Client Agreement
AFFLUX SECURITIES LIMITED
上高證券有限公司
客戶協議
Standard Terms and Conditions
標準章則
Web-site 網 址 ：xxx.xxxxxxxxx.xxx Email 電 郵 ：xx@xxxxxxxxx.xxx
現金客戶協議
x協議由以下雙方於開戶表格所列之日期簽署：
(1) 上高證券有限公司（本公司），為一間在香港註冊成立的公司，其主要營業地址為香港中環德輔道中 141 號中保集團大廈 22 樓 2208-09 室，並為根據《證券及期貨條例》就第一類受規管活動獲發牌的持牌法團（CE NO. 中央編號：BIO838 ）及香港聯合交易所有限公司參與者；及
(2) 當事方（「客戶」），其名稱、地址和相關資料列於開戶表格中。以下為協議正文：
1 釋 義
「帳戶」指當前或今後根據本協議以客戶名義在本公司開立的任何一個或多個證券交易帳戶；
「開戶表格」指本協議的個人,聯名及公司開戶表格；
「協議」指原先已簽署或隨後不時修訂或增補後的本協議文本，包括開戶表格及附屬於本協議的各種附表；
「聯營公司」指與本公司有關連的子公司或有關連公司之法人團體(不論在香港或其他地方)；
「獲授權人士」指在本協議中指定或按照本協議規定而指定並獲客戶授權代表客戶發出與帳戶和交易有關的指示的人士（或其中任何一人）， 現時指開戶表格內所列之人士；
「營業日」指除星期六、星期日、公眾假日和交易所宣佈的非交易日之外，有關交易所進行交易的任何一日；
「結算所」針對聯交所而言， 指「香港結算」；針對其他外國證券交易所而言， 指向該「外國證券交易所」提供類似「香港結算」服務的結算所；
「業務代理」指代表本公司在香港或其他地方進行的交易或結算的代理人，包括交易所或結算所的任何成員；
「交易所」指聯交所及任何外國證券交易所；
「電子服務」指互聯網及流動證券交易協議規定的服務；
「外國證券交易所」指得到香港以外的國家或地區的法律准許營辦的證券交易所， 或任何場外市場；
「香港」指中華人民共和國香港特別行政區；
「香港結算」指香港中央結算有限公司；
「指示」指由客戶或其獲授權人士根據本協議第 4.1 條規定向本公司發出的任何指示或買賣盤；
「證券」指（1）股票、股份、單位信託中的單位和其他股本證券；（2）債券、票據和其他債務證券；（3）現貨合約和遠期合約、認股權證及衍生工具（不論其以何種方式與前述投資或與任何貨幣、指數或其他資產、物業資產或項目有聯繫或有關）；及（4）任何種類之其他投資。在任何一種情況下，不論該等投資為上市或非上市、有否在任何交易所或市場買賣、屬私人配售或公開發售，及是否由證書或其他文件（不記名、可轉讓或其他形式）構成、作為證明或代表，或記入一名發行人、結算所、存管處、代管人或其他人士之簿冊，連同就上述任何一項於任何發行人、結算所、存管處、代管人或其他人士之簿冊，連同就上述任何一項於任何發行人、結算所、存管處、代管人或其他人士權利，以及與上述任何一項有關之其他權利、權益及收益。
「聯交所」指香港聯合交易所有限公司，包括其繼承者、受讓人以及由於其重組、合併、並入而產生或保存的實體；
「證監會」指香港證券及期貨事務監察委員會；及
「交易」指購買、認購、出售、交換或以其他方式處置任何及所有種類證券所涉及的交易，包括（但不限於）證券保管以及提供代名人或提供托管服務，以及依據本協議進行的其他交易。
2 授 權
2.1 客戶（此處指公司客戶）授權予獲授權人士在與本公司進行的所有交易事務中代表客戶，及代表客戶簽署與帳戶及其操作相關的所有協議和文件。所有這類文件和指示對客戶有絕對的、最終的約束力。客戶同意本公司有權依據獲授權人士的指示，直到客戶書面通知本公司撤銷或變更該授權為止。
2.2 如果客戶（此處指個人客戶）要指定獲授權人士，則客戶在填寫完開戶表格之外，還要以本公司規定或可接受的格式向本公司提交正式簽署的授權書或類似的委任文件。客戶同意本公司有權依據獲授權人士的指示行動，直到客戶書面通知本公司撤銷或變更該授權為止。
2.3 客戶確認並同意，客戶對所有交易負有完全的責任，本公司只對交易的執行、結算和進行負責，本公司對於與帳戶或交易有關的介紹公司、投資顧問或其他第三方的任何操守、行動、xx或聲明概不承擔義務和責任。客戶進行的交易不是本公司推薦或誘導的結果，本公司不會對客戶進行的交易的合適性承擔責任。本公司亦不會對任何交易的盈利、稅項、法律和會計的後果承擔責任。
2.4 由本公司、本公司的董事、高級職員、僱員或代理人提供的任何意見或資料(不論是否被要求的)都不應構成進行交易的要約或投資的建議。客戶應獨立地並且不依賴本公司，作出其本身的交易判斷。
2.5 客戶授權本公司指示本公司可有絕對酌情權選擇的業務代理執行交易；客戶確認該業務代理的業務條款及進行交易及結算的任何交易所與結算所的規則將適用於這類交易，並對客戶具有約束力。
3 佣 金 ， 收 費 和 利 息
3.1 在所有交易中，本公司獲授權扣除有關為客戶進行任何交易（按不時通知客戶）的本公司佣金和費用、交易所或結算所徵收的相關徵費、佣金、印花稅、銀行費用、過戶費、到期的利息及代名人或托管人費用。
3.2 本公司有權將客戶帳戶內的所有資金和代表該客戶帳戶收到的資金存放於一間或多間《證券及期貨條例》所界定之認可財務機構或《證券及期貨條例》另行准許的財務機構的一個或多個信託帳戶。
3.3 客戶需按本公司不時通知客戶的利率和條款為帳戶所有的借方結餘（包括於任何時間欠付本公司的任何金額）支付利息。該利息將逐日累計，並且應在每個日曆月的最後一天或按本公司要求的任何日期支付。逾期未付利息將每月按複利計算及利息本身將產生新的利息。
3.4 客戶同意向本公司支付為維持客戶帳戶而可能會徵收的帳戶服務費，及客戶授權本公司可從客戶的帳戶中扣除該項費用。
4 指 示
4.1 所有指示應由客戶（或其獲授權人士）當面或通過電話口頭發出，或以書面方式、親手方式、郵寄方式，或以本公司不時接受的其他方式發出。
4.2 客戶確認並同意由（或聲稱由）客戶或其獲授權人士通過任何方法向本公司發出及本公司按其行事或已依賴的任何指示，在任何時候都不可撤回及對客戶具有約束力，不論該指示是否由客戶親自或由獲授權人士發出。在任何情況下，本公司都沒有義務查詢或核證以可接受的方法發出指示的人士之身份和權力。
4.3 客戶確認一旦指示被發出，該指示可能無法撤回或更改。
4.4 本公司可運用其酌情權及無須給予解釋的情況下，拒絕為客戶或其獲授權人士進行任何交易。
5 交 易 慣 例
5.1 客戶下達的證券買入和賣出指示如果在相關交易所交易日結束之前（或於客戶與本公司同意之較後時間）沒有成交，該指令將被視為已自動取消。
5.2 客戶授權本公司為獲得到更好交易價格和/或減少指示的數量，可以在任何時候及據本公司的絕對酌情權，將客戶的買入和/或售出證券的指示與本公司收到其他客戶的相似指示合併和/或拆散地執行。客戶同意如果沒有足夠的證券去滿足合併後的買入或售出證券的指令，本公司將根據收到指示的順序把實際買入或售出證券的數量分配給有關的客戶。
5.3 客戶確認由於執行交易的交易所或其他市場的交易慣例，交易指示未必可以「最佳價」或「市場價」執行，客戶同意在任何情況下，本公司依照客戶發出的指示所進行的交易承擔責任。
5.4 依據適用的法例和規例及市場的要求，本公司可據其絕對酌情權，及考慮接收指示的次序，決定執行客戶指示的優先權，及客戶不得對有關本公司執行任何收到的客戶指示的優先次序提出異議。
5.5 除非另有協訂及本公司已（就每一宗交易）代表客戶持有現金或證券以進行交易的結算，客戶應按本公司通知客戶的時間內向本公司支付可使用的款項（包括以港幣以外的其他貨幣支付），或向本公司交付已繳清股款並擁有有效和完整的所有權及可交付形式的證券。客戶應對本公司由於客戶的交收失誤而導致的任何損失和費用承擔責任。
5.6 客戶付款後應立即通知本公司並將該付款的書面憑證交付給本公司。客戶確認，只有本公司收到該通知後，該付款才會被記入客戶的帳戶內或反映在任何帳戶結單內。客戶同意，按條款第 3.3 和 3.4 條下應付或應收的利息將按此基礎計算。
5.7 帳戶應以港元或本公司和客戶雙方不時同意的其他貨幣開設。如客戶指示本公司以港元以外的其他貨幣進行任何交易，因相關貨幣的匯率波動而導致的任何收益或損失將由客戶獨自承擔。如因本公司履行本協議下的任何行動或步驟而需要進行由一種貨幣轉換為另一種貨幣時，本公司可按其絕對酌情權決定的方式及時間進行該轉換。客戶授權本公司從客戶的帳戶中支付貨幣轉換過程產生的任何費用。本公司保留在任何時候拒絕接受客戶關於貨幣轉換的任何指示的權利。
5.8 客戶確認客戶與本公司之間的電話通訊或其他形式的通訊可能會被錄音，或以其他電子形式被監聽而不予任何警示，及如果雙方發生爭議時，這些錄音帶可用作為指示的最終證據。雖然這些錄音帶是本公司的財產，本公司可應客戶要求及由客戶支付所需費用後向客戶提供這些錄音帶的拷貝。
5.9 如果本公司僱用業務代理的服務，本公司有權（為其本身的帳戶）接受並保留本公司就代表客戶向業務代理提供任何業務而可能收到的任何佣金或回扣。
5.10 按照本協議，本公司將在交易中作為客戶的代理人，除非本公司（在有關交易的成交單據中或以其他方式）指出本公司以當事人身份行事。
6 沽 空
6.1 客戶承諾不會通過本公司進行任何沽空指示（例如，指示賣出客戶當前不擁有或只有因借入此證券才有權賣出的證券）。
7 利 益 衝 突
7.1 客戶確認並同意本公司及其董事、高級職員或僱員及其業務代理可以為其本身帳戶或聯營公司帳戶進行交易。
7.2 本公司有權（不論本公司是作自行買賣或代表聯營公司或其其他客戶）買入、賣出、持有或買賣任何證券，或採納與客戶指示對立的倉盤買賣。
7.3 本公司有權將客戶指示與其他客戶的指示進行對盤。
7.4 本公司有權對本公司或其聯營公司有持倉或就該證券作為包銷商、保薦人或其他身份的證券進行交易。
7.5 在本條款中提及的任何情況下，本公司都沒有對客戶說明所得利潤或利益的義務。
8 客 戶 身 份
如果客戶為其顧客的帳戶進行聯交所上市證券或有關的衍生工具的交易，不論是否受顧客全權委託，以代理人身份抑或以當事人份與客戶之顧客進行對盤交易，客戶茲同意在本公司接受聯交所和/或證監會（「香港監管機構」）進行有關交易的調查時，須遵守下列條款：
8.1 受下面條款制約，客戶在收到本公司的要求後（該要求應包括香港監管機構有關的聯絡資料），應即時向香港監管機構提供與其帳戶進行交易的顧客以及（就客戶所知的）交易最終受益人的身份、地址、職業和詳細聯絡資料。客戶還應該將引發交易的第三方
（如果該第三方與客戶/最終受益人不同）的身份、地址、職業和詳細聯絡資料告知香港監管機構。
8.2 如果客戶為集體投資計劃、全權委託帳戶或全權委託信託進行交易，客戶須按本公司的要求（該要求應包括香港監管機構有關的聯絡資料）即時向香港監管機構提供有關該計劃、帳戶或信託的身份、地址和的詳細聯絡資料；及（如適用）提供有關該名代表該計劃、帳戶或信託向客戶下達交易指示的人士之身份、地址和詳細聯絡資料。
8.3 如果客戶為集體投資計劃、全權委託帳戶或全權委託信託進行交易，客戶在客戶全權代表該計劃、帳戶或信託進行投資權力已予撤銷時，須在盡快可行的情況下通知本公司。在客戶的全權代客投資權力已予撤銷情況下，客戶須按本公司的要求（該要求包括香港監管機構有關的聯絡資料）即時向香港監管機構提供有關該名/或多名曾向客戶下達有關交易指示的人士的身份、地址和詳細聯絡資料。
8.4 如果客戶知悉其顧客乃作為其本身顧客的中介人進行交易，但客戶並不知道有關交易所涉及其顧客的身份、地址、職業和詳細聯絡資料，則客戶應該確認以下各項：
(i) 客戶已經與其顧客作出安排，授權客戶可按要求立即向客戶之顧客取得本協議第 8.1 和 8.2 條中列出的各項資料；或促使取得有關資料；及
(ii) 客戶將按本公司就有關交易提出的要求，立即要求或促使向客戶下達交易指示的顧客提供本協議第 8.1 和 8.2 條中列出的各項資料，並在收到客戶的顧客所提交的資料後即呈交予香港監管機構。
8.5 在必要時客戶確認已經得到進行交易的顧客、集體投資計劃、全權委託帳戶或全權委託信託的全部同意或豁免，使客戶可以向香港監管機構提供以其帳戶進行交易的有關顧客、計劃、帳戶或信託的身份和詳細聯絡資料及交易最終受益人和引發交易人士（如果與其顧客/最終受益人不同）的身份和詳細聯絡資料；
