 税 x

x等xx建议阁下在投资中港通证券前，就阁下作出此等投资可能带来的香港及／或者中国内地税务后果征询阁下的税务顾问的意见，因为不同的投资者的税务后果可能不同。

阁下应全部承担与中港通证券有关的任何税费，包括但不限于任何资本利得税或其他中国内地税费，并且需就吾等或任何关联人士因阁下持有、买卖或者以其他方式处理任何中港通证券而产生的所有香港及／或中国内地税费向吾等及关联人士作出弥偿。

吾等概不负责就任何与中港通有关的税务问题、责任及／或义务提供意见或处理该等问题、责任及／或义务，也不会就此提供任何服务或协助。适用的法律条款的具体内容请参考第14条（费用和税费）。

18 内幕交易、市场操纵和其他市场行为规则

通过中港通进行的北向交易受中国内地关于禁止构成市场操纵、内幕交易和相关罪行的行为的法律和法规所限制。这些限制的范围和相应的香港法律规定可能不同。特别是，香港市场不当行为规则下的可适用抗辩在中国内地法律和法规下可能不适用。若阁下不熟悉中国内地市场行为要求和限制，阁下应在通过中港通进行交易前咨询专家意见。阁下确认，阁下在进行中港通证券交易不掌握内幕信息或促使他人取得。

19 客户证券规则

作为简单的背景介绍，客户证券规则规定了所有中介人士及其关联实体如何处理客户资产。然而，由于通过中港通买卖的中港通证券并不在联交所上市或买卖，除非香港证监会或任何其他相关的中港通监管机构另有规定，否则客户证券规则将不予适用。

20 投资者赔偿基金

中港通证券交易不受根据《证券及期货条例》设立的投资者赔偿基金提供的保障。因此，与买卖联交所上市的证券不同，当阁下进行中港通证券交易时，对于阁下因香港证监会持牌或注册人士违约而遭受的损失，阁下将不会受到投资者赔偿基金的保障。

21 中港通证券所有权

香港法律认可投资者的经纪或托管人在中央结算系统内代其持有的股票的所有权益。该认可同样适用于结算参与人通过香港结算代香港和海外投资者持有的中港通证券。另外，在中国内地（中港通证券是以香港结算名义登记在中国结算开立的证券账户内），中国证监会《中

港通规则》明确规定香港结算作为名义持有人，香港和海外投资者为中港通证券的实益所有人。因此，监管机构的意图显然是在中国内地法律下香港和海外投资者也应该对中港通证券享有所有权。

阁下应自行审阅港交所就中港通证券所有权发布的材料和适用的中港通规则，因其可能会不时修改或补充。阁下也应咨询阁下的法律顾问，对阁下作为中港通证券北向交易投资者的权利自行作出评估。

另外，尽管香港和海外投资者对中港通证券享有所有权益，香港结算作为名义持有人并无义务代表该等投资者在中国内地执行该项权利。

结算机构风险

22 中国结算违约风险

中国结算已建立了风险管理体系和办法并由中国证监会批准并监管。如果中国结算（作为所属地中央交易对手）违约，香港结算已经表示，其可（但没有义务）采取法律行动或法庭诉讼，通过可行的法律途径以及通过中国结算的清算程序（如适用），向中国结算追讨尚未还清的中港通证券和款项。由于中国结算没有向香港结算的保证基金作出供款，香港结算将不会使用香港结算保证基金弥补因结清中国结算持仓后的剩余损失。反之，香港结算将按照相关中港通监管机构的规定，按比例向结算参与人分发所收回的中港通证券及／或款项。吾等随后分发的中港通证券及／或款项仅限于从香港结算直接或间接收回的。尽管中国结算违约的可能性微乎其微，投资者在进行北向交易前应注意此项安排和潜在的风险。

23 香港结算违约风险

吾等根据本中港通条款提供的服务也取决于香港结算履行其义务的情况。香港结算的任何作为或不作为，或者香港结算未能或延迟履行其义务都可能导致中港通证券及／或与之有关的款项无法交收，阁下也会因此遭受损失。吾等及关联人士对该等任何损失概不负责或承担任何责任。

其他运行风险

24 无纸化证券

中港通证券以无纸化形式进行交易，因此，中港通证券不能以实物形式从中央结算系统存入及／或取出。

25 企业行动的公司公告

任何与中港通证券有关的企业行动都将由相关发行人通过相关中港通市场的网站和某些指定报章作出公告。香港结算也将会在中央结算系统中记录有关中港通证券的所有企业行动，并在公布当日在切实可行的情况下尽快通过中央结算系统终端机通知结算参与人有关详情。进行北向交易的投资者可参阅相关中港通市场的网站以及相关报章以查阅最新上市公司公告，亦可在港交所网站的「中国证券市场网页」（或其不时替代或接替的其他网站）查询前一个交易日发布的与中港通证券有关的企业行动。投资者应注意，在相关中港通市场上市的发行人发布的企业行动公告仅为中文，没有英文译本。

另外，香港结算将尽力及时向结算参与人代收并派发中港通证券的现金股息。一经收到股息，

香港结算将在实际操作允许的情况下，在同日安排向相关结算参与人派发现金股息。

根据中国内地的现行市场惯例，进行北向交易的投资者不能委任代表或亲自出席股东大会，这与香港目前关于联交所上市股票的惯例有所不同。

x等不会也不能确保任何企业行动的公司公告的准确性、可靠性和及时性，并且吾等以及任何关联人士不接受由于任何错误、不准确、延迟、遗漏或因信赖该等公告而采取的任何行动所导致的任何损失和损害的责任（无论是侵权或是合同还是其他的责任）。x等明确声明概不就任何公司公告的准确性或有关信息对任何目的之适合性的所有明示或默示的保证承担任何责任。

26 平均定价适用于基金经理的各个基金

x阁下以基金经理的身份管理多支基金或以资产管理人身份代表多个客户，并阁下为阁下管理的多支基金或客户预先分配中港通订单，尽管这些订单可能在同一交易日的不同时间执行,吾等可对这些订单提供平均定价。当平均定价适用时，每支基金或每个客户将以相同的平均定价获配中港通证券（或其所得收益），该平均定价可能高于或者低于该基金或客户在订单被独立处理并按照直接或间接提交给吾等的顺序的情况下应该支付或收到的价格。吾等及关联人士不对任何该定价的不同或者因适用平均定价而导致的任何损失或风险负责。

27 披露信息和公开交易信息

为了出版、宣传或公开分发汇总的中港通下中港通证券的交易量、投资者简介和其他相关数据之目的，联交所可要求吾等按照联交所不时规定期间和该等形式提供阁下的档案信息、阁下通过北向交易买卖中港通证券的订单种类和价值以及吾等执行阁下的交易。为监督和调查的目的，联交所可以将该信息转交相关中港通市场。

28 客户错误

吾等及关联人士不对投资者因基于投资者指示进行的任何交易而导致的任何损失、损害或费用，或者间接性损失、损害或费用负有责任。吾等不能对任何交易进行平仓，投资者也应当注意中港通下中港通证券的交收安排，包括但不限于限额限制。

中港通规则一般禁止任何场外交易或转让。然而，在特定情况下，xxx等和阁下为了纠正一项交易而进行转让，尽管尚未澄清在何种情况下该转让可被允许。x等有绝对酌情决定权决定是否需要为了纠正任何交易错误而进行任何转让，但没有义务进行。吾等或任何关联人士不对因该错误或任何拒绝为纠正交易错误而进行转让所造成的任何直接或间接损失负责。 29 信息保存

阁下确认并接受中港通规则要求吾等保留以下记录不少于20 年：（a）所有以阁下名义执行的订单和交易；（b）从阁下处接收的任何指示；以及（c）关于北向交易的阁下所有的账户信息；以及（d）关于中港通证券孖展交易和股票借贷的所有相关信息（包括但不限于，有关该任何该孖展交易、相关证券孖展交易安排和提供的资金）。

30 中港通市场系统

联交所或联交所附属公司（在征询联交所意见后）可以，在联交所规则规定的特定情况下及

／或联交所认为合适的时候，为了公平有序的市场利益以保护投资者，按照联交所认为的合理的期限和频率，暂时暂停或限制所有或部分中港通证券的所有或任何北向交易的订单传送和相关支持服务。在中港通证券被联交所暂停交易的期间，阁下将不能在联交所通过中港通

买卖中港通证券。阁下需尤其注意，尽管联交所暂停中港通证券交易，该中港通证券仍会在相关中港通市场继续交易。在联交所

暂停中港通证券交易期间，阁下可能仍将受到由相关中港通市场交易引起的中港通证券价格波动的影响。

基于运营需要、恶劣天气、紧急情况或其他任何情况，联交所有绝对酌情决定权在任何时候并且无需事先通知，决定更改中港通服务的运营时间和安排，无论基于临时还是其他。另外，联交所或联交所附属公司（在联交所同意的前提下）可以永久终止提供中港通北向交易服务。该暂停、限制或终止将会影响吾等接受和处理阁下订单的能力，建议阁下参考港交所网站和港交所不时公布的其他信息以获取最新信息。尽管中港通证券可以通过其他途径进行交易，包括并不限于，中国投资者在相关中港通市场交易，但不能确保阁下的订单能够被接受和处理。

另外，联交所规则规定，如果任何有相应A 股股票为合资格中港通证券的H 股股票在联交所被暂停交易，但该A 股股票没有在相关中港通市场被暂停交易，该A 股股票于相关中港通市场的中港通卖出订单和中港通买入订单的传递服务一般将照常可用。但是，联交所可以根据其绝对酌情决定权，在没有事先通知的情况下，暂停或限制该服务，阁下下达买入订单或卖出订单的能力将因此受到影响。

中港通市场系统是为了通过中港通进行中港通证券交易而搭建的新平台。吾等在相关中港通市场运营的中港通市场系统基础上提供交易服务。吾等不对由中港通市场系统引起的延迟或故障负责，投资者需要承担通过中港通市场系统进行中港通证券交易而产生的所有风险。吾等及关联人士没有责任也不对阁下因中港通市场系统或通过中港通路由系统进行北向交易所遭受的任何直接或间接损失或损害负责，包括但不限于以下：

(a) 暂停、限制或终止中港通服务或中港通路由系统，或无法接入或使用中港通路由系统或中港通服务；

(b) 作出任何特殊安排，或为了应对紧急情况或意外事件而采取或不采取任何行动、步骤或措施，包括但不限于取消交易所参与人输入的任何或全部中港通订单；

(d) 由于香港发出8 号或以上暴风信号或黑色暴雨警告信号而造成的任何中港通证券的延迟、暂停、中断、或订单取消；

(e) 由于系统、通讯或连接故障、电力中断、软件或硬件失灵或任何超出联交所、吾等或关联人士控制范围的其他事件而造成的任何延迟或不能传递任何中港通订单、或者延迟或不能发送任何订单取消请求或提供中港通服务；

(x) x等要求取消的任何中港通订单而由于任何原因没有被取消；

(g) 联交所或相关中港通市场要求吾等拒绝或取消任何中港通服务指令；

(h) 任何中港通市场系统或者吾等、联交所附属公司或关联人士赖以提供中港通服务的系统的延迟、故障或错误；

(i) 由于超出联交所、港交所、联交所附属公司、吾等或任何关联人士控制范围的原因（包括但不限于任何由中港通监管机构采取／不采取任何行动或做出／不做出任何决定）而造成的任何延迟或不能执行中港通订单或者任何错误执行或撮合中港通订单。

如果发生上述第（e）段所述的延迟或未能发出任何订单取消请求的情形，在该订单已被撮合或执行的情况下，阁下仍有责任履行该交易的任何交收义务。

阁下确认港交所、联交所、联交所附属公司、相关中港通市场、相关中港通市场附属公司和其各自董事、雇员和代理人概不对该等任何损失负责或承担责任。

31 运营时间

联交所有绝对酌情决定权以不时决定中港通服务时间，也有绝对酌情决定权随时变更中港通的运营时间和安排，并且无需事先通知，无论是基于临时还是其他情况。

吾等没有义务通知阁下联交所对中港通服务运营时间的任何决定。

当，诸如，在中港通服务停止运营期间有任何与中国内地上市公司有关的价格敏感信息，该上市公司的A 股股票可能在相关中港通市场继续交易，且该A 股股价可能会剧烈波动。在此情况下，北向交易投资者直到下个交易日才能够通过中港通交易该股票。

32 孖展交易

受限于中港通监管机构规定的某些条件，对相关中港通监管机构决定合资格进行孖展交易的中港通证券（「合资格孖展交易证券」），香港和海外投资者可以进行孖展交易。港交所将会不时公布一份合资格孖展交易证券名单。若任何A 股股票的孖展交易量超过相关中港通市场决定的限额，相关中港通市场可暂停该A 股股票的孖展交易，并在孖展交易量下降到所规定限额时恢复该A 股股票的孖展交易。当相关中港通市场通知联交所该暂停或恢复涉及到合资格孖展交易证券名单所列某支证券时，港交所将在其网站上披露该信息。在此情况下，对相关中港通证券的任何孖展交易（对中港通证券买入订单的孖展交易除外）将会被暂停及

／或恢复。相关中港通市场保留在将来要求向中港通传递孖展交易订单时对其进行标识的权利。吾等及任何关联人士没有义务向阁下不时更新合资格孖展交易证券名单，或有关孖展交易的限制或暂停。

33 供股

当阁下从一中港通证券发行人处收到任何形式的权益证券时，若该权益证券：

(a) 是中港通证券，则阁下可通过中港通买卖该权益证券；

(b) 不是中港通证券，但是是在相关中港通市场上市的人民币计价证券，则阁下可通过中港通卖出该权益证券，但是不允许买入该权利证券；

(d) 不在相关中港通市场上市，则阁下不可通过中港通买卖该权益证券除非并且直到香港结算提供任何适当安排（如有）。也有可能不会提供该替代安排。

34 碎股交易

中港通证券碎股交易仅适用于卖出订单，并且所有碎股必须通过一个单一订单卖出。完整买卖单位的交易订单和不同的碎股卖出订单撮合，形成碎股交易。完整买卖单位的交易订单和碎股订单在同一个中港通平台上撮合，并受限于同一价格。订单的最大数额为100 万股，最低上落价位统一为人民币0.01 元。

35 卖空

吾等目前并不向阁下提供中港通之卖空服务。如吾等计划提供该等服务﹐吾等将预先通知阁

下。

36 股票借贷

吾等目前并不向阁下提供股票借贷服务。如吾等计划提供该等服务﹐吾等将预先通知阁下。

37 人民币兑换

根据第9 条（交收和货币兑换）将任何货币兑换为人民币的任何兑换可能受到兑换限制。如果将相关货币兑换为人民币发生延迟，北向买入订单的交收可能会延迟及／或无法完成。任何因该延迟或无法交收导致的风险、损失和支出将由阁下承担。

投资中港通证券的相关风险

38 只适用深港北向交易及深股之条款

38.1 除联交所另有公布外，深交所的创业板市场的股票只可由机构专业投资者买卖。

38.2 于在开市集合竞价时段（09:20至09:25或其他由深交所规定交易时间），深交所不接受取消买卖盘的指令。

38.3深港北向交易在交易时间内将有收盘集合竞价时段（14:57至15:00或其他由深交所

规定交易时间）。在收盘集合竞价时段，深交所不接受取消买卖盘的指令。

38.4 可通过深港通进行北向交易的合资格证券为以下深股:指数成份股组成为:

(a) (i) 深证成份指数;

(ii) 深证中小创新指数成份股;及

(iii) 有市值不少于人民币60亿元的成份股

(b) 有相关H 股在联交所上市的所有深交所上市A股。

39 投资中港通证券的其他相关风险

与中国内地相关的一般风险

中国内地是一个新兴市场，具有以下一个或多个特点：一定程度的政治不稳定性、相对不可预测的金融市场和经济发展模式、一个仍处于发展阶段的金融市场或一个疲弱的经济体。投资新兴市场通常会带来较高的风险，比如事件风险、政治风险、经济风险、信用风险、汇率风险、市场风险、流动性／缺口风险、监管／法律风险、交易交收、处理和结算风险以及债券持有人／股东风险。

股权风险

与投资短期或长期债券相比，投资中港通证券可能会有较高的收益。然而，投资中港通证券相关的风险也更高，因为中港通证券的投资表现取决于若干难以预测的因素。这些因素包括突然或持续的市场下滑可能性，以及与每个公司有关的风险。与任何股权投资组合相关的基本风险是其持有的投资价值可能突然及显着下降。

一般法律和监管风险

阁下必须遵守所有的中港通法律和中港通规则。并且，任何中港通法律或中港通规则的变化都可能对市场情绪造成影响，从而影响中港通证券的表现。不能预测由该任何变化所造成的影响对中港通证券而言是正面还是负面。最坏的情形是，阁下可能损失大部分阁下对中港通

证券的投资。另外，任何在中国内地法院提起的诉讼或其他法律程序将适用中国内地的法律、法规和程序，不同于适用于香港法院的法律、法规和程序。

货币风险

人民币在香港尚不能自由兑换，并受制于外汇管制和限制。特别是在香港通过银行兑换人民币受到一定的限制。在某一特定时间，投资者可能很难将人民币兑换成为港币或其他货币

（反之依然），并且兑换也将会有兑换费用，该兑换费用和时间可能与阁下的偏好不符。另外，人民币对港币和其他货币的价格可能会受到很多因素的影响。不能保证人民币不会贬值。人民币贬值将导致人民币证券的市场价值和变现价格下跌。非以人民币为基础的投资者如果进行人民币证券交易，而其随后将人民币收益兑换回港币或其他基础货币也可能会遭受损失。

人民币资金汇入和汇出中国境内也有诸多限制。如果由于外汇管制或其他限制，人民币证券发行人不能将人民币汇入香港或以人民币进行分配，该发行人可能以其他货币进行分配（包括股息和其他付款）。投资者因此需承担额外的外汇风险和流动性风险。

中港通证券的流动性和交易价格可能受到中国境外有限可得的人民币和兑换人民币限制的负面影响。这些因素将会影响投资者的人民币流动性，并进而消极影响市场对中港通证券的需求。

CHINA CONNECT TERMS AND CONDITION

At any time you place an order with us or otherwise engage in a transaction with us under China Connect, these terms are deemed to apply to such order or transaction.

1 Applicability

1.1 By giving us instructions to trade China Connect Securities via China Connect, Client (hereafter refer to” you”) agrees to be bound by these China Connect Terms and acknowledge that you have read and understood the Risk Disclosures and Other Information set out in the Annex hereto.

1.2 These China Connect Terms amend and are supplemental to, and are without prejudice to, the Customer Agreement. In the event of any inconsistency between these China Connect Terms and other sections of the Customer Agreement, the provisions of these China Connect Terms shall prevail.

2 Definitions

Capitalized terms used herein will have the meanings given below or otherwise in other sections of the Customer Agreement.

“A Shares” means any securities issued by companies incorporated in Mainland China which are listed and traded on Mainland China A Share markets (Shanghai and Shenzhen) and not on the SEHK.

“Affiliate” means in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the voting power of the entity or person.

“Average Pricing” means the allocation or application of an average price per China Connect Security to each individual fund managed by the same fund manager in respect of trades in such China Connect Security on the same Trading Day.

“Cash” means all cash or cash equivalents in Renminbi received and held by us on the terms of these China Connect Terms.

“CCASS” means the Central Clearing and Settlement System operated by HKSCC for the clearing of securities listed or traded on The Stock Exchange of Hong Kong Limited and/ or any system established for the purpose of China Connect.

“China Connect” means securities trading and clearing links programmes developed or to be developed by the SEHK, the relevant China Connect Market, HKSCC and ChinaClear for the establishment of mutual market access between SEHK and the relevant China Connect Market. “China Connect Authorities” means the regulators which regulate China Connect and activities relating to China Connect, including without limitation, the CSRC, PBOC, SAFE, SFC and any other regulator, agency or authority with jurisdiction, authority or responsibility in respect of China Connect. “China Connect Entities” means the exchanges, clearing systems and other entities which provide services relating to China Connect, including without limitation, the SEHK, HKSCC, SEHK

Subsidiary, the relevant China Connect Market and ChinaClear.

“China Connect Laws” means the laws and regulations of Hong Kong and Mainland China from time to time in respect of China Connect or any activities arising from China Connect.

“China Connect Market” means a stock market in the PRC acceptable to SEHK and included in the list of China Connect Markets which are eligible for China Connect trading.

“China Connect Market System” means the system used for the trading of China Connect Securities on the relevant China Connect Market, as operated by the relevant exchange that operates the China Connect Market and has entered into trading links with SEHK.

“China Connect Market Rules” means the rules, operation, procedures, circulars and notices of the relevant China Connect Market in respect of the stock listing and trading activities taking place on the relevant China Connect Market.

“China Connect Rules” means any rules, policies or guidelines published or applied by any China Connect Authority or China Connect Entity from time to time in respect of China Connect or any activities arising from China Connect.

“China Connect Securities” means any securities listed on the relevant China Connect Market which may be from time to time approved by the China Connect Authorities as eligible for trading by Hong Kong and international investors on China Connect.

“China Connect Service” means the order-routing service through which Northbound orders placed by an Exchange Participant may be transmitted by the SEHK Subsidiary to the relevant China Connect Marketfor the buying and selling of China Connect Securities and any related supporting services.

“China Connect Terms” means these China Connect Supplemental Terms, as may be amended, supplemented, modified or varied from time to time.

“ChinaClear” means China Securities Depository and Clearing Corporation Limited.

“Clearing Participant” has the meaning given to such term in the rules of the Central Clearing and Settlement System of Hong Kong.

“Client Information” has the meaning given in Clause 12.1.

“Client Securities Rules” means the Securities and Futures (Client Securities) Rules (Cap 571H of the Laws of Hong Kong).

“CSC” means the China Stock Connect System for receiving and routing orders under Stock Connect to the trading system on a China Connect Market for automatic matching and execution. “Client Transaction” has the meaning given in Clause 12.1.

“CSRC” means China Securities Regulatory Commission.

“CSRC China Connect Rules” means the rules published by CSRC for the purpose of implementing China Connect, as amended, supplemented, modified and/or varied from time to time.

“Exchange Participant” has the meaning given by the rules of the SEHK. “Forced-sale Notice” has the meaning given in Clause 10.1.

“H Shares” means any securities issued by companies incorporated in Mainland China and listed

on the SEHK.

“HKEX” means the Hong Kong Exchanges and Clearing Limited.

“HKSCC” means the Hong Kong Securities Clearing Company Limited, a wholly-owned subsidiary of HKEX.

“Mainland China” means the People’s Republic of China (excluding Hong Kong, Macau and Taiwan).

“Mainland China Listco” has the meaning given in paragraph 14 (Disclosure of Interests) of the Annex hereto.

“Mainland China Resident” means a person who is a citizen of the People’s Republic of China and does not have permanent right of abode in a jurisdiction outside Mainland China.

“Non-trade Transfer” means a transfer of China Connect Securities which involves a change in the beneficial ownership of the China Connect Securities and which is not conducted through the China Connect Service and executed on the China Connect Market.

“Northbound” denotes the trading of China Connect Securities by Hong Kong and international investors through China Connect.

“PBOC” means the People’s Bank of China.

“Pre-Trade Checking” means the requirement under the China Connect Laws pursuant to which the relevant China Connect Market may reject a sell order if an investor does not have sufficient and available China Connect Securities in its account.

“Related Person” means any of our Affiliates, or any director, officer, employee or agent of us or our Affiliates.