8.6 即使本協議終止，本條款中所列各規定依然有效。
9 保 密
9.1 本公司將為帳戶有關的資料保密，但為遵照交易所和證監會或任何其他監管機構（包括海外監管機構）的規定或要求資料時，本公司可以在無需徵求客戶同意或無需通知客戶的情況下，將該等資料提供予該等機構及本公司的任何分行或聯營公司。
9.2 對於個人客戶，本公司將遵守監管個人資料之使用的香港《個人資料（隱私）條例》。本公司有關個人資料使用的政策和應用載於本協議的附表 1 內。客戶確認已完全明白及接受載於附表 1 內的條款。
10 證 券 的 保 管 和 處 置
10.1 客戶委任本公司為客戶的託管人，為客戶提供證券託管服務。客戶同意在沒有得到本公司書面同意前，不會對構成任何帳戶部份的任何證券和資金進行按揭、抵押、出售、發行認股權或以其他方式進行買賣。
10.2 對於本公司在香港代客戶保管而持有的任何證券，本公司可按其酌情權決定進行以下處置：
(i) （(對於可註冊證券）以客戶的名義或本公司代名人的名義登記；或
(ii) 以安全保管方式存放於在《證券及期貨條例》所界定之認可財務機構、核准保管人或另一獲證監會發牌進行證券交易的中介人在香港開立的獨立帳戶，而該帳戶是指定為信託帳戶或客戶帳戶的獨立帳戶。
10.3 若本公司按本條款為安全保管而持有證券，本公司或促使本公司委任的代名人或託管人可以：
(i) 為客戶帳戶收取該證券帶來的任何股息或其他收益，並存入客戶帳戶或按照與客戶議定的方式支付予客戶。當該證券為代本公司的客戶持有的同一大量證券的一部份時，客戶有權根據該證券在本公司持有的全部此種證券中所佔的份額，在持股產生的收益中得到相應的份額。當股息以現金股息或其他形式派發時，如客戶沒有事先書面提出不同的指示，本公司有權代表客戶選擇及接受現金股息；及
(ii) 在有足夠的時間作出相應安排的前提下，本公司可按客戶的指示，行使該等證券附有或授與的投票權和其他權利。如果該行使需要支付有關該行使的任何費用及支出，除非及直至本公司收到有關行使所需的全部費用，否則本公司或其代名人將無需遵從客戶的任何指示。
10.4 本公司及其代名人向客戶交還的證券不必與從客戶處收取或代表客戶收到的證券完全同一，而可以在客戶開戶的本公司辦事處向客戶交還類同數量、種類和名稱的證券。
10.5 本公司根據本條款為客戶保管的證券之風險將由客戶完全承擔，及本公司將不會對客戶所遭受的任何損失和損害承擔責任或義務，除非這類損失和損害是由本公司的疏忽或本公司方面的欺詐行為直接導致的。
10.6 客戶在此特別授權本公司處置該等證券以清償客戶（或該等證券的權益所有者）因證券交易或因獲本公司財務通融而欠本公司之債務；而該債務是本公司處置所有指定為擔保清償債務的抵押品的所有其他資產後而仍然結欠的。
11 違 約 事 件
11.1 下列任何一件事件均構成違約事件（「違約事件」）：
(i) 客戶無法按照本公司要求支付或逾期未能向本公司或其聯營公司支付任何存款或應支付款項、或未能向本公司提交任何文件或交付任何證券；
(ii) 客戶未履行本協議的任何條款，及未遵守任何附例、規則和相關交易所和/或結算所的規則和規例；
(iii) 客戶已被提出破產呈請、清盤呈請，或針對客戶的類似法律程式已開始；
(iv) 客戶身故（指個人客戶）或客戶被法庭裁定為為精神失常或無勝任能力；
(v) 針對客戶的任何扣押或其他法律過程；
(vi) 客戶在本協議或任何文件中向本公司作出的任何xx或保證不正確或誤導；
(vii) 客戶（指有限公司客戶或合夥公司客戶）簽署本協議所必要的任何同意、授權或董事會決議被部分或全部撤回或暫時中止或終止或不再全面有效；及
(viii) 本公司認為發生了可能危及本公司在本協議所擁有權利的任何事件。
11.2 如果發生違約事件，在無損本公司的其他權利或本公司向客戶獲得補償的權利，及無需進一步通知客戶的情況下，本公司有權採取以下行動：
(i) 立 即 結 束 帳 戶 ；
(ii) 終止本協議的全部或任何部分；
(iii) 取消任何或所有未完成的買賣盤和代表客戶所作的任何其他承諾；
(iv) 將本公司和客戶之間的任何或所有合約平倉，或在相關交易所購買證券以填補客戶的任何空倉，或在相關交易所賣出證券以結清客戶的任何長倉；
(v) 處置代表客戶持有的任何或所有證券，並用所得收益以及客戶的任何現金存款償還欠本公司及其聯營公司的未清餘額，包括本公司轉讓或賣出客戶帳戶內所有或任何證券或財產，或完整其所有權時所招致的所有成本、費用、法律費用及其他開支，包括印花稅、佣金及經紀佣金；
(vi) 就代客戶進行的任何出售，借入或購買交收所需的任何證券；及
(vii) 根據條款第 14 條，合併、整合和抵銷客戶的任何或所有帳戶。
如果違約事件發生，根據本協議客戶欠本公司的所有到期或欠下的款項將立即到期付款並須立刻繳交。
11.3 若根據本條款出售任何證券：
(i) 如果本公司已經作出了適當努力並以當時的市場價格賣出或處置證券或其中任何部分，本公司將不承擔因此導致的任何損失；
(ii) 本公司有權按其酌情權以當時的市場價格，為其本身保留或向其他人賣出或處置客戶擁有的所有證券或其中任何部分。本公司不會以任何方式承擔因此而導致的損失，並且沒有義務說明本公司和/或其任何聯營公司由此而獲得的任何利潤；及
(iii) 如果賣出證券獲得的淨收益不足以彌補客戶欠本公司的款項，客戶同意向本公司支付其不足部分。
12 協 議 的 終 止
12.1 簽署本協議的任何一方只要在不少於 3 個營業日前向另一方提出書面通知，都可以於任何時候終止本協議。如果發生下列的一種或多種情況，本公司也可以立即終止本協議：
(i) 客戶給予本公司包含於本現金客戶協議第 10.6 條內的授權被撤回或有效期屆滿（或當客戶被要求就該項授權續期時）沒有加以續期；或
(ii) 客戶撤回按現金客戶協議第 10.1 條所作出的委任，不再委任本公司作為客戶的託管人。按本條款規定終止協議時，不會影響本公司根據本協議在終止前已進行的任何交易。
12.2 當本協議依據本條款終止時，客戶在本協議下所有到期或欠下的款項將立即到期付款並須立刻繳交。儘管客戶有任何相反的指示，本公司將終止根據本協議各項條款的規定代表客戶買賣證券的任何責任。
12.3 當本協議終止時，本公司可以賣出、變賣、贖回、套現或採取其他方法處置客戶的所有或部分證券，以償還客戶所欠本公司之所有債務，及條款第 11.3 條的規定將適用於該等出售活動。
12.4 本公司根據本條款的規定從賣出、變賣、贖回、套現或採取其他方法處置所獲得的任何現金淨額將貸記入客戶帳戶；在首先扣除或準備所有金額和到期或所欠下的款項，及客戶未清償本公司的其他已經產生或將要產生的債務（無論是實際的或或有的，現時的或將來的）之後，所有帳戶的淨結存（如果有的話）將退還給客戶。所有未變賣和未處置的證券及本公司擁有任何有關的業權文件都將在客戶自行承擔風險和自行支付相關費用的條件下交付給客戶。
12.5 根據本條款應用現金收入和扣除任何款項後，如果帳戶仍出現結欠，客戶應當立即向本公司支付相等於該帳戶結欠金額，連同本公司通知客戶該金額直至實際收到全部支付款項之日（在任何法律裁決之前或之後）的有關資金成本的款項。
12.6 為履行本條款的規定，本公司可以在有關日期以（由本公司據其絕對酌情權決定的）相關外匯交易市場當時（由本公司據其絕對酌情權決定）的即期匯率進行必要的貨幣轉換。
13 債 務 和 賠 償
13.1 本公司將盡力遵從和執行由客戶發出並被本公司接受的關於帳戶和交易的指示；但是，本公司或其董事、高級職員、僱員及代理人（除非已經證實他們或他們其中一人有欺詐行為和故意違約行為）均不對客戶由於以下原因導致的任何損失、費用或損害承擔任何責任（不論基於合約、民事過失或其他責任）：
(i) 本公司欠缺能力、不能或延遲遵守或執行任何指示或該指示含糊或有不完善之處；或
(ii) 本公司忠誠地按照或信賴客戶的指示行事，無論該指示是否在本公司或其聯營公司或其任何董事、高級職員、僱員或代理人給予提議、建議或意見後發出；或
(iii) 本公司因任何不受其控制的原因導致其不能履行本協議下的責任，包括任何政府或監管機構的限制、任何交易所（或其個別部門）的關閉或裁決、暫停交易、傳遞或通訊或電腦設備出現故障或失靈、郵政或其他罷工或其他類同的工業行動、任何交易所、結算所、業務代理或其他人士不能履行其責任；或
(iv) 任何交易所、結算所、業務代理或其他人士因任何原因停止承認任何交易的存在或有效性，或不能履行或撤銷任何上述交易之合約， 但任何上述情況的發生不能影響客戶在此合約下對該等合約或從其產生的責任和義務；或
(v) 任何以口頭或電子通訊方式發出的指示被錯誤理解、錯誤詮釋，或電子訊息傳遞出現擠塞情況或任何其他原因導致傳遞上出現延誤或錯誤，或本公司用作接收及處理透過電訊裝置傳遞指示的電話或電訊系統或裝置及所有其他有關設備、設施及服務出現任何機械故障、暫停或停止持續運作或有效。
13.2 客戶同意向本公司、其聯營公司和業務代理及其董事、高級職員、僱員和代理人（「獲賠償人士」）全額賠償或保持全額賠償由交易引起的或與交易有關，或本公司根據本協議採取或未有採取的行動，或客戶違背本協議規定的任何義務導致的任何損失、費用、索償、債務或開支，包括法律費用、本公司在收取客戶所欠債務和帳戶結欠過程中招致的費用、本公司在行使本協議下的權利或與終止帳戶有關的合理費用，及因交易導致任何交易所和/或結算所向本公司徵收的罰款。
14 帳戶的抵銷，留置和合併
14.1 在不影響一般留置權的情況下及除一般留置權、抵銷權或本公司在法律上及依據本協議擁有的其他同類權利外，本公司持有客戶的所有證券、應收款項、現金和客戶（由客戶個人或與他人共同持有）的其他財產在任何時候均受制於本公司擁有的一般留置權，以此作為賠償和清償客戶因交易或其他緣故引致而欠本公司及其聯營公司的債務的連續擔保。
14.2 在不影響一般留置權的情況下及除一般留置權或本公司在法律上及依據本協議擁有的其他同類權利外，本公司本身和作為任何聯 營公司的代理人在任何時候都擁有在不預先告知的情況下將客戶的任何或所有帳戶與本公司或聯營公司的帳戶合併和整合的權利，不論帳戶是客戶個人擁有或與他人共同擁有的。本公司可以抵銷或轉讓該等帳戶中的現金、證券或其他資產以清償客戶欠本公司 或其任何聯營公司的責任或債務，不論該等責任或債務是實際或或有的、基本或附帶的、有擔保或無擔保的，個人承擔或共同承 擔的，也不論該等責任或債務是否以銀貨兩訖形式從客戶的證券買賣中產生。
14.3 在不限制或修改本協議的一般規定的情況下，本公司可以不另行通知，根據適用法律，規則和法規，在客戶的任何賬戶之間，及賬戶與本公司的聯繫公司的任何賬戶之間轉移任何資產。這包括但不限於客戶在公司開立之所有帳戶之間轉移任何款項（包括衍生利息），證券和/或證券抵押品，以用作交收和/或滿足任何保證金要求，以履行客戶的職責。
14.4 根據第 14.3 條授予的常設授權權限有效期為協議日期起計，至此日期後的第一個 6 月 30 日（“週年到期日”）屆滿。除非客戶提出書面反對，授權權限在屆滿時將自動按相同條款及條件續期 12 個月。
15 共同和個別債務/繼承人
15.1 當客戶由兩個及以上的人士組成時：
(i) 每個人都個別並與他人共同承擔本協議中規定的義務；
(ii) 本公司可以接受客戶中任一個人發出的指示，並向發出指示的個人發出收據，而無須通知客戶中的其他人士。本公司沒有責任確定客戶任何個人所發出的指示之目的或是否適當，及客戶個人與其他人士間的付款分配或交付是否得宜。本公司保留要求客戶書面提交指示的權利；
(iii) 本公司與客戶個人間的任何付款和證券交付將是有效的並完全免除本公司對每個個人承擔的責任，無論該交付是在客戶中任何一個或多個個人死亡之前或之後進行的；
(iv) 發給客戶中任何一個個人的任何通知都被視為等同於發給持有該帳戶的所有個人；
(v) 客戶任何一個個人死亡（客戶其他個人仍有生存者時）將不會導致本協議終止。倘若已故者的遺產可被本公司強制處理以清償其生前的任何債務，已故者在帳戶的權益將歸屬於生存者。客戶中的生存者在得知發生個人死亡事件時，應立即以書面通知本公司。