“Renminbi” or “RMB” means the lawful currency of Mainland China, deliverable in Hong Kong. “SAFE” means the State Administration of Foreign Exchange.

“SEHK” means The Stock Exchange of Hong Kong Limited.

“SEHK Subsidiary” means a wholly-owned subsidiary of SEHK duly authorised as an automated trading service provider under the SFO and licensed under applicable laws in Mainland China to provide the order-routing service under China Connect.

“SFC” means the Securities and Futures Commission.

“SFO” means the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). “Special China Connect Securities” means any securities listed on the relevant China Connect Market which the SEHK (after consulting with the relevant China Connect Market) from time to time accepts or designates as eligible only for China Connect sell orders and not China Connect buy orders.

“SSE” means the Shanghai Stock Exchange. “SZSE” means the Shenzhen Stock Exchange.

“Taxes” means all retrospective, present or future taxes, duties, levies, imposts, charges, assessments, deductions, withholdings and related liabilities, including additions to tax, penalties and interest imposed on or in respect of (i) China Connect Securities or Cash, (ii) any transaction

effected under these China Connect Terms or (iii) you.

“Trading Day” means a day on which SEHK is open for Northbound trading, where “T day” denotes the Trading Day on which a transaction is executed and “T+1 day” denotes the day which is one Trading Day, or in the context of the settlement of funds, one business day (on which banks in Hong Kong and Shanghai are generally open for business) after T day.

“you” means the client to whom these China Connect Terms are addressed and, if applicable, the principal(s) on whose behalf such client act(s).

3 Eligible Investors

You represent and undertake on a continuing basis, including without limitation on the first date that these China Connect Terms are effective and on each date that you place an order or give an instruction in respect of China Connect Securities under these China Connect Terms, that:

(a) (i) you are not a Mainland China Resident or an entity incorporated or registered under the laws of Mainland China, (ii) if you are a Mainland China Resident, you are using funds lawfully owned by you and located outside Mainland China to make investments in China Connect Securities or (iii) if you are an entity incorporated or registered under the laws of Mainland China, your investment in China Connect Securities has been conducted pursuant to any program (including

the Qualified Domestic Institutional Investor Program, if applicable) approved by, or any other approval of, any competent Mainland China regulator; (b) your investment in China Connect Securities is in compliance with China Connect Laws and applicable laws and regulations of Mainland China (including those in relation to foreign exchange control and reporting). as may be amended from time to time.

4 Compliance with China Connect Laws and China Connect Rules

4.1 Any trading in China Connect Securities will be subject to all China Connect Laws and China Connect Rules, certain of which are referred to in the Annex hereto.

4.2 These China Connect Terms highlight certain key features of China Connect as of the date hereof. China Industrial Securities International and/or its affiliates and subsidiaries (hereafter refers to as “we”) are not liable for any inaccuracies or misstatements in the information set out in the Annex hereto. These China Connect Terms do not purport to cover all China Connect Laws and China Connect Rules. You shall be fully responsible for understanding and complying with all China Connect Laws and China Connect Rules and for any consequences of Northbound trading. We will not, and does not intend to, advise you on any China Connect Laws or China Connect Rules. For further information, please refer to the web pages on the HKEX website and the SFC website relating to China Connect from

time to time and other relevant sources.

4.3 We shall have the right to apply any procedures or requirements in respect of any trading of China Connect Securities through China Connect which we determine in our absolute discretion to

be necessary or desirable for the purpose of any China Connect Laws, China Connect Rules or market practice. Neither we nor any Related Person shall have any liability for any losses or risks which may result directly or indirectly from such procedures or requirements.

4.4 We may, in our absolute discretion, refuse to execute any instruction given by you, if (for example, and without limitation):

4.4.1 such instruction is not compliant with any China Connect Laws or China Connect Rules or if we reasonably believe that such instruction may not be compliant with any China Connect Laws or China Connect Rules or if we are required by the SEHK not to accept such instruction;

4.4.2 without prejudice to your obligations in Clause 8, in respect of any instruction to make a Northbound sell order, we determine in our absolute discretion that you do not have sufficient securities at the time of such order instruction to settle the delivery obligation or if submission of the order would cause us to be in breach of the Pre-Trade Checking requirements or related requirements under the China Connect Rules or China Connect Laws; or

4.4.3 in respect of any instruction to make a Northbound buy order, we determines in our absolute discretion that you do not have sufficient funds to settle the payment obligation in respect of such order on the settlement day. Neither we nor any Related Person shall have any liability for any losses or risks which may result directly or indirectly from such refusal.

4.5 Without limitation to the foregoing, we may in our absolute discretion suspend, terminate or limit your ability to access the China Connect through us without advance notice to you, including but not limited to where requested or directed by a China Connect Authority.

4.6 In the event that SEHK, the SEHK Subsidiary or HKSCC is notified by the relevant China Connect Market, ChinaClear or any other relevant exchange, clearing house or governmental or regulatory body that there is reasonable cause to believe that you have failed to comply with or have breached any China Connect Laws or China Connect Rules, you shall, upon the request of us provide such information (including translations into Chinese if requested by us) as we may reasonably request to enable us to assist the relevant exchange, clearing house or governmental or regulatory body including without limitation the relevant China Connect Market, ChinaClear or any PRC governmental or regulatory authority or authorities to assess whether there is any non- compliance or breach of the China Connect Laws or China Connect Rules and/or the extent of any noncompliance or breach.

5 Risk Disclosures and Acknowledgement

You shall be deemed to acknowledge the following by instructing us in respect of any transaction relating to China Connect Securities.

5.1 You acknowledge that you have read and understood the risk disclosures and other information set out in the Annex hereto and that you understand your obligations set out in such Annex including any consequences of a breach of China Connect Laws or China Connect Rules.

5.2 You acknowledge that there is a risk of prohibition and suspension from trading China Connect

Securities and that your instructions to trade China Connect Securities may not be accepted.

5.3 You acknowledge that neither we nor any Related Person shall be liable for any loss, liability or third party claim or demand that you may suffer directly or indirectly as a result of any action or inaction by us or any Related Person in connection with the provision of trading services in respect of China Connect Securities to you by us including, without limitation, the materialisation of any of the risks described in the Annex hereto.

5.4 You acknowledge that SEHK has the power not to extend the China Connect Service to you, and the power to require us not to accept instructions from you, if it is found that you, we or any of our clients have or may have committed any abnormal trading conduct set out in the relevant China Connect MarketRules or failed to comply with any China Connect Rules.

5.5 You acknowledge that if the relevant China Connect Market Rules are breached, or the disclosure and other obligations referred to in any China Connect Laws or China Connect Rules are breached, (i) the relevant China Connect Market has the power to carry out investigations, and may, through SEHK (or through the SEHK Subsidiary, or any other governmental or regulatory body), require us or a Related Person to (a) provide relevant information and materials relating to you including, without limitation, in relation to your identity, personal data and trading activity; and (b) to assist in a China Connect Authority’s investigation in relation to you and/or your trading activity; and

(ii) you may be subject to regulatory investigations and legal and regulatory consequences if you are in breach of, or fail to comply with, such laws, rules and regulations.

5.6 You acknowledge that the SEHK may (for the purpose of assisting the relevant China Connect Market in its regulatory surveillance of the China Connect Market and enforcement of the China Connect Rules and as part of the regulatory cooperation arrangement between the SEHK, the SEHK Subsidiary and the relevant China Connect Market), at the request of the relevant China Connect Market, require us to provide information (including, without limitation, in relation to your identity, personal data and trading activity) in relation to you and any other persons referred to in the SEHK China Connect Rules with respect to any China Connect orders placed or China Connect transactions made or entered into by us on your or their behalf.

5.7 You acknowledge that where a China Connect Authority considers that there is a serious breach of the relevant China Connect Market Rules, we may be required by a China Connect Authority to

(a) issue warning statements (verbally or in writing) to you; and (b) cease providing you with any service relating to trading China Connect Securities through China Connect.

5.8 You acknowledge that, prior to us informing you that a Northbound buy order instructed by you has been settled, you shall not instruct a Northbound sell order in respect of the China Connect Securities which are the subject of such Northbound buy order.

5.9 You acknowledge and consent to us or any Related Person providing information relating to you and your profile, including the type and value of Northbound buy and sell orders and transactions executed on your behalf to a China Connect Authority at such intervals and in such form as such China Connect Authority may specify from time to time including in relation to an investigation or

surveillance by a China Connect Authority.

5.10 You acknowledge and accept responsibility for paying all fees, charges, levies and taxes and shall comply with any filing or registration obligations as may be required under any China Connect Laws or China Connect Rules relating to any China Connect Securities and any dividends or entitlements in respect of such China Connect Securities.

5.11 You acknowledge and accept that we will be subject to recordkeeping requirements under the China Connect Rules and may therefore retain records (including telephone and electronic communications and account information) in relation to your Northbound orders and trading for 20 years or as otherwise required under the China Connect Rules or the China Connect Laws.

5.12 You acknowledge and accept that the SEHK may upon the request of the relevant China Connect Market require us to cancel or reject any order made on your behalf.

5.13 You acknowledge and accept that none of the China Connect Authorities or their respective directors, employees and agents shall be responsible or held liable for any loss or damage directly or indirectly suffered by us or any Related Person, you or any other third party arising from or in connection with (i) the trading of China Connect Securities or the operation of the CSC in respect of China Connect Securities, or (ii) any amendments, making or enforcement of the China Connect Rules; or (iii) any action taken by a China Connect Authority in discharge of its supervisory or regulatory obligations or functions (including any action taken in respect of abnormal trading activities).

6 Representations

You make the representations set out in this Clause to us on a continuing basis:

6.1 that you are aware of and shall comply with all China Connect Laws and China Connect Rules to which you may be subject;

6.2 that the execution of any instruction you give to us shall not result in any breach of any China Connect Laws or China Connect Rules; and

6.3 that you understand and have assessed the risks relating to China Connect and you are willing to undertake the risks relating to China Connect.

6.4 You make the following representations to us on each date you instruct an order to sell China Connect Securities:

6.4.1 that you do not know of any fact that might impair the validity of such China Connect Securities and that you have full authority to receive, deal with and give instructions, authorisations or declarations in respect of the same;

6.4.2 that there is no adverse claim to such China Connect Securities; and

6.4.3 that there is no restriction on the transfer of such China Connect Securities other than those expressly provided for under the SEHK rules or CCASS rules.

7 Order Handling

7.1 We will handle client orders fairly. We may aggregate your Northbound orders with the Northbound orders of any other client or of its affiliates when we process such orders. This may sometimes operate to your disadvantage and, because of the quota restrictions escribed in the Annex, may result in your order only being partially executed or not at all.

7.2 All client orders and transactions to be undertaken for clients (“Client Orders”) which are for submission to the applicable open auction or start of continuous trading session (the “Opening”) shall be handled by us in a way that seeks to ensure that all such Client Orders have a fair and equal opportunity to participate in the Opening. We will regard all such Client Orders as having been received by us only at the point at which our system submits Client Orders into the applicable opening auction or start of continuous trading session.

8 Compliance with Pre-Trade Checking Requirements

8.1 You undertake that you will comply with any requirements relating to Pre-Trade Checking mandated by the China Connect Authorities, the China Connect Entities or as notified to you by us.

8.2 In addition, you undertake to ensure there are sufficient and available China Connect Securities in your account by the applicable cut-off time (as notified to you by us from time to time) to cover any proposed sell order given on the relevant Trading Day.

8.3 If we consider that you do not for whatever reason have sufficient and available China Connect Securities in your account to settle a sell order by the applicable cut-off time (as notified to you by us from time to time) we may in our absolute discretion:

8.3.1 reject your sell order (in whole or in part);

8.3.2 use any China Connect Securities in the designated CCASS stock account(s) which we hold for ourselves or on behalf of our other customers to fulfil the Pre-Trade Checking requirement in respect of your sell order, in which case you shall reimburse us for any costs, losses or expenses which we incur as a result of buying in or otherwise sourcing the amount of China Connect Securities which you have failed to deliver in respect of your sell order on such terms and at such price (including any associated fees and expenses) and at such time as we shall determine in our absolute discretion); or

8.3.3 perform any other act which we consider necessary or desirable to comply with Pre-Trade Checking and/or relevant China Connect Laws or China Connect Rules and to cover your shortfall (including but not limited to applying any other China Connect Securities available to us from other sources).

8.4 In addition, we may in our absolute discretion reject your sell order (in whole or in part) if for any other reason we consider that there is or may be non-compliance with any China Connect Laws or China Connect Rules. Any risk, loss or cost resulting from noncompliance or potential non- compliance with Pre-Trade Checking and/or the relevant China Connect Laws or China Connect Rules shall be borne by you.

8.5 If you give any sell order in respect of any China Connect Securities allocated to any fund

managed by you, you undertake to ensure that there are sufficient and available China Connect Securities in your account allocated to such fund by the applicable cut-off time (as notified to you by us from time to time) to cover any such proposed sell order on the relevant Trading Day. In all cases, it is your responsibility to ensure that each of the funds managed by you complies with all China Connect Laws and China Connect Rules to which the relevant fund may be subject. Any risk, loss or cost resulting from non-compliance or potential non-compliance with Pre Trade Checking and/or the relevant China Connect Laws or China Connect Rules shall be borne by you.

9 Settlement and Currency Conversion

9.1 As all Northbound trading is effected and settled in Renminbi, if we do not receive sufficient Renminbi before settlement of a Northbound buy order to settle such purchase of China Connect Securities, settlement may be delayed and/or fail and you may not acquire title to, or become entitled to sell or transfer the relevant China Connect Securities. Where we hold any funds on your behalf, if there are insufficient Renminbi funds to settle any Northbound buy order or other payment obligation in connection with China Connect, you authorise us to convert any funds in any other currency which we holds on your behalf into Renminbi for the purposes of settlement thereof.

9.2 Notwithstanding any provisions in other sections of the Customer Agreement, where it is necessary to convert one currency to another pursuant to these China Connect Terms, such conversion may be carried out automatically by us in a commercially reasonable manner without prior notice to you. Any risk, loss or cost (including fees, charges and/or commissions) in connection with or resulting from any conversion of one currency into another currency pursuant to these China Connect Terms shall be borne by you.

9.3 You agree that in the event that you fail to settle in a timely manner any payment obligation in relation to an instruction to purchase China Connect Securities, we have the right to immediately and without prior notice to you take such action as we consider appropriate to reduce or eliminate any loss or liability that we suffers or may suffer (including but not limited to taking any steps to sell, realize, dispose of or otherwise deal with the relevant China Connect Securities) and that you shall indemnify and hold us harmless for any liabilities, expenses or other losses we may incur in exercising the foregoing right. You further agree that we shall have no liability to you for any loss, diminution in value or other damages whatsoever for any action or inaction of us or our agents pursuant to this Clause.

9.4 Notwithstanding any provisions in other sections of the Customer Agreement, where we determine that there is insufficient liquidity in RMB to settle any buy orders, we may, in our sole and absolute discretion, reject your instructions to place such buy order.

10 Sale, Transfer and Disgorgement

10.1 Where, under the terms of the China Connect Rules, we receive notice (a “Forced-sale Notice”) from a China Connect Authority requiring us to sell and liquidate a specified number of China

Connect Securities, we shall be entitled to issue a corresponding notice (a “Client Forced-sale Notice”) to you requesting you to sell and liquidate any number of such China Connect Securities that you hold in your account with us (as determined by us in our sole discretion) within the period specified by the relevant China Connect Authority, and you undertake to comply with any such Client Forced-sale Notice.

10.2 In relation to any Forced-sale Notice, you authorise us to sell or arrange for the sale of such China Connect Securities on your behalf at such price and on such terms as we may determine in our absolute discretion if you fail to comply in a timely manner with a Client Forced-sale Notice, to the extent necessary to comply with all China Connect Laws and China Connect Rules.

10.3 Where China Connect Securities owned by you that are the subject of a Client Forced-sale Notice have been transferred from the holding of the Clearing Participant that settled the relevant Northbound buy order (the “Original CP”) to another Clearing Participant or custodian (the “Recipient Agent”), you authorise us to provide instructions to the Recipient Agent on your behalf to return the relevant China Connect Securities to the Original CP for sale and liquidation in accordance with all China Connect Laws and China Connect Rules. You also undertake to inform the Recipient Agent of such authorization and, where required, you undertake to instruct the Recipient Agent to act accordingly.

10.4 You authorise us to sell or arrange for the sale of any amount of China Connect Securities owned by you if we receive notice from any China Connect Authority requiring you to disgorge any profits as a result of the “short swing profit rule”, as described in paragraph 15 (Short Swing Profit Rule) of the Annex hereto.

10.5 In addition to the above, you authorise us to sell, transfer or carry out any other action in relation to China Connect Securities owned by you if we are instructed to do so by any China Connect Authority or if we otherwise determine in our absolute discretion that it is necessary or desirable to do so in order to comply with any China Connect Laws or China Connect Rules.

10.6 Neither we shall nor any Related Person have any liability for any losses or risks which may result directly or indirectly from any actions taken by us or a Related Person in respect of this Clause.

11 Custody

11.1 Applicability

This Clause is only applicable when you have delivered to us the China Connect Securities in relation to Pre-Trade Checking under the China Connect Rules and China Connect Laws.

11.2 Nature of custodial services

11.2.1 You acknowledge that the primary or only reason that we are offering you custodial services is in relation to Pre-Trade Checking under the China Connect Rules and China Connect Laws, and that the provision of custodial services is not part of our normal business activities. Accordingly, any custodial services offered by us are limited in their nature. The provisions in this Clause 11 are without prejudice to any agreements you may have with us or our affiliates providing you with

custodial services.

11.2.2 You acknowledge that we conduct business in China Connect Securities for other clients and for our own account.

11.2.3 You shall be solely responsible for all filings, tax returns and reports of any transaction in respect of or relating to China Connect Securities held under this Clause 11, as may be required by any relevant authority, whether government or otherwise.

11.3 Establishment of custody account

11.3.1 You authorise us to establish on our books a custody account or accounts (the "Custody Account") for the receipt, safekeeping and maintenance of China Connect Securities.

11.3.2 We will determine in our reasonable discretion whether to accept in the Custody Account any proposed delivery of China Connect Securities.

11.4 Custodial procedures

11.4.1 We will be under no obligation to credit China Connect Securities to the Custody Account before our receipt of such China Connect Securities by final settlement.

11.4.2 If we receive one or more instructions to deliver from the Custody Account an amount of China Connect Securities exceeding those credited to the Custody Account, we may reject any such instruction or elect to perform any instruction in whole or in part, and in any order.

11.4.3 You acknowledge that deliveries of China Connect Securities and payments therefor may not be simultaneous. Accordingly, if we receives an instruction to deliver China Connect Securities against payment or to pay for China Connect Securities against delivery, we may make or accept payment for or delivery of China Connect Securities in accordance with relevant market practices and/or rules and/or applicable law or regulation.

11.4.4 We shall make payment for and/or receive or deliver China Connect Securities only upon receipt of and in accordance with specific instructions (except as otherwise specifically provided in these China Connect Terms).

11.4.5 Unless we have received and accepted a contrary instruction, we may carry out the following without any instruction:

(i) in your name or on your behalf, sign any document relating to China Connect Securities which may be required (i) to obtain receipt of any China Connect Securities or funds or (ii) by any tax or regulatory authority; and

(ii) collect and/or receive and/or take other necessary or appropriate action in relation to any payment or distribution in respect of China Connect Securities (whether pursuant to a stock dividend, bonus issue, share subdivision or reorganisation, capitalisation of reserves or otherwise).

11.4.6 You acknowledge that we may re-deliver to you or to your usual custodian, at such time as we may determine in our absolute discretion, any China Connect Securities which have not been utilised by us in the settlement of any transaction on your behalf. You acknowledge that we may, within one trading day of receipt, deliver or pay to you or your usual custodian or bank (net of any fees or other expenses payable by you to us) any distribution or payment received by us in respect of China

Connect Securities for your account. You will, promptly on our request, give such instructions (to us and/or your usual custodian and/or any other person) as we may require to pre-authorise any such re-delivery or payment.

11.4.7 In circumstances where we have not, after using reasonable endeavours, been able to (a) re- deliver to you or to your usual custodian any such China Connect Securities, or (b) deliver or pay to you or your usual custodian or bank any such distribution or payment, including, for example, and without limitation, where (a) you fail to provide such instructions upon our reasonable request and/or

(b) your usual custodian refuses to accept any such delivery of China Connect Securities or payment, you authorise us in our absolute discretion to sell, liquidate or otherwise dispose of the relevant China Connect Securities and to transfer the sale, liquidation and / or disposal proceeds and/or any distribution or payment to your usual bank account or, if there is no bank account, to an account established for you by us with a third party bank selected by us in our absolute discretion pending instructions for payment to your preferred account.

11.4.8 We shall have no obligation whatsoever to collect or receive or take any other action (including attending any general meeting and/or exercising any voting rights) in relation to any payment or distribution in respect of China Connect Securities for your account or to notify you of the existence of or the terms of any notice, circular, report, announcement or similar corporate action in respect of China Connect Securities. You acknowledge that in certain circumstances, including, without limitation, as a result of any China Connect Laws or China Connect Rules, it may be difficult, impracticable or impermissible for HKSCC or its nominee (and for us or you) to exercise any rights or entitlements or to participate in any actions, transactions or other matters in respect of China Connect Securities. If we make any such collection or receipt, take any such action or give you any such notification or take any action pursuant to any such notification, we shall not have:

(i) any liability in respect of any inaccuracies or delays; and

(ii) any obligation to continue or repeat any such action.

11.5 Pooling/sub-custodians/clearance systems

11.5.1 We may pool China Connect Securities and treat them as fungible with the same China Connect Securities of other clients. We may at any time allocate equivalent China Connect Securities to you and shall not be bound to return to you the original China Connect Securities delivered to us.

11.5.2 We may deposit China Connect Securities with any sub-custodian or with any clearance system as required by law, regulation or market practice, and are not responsible for performance by or monitoring of any sub-custodian or by any clearance system or its practices. In addition, we shall not be liable for any act or omission by, or the insolvency of, any clearance system. In the event you incur a loss due to the negligence, wilful default, or insolvency of any clearance system, we will make reasonable endeavours, in our discretion, to seek recovery from the relevant clearance system, but we will not be under any obligation to institute legal proceedings, file any proof of claim in any insolvency proceeding, or take any similar action.

11.6 Confirmations by you

11.6.1 You confirm that during the subsistence of these China Connect Terms:

(i) you have authority to deposit and hold China Connect Securities in the Custody Account and there is no claim or encumbrance that will or may adversely affect any delivery of China Connect Securities; and

(ii) if you act as an agent for any of your own customers, whether or not expressly identified to us at any time, no such customer shall be or be considered a customer or indirect customer of us, and your obligations under these China Connect Terms are as principal.

11.6.2 You will, promptly on our request, execute such documents and do such acts and things as we may require in order to perform our obligations under these China Connect Terms or otherwise to comply with the China Connect Rules or China Connect Laws.

11.7 Custodial duties and liabilities

11.7.1 We shall have only those duties expressly provided in these China Connect Terms. We shall have no fiduciary duties or other implied duties or obligations whatsoever.

11.7.2 The performance by us of our duties is subject to:

(i) all relevant local laws, regulations, decrees, orders and government acts;

(ii) the rules, operating procedures and practices of any relevant stock exchange, clearance system or market; and

(iii) any event or circumstance beyond our reasonable control.