15.2 在客戶死亡的情況下，本協議對客戶的後嗣、遺囑執行人、遺產管理人、個人代表、繼承人和受讓人均具有約束力。
16 交 易 的 通 知 和 結 單
16.1 本公司將通過以下方式向客戶報告交易執行的情況，(i) 根據協議迅速以電話、傳真或其他方式報告和/或(ii) 在執行交易之後 2 個營業日內向客戶寄送書面交易確認書和帳戶結單。本公司將根據有關法例、規例及規則向客戶寄送當月交易狀況摘要的月度結單，除非該月沒有進行任何交易，或沒有任何收入或開支，及帳戶沒有結餘或沒有持倉或持有證券。
16.2 客戶有義務仔細審核交易確認書、帳戶結單和月度結單，並在該確認書或結單發出後 3 個營業日或本公司指定的時間內，以書面方式向本公司報告其中的錯誤或不符。客戶同意本公司不承擔由於遲誤向本公司報告錯誤而導致的損害和受市場波動影響的責任。另外，在沒有明顯錯誤的情況下，交易確認書、帳戶結單和月度結單將是結論性的，客戶將被視為已放棄質詢任何錯誤的權利，本公司亦無須對客戶就結單或任何有關帳戶採取或未有採取的行動的索償負責。如帳戶出現多付款項或證券的情況，客戶同意一旦發現將盡快地通知本公司，並同意不取走多付的款項和證券（或如果已經取走，應及時予以退回）。
17 新 上 市 證 券
17.1 如果客戶要求並授權本公司作為其代理人及為客戶或其他任何人士的利益申請於交易所新上市和/或新發行的證券，為了本公司的利益，客戶保證本公司有權代表客戶作出該等申請。
17.2 客戶應熟悉並遵從任何招股說明書和/或發行文件、申請表格或其他有關文件內所載之管轄新上市和/或發行證券及其申請之全部條款和條件，客戶同意在與本公司進行的任何交易中受該等條款和條件約束。
17.3 客戶茲向本公司作出新上市和/或發行證券申請人（不論是向有關證券的發行人、保薦人、包銷商或配售代理人、交易所或任何其他相關監管機構或人士）需要作出的所有聲明、保證和承諾。
17.4 客戶茲進一步聲明和保證，並授權本公司通過任何申請表格（或以其他方式）向交易所和任何其他適合人士披露和保證，為受益予客戶或客戶在申請中載明的受益人士，本公司作為客戶代理人作出的任何申請是客戶或本公司代表客戶作出唯一的申請。客戶確認並接受，就本公司作為客戶代理人作出的任何申請而言，本公司和有關證券的發行人、保薦人、包銷商或配售代理人、交易所或任何其他相關監管機構或人士會依賴上述聲明和保證。
17.5 客戶確認，倘若未上市公司除證券買賣外未有從事其他業務，而客戶對該公司具法定控制權力，則該公司作出的申請應被視為為客戶的利益而作出的。
17.6 客戶承認並明白，證券申請的法律和監管規定及市場慣例不時會改變，而任何一種新上市或新發行證券的規定亦會改變。客戶承諾，按本公司不時絕對酌情權決定的法律和監管規定及市場慣例的要求，向本公司提供資料並採取額外的步驟和作出額外的聲明、保證和承諾。
17.7 本公司或其代理人為本公司本身和/或客戶和/或為本公司之其他客戶作出的大額申請，客戶確認並同意：
(i) 該大額申請可能會因與客戶及客戶申請無關的理由而被拒絕，而在沒有欺詐、疏忽和故意違約的情況下，本公司和其代理人無須就該拒絕對客戶或任何其他人士負上責任；
(ii) 倘若該大額申請因聲明和保證被違反或任何與客戶有關的理由而被拒絕，客戶將按條款第 13 條向本公司作出賠償。客戶確認，客戶亦會對其他受上述違反或其他理由影響的人士的損失負上責任；及
(iii) 儘管有條款第 5.4 條的規定，倘若大額申請只獲部分發售，客戶同意本公司可按其絕對酌情權決定分配所購得證券的方式，包括在所有參加大額申請的客戶間平均分配證券。客戶不得對有關申請分配證券的數額或優先次序提出異議。
18 聲 明 和 保 證
客戶聲明、保證和承諾：
18.1 客戶根據本協議提供的資料是真實、準確和完整的，及本公司有權依賴該等資料行事直至本公司收到有關資料更改的書面通知為止。如該等資料有重要變更，客戶將立即以書面通知本公司；及
18.2 客戶具有權力和法律行為能力簽署本協議及履行本協議下的責任，及本協議對客戶構成有效及具有法律約束力的責任。
19 風 險 披 露
x公司要求客戶參閱附表 3 的風險披露聲明。
20 通 知 與 通 信
20.1 所有通知、報告、結單、確認書和其他通訊將以書面或電子形式（如適用）提交，並可由專人送遞、以郵遞、傳真或電子郵件的方式傳達，如送致客戶，應送致客戶在開戶表格中所載的位址、傳真號碼或電子郵件地址，或客戶以書面通知本公司之其他指定地址、傳真號碼或電子郵件地址；如送致本公司，應送致本公司不時選擇及通知客戶的辦事處地址。
20.2 所有通知、報告、結單、確認書和其他通訊，如：
(i) 以專人送遞或以傳真或電子郵件傳遞，則在送遞或傳遞之時被視作妥善送達; 或
(ii) 如以郵遞發送致本地地址，則在投寄後 2 個營業日被視作妥善送達；或
(iii) 如以郵遞發送致海外地址，則在投寄後 5 個營業日被視作妥善送達。
21 修 訂
客戶同意，本公司可於任何時候通過向客戶發出合理的書面通知來修訂本協議的條款。本協議的任何修訂將於該通知的到期日生效，及如客戶沒有結束帳戶，則客戶將被視為已接受本協議條款的修訂。
22 轉 讓
客戶同意，本公司可以將本協議下的權利和義務轉讓給聯營公司，而無需事先徵求客戶同意。如果沒有獲得本公司的事先書面同意，客戶在本協議下的權利和義務是不得轉讓的。
23 適 用 法 律
x協議及其所有權利、義務和責任受香港法律約束及須依照香港法律解釋，並可依照香港法律執行。
24 一 般 事 項
24.1 全部交易將依據所有法律及交易所和結算所不時修訂並適用於本公司的規則和監管指令、附例、慣例和慣用法進行，並對客戶具有約束力。
24.2 本協議的每項條款都是個別的和獨立於其他條款。如本協議的任何條款與現行或未來的法律或交易所、結算所及其他對本協議具有管轄權的機構的規則或規例有衝突，該條款將自動被視為予以撤銷或因應有關的法律、規則或規例的要求而予以修改。本協議在所有其他方面均繼續及保持完全有效。
24.3 時間對於客戶履行與本協議有關的責任，是非常重要的因素。
24.4 本公司未能或遲延行使本協議有關的任何權利、權力或特權，不能被假定為自動放棄該權利，及本公司行使任何個別或部分的權利、權力或特權時，不能被假定為排除隨後或將來行使該權利、權力或特權。
24.5 客戶同意，如在開戶表格中提供的任何資料有重要變更，客戶將以書面通知本公司。如本協議內的任何資料有重要變更，本公司亦將以書面通知客戶。
24.6 倘若本協議之中文版本與英文版本的釋義或含義有任何差異時，客戶和本公司均同意以英文版本為準。
附表 1 個人資料收集聲明
x聲明是根據香港《個人資料﹙私隱﹚條例》﹙「條例」﹚之要求而提供予上高證券有限公司﹙「本公司」﹚的個人客戶。
1. 披 露 義 務
除特別聲明外，客戶必須按開戶表格上的要求，將個人資料提供給本公司。假如客戶不提供此等資料，本公司將沒有足够資料來為客戶開設及管理帳戶。
2. 個 人 資 料 之 使 用
2.1 使 用 者
有關客戶的所有個人資料﹙不論是由客戶所提供，還是由其他人士所提供；及不論這些資料是在客戶收到現金客戶協議之前，還是之後﹚將可被任何下列之公司或人士使用﹙各為—「使用者」﹚：
(i) 公司的任何成員；
(ii) 公司的任何董事、高級職員、僱員或代理人；
(iii) 執行客戶指示和/或從事公司業務而由公司授權的任何人士﹙例如律師、顧問、代名人、托管人等﹚；
(iv) 公司持有與客戶相關的任何權利和義務的任何實際或建議的承讓人；及
(v) 任何政府機構、監管機構或其他團體或機構﹙不論是法例或是任何公司成員適用的規例所要求﹚。
2.2 目 的
客戶的所有個人資料可被任何使用者用於下列目的：
(i) 執行新的或現有顧客的查核及信用調查程序，以及協助其他金融機構從事此類工作；
(ii) 持續帳目管理，包括收取欠款，强制執行擔保、抵押或其他權利和利益；
(iii) 設計提供予客戶之新產品和服務，或向客戶推廣公司的產品；
(iv) 將此等資料轉移到香港以外的任何地方；
(v) 為了下列目的而進行客戶個人資料的比較（不論收集此等資料的目的及來源，及不論此等資料是向使用者或任何其他人士所收集的）： (A) 信用調查； (B) 資料核實；和/或 (C) 編製或核實資料，以便採取使用者或任何其他人士認為合適的行動
﹙包括可能與客戶或任何其他人的權利、義務或權益有關的行動﹚；
(vi) 用於與客戶有關的任何其他協議和服務之條款所規定之目的；
(vii) 有關遵守任何法律、規例、法院判決或其他任何監管機構之判決的任何目的；及
(viii) 任何有關於執行客戶指示或與公司業務或交易有關連的目的。
2.3 使用資料作直接促銷
x公司可使用及/或轉送客戶的資料給本公司的任何成員作直接促銷，而本公司須為此目的取得客戶同意﹙其包括客戶不反對之表示﹚。因此，請注意以下兩點：
(i) 客戶的姓名、聯絡詳情、投資組合資料、交易模式及財務背景可被用於直接促銷本公司的投資及有關財務產品及服務；及
(ii) 若客戶不願意本公司使用及/或轉送個人資料作直接促銷，客戶可行使其不同意此安排的權利。
3. 查 閱 和 修 正 的 權 利
根據條例之規定，客戶有權查閱和修正客戶的個人資料。一般來說(除某些豁免外)客戶有以下的權利：
(i) 詢問公司是否持有與客戶有關的個人資料；
(ii) 在合理的時間內，客戶可查閱其個人資料；公司將以合理的方式及清楚易明的格式回覆客戶，但須收取合理的費用。
(iii) 要求修正客戶的個人資料；及
(iv) 如客戶要求查閱或修正個人資料被拒絕，客戶有權要求說明被拒絕的理由及反對任何該等拒絕。
4. 聯 絡 人
如客戶要求查閱及/或修正個人資料及/或不同意收取直接促銷的資料，客戶可致電 (000) 00000000 或電郵至 xx@xxxxxxxxx.xxx 與本公司的職員聯絡。
附表 2 互聯網及流動證券交易協議
x協議由以下雙方於客戶開戶表格所列之日期簽署：
(1) 上高證券有限公司（「本公司」），為一間在香港註冊成立的公司，其註冊及主要營業地址為香港中環德輔道中 141 號中保集團大廈 22 樓 2208-09 室，並為根據《證券及期貨條例》就第一類受規管活動獲發牌的持牌法團（CE NO. 中央編號 : BIO838 ）及香港聯合交易所有限公司參與者；及
(2) 當事方（「客戶」），其名稱、地址和相關資料列於開戶表格中。鑑於：
本互聯網及流動交易協議乃本公司與客戶所訂立現金客戶協議及/或保證金客戶協議（「客戶協議」）之補充文件，藉此本公司同意向客戶提供互聯網及
流動證券交易服務，使客戶能夠透過電腦或電話傳輸方式，在相容的個人、家庭或小型電腦，包括能夠連接互聯網及流動電訊網絡並帶有解調器、終端機或網絡電腦等設備的互聯網及流動儀器，發出互聯網及流動證券交易指示並獲取報價及其他資訊（「互聯網及流動證券交易服務」）。
合約雙方同意下列條款：
1 釋 義
1.1 本互聯網及流動證券交易協議中的術語之含義與客戶協議所界定者相同，另有特別聲明者除外。
1.2 下列用語，除文意另有所指外，將作如下解釋：
(i) 「登入號碼」指識別客戶身份的名稱，須配合密碼一起使用以登入有關互聯網及流動證券交易服務；
(ii) 「資訊」指與證券及證券市場有關之任何交易或市場資料、買入及賣出價、新聞報導、第三者分析員的報告、研究資料及其他資訊；
(iii) 「密碼」指客戶的密碼，須配合登入號碼一起使用以登入有關互聯網及流動證券交易服務。
1.3 客戶協議中提及的「指示」將被視為包括通過互聯網及流動證券交易服務發出的互聯網及流動證券交易指示。
1.4 如客戶同意，分別在現金客戶協議第 16 和 20 條中提及的「交易通知及結單」和「通知及通訊」可以只由互聯網及流動證券交易服務發出；及此同意可以最初在客戶資料表中標明，或隨後透過互聯網及流動證券交易服務標明。由互聯網及流動證券交易服務發送的通知和通訊將被視為已經在傳送時妥善發出。
2 互聯網及流動證券交易服務的使用
2.1 當本公司向客戶發出登入號碼及密碼後，互聯網及流動證券交易服務將被啟動，同時本公司將向客戶發出相應通知。
2.2 本公司有權要求客戶按本公司不時的通知，在執行其任何指示前存入現金和/或證券。
2.3 客 戶 同 意 ：