11.7.3 In respect of any custodial services described in this Clause 11:

(i) we will not be liable for any loss or damage suffered by you unless such loss or damage results from our gross negligence, wilful misconduct or fraud;

(ii) we shall not be liable for consequential loss or damage (including, without limitation, lost profits) in any circumstances, whether or not foreseeable and regardless of the type of action in which such a claim may be brought, with respect to the Custody Account or our services hereunder; and

(iii) in the case of gross negligence or wilful misconduct our liability shall not exceed the replacement cost or the market value of the relevant China Connect Securities at the relevant time (whichever is lower).

11.7.4 We may establish cut-off times for receipt of instructions. If we receive an instruction after an established cut-off time, we may regard the instruction as having been received on the following Trading Day and act on it accordingly.

11.8 Interest

No interest will be payable on your Custody Account.

11.9 Lien

In addition to any other remedy we may have, we shall have a continuing general lien on all China Connect Securities held for you or your account, for all amounts due or owing by you to us.

12 Client information

12.1 Retention of records: If you instruct us to effect a Northbound transaction in China Connect Securities on behalf of your client (a “Client Transaction”), you shall retain for a period of not less than 20 years (or such other period as we may instruct you in accordance with China Connect Laws or China Connect Rules) records of any client instructions and account information in relation to the Client Transaction (such records the “Client Information”).

12.2 Your client acting as intermediary: If you instruct us to effect a Client Transaction and you are aware that your client is acting as an intermediary (either directly or indirectly through other intermediaries) for another person who is the beneficial owner of the Client Transaction, you undertake and confirm that you have arrangements in place:

12.2.1 requiring your client to retain or procure the retention of the Client Information in relation to the beneficial owner of the Client Transaction for the period specified in Clause 12.1; and

12.2.2 which entitle you to obtain and disclose the Client Information in relation to the beneficial owner upon request and within the required time limit specified by us, or procure that it be so obtained and disclosed.

12.3 Disclosure of information to China Connect Authority: If we receive an enquiry from any China Connect Authority in relation to a Client Transaction, you shall, upon request and within the time limit specified by us, disclose to us or to the relevant China Connect Authority the Client Information, or procure such disclosure, in relation to the beneficial owner of the Client Transaction.

13 Indemnity

In addition and without prejudice to any of our rights under other sections of the Customer Agreement, you will indemnify us and any Related Persons (together, the “Indemnified Parties”) on a full indemnity basis against any claims, demands, actions, proceedings, damages, costs, expenses, losses and all other liabilities whatsoever arising directly or indirectly from us or any Related Persons providing any services to you in respect of your trading or investment in China Connect Securities, including, without limitation, to (a) any Taxes resulting from any trading or holding of China Connect Securities in relation to China Connect, (b) the materialisation of any risk referred to in the Annex hereto, (c) any legal costs which any of the Indemnified Parties may incur in connection with any instruction given by you, (d) any fees or expenses payable to any clearance systems arising from the holding of China Connect Securities or (e) any costs incurred in connection with Clause 10 (Sale, Transfer and Disgorgement) above.

14 Fees and Taxation

14.1 You shall be responsible for paying all Taxes, and you shall be required to comply with any filing or registration obligations, in each case as may be required under any China Connect Laws or China Connect Rules relating to any China Connect Securities and any dividends or entitlements in respect of such China Connect Securities.

14.2 In the event we are required under China Connect Laws or China Connect Rules to pay any

Taxes, we may notify you whenever necessary and request that you provide us with relevant information as we made deem necessary to fulfill our obligations. You must provide to us, promptly on such request, such information and documents such as but not limited to costs of your purchase of the China Connect Securities, your and/or any underlying beneficial owner’s tax status or residence. We may withhold or deduct relevant Taxes from any amount due to you and you will remain liable for any shortfall.

14.3 In the event we do not receive any requested information from you within a reasonable period of time to fulfill our obligations, we shall be forthwith entitled in our absolute discretion, without further notice or demand to you, to satisfy any obligation of us or you to pay or account for any amounts in respect of any Taxes by selling, realizing or otherwise dealing with, in such manner as we in our absolute discretion may determine, all or part of any property held by us for any purpose in any of your accounts held with us, and to apply the proceeds in reduction of all or part of your liability to any tax authority or us.

14.4 We shall have no responsibility to verify the accuracy of the information provided by you and is entitled to rely on such information to fulfil our obligations.

14.5 We shall have no liability whatsoever for the lack of any tax relief, or any failure to obtain the benefit of any tax credit.

15 Liability

Notwithstanding any other provision in these China Connect Terms, neither we nor any Related Person shall not responsible for or have any liability to you for any damage, liability or loss (including loss of profit) unless such damage, liability or loss is a direct result of our or a Related Person’s fraud, wilful default or gross negligence.

16 Termination

16.1 These China Connect Terms may be terminated by either party upon not less than 30 days’ written notice to the other or automatically upon termination of the Customer Agreement. Clauses 4 (Compliance with China Connect Laws and China Connect Rules), 5 (Risk Disclosures and Acknowledgement), 00 (Xxxx, Xxxxxxxx and Disgorgement), 13 (Indemnity), 15 (Liability) and 17.3 shall survive termination of these China Connect Terms.

On the termination of these China Connect Terms, we shall deliver China Connect Securities and cash in accordance with your instructions. If you fail to give instructions, we shall continue to hold China Connect Securities and/or cash for such fee(s) as we may in our sole discretion determine. We shall in any event be entitled to retain such China Connect Securities and/or cash as we may in our sole discretion determine in order to complete any transaction required to be settled on your behalf.

17 Miscellaneous

17.1 You will pay fees, charges and expenses in respect of these China Connect Terms in accordance with our fee scale from time to time in force.

17.2 You will execute any further documents and provide any materials and/or information as we may reasonably request to enable us to perform our duties and obligations under these China Connect Terms which it deems necessary as and when the China Connect Rules are amended or supplemented from time to time.

17.3 You will provide all information (including translations into Chinese, if required) to us which we request if such information is requested by any China Connect Authority or any exchange, regulatory authority or any organisation (whether within or outside Hong Kong) with which HKEX or the SEHK has entered into an information sharing arrangement or agreement. You acknowledge that, your failure to comply with this provision may, amongst other things, result in a suspension of China Connect services to you.

17.4 We reserve the right to vary any of the terms of these China Connect Terms by written notice to you in accordance with Clause 5.1 of Section A of the Customer Agreement.

17.5 If any provision in these China Connect Terms shall be held to be illegal, invalid or unenforceable, in whole or in part, the provision shall apply with whatever deletion or modification is necessary so that the provision is legal, valid and enforceable and gives effect to the commercial intention of the parties.

17.6 No failure or delay by either party in exercising any right or remedy provided under these China Connect Terms shall operate as a waiver of it, nor shall any single or partial exercise of any right or remedy preclude any other or further exercise of it or the exercise of any other right or remedy. Any waiver of a breach of these China Connect Terms shall not constitute a waiver of any subsequent breach.

17.7 Neither party shall assign or transfer all or any of its rights or obligations under this Agreement without the prior written consent of the other party.

18 Governing Law and Jurisdiction

18.1 These China Connect Terms shall be governed by Hong Kong law.

18.2 The parties agree to submit to the exclusive jurisdiction of the Hong Kong courts in relation to any dispute arising under or in connection with these China Connect Terms.

ANNEX: RISK DISCLOSURES AND OTHER INFORMATION

This Xxxxx describes some of the key risk factors and other information concerning China Connect. This Annex does not disclose all the risks and other significant aspects of Northbound Trading through China Connect. You should ensure that you understand the nature and risks of China Connect and Northbound trading and you should consider carefully (and consult your own advisers where necessary) whether trading in China Connect Securities is suitable for you in light of your circumstances. The decision to trade in China Connect Securities is yours, but you should not trade

in China Connect Securities unless you fully understand and are willing to assume the risks associated with China Connect and are able to comply with all relevant China Connect Laws and China Connect Rules. You acknowledge the risks and agree to the terms set out in this Annex.

You are responsible for monitoring changes in the China Connect Laws and China Connect Rules and complying with any new requirements. We do not represent that the information set out in this Annex is up to date, and do not undertake to update the information set out in this Annex. In addition, we do not provide any warranty with respect to such information and no such information is to be construed as legal, financial or tax advice of any kind by us.

Home Market Rules

1 Home Market Rules

A fundamental principle of China Connect is that the laws and rules of the home market of the applicable securities shall apply to investors in such securities. In respect of China Connect Securities, Mainland China is the home market and thus the general principle is that investors in China Connect Securities should observe the relevant China Connect Market Rules and other Mainland China securities laws and regulations. If such rules and regulations are breached, the relevant China Connect Market has the power to carry out an investigation.

Nevertheless, certain Hong Kong legal and regulatory requirements will also continue to apply to Northbound trading.

Trading and Settlement Restrictions

2 Pre-Trade Checking

SEHK is required to check that in respect of any Northbound sell orders given by an Exchange Participant, the relevant Exchange Participant holds sufficient and available China Connect Securities to be able to fill such Northbound sell orders. Pre-Trade Checking will be carried out prior to the start of each Trading Day.

Accordingly, you may be unable to execute Northbound sell orders due to Pre-Trade Checking related requirements. Your attention is drawn to the provisions set out in Clause 8 of the China Connect Terms. Note in particular that you may be unable to execute a sell order of China Connect Securities if there has been a delay or failure for whatever reason in the transfer of the relevant China Connect Securities to any clearing account of us or if for any other reason we consider that there is or may be non-compliance with any China Connect Laws or China Connect Rules. Any risk, loss or cost resulting from non-compliance or potential non-compliance with Pre Trade Checking and/or the relevant China Connect Laws or China Connect Rules shall be borne by you.

3 Settlement

Northbound trades will follow the A Share settlement cycle. For settlement of China Connect Securities trades, ChinaClear will debit or credit the securities accounts of its participants (including HKSCC as clearing participant) on T day free of payment. We may have settlement arrangements

in place different from the ChinaClear settlement arrangements. Unless we agree to prefund settlement, settlement of funds relating to such trading will be effected on T+1 day. We may, in our absolute discretion, decide to prefund settlement. In the event we agree to prefund the settlement of China Connect Securities trades, (a) we shall retain the funds received from the HKSCC on T+1 day; and (b) you shall reimburse us with respect to any 'excess' pre-funding provided by us. Although the transfer of the China Connect Securities precedes the transfer of cash, under the China Connect Service, the title to China Connect Securities will not be released until the receipt of confirmation of payment. Accordingly, for purposes of contract notes, the settlement date would be T+1 day when both the securities and the cash are settled or, where the purchase was pre-funded, the settlement date would be the date on which the securities are released.

You acknowledge that there is no guarantee that we will offer prefunding settlement and that if we decide to offer prefunding settlement, we may decide to terminate such service at any time.

4 Quota Restrictions

Purchases of China Connect Securities through China Connect are subject to certain quota controls as described below. As a result, there is no assurance that a buy order can be successfully placed through China Connect.

There is a daily quota that limits the maximum value of all Northbound buy trades that can be executed by Exchange Participants on each Trading Day (“Daily Quota”). The Daily Quota may change from time to time without prior notice and investors are advised to refer to the HKEX website and other information published by the HKEX for up-to-date information.

The SEHK and the relevant China Connect Market may also set pricing and other restrictions on buy orders in order to prevent the artificial use or filling of the Daily Quota. If there is a restriction, rejection or suspension of Northbound buying (which would include any order that has been accepted but not yet executed) as a result of a breach of the Daily Quota or the relevant pricing and other restrictions, we will be unable to carry out any buy orders and any instruction to buy submitted but not yet executed will be restricted or rejected.

Conversely, under the SEHK rules, investors may sell their China Connect Securities regardless of whether there is a breach of the Daily Quota.

5 Restriction on Day Trading

Day (turnaround) trading is not permitted on the Mainland China A Share market. If you buy China Connect Securities on T day, you may be able to sell the shares only on or after T+1 day. Due to Pre-Trade Checking related requirements, we may accept an instruction to sell China Connect Securities that were bought on T day only on or after the applicable cut-off time (as notified to you by us from time to time) on T+1 day.

6 No off-exchange trading and transfers

You, we and any Related Person shall not trade or provide services to facilitate trading of any China Connect Securities otherwise than through the China Connect Market System, and we shall not match, execute or arrange the execution of any sale and purchase instructions or any transfer

instructions from you or effect any Non-trade Transfer or settlement of instructions in respect of any China Connect Securities in any manner otherwise than through China Connect in accordance with the China Connect Rules, except in the following circumstances or as otherwise provided by a relevant China Connect Authority:

(a) stock borrowing and lending of China Connect Securities which are eligible for covered short selling and with a tenor of no more than one month;

(b) stock borrowing and lending of China Connect Securities which are eligible for satisfying the Pre- trade Checking requirement, with a tenor of one day (and which is not renewable);

(c) post-trade allocation of China Connect Securities by a fund manager across the funds and/or sub-funds it manages; and

(d) any other situations specified by the relevant China Connect Market and ChinaClear, including but not limited to any Non-trade Transfer as a result or for the purpose of (a) succession, (b) divorce,

(c) dissolution, liquidation or winding up of any company or corporation, (d) donation to a charitable foundation; and (e) assisting in any enforcement action or proceedings of any court, prosecutor or law enforcement agency.

7 Placing Orders

Only limit orders with a specified price are allowed pursuant to China Connect Laws and China Connect Rules, whereby buy orders must not be lower than at the current best price and sell orders may be executed at or higher than the specified price. Market orders will not be accepted.

8 Price Limits

China Connect Securities are subject to a general price limit of a ±10% based on the previous Trading Day’s closing price. In addition, China Connect Securities which are on the risk alert board are subject a ±5% price limit based on the previous trading day’s closing price. The price limit may be changed from time to time. All orders in respect of China Connect Securities must be within the price limit. Any orders with a price beyond the price limit will be rejected by the relevant China Connect Market.

9 Delisting of companies listed on the relevant China Connect Market

According to therelevant China Connect MarketRules, if any company listed on the relevant China Connect Market is in the delisting process, or its operation is unstable due to financial or other reasons such that there is a risk of being delisted or exposing investors’ interest to undue damage, the company listed on the relevant China Connect Market will be earmarked and traded on the risk alert board. Any change to the risk alert board may occur without prior notice. If a China Connect Security which is eligible for China Connect trading at launch of the programme is subsequently moved to the risk alert board, investors under China Connect will be allowed only to sell the relevant China Connect Security and will be prohibited from further buying. For details concerning the risk alert board, please refer to the relevant China Connect Market Rulesand any other relevant sources from time to time.

10 Account Information of Beneficial Owner

The identity of the beneficial owner of China Connect Securities which are the subject of a sell order may need to be disclosed to HKSCC and/or relevant Mainland China authorities.

11 No Manual Trade or Block Trade

There will be no manual trade facility or block trade facility for Northbound trading under China Connect.

12 Amendment of Orders and Loss of Priority

Consistent with the current practice in Mainland China, if an investor engaged in Northbound trading wishes to amend an order, the investor must first cancel the original order and then input a new one. Accordingly, order priority will be lost and, subject to the Daily Quota restrictions, the subsequent order may not be filled on the same Trading Day.

13 Special China Connect Securities

SEHK will accept or designate securities which cease to meet the eligibility criteria for China Connect Securities as Special China Connect Securities (provided that they remain listed on the relevant China Connect Market). In addition, any securities or options (which are not “eligible for China Connect trading”) received by you as a result of any distribution of rights or entitlements, conversion, takeover, other corporate actions or abnormal trading activities will be accepted or designated by SEHK as Special China Connect Securities. You will only be able to sell, but not buy, any Special China Connect Securities.

Mainland China and Hong Kong Legal Issues

14 Disclosure of Interests

Under Mainland China laws, rules and regulations, if you hold or control shares (on an aggregate basis, i.e., including both domestically and overseas issued shares of the same Mainland China Listco (as defined below), whether the relevant holdings are through Northbound trading, QFII/RQFII regime or other investment channels) in a Mainland China incorporated company which is listed on a Mainland China stock exchange (a “Mainland China Listco”) above a certain threshold as may be specified from time to time by the relevant China Connect Authorities, you must disclose such interest within the period specified by the relevant China Connect Authority, and you must not buy or sell any such shares within the period specified by the relevant China Connect Authority. You must also disclose any substantial change in your holding as required by the relevant China Connect Authority. Where a Mainland China incorporated company has both H Shares listed on the SEHK and A Shares listed on therelevant China Connect Market, if an investor is interested in more than a certain threshold (as may be specified from time to time) of any class of voting shares (including A Shares purchased through China Connect) in such Mainland China incorporated company, the investor is under a duty of disclosure pursuant to Part XV of the SFO. Part XV of the SFO does not apply where the Mainland China incorporated company has not listed any shares on the SEHK. It shall be your responsibility to comply with any disclosure of interest rules from time to time imposed by the relevant China Connect Authorities and arrange for any relevant filings.

15 Short Swing Profit Rule

Under Mainland China laws, rules and regulations, the “short swing profit rule” requires you to give up/return any profits made from purchases and sales in respect of China Connect Securities of a particular Mainland China Listco if (a) your shareholding in that Mainland China Listco exceeds the threshold prescribed by the relevant China Connect Authority from time to time and (b) the corresponding sale transaction occurs within the six months after a purchase transaction, or vice versa. You (and you alone) must comply with the “short swing profit rule”.

16 Foreign Ownership Limits

Under Mainland China laws, rules and regulations, there is a limit to how many shares a single foreign investor is permitted to hold in a single Mainland China Listco, and also a limit to the maximum combined holdings of all foreign investors in a single Mainland China Listco. Such foreign ownership limits may be applied on an aggregate basis (i.e. across both domestically and overseas issued shares of the same issuer, whether the relevant holdings are through Northbound Trading, QFII/RQFII regime or other investment channels). It shall be your responsibility to comply with all foreign ownership limits from time to time imposed by China Connect Laws and China Connect Rules. Such legal and regulatory restrictions or limitations may have an adverse effect on the liquidity and performance of an investment in China Connect Securities due to factors such as limitations on fund repatriation, dealing restrictions, adverse tax treatments, higher commission costs, regulatory reporting requirements and reliance on services of local custodians and service providers. As a result, you may suffer losses through your trading or investment in China Connect Securities. If we become aware that you have breached (or reasonably believes that you may breach upon execution of further Northbound buy orders) any foreign ownership limits, or if we are so required by any China Connect Authority, including, without limitation, as a result of any Forced-sale Notice issued by therelevant China Connect Market, we will sell any China Connect Securities pursuant to Clause 00 (Xxxx, Xxxxxxxx and Disgorgement) above if you fail to comply with the corresponding Client Forced- sale Notice in order to ensure compliance with all China Connect Laws and China Connect Rules. In such case, no buy orders for the relevant China Connect Securities will be accepted until the relevant China Connect Market informs the SEHK Subsidiary or SEHK that the aggregate foreign shareholding has fallen below a certain percentage. SEHK may determine in its absolute discretion which Exchange Participants and what quantity of China Connect Securities should be subject to a Forced-sale Notice (this is likely to be on a “last-in, first-out” basis), and SEHK’s (or SEHK Subsidiary’s) own records shall be final and conclusive. Moreover, under Mainland China laws, where the aggregate holdings of foreign investors exceed a specified percentage (the “Cautionary Level”) of the issued shares of a single Mainland China Listco, upon notification by the relevant China Connect Marketto the SEHK Subsidiary, SEHK and the SEHK Subsidiary are required as soon as practicable thereafter to suspend accepting China Connect Securities buy orders in respect of the relevant China Connect Securities. In such circumstances, we may reject your buy orders until the aggregate shareholding of foreign investors has fallen below the specified percentage (the

“Permitted Level”) as advised by the relevant China Connect Market.

As of the date of these China Connect Terms, the single foreign investor limit is set at 10% of the shares of a Mainland China Listco and the aggregate foreign investor limit is set at 30% of the shares of a Mainland China Listco (while the Cautionary Level and the Permitted Level are set at 28% and 26% respectively of the shares of a Mainland China Listco). Such limits are subject to change from time to time and we shall not be under any obligation to inform you of any such changes to foreign ownership limits.

17 Taxation

Prior to investing in China Connect Securities, you are strongly urged to consult your own tax advisers and counsel with respect to the possible Hong Kong and/or Mainland China tax consequences to you of such investment since such tax consequences may differ in respect of different investors.

You will be fully responsible for any Taxes in respect of China Connect Securities including, without limitation, any capital gains tax or other Mainland China taxes, and will indemnify us and any Related Person from and against all Hong Kong and/or Mainland China Taxes which we or Related Persons may incur arising in connection with any China Connect Securities which you hold, trade or otherwise deal in.

We assume no responsibility for advising on or handling any tax issues, liabilities and/or obligations in connection with China Connect, nor will we provide any service or assistance in this regard. Please refer to Clause 14 (Fees and Taxation) for details of the applicable legal terms.

18 Insider Dealing, Market Manipulation and Other Market Conduct Rule

Northbound trading through the China Connect will be subject to Mainland China laws and regulations prohibiting activities that constitute market manipulation, insider dealing and related offences. The scope of these restrictions may not be the same as equivalent requirements under Hong Kong law. In particular, defences applicable under Hong Kong market misconduct rules may not be applicable under Mainland China laws and regulations. If you are unfamiliar with Mainland China market conduct requirements and restrictions, you should seek specialist advice before engaging in trading through the China Connect. You confirm that you are not in possession of inside information when trading China Connect Securities or procuring others to do so.

19 Client Securities Rules

By way of brief background, the Client Securities Rules prescribe how client assets are to be dealt with by all intermediaries and their associated entities. However, as the China Connect Securities traded through China Connect are not listed or traded on the SEHK, the Client Securities Rules will not apply unless otherwise specified by the SFC or any other relevant China Connect Authority.

20 Investor Compensation Fund

Trading in China Connect Securities does not enjoy the protection afforded by the Investor Compensation Fund established under the Securities and Futures Ordinance. Accordingly, when you trade in China Connect Securities, unlike the trading of SEHK-listed securities, you will not be

covered by the Investor Compensation Fund in respect of any loss you may sustain by reason of a default by SFC licensed or registered persons.

21 Ownership of China Connect Securities

Hong Kong law recognises the proprietary interest of investors in shares held for them by their broker or custodian in CCASS. Such recognition should apply equally to China Connect Securities held for Hong Kong and overseas investors by the Clearing Participant through HKSCC. In addition, in Mainland China (where China Connect Securities are registered in a securities account opened with ChinaClear in the name of HKSCC), it is expressly stipulated in the CSRC China Connect Rules that HKSCC acts as the nominee holder and the Hong Kong and overseas investors are the beneficial owners of the China Connect Securities. Accordingly, the regulatory intention appears to be that Hong Kong and overseas investors should also have proprietary rights over China Connect Securities under Mainland China laws.

You should conduct your own review of the materials published by HKEX on China Connect in relation to the ownership of China Connect Securities and the applicable China Connect Rules as they may be amended and supplemented from time to time. You should also consult your own legal advisers to make your own assessment of your rights as a Northbound investor in China Connect Securities.

In addition, while Hong Kong and overseas investors may have proprietary rights over China Connect Securities, HKSCC as nominee is not obliged to enforce such rights in Mainland China on behalf of such investors.