(i) 將只按照本互聯網及流動證券交易協議、客戶協議及本公司不時提供予客戶的用戶指南，所規定的各種指示及程序使用互聯網及流動證券交易服務；
(ii) 客戶本人是互聯網及流動證券交易服務的唯一獲授權用戶；
(iii) 客戶應對其登入號碼及密碼的保密及使用承擔責任；
(iv) 客戶應對利用登入號碼及密碼而透過互聯網及流動證券交易服務所輸入的所有指示完全負責，本公司收到的任何指示將被視為由客戶於本公司收到的時間及以收到的形式發出；
(v) 如發現登入號碼及/或密碼有任何遺失、被竊或未經授權使用，客戶應立刻知會本公司；
(vi) 在客戶透過互聯網及流動證券交易服務發出指令後，若客戶獲悉其未能獲取顯示經已接獲及/或執行該指令之訊息，應隨即知會本公司；
(vii) 向本公司提供客戶的互聯網及流動證券交易電郵地址，及立刻通知本公司客戶的互聯網及流動證券交易電郵地址的任何改動，並於客戶指定的互聯網及流動證券交易電郵地址接受本公司的互聯網及流動交易通訊；
(viii) 本公司可有絕對酌情權，對可透過互聯網及流動證券交易服務發出的指示之種類及指示之價格範圍予以限制；
(ix) 客戶同意支付因本公司提供互聯網及流動證券交易服務而須收取的所有訂購費、服務和用戶費（如有的話），並授權本公司可從客戶帳戶中扣除該類款項；
(x) 客戶應接受本公司任何透過互聯網及流動證券交易之服務，並同意本公司只透過互聯網及流動交易服務來向其提供任何通知、結單、交易確認及其他通訊的協議所約束；
(xi) 客戶在完成每次互聯網及流動證券交易服務時段後，應立即退出互聯網及流動證券交易服務系統；
(xii) 客戶不得使用或容許使用資訊或其任何部分作任何非法用途；
(xiii) 客戶不得向第三者散播資訊，同時只容許客戶作本身的用途或在本身業務的正常過程中使用。
2.4 客戶通過互聯網及流動證券交易服務發出指示後，應通過互聯網及流動證券交易服務對所發出的指示是否已被本公司正確地確認作出檢查。
2.5 在不限制上述的概括性原則下，客戶確認並同意，一旦通過互聯網及流動證券交易服務發出的指示後，未必能夠修改或取消，及指示只有在尚未被本公司執行時方有可能修改或取消，在這種情況下，本公司將盡可能修改或取消指示，但是，儘管本公司已確認有關修改或取消指示，也並不能保證該修改或取消一定會發生，客戶仍然要對其最初作出的指示負責。
2.6 如果互聯網及流動證券交易服務未能使用，客戶將根據現金客戶協議第 5 條之規定發出指示。
2.7 互聯網及流動證券交易的設施是以電腦組成系統來進行交易指示傳遞、執行、配對、登記或交易結算。然而，所有設施及系統均有可能會暫時中斷或失靈，而你就此所能獲得的賠償或會受制於系統供應商、市場、結算公司及/或參與者商號就其所承擔的責任所施加的限制。由於這此責任限制可以各有不同，客戶應向為客戶進行交易的商號查詢這方面的詳情。
3 資 訊 的 提 供
3.1 本公司可通過互聯網及流動證券交易服務向客戶傳遞資訊，客戶可能會被收取從交易所、市場及其他傳輸資訊的第三方（統稱為
「資訊供應者」）獲得並提供給客戶使用的資訊的一定費用。
3.2 資訊乃是本公司、資訊供應者或其他人士的財產，受版權保護，客戶應：
(i) 在未獲得這些權利擁有人的同意前，不得上載、貼上、複製或分發任何受版權或其他知識產權（以及公開權及私穩權）所保障的任何資訊、軟件或其他資料；及
(ii) 不得將資訊或其中的任何部分用於並非其本身用途或並非其本身日常業務之用途。
3.3 客戶同意不會:
(i) 本公司和有關資訊供應者明確書面同意之前，以任何方式複製、再發、傳播、出售、分發、出版、廣播、傳閱或在商業用途利用資訊；
(ii) 將資訊用於任何非法目的；
(iii) 將資料或其中的任何部份用於建立、維持或提供、或用於協助建立、維持或提供一個買賣在聯交所上市的證券的交易平台或交易服務。
3.4 客戶同意將遵守本公司的合理書面要求，以保護資料供應者及本公司各自在資訊和互聯網及流動證券交易服務中的權利。
3.5 客戶將遵守本公司不時作出的有關允許使用資訊的合理指示。
3.6 客戶授權本公司可將提供給客戶的互聯網及流動證券交易服務資訊提供給香港交易所資訊服務有限公司（「資訊服務公司」），從而使本公司能夠遵守資訊服務公司與本公司簽訂的有關市場數據傳送專線許可證協議。
4 知 識 產 權
4.1 客戶承認，互聯網及流動證券交易服務及其中包括的任何軟件乃屬本公司專有。
4.2 客戶授權承諾，他將不會以任何方式試圖篡改、修改、解編、倒序製造、或以其他任何方法改動該等軟件，亦不會試圖在未經授權下登入互聯網及流動證券交易服務或內裏包含的軟件的任何部份。客戶同意，若客戶在任何時候違反了此保證和承諾，或若本公司在任何時候有合理理由懷疑客戶已違反了此保證和承諾，本公司將有權終止本互聯網及流動證券交易協議。
4.3 客戶保證客戶知道有人作出上述 4.2 條款之行動時，會馬上通知本公司。
5 責 任 及 賠 償 限 制
5.1 客戶明白、同意及承認，本公司不會對客戶不能存取客戶之帳戶資料及透過互聯網及流動證券交易服務進行交易負責。
5.2 本公司、其業務代理、以及資訊供應者對由於難以合理控制的情況而使客戶遭受任何損失、開支、費用或責任概不負責，包括（但不限於）這些情況：
(i) 通過不受本公司控制的電話、互聯網及流動證券交易或其系統與本公司進行通訊往來的延誤、失靈或不準確；
(ii) 資訊供應者提供的股市研究、分析、市場數據及其他資訊的延誤、遺漏或欠缺；
(iii) 未經授權下進入通訊系統，包括未經授權下使用客戶的登入號碼、密碼、及/或帳戶號碼；及
(iv) 戰爭或軍事行動、政府限制、勞資糾紛或任何市場或交易所被關閉或中斷、惡劣天氣情況及天災。
5.3 客戶同意，如因客戶違反客戶協議（包括本互聯網及流動證券交易協議），適用的證券法例或規例、或任何第三者權利包括（但不限於）任何版權侵犯、對任何知識產權的侵犯以及對任何私穩權的侵犯，而使本公司、其業務代理及資訊供應者遭受的任何或所有索償、損失、責任、開支及費用（包括但不限於侓師費），客戶將就此對其作出賠償，及保證本公司、其業務代理及資訊供應者不會因此而招致任何損失，即使終止互聯網及流動證券交易協議，客戶在此的責任仍然有效。
5.4 客戶接受，儘管本公司已盡力確保所提供資訊的準確性和可靠性，本公司並不能絕對保證這些資訊準確和可靠，及對由於資訊出現任何不準確或遺漏而導致的任何損失或損害，本公司概不承擔責任（無論是從民事過失、合約或其他法律上）。
6 法 例 及 規 例
倘客戶向本公司發出任何指令的地點為香港以外的地方，客戶同意確保及表明該等指令的發出將遵從於客戶發出指令的有關司法管轄區的一切適用法律，而客戶更同意客戶遇有疑問時，應於有關司法管轄區咨詢或取得法律及專業意見。客戶同意支付就有關任何指示可能須繳付稅項或收費，本公司並不須就該等費用負上任何責任。
7 互聯網及流動證券交易服務之終止
7.1 本公司保留權利，並有絕對酌情權而無需通知及不受限制地，於任何原因，包括但不限於未經授權下使用客戶的登入號碼、密碼、及/或帳戶號碼，違反本互聯網及流動交易協議或客戶協議，本公司取用繼續從任何資訊供應者獲得任何資訊、或本公司與資訊供應者之間的一項或多項協議被終止，終止客戶登入互聯網及流動證券交易服務或其任何部分。
7.2 若本公司終止互聯網及流動證券交易服務，資訊供應者及本公司將無需向客戶承擔任何責任，然而，若是在無任何理由下終止服務，本公司應按比例向客戶退還其已為互聯網及流動證券交易服務而支付，但只限於終止服務日期起計尚未使用那一部分的費用。
8 風險披露聲明書客戶明白：–
(i) 由於無法預計互聯網及流動的通訊量，故屬一個存在不可靠因素的通訊媒介，而該等不可靠因素亦非本公司所能控制，互聯網及流動的通訊有可能中斷、延誤或未經授權各方取得的風險。雖然本公司採取措施將此一風險減至最低限度，但對於客戶因上述中斷、延誤或被未經授權取得的結果而使客戶招致任何損失，本公司不承擔任何責任。倘若客戶不準備接受上述風險，客戶不應在互聯網及流動向本公司作出任何指示。
(ii) 透過某個互聯網及流動證券交易系統進行買賣，可能會與透過其他互聯網及流動證券交易系統進行買賣有所不同。如果客戶透過某個互聯網及流動證券交易系統進行買賣，便須承受該系統帶來的風險，包括有關系統硬件或軟件可能會失靈的風險。系統失靈可能會導致客戶的交易指示不能根據指示執行、甚至完全不獲執行。
(iii) 本公司、香港聯合交易所有限公司（「聯交所」）、香港中央結算有限公司（「香港結算」）及所有有關人士致力確保該系統所提供資料的準確性及可靠性，惟資料的準確性及可靠性並無保證、且本公司、聯交所、香港結算及所有有關人士概不須就任可因不準確或錯漏所產生的任何損失或損毀承擔任何責任（不論以文本或合約或其他形式）。
9 一 般 事 項
9.1 如客戶協議與本互聯網及流動證券交易協議之條款有任何衝突，以後者之條款為準。客戶在此同意、承認、確認互聯網及流動證券交易協議為客戶協議組成之一部份。
9.2 倘若雙方出現任何爭議，客戶同意以本公司的記錄（包括互聯網及流動證券交易記錄）為準。
9.3 本公司可不時修改本互聯網及流動交易協議之條款，並會以書面方式或透過互聯網及流動證券交易服務向客戶發出合理通知。
9.4 本協議加入之標題，只供參考，並將不能影響本合同的結構及解釋。在本合約中，除非容另有指明外：
(i) 文字包括眾數及單數；及
(ii) 文字包括所有性別。
9.5 本協議之中英版本文義如有歧義，請以英文版本為準。
10 法 律
x協議書受香港特別行政區法律管轄及以其作解釋，而雙方不得撤銷接受香港特別行政區法院的專屬司法管轄。
附表 3 風險披露聲明
客戶明白及承認：–
1. 有關證券買賣，證券價格可能及必定會波動，任何個別證券的價格皆可上升或下跌，甚至可能變成毫無價值。買賣證券不一定獲利，而且存在著可能損失的風險，客戶願意承擔此等風險；
2. 有關買賣創業板股份：–
(i) 此等創業板股份涉及很高的投資風險，尤其是該等公司可在無需具備盈利往績及無需預測未來盈利的情況下在創業板上市，創業板股份可能非常波動及流通性很低。客戶會在審慎及仔細考慮後，才作出有關的投資決定；
(ii) 創業板市場的較高風險性質及其他特點，意味著這個市場較適合專業及其他熟悉投資技巧的投資者；
(iii) 現時有關創業板股份的資料只可以在聯交所操作的互聯網站上找到。創業板上市公司一般無須在憲報指定的報章刊登付費公告；
(iv) 假如客戶對本風險披露聲明的內容或創業板市場的性質及在創業板買賣的股份所涉風險有不明白之處，應尋求獨立的專業意見；
3. 存放款項或其他財產於本公司保管可能存在風險，若是本公司持有該款項或財產而無力償債時， 客戶將有機會被延誤回收該等款項及財產，並可能須受限於具體法例規定或當地的規則(若是存放在香港以外)，而當地法例或規則不同於《證券及期貨條例》（第 571 章），只可收回按比例分配得來的款項或其他財產；
4. 如上(3)所述，本公司在香港以外地方收取或持有的客戶財產，是受到有關海外司法管轄區的適用法律及規例所監管的。這些法律及規例與
《證券及期貨條例》（第 571 章）及根據該條例制定的規則可能有所不同，因此，有關客戶資產將可能不會享有賦予在香港收取或持有的客戶資產的相同保障；
5. 有關聯交所買賣納斯達克的證券，按照納斯達克—美國證券交易所試驗計劃（試驗計劃）掛牌買賣的證券是為熟悉投資技巧的投資者而設的。客戶在買賣該項試驗計劃的證券之前，會先咨詢持牌人或註冊人的意見和熟悉該項試驗計劃。客戶知悉，按照該項試驗計劃掛牌買賣的證券並非以聯交所的主板或創業板作第一或第二上市的證券類別加以監管；及
6. 在開始交易之前，客戶先要清楚瞭解客戶必須繳付的所有佣金、費用或其他收費。這些費用將直接影響客戶可獲得的淨（如有）或增加客戶的虧損。
7. 衍生工具產品交易可能存在風險。衍生工具為高風險投資產品，其價格大幅波動，投資者隨時會損失所有的投資金額。衍生工具只適合有經驗及財政資源充裕的投資者，並不適合經驗淺及財富不足的投資者。投資者需由證券行進行審核來決定，是否適合投資衍生工具。
(i) 買 賣 牛 熊 證 涉 及 的 風 險
⚫ 強 制 收 回