Clearinghouse Risk

22 Risk of ChinaClear Default

ChinaClear has established a risk management framework and measures that are approved and supervised by the CSRC. If ChinaClear (as the host central counterparty) defaults, HKSCC has stated that it may (but shall have no obligation to) take any legal action or court proceeding to seek recovery of the outstanding China Connect Securities and monies from ChinaClear through available legal channels and through ChinaClear’s liquidation process, if applicable. As ChinaClear does not contribute to the HKSCC guarantee fund, HKSCC will not use the HKSCC guarantee fund to cover any residual loss as a result of closing out any of ChinaClear’s positions. HKSCC will in turn distribute the China Connect Securities and/or monies recovered to clearing participants on a pro-rata basis as prescribed by the relevant China Connect Authorities. We in turn will be distributing China Connect Securities and/or monies to the extent recovered directly or indirectly from HKSCC. Although the likelihood of a default by ChinaClear is considered to be remote, investors should be aware of this arrangement and of this potential exposure before engaging in Northbound trading.

23 Risk of HKSCC Default

Our provision of services pursuant to these China Connect Terms also depends upon the performance by HKSCC of its obligations. Any action or inaction of the HKSCC or a failure or delay

by the HKSCC in the performance of its obligations may result in a failure of settlement of China Connect Securities and/or monies in connection with them and you may suffer losses as a result. Neither we nor any Related Persons shall have any responsibility or liability for any such losses.

Other Operational Issues

24 Scripless Securities

China Connect Securities are traded in scripless form and accordingly, China Connect Securities may not be physically deposited into and/or withdrawn from CCASS.

25 Company Announcements on Corporate Actions

Any corporate action in respect of China Connect Securities will be announced by the relevant issuer through the website of the relevant China Connect Market and certain appointed newspapers. HKSCC will also record all corporate actions relating to China Connect Securities in CCASS and inform its clearing participants of the details via the CCASS terminals as soon as practicable on the announcement date. Investors engaged in Northbound trading may refer to the website of the relevant China Connect Market and the relevant newspapers for the latest listed company announcements or, alternatively, the HKEX website’s China Stock Markets Web (or such other replacement or successor web page from time to time) for corporate actions in respect of China Connect Securities issued on the previous trading day. Investors should note that listed issuers of the relevant China Connect Market publish corporate documents in Chinese only, and English translations will not be available.

In addition, HKSCC will endeavour to collect and distribute cash dividends relating to China Connect Securities to clearing participants in a timely manner. Upon receipt of the dividend amount, HKSCC will to the extent practicable arrange to distribute to relevant clearing participants on the same day. Following existing market practice in Mainland China, investors engaged in Northbound trading will not be able to attend shareholder meetings by proxy or in person, unlike the current practice in Hong Kong in respect of SEHK-listed shares.

We do not and cannot ensure the accuracy, reliability or timeliness of any company announcements of corporate actions and neither we nor any Related Person accept any liability (whether in tort or contract or otherwise) for any loss or damage arising from any errors, inaccuracies, delays or omissions or any actions taken in reliance thereon. We expressly disclaim all warranties, expressed or implied, as to the accuracy of any company announcement or as to the fitness of the information for any purpose.

26 Average Pricing across Funds for Fund Managers

If you act as a fund manager for more than one fund or an asset manager on behalf of more than one client and you pre-allocate China Connect orders across such funds or clients which you manage, we may offer Average Pricing for such orders notwithstanding such orders may be executed at different times during the same Trading Day. Where Average Pricing applies, each fund or client will be allocated China Connect Securities (or

their proceeds) at the same averaged price, which may be higher or lower than the price which such fund or client would have paid or received had the orders been processed individually and in the order submitted directly or indirectly to us. Neither we nor any Related Person will be responsible for any such differences in pricing or any loss or risk arising from the application of Average Pricing.

27 Disclosure of Information and Publication of Trade Information

SEHK may require us to provide information on your profile, and the type and value of your orders in relation to Northbound trading of China Connect Securities and the trades which we executed for you at such intervals and in such form as SEHK may specify from time to time for purposes of the publication, dissemination or public distribution of aggregated information in respect of China Connect Securities trades under China Connect, trading volumes, investor profiles and other related data. SEHK may forward such information to the relevant China Connect Market for surveillance and investigation purposes.

28 Client Error

Neither we nor any Related Person shall be liable for any loss, damage or expense or consequential loss, damage or expense suffered by an investor as a result of any trading based on the investor’s instructions. We will not be able to unwind any trade, and investors should also take note of the settlement arrangements in respect of China Connect Securities under China Connect, including but not limited to quota restrictions. The China Connect Rules generally prohibit any off-exchange trading or transfers.

However transfers may be permitted between you and us to rectify a trade in limited circumstances, although there is a lack of clarity as to the circumstances in which such transfers may be permitted. We shall have absolute discretion to determine whether to conduct any transfer to rectify any error trade and shall have no obligation to do so. Neither we nor any Related Person shall have any liability for any losses which may result directly or indirectly from such errors or any refusal to conduct a transfer to correct an error trade.

29 Retention of Information

You acknowledge and accept that we will be required under the China Connect Rules to keep records for a period of no less than 20 years of (a) all orders and trades executed on your behalf, (b) any instructions received from you; (c) your account information in relation to Northbound trading; and (d) all relevant information concerning margin trading and stock borrowing and lending of any China Connect Securities (including, without limitation, in respect of any such margin trading, the relevant securities margin trading arrangement and the funds provided.

30 China Connect Market System

SEHK or the SEHK Subsidiary (after consulting with SEHK) may, under certain circumstances as specified in the SEHK rules and/or whenever the SEHK determines that it is appropriate and in the interest of a fair and orderly market to protect investors, temporarily suspend or restrict all or part of the order-routing and related supporting services with regard to all or any Northbound trading of

China Connect Securities, and for such duration and frequency as SEHK may consider appropriate. You will not be able to buy or sell China Connect Securities on SEHK through China Connect during any period in which trading of China Connect Securities is suspended. In particular, you should note that while trading of China Connect Securities is suspended by the SEHK, trading of such China Connect Securities may continue on the relevant China Connect Market. You may remain exposed to fluctuations in the price of China Connect Securities caused by trading on the relevant China Connect Market during the period when trading of such China Connect Securities is suspended by SEHK.

SEHK has absolute discretion to change the operational hours and arrangements of the China Connect Service at any time and without advance notice, whether on a temporary basis, due to operational needs, inclement weather, under emergency situations or otherwise. Moreover, SEHK or the SEHK Subsidiary (with the agreement of SEHK) may cease the provision of the China Connect Northbound trading service permanently. Such suspension, restriction or cessation will affect our ability to accept and process your orders and you are advised to refer to the HKEX website and other information published by the HKEX for up-to-date information. There can be no assurance that your orders will be accepted or processed, notwithstanding that China Connect Securities may be traded through other channels including, without limitation, by PRC investors on the relevant China Connect Market.

Further, the SEHK rules state that where any H Shares with corresponding A Shares eligible as China Connect Securities are suspended from trading on SEHK, but the corresponding A Shares are not suspended from trading on the relevant China Connect Market, the service for routing the China Connect sell orders and China Connect buy orders for such A Shares to the relevant China Connect Market for execution will normally remain available. However, SEHK may, in its discretion, restrict or suspend such service without prior notice and your ability to place sell orders and buy orders may be affected.

The China Connect Market System is a new platform for trading of China Connect Securities under China Connect. We provide trading services based on the China Connect Market System which is operated by the relevant China Connect Market. We are not responsible for any delay or failure caused by the China Connect Market System and investors accept all risks arising from trading China Connect Securities through the China Connect Market System. Neither we nor any Related Person shall be responsible or held liable for any loss or damage directly or indirectly suffered by you arising from or in connection with the China Connect Service or the CSC through Northbound trading including, without limitation, the following:

(a) a suspension, restriction or cessation of the China Connect Service or the CSC, or any inability to access or use the CSC or the China Connect Service;

(b) any special arrangement put in place or any action, step or measure taken or not taken to deal with an emergency or contingencies, including but not limited to the cancellation of any or all China Connect orders input by Exchange Participants;

(c) any suspension, delay, interruption or cessation of trading of any China Connect Securities on the relevant China Connect Market;

(d) any delay, suspension, interruption or order cancellation of any China Connect Securities as a result of the hoisting of a Typhoon Signal No. 8 or above or the issuance of the Black Rainstorm Warning in Hong Kong;

(e) any delay or failure to route any China Connect orders or any delay or failure to send any order cancellation requests or to provide the China Connect Service due to any system, communication or connection failure, power outage, software or hardware malfunction or other events beyond our control or the control of SEHK, us or a Related Person;

(f) any China Connect order which we have requested to be cancelled not being cancelled for any reason whatsoever;

(g) in the event that SEHK or the relevant China Connect Market requires that we cancel or reject any order for China Connect Services;

(h) any delay, failure or error of any China Connect Market System or any system upon which we, the SEHK Subsidiary or a Related Person is reliant in providing the China Connect Service; and

(i) any delay or failure to execute, or any error in matching or executing, any China Connect order due to reasons beyond the control of SEHK, HKEX, the SEHK Subsidiary, us or any Related Person, including but not limited to any action or decision taken or made, or not taken or made, by any China Connect Authority or any other relevant governmental or regulatory body.

If there is any delay or failure to send any order cancellation requests in any circumstance described in paragraph (e) above, you shall, in the event such order is matched and executed, remain responsible for fulfilling any settlement obligations in respect of such transaction.

You acknowledge that HKEX, SEHK, SEHK Subsidiary, the relevant China Connect Market, the subsidiary of the relevant China Connect Market and their respective directors, employees and agents are not responsible or held liable for any such losses.

31 Operational Hours

SEHK has absolute discretion to determine from time to time the operational hours of the China Connect service, and will have absolute discretion to change the operational hours and arrangements of the China Connect service at any time and without advance notice whether on a temporary basis or otherwise. We shall not be under any obligation to inform you of any such determinations by the SEHK as to the operational hours of the China Connect service.

Where, for example, there is any price sensitive information relating to a Mainland China Listco during a time when China Connect Service is not in operation, the A Shares of the Mainland China Listco may continue to trade on the relevant China Connect Market and the price of such A Shares may move significantly. In such case, Northbound investors will not be able to trade in such shares until the next available Trading Day under China Connect.

32 Margin Trading

Subject to certain conditions prescribed by the China Connect Authorities, Hong Kong and overseas

investors may conduct margin trading in China Connect Securities determined by the relevant China Connect Authorities to be eligible for margin trading (“Eligible Margin Trading Securities”). The HKEX will from time to time publish a list of Eligible Margin Trading Securities. Therelevant China Connect Market may suspend margin trading activities in any specific A Share if the volume of margin trading activities in such A Share exceeds a threshold determined by therelevant China Connect Market and resume margin trading activities when the volume of margin trading activities drops below a prescribed threshold. Where the SEHK is notified by therelevant China Connect Marketthat a suspension or resumption involves a security on the list of Eligible Margin Trading Securities, the HKEX will disclose such information on its website. In such circumstances, any margin trading (except for margin trading in respect of China Connect Securities buy orders) in the relevant China Connect Security shall be suspended and/or resumed accordingly. The relevant China Connect Market reserves the right to require at some future date for margin trading orders to be flagged when routed to China Connect. Neither we nor any Related person shall have any obligation to update you in respect of the list of Eligible Margin Trading Securities or any restrictions or suspensions in respect of margin trading from time to time.

33 Rights Issuances

Where you receive any form of entitlement security from the issuer of a China Connect Security, if such entitlement security:

(a) is a China Connect Security, you will be permitted to buy and sell the entitlement security through China Connect;

(b) is not a China Connect Security but is a RMB denominated security listed on the relevant China Connect Market, you may be allowed to sell the entitlement security through China Connect but will not be permitted to buy such entitlement security;

(c) is a security listed on the relevant China Connect Market but is not traded in RMB, you will not be allowed to buy or sell the entitlement security through China Connect; and

(d) is not listed on the relevant China Connect Market, you will not be allowed to buy or sell the entitlement security on China Connect unless and until appropriate arrangements (if any) have been provided by HKSCC. It is possible that no such alternative arrangements will be provided.