牛熊證並不適合所有投資者，投資者在買賣牛熊證前應先考慮本身能承受多少風險。在任何情況下，除非投資者清楚明白牛熊證的性質，並已準備好隨時會損失所有的投資金額，否則投資者不應買賣牛熊證，因為萬一牛熊證的相關資產價格觸及收回價，牛熊證會即時由發行商收回，買賣亦會終止。N 類牛熊證將不會有任何剩餘價值。若是 R 類牛熊證，持有人或可收回少量剩餘價值，但在最壞的情況下亦可能沒有剩餘價值。經紀代其客戶從發行商收回剩餘價值款項時或會收取服務費。
一般來說，收回價與相關資產現價的相差越大，牛熊證被收回的機會越低，因為相關資產的價格需要較大的變動才會觸及收回價。但同一時間，收回價與現價的相差越大，槓桿作用便越小。
當牛熊證被收回後，即使相關資產價格反彈，該隻牛熊證亦不會再次復牌在市場上買賣，因此投資者不會因價格反彈而獲利。
若屬海外資產發行的牛熊證，強制收回事件可能會於香港交易所交易時段以外的時間發生。
⚫ 槓 桿 作 用
由於牛熊證是槓桿產品，牛熊證價格在比例上的變幅會較相關資產為高。若相關資產價格的走向與投資者原先預期的相反，投資者可能要承受比例上更大的損失。
⚫ 限 定 的 有 效 期
牛熊證有一固定有效期，並於指定日期到期。有效期可以是 3 個月至 5 年不等。若在到期前遭提早收回牛熊證的有效期將變得更短。期間牛熊證的價值會隨着相關資產價格的變動而波動，於到期後或遭提早收回後更可能會變得沒有價值。
⚫ 相 關 資 產 的 走 勢
牛熊證的價格變動雖然趨向緊貼相關資產的價格變動，但在某些情況下未必與相關資產價格的變動同步（即對沖值不一定等於一）。牛熊證的價格受多個因素所影響，包括其本身的供求、財務費用及距離到期的時限。此外，個別牛熊證的對沖值亦不會經常接近一，特別是當相關資產的價格接近收回價時。
⚫ 流 通 量
雖然牛熊證設有流通量提供者，但不能保證投資者可以隨時以其目標價買入／沽出牛熊證。
⚫ 財 務 費 用
牛熊證在發行時已把整個年期的財務費用計算在發行價內，雖然當牛熊證被收回時其年期會縮短，持有人仍會損失整筆財務費用。投資者需注意牛熊證推出後，其財務費用或會轉變，流通量提供者在牛熊證推出時未必會根據財務費用的理論值價格開價。
⚫ 接近收回價時的交易
相關資產價格接近收回價時，牛熊證的價格可能會變得更加波動，買賣差價可能會較闊，流通量亦可能較低。牛熊證隨時會被收回而交易終止。
由於強制收回事件發生的時間與停止牛熊證買賣之間可能會有一些時差。有一些交易在強制收回事件發生後才達成及被交易所參與者確認，但任何在強制收回事件後始執行的交易將不被承認並會被取消。因此投資者買賣接近收回價的牛熊證時需額外小心。
發行商會於強制收回事件發生後 60 分鐘內通知市場確實的收回時間，交易所亦會把於強制收回事件發生後才達成的交易資料發布給有關的交易所參與者，讓他們通知其客戶。若投資者不清楚交易是否在強制收回事件後才達成或有否被取消，應查詢經紀。
⚫ 海外資產發行的牛熊證
以海外資產發行的牛熊證，其價格及結算價均由外幣兌換港元計算，投資者買賣這類牛熊證需承擔有關的外匯風險。外匯價格由市場供求釐定，其中牽涉的因素頗多。
若屬海外資產發行的牛熊證，強制收回事件可能會於香港交易所交易時段以外的時間發生。有關的牛熊證會於下一個交易時段或發行商通知交易所強制收回事件發生後盡快停止在交易所買賣。強制收回事件發生後，AMS/3 不設自動停止機制。若屬 R 類牛熊證，剩餘價值會根據上市文件於訂價日釐定。
(ii) 投資衍生權證(「窩輪」)涉及的風險
買賣衍生權證（「窩輪」）涉及高風險，並非人皆適合。投資者買賣衍生權證（「窩輪」）前必須清楚明白及考慮以下的風險：
⚫ 發 行 商 風 險
衍生權證（「窩輪」）的持有人等同衍生權證（「窩輪」）發行商的無擔保債權人，對發行商的資產並無任何優先索償權；因此，衍生權證（「窩輪」）的投資者須承擔發行商的信貸風險。
⚫ 槓 桿 風 險
儘管衍生權證（「窩輪」）價格遠低於相關資產價格，但衍生權證（「窩輪」）價格升趺的幅度亦遠較正股為大。在最差的情況下，衍生權證（「窩輪」）價格可趺至零，投資者會損失最初投入的全部資金。
⚫ 具 有 效 期
與股票不同，衍生權證（「窩輪」）有到期日，並非長期有效。衍生權證（「窩輪」）到期時如非價內權證，則完全沒有價值。
⚫ 時 間 遞 耗
x其他因素不變，衍生權證（「窩輪」）價格會隨時間而遞減，投資者絕對不宜視衍生權證（「窩輪」）為長線投資工具。
⚫ 波 幅
x其他因素不變，相關資產的波幅增加會令衍生權證（「窩輪」）價值上升；相反，波幅減少會令衍生權證（「窩輪」）價值下降。
⚫ 市 場 力 量
除了決定衍生權證（「窩輪」）理論價格的基本因素外，所有其他市場因素（包括權證本身在市場上的供求）也會影響衍生權證（「窩輪」）的價格。就市場供求而言，當衍生權證（「窩輪」）在市場上快將售罄又或發行商增發衍生權證（「窩輪」）時，供求的影響尤其大。
(iii) 投資交易所買賣基金涉及的風險
⚫ 市 場 風 險
交易所買賣基金主要為追蹤某些指數、行業/領域又或資產組別（如股票、債券或商品） 的表現。交易所買賣基金經理可用不同策略達至目標，但通常也不能在跌市中酌情採取防守策略。投資者必須要有因為相關指數/資產的波動而蒙受損失的準備。
⚫ 追 蹤 誤 差
這是指交易所買賣基金的表現與相關指數/資產的表現脫節，原因可以來自交易所買賣基金的交易費及其他費用、相關指數/資產改變組合、交易所買賣基金經理的複製策略等等因素。（常見的複製策略包括完全複製/選具代表性樣本以及綜合複製，詳見下文。）
⚫ 以折讓或溢價交易
交易所買賣基金的價格可能會高於或低於其資產淨值，當中主要是供求因素的問題，在市場大幅波動兼變化不定期間尤其多見，專門追蹤一些對直接投資設限的市場/行業的交易所買賣基金亦可能會有此情況。
⚫ 外 匯 風 險
x投資者所買賣結構性產品的相關資產並非以港幣為單位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資產的價值造成負面影響，連帶影響結構性產品的價格。
⚫ 流 通 量 風 險
證券莊家是負責提供流通量、方便買賣交易所買賣基金的交易所參與者。儘管交易所買賣基金多有一個或以上的證券莊家，但若有證券莊家失責或停止履行職責，投資者或就不能進行買賣。
⚫ 交易所買賣基金的不同複製策略涉及對手風險
(a) 完全複製及選具代表性樣本策略
採用完全複製策略的交易所買賣基金，通常是按基準的相同比重投資於所有的成份股/資產。採取選具代表性樣本策略的，則只投資於其中部分（而不是全部）的相關成份股/資產。直接投資相關資產而不經第三者所發行合成複製工具的交易所買賣基金，其交易對手風險通常不是太大問題。
(b) 綜 合 複 製 策 略
採用綜合複製策略的交易所買賣基金，主要透過掉期或其他衍生工具去追蹤基準的表現。現時，採取綜合複製策略的交易所買賣基金可再分為兩種：
i. 以 掉 期 合 約 構 成
總回報掉期讓交易所買賣基金經理可以複製基金基準的表現而不用購買其相關資產。
以掉期合約構成的交易所買賣基金需承受源自掉期交易商的交易對手風險。若掉期交易商失責或不能履行其合約承諾，基金或要蒙受損失。
ii. 以 衍 生 工 具 構 成
交易所買賣基金經理也可以用其他衍生工具，綜合複製相關基準的經濟利益。有關衍生工具可由一個或多個發行商發行。
以衍生工具構成的交易所買賣基金需承受源自發行商的交易對手風險。若發行商失責或不能履行其合約承諾，基金或要蒙受損失。
交易所買賣基金即使取得抵押品，也需依靠抵押品提供者履行責任。此外，申索抵押品的權利一旦行使，抵押品的市值可以遠低於當初所得之數，令交易所買賣基金損失嚴重。
投資者是否了解並能審慎評估不同的交易所買賣基金結構及特色會有何影響極為重要。
8. 買賣外國證券包括中國 B 股的風險你必須先瞭解外國證券買賣的性質以及將面臨的風險，然後方可進行外國證券的買賣。特別是，儘管本公司是聯交所的交易所參與者，外國證券的買賣並不受聯交所所管轄，並且不會受到投資者賠償基金所保障。你應根據本身的投資經驗，風險承受能力以及其他相關條件，小心衡量自己是否適合參與該等買賣及徵求獨立專業意見（如有疑問）。
9. 以外幣計算的資產買賣所帶來的利潤或招致的虧損（不論交易是否在你本身所在的司法管轄區或其他地區進行），均會在需要將資產的貨幣單位兌換成另一種貨幣時受到匯率波動的影響。
10. 電子結算單可能存在風險。互聯網及其他電子媒介的接達可能因為高峰期、市場波動、系統升級或維修或因其他原因而受到限制或未能提供。透過互聯網及其他電子媒介進行的任何通信可能會受到幹擾、出現傳輸中斷，及由於未能預測的互聯網通信量或因其他不受持牌人或註冊人控制的原因而導致傳輸延誤。基於技術所限，互聯網本身為不可靠的通信媒介。因此，可能會出現資訊傳輸及接收之延誤，以及結算單未必能傳送到指定的電郵帳號。此外，未經授權第三方可能獲得通訊及個人資料，及你須要完全承擔任何誤解通信或通信錯誤之風險。
11. 向本公司提供授權書，容許其按照某份證券借貸協議書使用你的證券或證券抵押品、將你的證券抵押品再質押以取得財務通融，或將你的證券抵押品存放為用以履行及清償其交收責任及債務的抵押品，存在一定風險。
假如你的證券或證券抵押品是由本公司在香港收取或持有的，則上述安排僅在限於你已就此給予書面同意的情況下方行有效。此外，除非你是專業投資者，你的授權書必須指明有效期，而該段有效期不得超逾 12 個月。若你是專業投資者，則有關限制並不適用。
此外，假如本公司在有關授權的期限屆滿前最少 14 日向你發出有關授權將被視為已續期的提示，而你對於在有關授權的期限屆滿前以此方式將該授權延續不表示反對，則你的授權將會在沒有你的書面同意下被視為已續期。
現時並無任何法例規定你必須簽署這些授權書。然而，本公司可能需要授權書，以便例如向你提供保證金貸款或獲准將你的證券或證券抵押品借出予第三方或作為抵押品存放於第三方。本公司應向你闡釋將為何種目的而使用授權書。
倘若你簽署授權書，而你的證券或證券抵押品已借出予或存放於第三方，該等第三方將對你的證券或證券抵押品具有留置權或作出押記。雖然本公司根據你的授權書而借出或存放屬於你的證券或證券抵押品須對你負責，但其違責行為可能會導致你損失你的證券或證券抵押品。
大多數持牌人或註冊人（包括本公司）均提供不涉及證券借貸的現金帳戶。假如你毋需使用保證金貸款，或不希望本身證券或證券抵押品被借出或遭抵押，則切勿簽署上述的授權書，並應要求開立該等現金帳戶。
12. 藉存放抵押品而為交易取得融資的虧損風險可能極大。你所蒙受的虧蝕可能是全部你存放於本公司作為抵押品的現金及任何其他資產。市場情況可能使備用交易指示，例如“止蝕”或“限價”指示無法執行。你可能會在短時間內被要求存入額外的保證金款額或繳付利息。假如你未能在指定的時間內支付所需的保證金款額或利息，你的抵押品可能會在未經你的同意下被出售。此外，你將要為你的帳戶內因此而出現的任何短欠數額及需繳付的利息負責。因此，你應根據本身的財政狀況及投資目標，仔細考慮這種融資安排是否適合你。
CASH CLIENT AGREEMENT
THIS AGREEMENT is made the date stated in the Account Opening Form
BETWEEN:
(1) Afflux Securities Limited, a company incorporated in Hong Kong with its principal place of business at Rm 2208-09, 00/X, Xxxxx Xxxxxxxxx Xxxxx Xxxx, 000 Xxx Xxxxx Xx Xxxxxxx, Xxxx Xxxx and a corporation licensed for Type 1 regulated activity under the Securities and Futures Ordinance with CE No. BIO838 and an exchange participant of The Stock Exchange of Hong Kong Limited (the “Company”); and
(2) The party whose name, address and details are set out in the Account Opening Form (the “Customer”).
WHEREAS:
1 Definitions
“Account” means any one or more securities trading accounts now or hereafter opened in the name of the Customer with the Company in connection with this Agreement;
“Account Opening Form” means Individual, Joint and Corporate Opening Form;
“Agreement” means this agreement, including the Account Opening Form and the various Schedules attached hereto, as originally executed or as thereafter from time to time amended or supplemented;
“Associate” means, in relation to the Company, a body corporate which is its subsidiary or affiliated company, in Hong Kong or elsewhere;
“Authorized Person” means the persons or any of them designated in or pursuant to this Agreement to issue Instructions on behalf of the Customer in relation to Accounts or Transactions and initially the persons named in the Account Opening Form;
“Business Day” means any day on which the relevant Exchange opens for trading other than Saturdays, Sundays, public holidays and any other days declared by the Exchange to be non-business days;
“Clearing House” means HKSCC in relation to SEHK and, in relation to any other Foreign Stock Exchange, the clearing house providing services similar to those of HKSCC to such Foreign Stock Exchange;
“Correspondent Agent” means anyone who acts as the Company’s agent in effecting Transactions or clearing the same in Hong
Kong or elsewhere, including any member of an Exchange or Clearing House.
“Exchange” means SEHK and any Foreign Stock Exchange;
“Internet and Mobile Securities Trading Services” means the services as defined in the Internet and Mobile Securities Trading Agreement;
“Foreign Stock Exchange” means a stock exchange which is permitted to operate in a country or territory outside Hong Kong by the law of that country or territory, or any over the counter market;
“Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China;
“HKSCC” means the Hong Kong Securities Clearing Company Limited;
“Instructions” means any instructions or orders communicated by the Customer or its Authorized Persons to the Company in accordance with Clause 4.1;
“Securities” means (1) stocks, shares, units and other equity securities, (2) bonds, notes and other debt securities, (3) spot and forward contracts, warrants and derivatives (whether or not linked or related in any way to any of the foregoing or to any moneys, index or other asset, property or item) and (4) other investments of any kind whatsoever, in each case whether listed or unlisted, traded or not traded on any exchange or market, privately placed or publicly offered and whether or not constituted, evidenced or represented by a certificate or other document (bearer, negotiable or otherwise) or by an entry in the books of an issuer, a clearing house, a depository, a custodian or any other person, together with rights against any issuer, clearing house, depository, custody or other person in respect of any of the foregoing and other rights, benefits and proceeds in relation to any of the foregoing;
“SEHK” means The Stock Exchange of Hong Kong Limited and includes its successors, assigns and any resulting or surviving entity into or with which it may consolidate, amalgamate or merge;
“SFC” means the Securities and Futures Commission of Hong Kong; and
“Transactions” means any transactions concerning the purchase, subscription, sale, exchange or other disposal of and dealings in any and all kinds of Securities on any Exchange including (but not limited to) safe-keeping of securities and the provision of nominee or custodian service therefore and other transactions effected under or pursuant to this Agreement.
2 Authority
2.1 The Customer (in the case of a corporation) authorizes the Authorized Persons to represent the Customer in all matters in relation to all Transactions with the Company and to sign on the Customer’s behalf all agreements and documents relating to the Account and its operation, including this Agreement. All such documents and Instructions shall be absolutely and conclusively binding on the Customer. The Customer agrees that the Company is entitled to act on the Instructions of the Authorized Persons until the Customer notifies the Company in writing that the authorization has been revoked or varied.
2.2 If the Customer (in the case of an individual) wishes to appoint Authorized Persons, the Customer shall in addition to completing the Account Opening Form, furnish to the Company a duly executed power of attorney or other similar instrument of appointment in a form prescribed by or acceptable to the Company. The Customer agrees that the Company is entitled to act on the Instructions of the Authorized Person until the Customer notifies the Company in writing that the power of attorney has been revoked or varied.
2.3 The Customer acknowledges and agrees that the Customer retains full responsibility for all Transactions and the Company is responsible only for the execution, clearing, and carrying of Transactions and has no responsibility or obligation regarding any conduct, action, representation or statement of any introducing firm, investment advisor or other third party in connection with the Account or any Transaction therein. In relation to Transactions entered by the Customer not as a result of the Company’s recommendation or solicitation, the Company is not responsible to the Customer with respect to the suitability of the Transaction. Nor is the Company responsible for the profitability, tax, legal or accounting consequences of any Transactions.
2.4 Any advice or information provided by the Company, its directors, officers, employees or agents, whether or not solicited, shall not constitute an offer to enter into a transaction, or an investment recommendation. The Customer independently and without reliance on the Company, makes its own judgements on Transactions.
2.5 The Customer authorizes the Company to instruct such Correspondent Agent as the Company may in its absolute discretion select to execute Transactions and acknowledges that the terms of business of such Correspondent Agent and the rules of any Exchange and Clearing House on and through which such Transactions are executed and settled shall apply to such Transactions and shall be binding on the Customer.
3 Commissions, Charges and Interest
3.1 On all Transactions, the Company is authorized to deduct the Company’s commissions and charges in connection with any Transactions effected for the Customer (as notified to the Customer from time to time), all applicable levies imposed by the Exchange or Clearing House, brokerage, stamp duty, bank charges, transfer fees, interest and nominee or custodial expenses, immediately when due.
3.2 The Company shall be entitled to deposit all monies held in the Account and all monies received for or on the account of the Customer into one or more trust account(s) at one or more authorized financial institution(s) as defined in the Securities and Futures Ordinance or as otherwise permitted by the Securities and Futures Ordinance.
3.3 The Customer shall pay interest on all debit balances on the Account (including any amount otherwise owing to the Company at any time) at such rates and on such other terms as the Company notifies the Customer from time to time. Such interest shall accrue on a day-to-day basis and shall be payable on the last day of each calendar month or upon any demand being made by the Company. Overdue interest shall be compounded monthly and shall itself bear interest.
3.4 The Customer agrees to pay any account services fee that the Company may charge for the maintenance of the Customer’s Account and authorizes the Company to debit the Customer’s Account for the same.
4 Instructions
4.1 All Instructions shall be given by the Customer (or its Authorized Person) orally either in person or by telephone, or in writing, delivered by hand, by post or in such other form as from time to time accepted by the Company.
4.2 The Customer acknowledges and agrees that any Instructions given or purported to be given by any means to the Company by the Customer or by any Authorized Person and which are acted on or relied on by the Company shall at all times be irrevocable and bind the Customer, whether or not such Instructions are in fact given or authorized by the Customer. Under no circumstance the Company has any duty to enquire or verify the identity or authority of the person giving instruction by any accepted means.
4.3 The Customer acknowledges that once an Instruction has been made it may not be possible to cancel or change the Instruction.
4.4 The Company may, in its discretion and without assigning any reason therefore, refuse to act for the Customer or its Authorized Person in any particular Transactions.
5 Dealing Practices
5.1 Any day order for purchase or sale of Securities placed by the Customer that has not been executed before the close of business of the relevant Exchange or such later time as the Customer and the Company may agree shall be deemed to have been cancelled automatically.
5.2 The Customer authorizes the Company, at any time and at Company’s absolute discretion, for the purpose of obtaining a better execution price and/or reducing the volume of instructions, to consolidate and/or disaggregate the Customer’s Instructions to purchase and/or sell Securities on the Customer’s behalf with similar instructions received from the Company’s other customers. The Customer agrees that in the event of there being insufficient Securities available to satisfy the purchase/sell orders so consolidated, the number of Securities actually purchased/sold shall be attributed to the relevant customers in the order in which those orders were received by the Company.
5.3 The Customer acknowledges that due to the trading practices of the Exchange or other markets in which Transactions are executed, it may not always be able to execute orders at the prices quoted “at best” or “at market” and the Customer agrees in any event to be bound by Transactions executed by the Company following Instructions given by the Customer.
5.4 Subject to applicable laws and regulations and market requirements, the Company may in its absolute discretion determine the priority in the execution of its customers’ orders, having due regard to the sequence in which such orders were received, and the Customer shall not have any claim of priority to another customer in relation to the execution of any order received by the Company.
5.5 Unless otherwise agreed, in respect of each Transaction, unless the Company is already holding cash or Securities on the Customer’s behalf to settle the Transactions, the Customer shall pay the Company cleared funds (including payment in a currency other than Hong Kong Dollars) or deliver to the Company Securities which are fully paid with valid and good title and in deliverable form by such time as the Company has notified the Customer in relation to the Transactions. The Customer shall be responsible to the Company for any losses and expenses resulting from the Customer’s settlement failures.
5.6 The Customer shall immediately notify the Company after payment of funds to the Company by delivering to the company written evidence of such payment. The Customer acknowledges that payment of funds to the Company may not be accredited to the Customer’s Account or reflected in any account statement until such notification is received by the Company. The Customer agrees that any interest payable to or receivable by the Customer under Clauses 3.3 and 3.4 shall be calculated on this basis.
5.7 The Account shall be in Hong Kong dollars or such other currencies as the Company may agree from time to time with the Customer. In the event that the Customer instructs the Company to effect any Transactions in a currency other than Hong Kong dollars, any profit or loss arising as a result of fluctuations in the exchange rate of the relevant currencies will be for the account of the Customer solely. Any conversion from one currency into another required to be made for performing any action or step taken by the Company under this Agreement may be effected by the Company in such manner and at such time as it may in its absolute discretion decide. The Customer authorizes the Company to debit the Customer’s Account for any expenses incurred in effecting the currency conversion. The Company reserves the right at any time to refuse to accept any Instructions from the Customer in relation to currency conversion.
5.8 The Customer acknowledges that telephone calls or other forms of communication between the Customer and the Company may be recorded or otherwise electronically monitored without any warning messages and that the record may be used as final and conclusive evidence of the Instructions in case of disputes. While such tapes will remain the property of the Company, the Company will provide to the Customers on the Customer’s request and at the Customer’s expense a copy of such tape.
5.9 If the Company engages the service of Correspondent Agents, the Company shall be entitled to accept and keep, for its own account, any commission or rebate which the Company may receive in respect of any business the Company supplies to them on behalf of the Customer.
5.10 The Company will act as the Customer’s agent in effecting transactions pursuant to this Agreement unless the Company indicates (in the contract note for the relevant transaction or otherwise) that it is acting as principal.
6 Short Selling
6.1 The Customer undertakes that it will not effect any short selling order (for example, an order for sale of Securities to which the Customer does not presently own or is entitled to only as a result of borrowing these Securities) through the Company.