34 Odd Lot Trading

Odd lot trading in China Connect Securities is available only for sell orders and all odd lots must be sold in one single order. A board lot order may be matched with different odd lot sell orders, resulting in odd lot trades. Board lot and odd lot orders are matched on the same platform on China Connect and subject to the same share price. The maximum order size is 1 million shares and the tick size is uniformly set at RMB0.01.

35 Short Selling

We have not provided services to you in relation to short selling under china connect securities. You will be notified in advance if we propose to render the services.

36 Stock Borrowing and Lending

We have not provided services to you in relation to stock borrowing and lending under china connect securities. You will be notified in advance if we propose to render the services.

37 RMB Conversion

Any conversion of any currency into RMB pursuant to Clause 9 (Settlement and Currency Conversion) may be subject to conversion limits. Settlement of a Northbound buy order may be delayed and/or fail if there is a delay in converting the relevant currency into RMB. Any risk, loss or cost resulting from any such delay or failure of settlement shall be borne by you.

Risks associated with investing in China Connect Securities

38. Terms only applicable to SZ Northbound trading and SZSE Securities

38.1 Subject to change notified by XXXX, only the Institutional Professional Investors are entitled to deal in the SZSE Securities on ChiNest board.

38.2 During 09:20 to 09:25 (or other time as stipulated by SZSE Rules from time to time) in the Opening Call Auction of SZSE, SZSE will not accept any order cancellation.

38.3 The SZ Northbound trading will have the trading hours with closing auction session (14:57 to 15:00 or other time as stipulated in SZSE Rules). During such closing auction session, SZSE will not accept any order cancellation.

38.4 The following SZSE Securities are Shenzhen Eligible Securities for SZ Northbound trading:

(a) Constituents of

(i) SZSE Component Index;

(ii) SZSE Small/Mid Cap Innovation Index; and

(iii) with market capitalisation at least RMB6 billion or other amount of market capitalisation as stipulated by SEHK; and

(b) All the SZSE-listed A shares which have corresponding H shares listed on SEHK. 39 Other risks associated with investing in China Connect Securities General Mainland China related risk

Mainland China is an emerging market that possesses one or more of the following characteristics: a certain degree of political instability, relatively unpredictable financial markets and economic growth patterns, a financial market that is still at the development stage or a weak economy. Emerging markets investments usually result in higher risks such as event risk, political risk, economic risk, credit risk, currency rate risk, market risk, liquidity/gapping risk, regulatory/legal risk, trade settlement, processing and clearing risks and bondholder/shareholder risk.

Equity risk

Investing in China Connect Securities may offer a higher rate of return than investing in short term and longer term debt securities. However, the risks associated with investments in China Connect Securities may also be higher, because the investment performance of China Connect Securities

depends upon factors which are difficult to predict. Such factors include the possibility of sudden or prolonged market declines and risks associated with individual companies. The fundamental risk associated with any equity portfolio is the risk that the value of the investments it holds might suddenly and substantially decrease in value.

General legal and regulatory risk

You must comply with all China Connect Laws and China Connect Rules. Furthermore, any change in any China Connect Laws or China Connect Rules may have an impact on the market sentiment which may in turn affect the performance of China Connect Securities. It is impossible to predict whether such an impact caused by any such change will be positive or negative for China Connect Securities. In the worst case scenario, you may lose a material part of your investments in China Connect Securities. In addition, any litigation or other legal actions brought before the courts in Mainland China will be subject to Mainland China laws, rules and procedures, which are not the same as those which apply to the courts in Hong Kong.

Currency risk

RMB is not yet freely convertible in Hong Kong, and is subject to foreign exchange controls and restrictions. Particularly, conversion of RMB through banks in Hong Kong is subject to certain restrictions. It may be difficult for investors to convert RMB into Hong Kong dollars or other currencies or vice versa at any specific time, and conversion will be subject to conversion costs and such costs and timings for conversion may not be of your preference. In addition, the value of RMB against Hong Kong dollars or other foreign currencies may be affected by a wide range of factors. There is no guarantee that RMB will not depreciate.

A depreciation of RMB may result in a decrease in the market value of RMB securities and the realisation price of RMB securities. Non-RMB based investors who are trading in RMB securities, may also sustain loss in the event that they subsequently convert any RMB proceeds back to Hong Kong dollars or other base currencies.

There are also significant restrictions on the remittance of RMB into and out of the PRC. If the issuer of RMB securities is not able to remit RMB to Hong Kong or make distributions in RMB due to exchange controls or other restrictions, the issuer may make distributions (including dividends and other payments) in other currencies. Investors may therefore be exposed to additional foreign exchange risk and liquidity exposures.

The liquidity and trading price of China Connect Securities may be adversely affected by the limited availability of RMB outside the PRC and restrictions on the conversion of RMB.

These factors may affect the liquidity of RMB for investors and accordingly adversely affect the market demand for China Connect Securities.

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Contract

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Contract

中港通条款细则

1 适用范围

1.2 本中港通条款是客户协议的修订及补充、不影响客户协议的效力。在本中港通条款和客户协议其他部分不一致的情况下，以本中港通条款为准。

2 定 义

3 合资格投资者

4 遵守中港通法律和中港通规则

4.1 中港通证券的任何交易都受到中港通法律和中港通规则的限制，其中一些在附件中提及。

4.3 若按吾等之绝对酌情决定权决定为中港通法律、中港通规则或市场惯例之目的必须或可取的，吾等有权对中港通的中港通证券交易采取任何程序或要求。吾等或关联人士不对此程

4.4 若存在以下情况（包括但不限于），x等可按吾等之绝对酌情决定权拒绝执行阁下发出的任何指示：

4.5 在不影响前述条款的前提下，在相关情况（包括但不限于在中港通监管机构要求或指示）下，吾等无需事先通知阁下，可按吾等之绝对酌情决定权暂停、终止或限制阁下通过吾等进入中港通市场。

5 风险披露和确认

5.1 阁下确认，阁下已阅读并明白附件所列的风险披露和其他资讯，并且明白附件所列阁下的义务、包括违反中港通法律和中港通规则的任何后果。

5.3 阁下确认，x等及关联人士不对阁下由于吾等及关联人士就提供中港通证券交易的作为或不作为（包括但不限于附件所列的任何风险因素的发生）而造成的任何直接或间接损失、责任或第三方的申索或要求负责。

5.4 阁下确认，若发现阁下或吾等或吾等的客户进行了或可能进行了相关中港通市场规则规定的任何异常交易或者未能遵守任何中港通规则，联交所有权不向阁下提供任何中港通服务，并有权要求吾等不接受阁下的指示。

5.5 阁下确认，若违反相关中港通市场规则或任何中港通法律或中港通规则所指的任何披露或其他义务，（i）相关中港通市场有权进行调查，并且可以通过联交所要求吾等或关联人士

5.7 阁下确认，若中港通监管机构认为存在严重违反相关中港通市场规则的情况，吾等可能被中港通监管机构要求（a）向阁下发出（书面或口头）警告；以及（b）停止向阁下提供任何通过中港通进行中港通证券交易的服务。

5.8 阁下确认，在吾等通知阁下的北向买入订单已交收前，阁下将不会就该北向买入订单所买入的中港通证券发出北向卖出订单。

5.10 阁下确认并将负责支付中港通法律或中港通规则要求的与中港通证券和该证券股息或权益相关的所有费用、收费、征税和税费，并遵守任何相关申报或注册登记义务。

5.11 阁下确认并接受，吾等受限于中港通规则下保存记录的要求，因此将会保存与阁下北向交易相关的记录（包括电话、电子通讯记录和账号资讯）20 年或中港通规则或法律要求的其他年限。

5.12 阁下确认并接受，联交所可根据相关中港通市场的请求，要求吾等取消或拒绝代表阁下发出的任何订单。

6 x x

6.1 阁下了解并将会遵守适用于阁下的任何中港通法律或中港通规则；

6.2 执行阁下向吾等发出的任何指示不会违反任何中港通法律或中港通规则；

6.3 阁下明白并已评估了与中港通有关的风险因素，以及阁下愿意承担与中港通有关的风险；以及

6.4 在每次下达中港通证券卖出订单指示当天，阁下向吾等作出如下xx：

7 处理订单

8 遵守交易前检查要求

8.1 阁下承诺阁下将会遵守中港通监管机构、中港通机构强制要求的或吾等通知阁下的与交易前检查有关的任何要求。

8.2 另外，阁下承诺会确保在（由吾等不时通知阁下的）适用的截止时间，阁下账户中有足够可用的中港通证券，以满足在有关交易日任何拟作出的卖出订单。

8.3 如果吾等认为在适用的截止时间前（由x等不时通知阁下的），无论因何等原因阁下的账户内没有足够可用的中港通证券以交收卖出订单，吾等可以根据其自身的绝对酌情决定权：

9 交收和货币兑换

9.1 由于所有的北向交易均以人民币交收及交易，xx等在北向交易买入订单交收前不能收到足额的人民币资金以支付该笔中港通证券买单，交收将会延迟及／或失败。阁下将可能无

9.4 无论客户协议其他部分如何规定，当吾等认为人民币的流动性不足，无法交收任何买入订单时，x等可根据吾等绝对酌情决定权拒绝阁下下达的该买入订单指示。

10 销售、转让和追缴

10.6 x等及任何关联人士对吾等或任一关联人士根据本条采取的任何措施而直接或间接导致的任何损失或风险不承担任何责任。

11 托 管

11.1 适 用

11.2 托管服务的性质

11.3 开立托管账户

11.4 托管程序

11.5 汇集／次托管／结算系统

11.6 阁下确认

11.7 托管职责和责任

11.8 利 息

11.9 留置权

12 客户信息

12.2 阁下的客户作为中介人：若阁下指示吾等进行客户交易，并且阁下知道阁下的客户（直接或间接通过其他中介）以另一人士的中介人身份行事，而该人士为客户交易的实益所有人，阁下承诺并确认阁下已经采取措施：

12.3 向中港通监管机构披露信息：xx等收到任何中港通监管机构有关客户交易的查询，阁下应在要求下并在吾等指明的期限内，向吾等或相关中港通监管机构披露与客户交易的实益所有人有关的客户信息，或促使披露该信息。

13 弥 偿

14 费用和税费

14.4 吾等没有责任核对阁下提供的资讯的准确性，并且有权依据该资讯履行吾等的义务。

14.5 x等对未能享受任何税收减免或没有获得税收抵免优惠不承担任何责任。

15 责 任

16 终 止

17 杂 项

17.1 阁下将会按吾等不时的收费标准支付与本中港通条款相关的费用、收费和支出。

17.2 阁下将会按照吾等合理的要求签署任何其他必要的文件及／或提供任何资料和资讯，以便吾等在中港通规则不时修改或补充而变得必要时能够履行吾等在本中港通条款下的职责和义务。

17.4 吾等保留根据客户协议A 部第5.1 条通过书面通知阁下更改本中港通条款的权利。

17.5 若本中港通条款的任何条文全部或部分被认为不合法、无效或无法执行，该条款将在作出必要的删除和修改以使其成为合法、有效和可执行并考虑各方当事人的商业意图后适用。

17.7 任何一方未经另一方事先书面同意不应转让或转移其在本协议下的所有或任何权利或义务。

18 适用法律和管辖

18.1 本中港通条款受香港法律管辖。

18.2 各方同意服从香港法院对本中港通条款下引起的或与本中港通条款相关的任何争议的专属管辖权。

1 证券所属地市场规则

2 交易前检查

3 交 收

4 限额控制

5 限制即日交易

6 禁止场外交易和转让

7 落 盘

8 价格限制

9 在相关中港通市场的上市公司退市

10 实益拥有人的账户信息

11 禁止人手对盘交易和大宗交易

12 修改订单及丧失优先级

13 特别中港通证券

14 权益披露

15 短线交易获利规则

16 外国投资者所有权限制

2 定义

11 托管

11.1 适用

11.8 利息

13 弥偿

15 责任

16 终止

17 杂项

3 交收

7 落盘

33 供股

35 卖空