7 Conflict of Interest
7.1 The Customer acknowledges and agrees that the Company, its directors, officers or employees and its Correspondent Agent may trade on its/their own account or on the account of an Associate.
7.2 The Company is authorized to buy, sell, hold or deal in any Securities or take the opposite position to the Customer’s order whether it is on the Company’s own account or on behalf of an Associate or its other customers.
7.3 The Company is authorized to match the Customer’s orders with those of other customers.
7.4 The Company is authorized to effect Transactions in Securities where the Company or its Associate has a position in the Securities or is involved with those Securities as underwriter, sponsor or otherwise.
7.5 In any of the situations referred to in this Clause the Company shall not be obliged to account to the Customer for any profits or benefits obtained.
8 Customer Identification
If the Customer effects Transactions in Securities listed on the SEHK or in derivatives related thereto for the account of clients, whether on a discretionary or non-discretionary basis, and whether as agent or by entering into matching transactions as principal with its clients, the Customer hereby agrees that, in relation to a Transaction where the Company has received an enquiry from the SEHK and/or the SFC (the “Hong Kong regulators”), the following provisions shall apply.
8.1 Subject as provided below, the Customer shall, immediately upon request by the Company (which request shall include the relevant contact details of the Hong Kong regulators), inform the Hong Kong regulators of the identity, address, occupation and contact details of the client for whose account the Transactions was effected and (so far as known to the Customer) of the person with the ultimate beneficial interest in the Transactions. The Customer shall also inform the Hong Kong regulators of the identity, address, occupation and contact details of any third party (if different from the client/ultimate beneficiary) who originated the Transactions.
8.2 If the Customer effected the Transactions for a collective investment scheme, discretionary account or discretionary trust the Customer shall, immediately upon request by the Company (which request shall include the relevant contact details of the Hong Kong regulators), inform the Hong Kong regulators of the identity, address and contact details of the scheme, account or trust and, if applicable, the identity, address, occupation and contact details of the person who, on behalf of the scheme, account or trust, instructed the Customer to effect the Transactions.
8.3 If the Customer effected the Transactions for a collective investment scheme, discretionary account or discretionary trust, the Customer shall, as soon as practicable, inform the Company when the Customer’s discretion to invest on behalf of the scheme, account or trust has been overridden. In the case where the Customer’s investment discretion has been overridden, the Customer shall, immediately upon request by the Company (which request shall include the relevant contact details of the Hong Kong regulators), inform the Hong Kong regulators of the identity, address, occupation and contact details of the person(s) who has or have given the instruction in relation to the Transactions.
8.4 If the Customer is aware that its client is acting as intermediary for its underlying clients, and the Customer does not know the identity, address, occupation and contact details of the underlying client for whom the Transactions was effected, the Customer confirms that:
(i) it has arrangements in place with its client which entitle the Customer to obtain the information set out in Clauses
8.1 and 8.2 from its client immediately upon request or procure that it be so obtained; and
(ii) it will, on request from the Company in relation to a Transaction, promptly request the information set out in Clauses
8.1 and 8.2 from the client on whose Instructions the Transactions was effected, and provide the information to the Hong Kong regulators as soon as received from its client or procure that it be so provided.
8.5 The Customer confirms that, where necessary, it has obtained all relevant consents or waivers from clients, collective investment schemes, discretionary accounts or discretionary trusts for whose account Transactions may be effected to release information to the Hong Kong regulators of the identity and contact details of such clients, collective investment schemes, discretionary accounts or discretionary trusts, and of the person(s) with the ultimate beneficial interest in any such Transactions, and (if different from the client/ultimate beneficiary) of the person(s) who originated the Transactions.
8.6 The provisions of this Clause shall continue in effect notwithstanding the termination of this Agreement.
9 Confidentiality
9.1 The Company will keep information relating to the Account confidential but may provide any such information to the Exchange and the SFC or any other regulatory authority (including overseas regulatory authorities) to comply with their requirements or requests for information, and to any of the Company’s branches or Associates, without any consent from or notification to the Customer.
9.2 Where the Customer is an individual, the Company is subject to the Hong Kong Personal Data (Privacy) Ordinance which regulates the use of personal data concerning individuals. The Company’s policies and practices relating to personal data are set out in Schedule 1 to this Agreement and the Customer acknowledges that it fully understands and accepts the provisions in Schedule 1.
10 Safekeeping and Disposal of Securities
10.1 The Customer appoints the Company to act as custodian for the Customer to provide custody of Customer’s Securities. The Customer agrees not to pledge, charge, sell, grant an option or otherwise deal in any Securities or money forming part of any Account without the prior written consent of the Company.
10.2 Any Securities held in Hong Kong by the Company for safekeeping on behalf of the Customer may, at the Company’s discretion:-
(i) (in the case of registrable Securities) be registered in the name of the Customer or in the name of the Company’s nominee; or
(ii) deposited in safe custody in a segregated account which is designated as a trust account or client account with an authorized financial institution as defined in the Securities and Futures Ordinance, an approved custodian or another intermediary licensed by the SFC for dealing in securities in each case in Hong Kong .
10.3 Where Securities are held by the Company for safekeeping pursuant to this Clause, the Company shall itself, or shall procure any nominee or custodian appointed by it to:
(i) collect and credit any dividends or other benefits arising in respect of such Securities to the Account or make payment to the Customer as agreed with the Customer. Where the Securities form part of a larger holding of identical Securities held for the Company’s clients, the Customer is entitled to the same share of the benefits arising on the holding as the Customer’s share of the total holding. Where the dividend is distributed either in the form of cash dividend or other forms, the Company is authorized to elect and receive on behalf of the Customer the cash dividend in the absence of contrary prior written Instruction from the Customer; and
(ii) comply with any directions received, in sufficient time to enable the Company to make the necessary arrangements, from the Customer as to the exercise of any voting or other rights attaching to or conferring on such Securities provided that if any payment or expense is required to be made or incurred in connection with such exercise, neither the Company nor its nominee shall be required to comply with any directions received from the Customer unless and until it receives all amounts necessary to fund such exercise.
10.4 The Company and its nominee are not bound to redeliver to the Customer the identical Securities received from or for the Customer but may redeliver to the Customer, at the office of the Company at which the Account is kept, Securities of like quantity, type and description.
10.5 Securities held by the Company for safekeeping pursuant to this Clause are held by the Company at the sole risk of the Customer and the Company shall not be responsible for or liable in respect of any loss or damage suffered by the Customer in connection hereof unless such loss or damage has been caused as a direct consequence of a gross act of negligence or fraud on the part of the Company.
10.6 The Customer hereby expressly authorizes the Company to dispose of such Securities for the purpose of settling any liability owed by the Customer (or who is the beneficial owner of such Securities) to the Company for dealing in Securities or financial accommodation provided by the Company to the Customer which remains after the Company has disposed of all other assets designated as Collateral for securing the settlement of that liability.
11 Events of Default
11.1 Any one of the following events shall constitute an event of default (“Event of Default”):
(i) the Customer’s failure to pay any deposits or any other sums payable to the Company or its Associates or submit to the Company any documents or deliver any Securities to the Company hereunder, when called upon to do so or on due date;
(ii) default by the Customer in the due performance of any of the terms of this Agreement and the observance of any by-laws, rules and regulations of the appropriate Exchange and/or Clearing House;
(iii) the filing of a petition in bankruptcy, winding up or the commencement of other analogous proceedings against the Customer;
(iv) the death of the Customer (being an individual) or the Customer is judicially declared insane or incompetent;
(v) the levy or enforcement of any attachment or other process against the Customer;
(vi) any representations or warranty made by the Customer to the Company in this Agreement or in any document being or becoming incorrect or misleading;
(vii) any consent, authorization or board resolution required by the Customer (being a corporation or a partnership) to enter into this Agreement being wholly or partly revoked, suspended, terminated or ceasing to remain in full force and effect; and
(viii) the occurrence of any event which, in the sole opinion of the Company, might jeopardize any of its rights under this Agreement.
11.2 If an Event of Default occurs, without prejudice to any other rights or remedies that the Company may have against the Customer and without further notice to the Customer, the Company shall be entitled to:
(viii) immediately close the Account;
(ix) terminate all or any part of this Agreement;
(x) cancel any or all outstanding orders or any other commitments made on behalf of the Customer;
(xi) close any or all contracts between the Company and the Customer, cover any short position of the Customer through the purchase of Securities on the relevant Exchange(s) or liquidate any long positions of the Customer through the sale of Securities on the relevant Exchange(s);
(xii) dispose of any or all Securities held for or on behalf of the Customer and to apply the proceeds thereof and any cash deposit(s) to settle all outstanding balances owing to the Company or its Associates including all costs, charges, legal fees and expenses including stamp duty, commission and brokerage properly incurred by the Company in transferring or selling all or any of the Securities or properties in the Account or in perfecting title thereto;
(xiii) borrow or buy any Securities required for delivery in respect of any sale effected for the Customer; and
(xiv) combine, consolidate and set-off any or all accounts of the Customer in accordance with Clause 14.
All amounts due or owing by the Customer to the Company under this Agreement shall become immediately due and payable if an Event of Default occurs.
11.3 In the event of any sale pursuant to this Clause:
(i) the Company shall not be responsible for any loss occasioned thereby howsoever arising if the Company has used reasonable endeavours to sell or dispose of the Securities or any part thereof at the then available market price;
(ii) the Company shall be entitled to keep for itself or sell or dispose of the Securities or any part thereof at the available market price to any person at its discretion without being in any way responsible for loss occasioned thereby howsoever arising and without being accountable for any profit made by the Company and/or any of the Associates; and
(iii) the Customer agrees to pay to the Company any deficiency if the net proceeds of sale shall be insufficient to cover all the outstanding balances owing by the Customer to the Company.
12 Termination
12.1 Either party may terminate this Agreement at any time by giving the other party no less than 3 Business Days notice in writing. The Company may also terminate this Agreement with immediate effect upon the occurrence of any one or more of the following events:
(i) the withdrawal or non-renewal upon expiry (or when called upon to do so) of the Customer’s authorization to the Company as contained in Clause 10.6 of this Cash Client Agreement regarding; or
(ii) the withdrawal of the Customer’s appointment of the Company as the Customer’s custodian in Clause 10.1. Termination under this Clause shall not affect any transactions entered into by the Company pursuant to this Agreement before the termination.
12.2 Upon termination of this Agreement under this Clause, all amounts due or owing by the Customer to the Company under this Agreement shall become immediately due and payable. The Company shall cease to have any obligations to purchase or sell Securities on behalf of the Customer in accordance with the provisions of this Agreement, notwithstanding any Instructions from the Customer to the contrary.
12.3 Upon termination of this Agreement, the Company may sell, realize, redeem, liquidate or otherwise dispose of all or part of the Securities to satisfy all indebtedness of the Customer to the Company and Clause 11.3 shall apply to any such sale.
12.4 Any net cash proceeds received by the Company pursuant to a sale, realization, redemption, liquidation or other disposal under this Clause shall be credited to the Account and the net credit balance on the Account (if any) shall be returned to the Customer, after first deducting or providing for all monies and sums due or owing and other liabilities accrued or accruing due to the Company and outstanding (whether actual or contingent, present or future or otherwise). All Securities not realized or disposed of together with any relevant documents of title in the Company's possession shall be delivered to the Customer at the Customer's sole risk and expense.
12.5 If a debit balance on the Account exists after application of the cash proceeds and deduction of any sums pursuant to this Clause, the Customer shall immediately pay to the Company an amount equal to such debit balance together with the Company's cost of funding such amount as notified to the Customer by the Company up to the date of actual receipt of full payment by the Company (after as well as before any judgement).
12.6 The Company may effect such currency conversions as are necessary for the purposes of this Clause in each case at the spot rate of exchange (as determined by the Company in its absolute discretion) prevailing in the relevant foreign exchange market (as determined by the Company in its absolute discretion) on the relevant date.
13 Liability and Indemnity
13.1 The Company will use all reasonable endeavours to comply with and carry out Instructions given by the Customer and accepted by the Company concerning the Account or Transactions but neither the Company nor any of its directors, officers, employees or agents (save where it has been established that they or any of them have acted fraudulently or in wilful default) shall have any liability whatsoever (whether in contract, tort or otherwise) for any loss, expenses or damages suffered by the Customer as a result of:
(i) any inability, failure or delay on the part of the Company to comply with or carry out any such instruction or any ambiguity or defect in any such Instruction; or
(ii) the Company in good faith acting or relying on any Instruction given by the Customer, whether or not such instruction was given following any recommendation, advice or opinion given by the Company or any Associate or by any of its or their directors, officers, employees or agents; or
(iii) the Company failing to perform its obligations hereunder by reason of any cause beyond its control, including any governmental or regulatory restriction, closure of or ruling by any Exchange (or any division thereof), suspension of trading, breakdown or failure of transmission or communication or computer facilities, postal or other strikes or similar industrial action, or the failure of any Exchange, Clearing House, Correspondent Agent or other person to perform its obligations; or
(iv) any Exchange, Clearing House, Correspondent Agent or other person ceasing for any reason to recognize the existence or validity of Transactions entered into by the Company on behalf of the Customer, or failing to perform or close out any such contract provided that such cessation or failure shall not affect the Customer’s obligations hereunder in respect of any such contracts or other obligations or liabilities of the Customer arising therefrom; or
(v) the mis-understanding or mis-interpretation of any Instruction given or placed verbally or electronically, or delays or errors in transmission owing to electronic traffic congestion or any other causes, or any mechanical failure, malfunction, suspension or termination of the continued operation or availability and mechanical failure or inadequacy of the Company’s telephone or telecommunication system or installation in connection with the receipt and processing of Instructions transmitted by telecommunication devices and all other related equipment, facilities and services.
13.2 The Customer agrees to fully indemnify and keep indemnified the Company and its Associates and its Correspondent Agents and their directors, officers, employees and agents (“Indemnified Persons”) against any loss, cost, claim, liability or expense, including legal fees, that may be suffered or incurred by any and/or all of the Indemnified Persons, arising out of or in connection with any Transactions, or otherwise arising out of any action or omission by the Company in accordance with the terms of this Agreement, or arising out of any breach by the Customer of any of its obligations under this Agreement, including any costs reasonably incurred by the Company in collecting any debts due to the Company or any unpaid deficiency in the Account, in enforcing the rights of the Company hereunder or in connection with the closure of the Account, and any penalty charged as a result of any Transaction to the Company by any Exchange and/or Clearing House.
14 Set-Off, Lien and Combination of Accounts
14.1 In addition and without prejudice to any general liens, rights of set-off or other similar rights to which the Company may be entitled under laws or this Agreement, all Securities, receivables, monies and other property of the Customer (held by the Customer either individually or jointly with others) held by or in the possession of the Company at any time shall be subject to a general lien in favour of the Company as continuing security to offset and discharge all of the Customer’s obligations, arising from Transactions or otherwise, to the Company and its Associates.
14.2 In addition and without prejudice to any general liens or other similar rights which the Company may be entitled under law or this Agreement, the Company for itself and as agent for any of its Associates, at any time without notice to the Customer, may combine or consolidate any or all accounts of the Customer, of any whatsoever and either individually or jointly with others, with the Company or any of its Associates and the Company may set off or transfer any monies, Securities or other property in any such accounts to satisfy obligations or liabilities of the Customer to the Company or any of its Associates, whether such obligations and liabilities are actual or contingent, primary or collateral, secured or unsecured, or joint or several, and whether or not such obligations and liabilities arise from the purchase and sale of securities by the Customer on a cash-against-delivery basis.
14.3 Without limiting or modifying the general provisions of this Agreement, the Company may, without notice, transfer any assets among any accounts of client with the Company, and between any accounts with the Company and with its Associates, in accordance with applicable laws, rules and regulations. This includes, but not limited to, the transfer of any fund (including interest derived), securities and/or securities collateral among all client’s accounts opened with the Company for settlement purpose and/or for the satisfaction of any margin requirements to fulfil client’s duties.
14.4 The standing authority given under Clause 14.3 shall be valid till the coming 30 Jun（Anniversary Expiry Date）from the date of the Agreement. The authority shall be automatically renewed upon expiry for a period of 12 months at the same terms and conditions as specified unless client objects in writing.
15 Joint and Several Liability/Successors
15.1 Where the Customer comprises two or more individuals:
(i) each such individual shall be jointly and severally liable for all obligations under this Agreement;
(ii) the Company may accept Instructions from, give receipts to and for all purposes deal with any one of such individuals without notice to the other individual and the Company is not responsible for determining the purposes or propriety of an Instruction the Company receives from any such individual or for the disposition of payments or deliveries among such individual. The Company reserves the right to require written Instructions from all such individuals at its discretion;
(iii) any delivery of payments or Securities to any one of such individuals shall be a valid and complete discharge of the Company’s obligations to each individual regardless of whether such delivery are made before or after the death of any one of more of such individuals;
(iv) any notices and communications sent to one such individual will be deemed notice to all individuals holding the Account;
(v) on the death of any of such individual (being survived by any other such individual), this Agreement shall not be terminated and the interest in the Account of the deceased will thereupon vest in and ensure for the benefit of the survivor(s) provided that any liabilities incurred by the deceased Customer shall also be enforceable by the Company against such deceased Customer’s estate. The surviving Customer(s) shall give the Company written notice immediately upon any of them becoming aware of any such death.
15.2 This Agreement shall be binding on the Customer’s heirs, executors, administrators, personal representatives, successors and assigns, as the case may be.
16 Transaction Notices and Reports
16.1 The Company will report to the Customer executions of Transactions (i) promptly by telephone calls or facsimile or other means as agreed and/or (ii) by sending to the Customer a copy of the transaction confirmation and account statement within 2 Business Days of the execution of the Transaction. Unless there have been no Transactions or any revenue or expense item in the Account during any particular month and the Account does not have any outstanding balance or holding of position or Securities, the Company will send to the Customer a monthly statement showing a transaction summary for the month in accordance with the relevant law, regulations and rules.
16.2 The Customer shall have a duty to examine the transaction confirmation, account statement and the monthly statement carefully and to notify the Company in writing of any alleged error or irregularity therein within 3 Business Days or such other period of time as may be specified by the Company generally or in any particular case, after the date of despatch of such confirmation or statement. The Customer agrees that the Company is not liable for any damages or market fluctuations resulting from any delay in reporting an error to the Company. Otherwise, in the absence of a manifest error, the transaction confirmations, account statement and monthly statement shall be conclusive and the Customer shall be deemed to have waived any such error and the Company will be released from all claims by the Customer in connection with the statement or any action taken or not taken by the Company regarding the Account. In the case that there is an overpayment of money or Securities to the Account, the Customer agrees to notify the Company as soon as it is aware of the overpayment and agrees not to remove (or if it really removed, to return) the money or Securities.
17 New Listing of Securities
17.1 In the event that the Customer requests and authorizes the Company to apply for Securities in respect of a new listing and/or issue of Securities on the Exchange as its agent and for its benefit or for the benefit of any other person, the Customer hereby warrants to and for the Company’s benefit that the Company shall have authority to make such application on the Customer’s behalf.
17.2 The Customer shall familiarize itself and comply with all the terms and conditions governing the Securities of the new listing and/or issue and the application for such new Securities set out in any prospectus and/or offering document and the application form or any other relevant document in respect of such new listing and/or issue and the Customer agrees to be bound by such terms and conditions in any such transaction the Customer may have with the Company.
17.3 The Customer hereby gives the Company all the representations, warranties and undertakings which an applicant for Securities in a new listing and/or issue is required to give (whether to the issuer, sponsors, underwriters or placing agents of the relevant Securities, the Exchange or any other relevant regulator or person).
17.4 The Customer hereby further declares and warrants, and authorizes the Company to disclose and warrant to the Exchange on any application form (or otherwise) and to any other person as appropriate, that any such application made by the Company as its agent is the only application made, and the only application intended to be made, by the Customer or on the Customer’s behalf, to benefit the Customer or the person for whose benefit the Customer is applying. The Customer acknowledges and accepts that the aforesaid declaration and warranty will be relied upon by the Company and by the issuer, sponsors, underwriters or placing agents of the relevant Securities, the Exchange or any other relevant regulator or person in respect of any application made by the Company as the Customer’s agent.
17.5 The Customer acknowledges that any application made by an unlisted company which does not carry on any business other than dealing in Securities and in respect of which the Customer exercises statutory control shall be deemed to be an application made for the benefit of the Customer.
17.6 The Customer recognizes and understands that the legal, regulatory requirements and market practice in respect of applications for Securities may vary from time to time as may the requirements of any particular new listing or issue of Securities. The Customer undertakes to provide to the Company such information and take such additional steps and make such additional representations, warranties and undertakings as may be required in accordance with such legal, regulatory requirements and market practice as the Company may in the Company’s absolute discretion determine from time to time.
17.7 In relation to a bulk application to be made by the Company or the Company’s agent on the Company’s own account and/or on behalf of the Customer and/or the Company’s other clients, the Customer acknowledges and agrees:
(i) that such bulk application may be rejected for reasons which are unrelated to the Customer and the Customer’s application and neither the Company nor the Company’s agent shall, in the absence of fraud, negligence or wilful default, be liable to the Customer or any other person in consequence of such rejection;
(ii) to indemnify the Company in accordance with Clause 13 if such bulk application is rejected either in circumstances where the representations and warranties have been breached or otherwise because of factors relating to the Customer. The Customer acknowledges that the Customer may also be liable in damages to other persons affected by such breach or other factors; and
(iii) notwithstanding Clause 5.4 in the event that the bulk application is only partially filled, the Customer agrees that the Company is entitled to distribute the Securities allotted in its absolute discretion, including distributing the Securities equally between all customers under the bulk application and the Customer shall not have any claim to the Securities or claim of priority to another Customer in relation to the application. 。
18 Representations and Warranties
The Customer represents, warrants and undertakes that:
18.1 The information relating to the Customer provided pursuant to this Agreement is true, accurate and complete and the Company is entitled to rely on such information until the Company has received notice in writing from the Customer of any changes therein. The Company will be notified immediately in writing of any material changes in such information; and
18.2 The Customer has the authority and legal capacity to enter into and perform its obligations under this Agreement and this Agreement constitutes the valid and legally binding obligations of the Customer.
19 Risk Disclosure
The Company refers the Customer to the Risk Disclosure Statements contained in Schedule 3.
20 Notices and Communications
20.1 All notices, reports, statements, confirmations and other communications shall be in written or electronic form (if applicable) which may be personally delivered or transmitted by post, facsimile or electronic mail, if to the Customer, at the address, facsimile number or electronic mail address given in the Account Opening Form or at such other address, facsimile number or electronic mail address as shall be designated by the Customer in a written notice to the Company; and if to the Company, at its address at such office of the Company as the Company may from time to time select and notify to the Customer.
20.2 All such notices, reports, statements, confirmations and other communications shall be deemed to have been duly served:
(i) at the time of delivery or transmission, if delivered personally, by facsimile or by electronic mail; or
(ii) 2 Business days after the date of posting, if sent by local mail; or
(iii) 5 Business days after the date of posting, if sent by overseas mail.
21 Amendments
The Customer agrees that the Company may amend the terms of this Agreement by giving the Customer reasonable notice of the changes in writing at any time. Any amendment to this Agreement shall take effect on expiry of such notice period and the Customer will be deemed to have accepted the amendment if it does not terminate the Account.
22 Assignment
The Customer agrees that the Company may transfer its rights and obligations under this Agreement to an Associate without prior consent from the Customer. The rights and obligations of the Customer under this Agreement may not be assigned without the Company’s prior written consent.
23 Governing Law
This Agreement and all rights, obligations and liabilities hereunder shall be governed by and construed in accordance with the laws of Hong Kong and may be enforced in accordance with the laws of Hong Kong.
24 General
24.1 All Transactions shall be effected in accordance with all laws, rules and regulatory directions, by-laws, customs and usage as amended from time to time of the Exchange and the Clearing House applying to the Company and shall be binding on the Customer.
24.2 Each of the term of this Agreement is severable and distinct from the others. If any term in this Agreement is inconsistent with any present or future law, rule or regulation of the Exchange, the Clearing House or any authority having jurisdiction over the subject matter of this Agreement, such provision shall be deemed to be rescinded or modified in accordance with any such law, rule or regulation. In all other respects, this Agreement shall continue and remain in full force and effect.
24.3 Time shall in all respect be of essence in the performance of all of the Customer’s obligations under this Agreement.
24.4 A failure or delay in exercising any right, power or privilege in respect of this Agreement by the Company will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or future exercise of that right, power or privilege.
24.5 The Customer agrees to notify the Company in writing of any material change in the information supplied in the Account Opening Form. The Company shall notify the Customer in writing of any material change in the information contained in this Agreement.
24.6 In the event of any difference in the interpretation or meaning between the Chinese and English version of this Agreement, the Customer and the Company agree that the English version shall prevail.
SCHEDULE 1 PERSONAL INFORMATION COLLECTION STATEMENT
This Statement is provided to the Customer as an individual Customer of Afflux Securities Limited (“the Company”) in accordance with the requirements of the Hong Kong Personal Data (Privacy) Ordinance (the “Ordinance”).
1. Disclosure Obligation
Unless otherwise stated the Customer must supply the personal data requested on the account opening form to the Company. If the Customer does not supply this data, it will not be possible for the Customer to open an account with the Company as the Company will not have sufficient information to open and administer the account.
2. Use of Personal Data
2.1 Users
All personal data concerning the Customer (whether provided by the Customer or any other person, and whether provided before or after the date the Customer receives the client agreement containing this information) may be used by any of the following companies or persons (each, a “User”):
(i) any member of the Company;
(ii) any director, officer or employee or agent of the Company;
(iii) any person (such as lawyers, advisers, nominee, custodian etc.) authorized by the Company when carrying out the
Customer’s Instructions and/or the business of the Company;
(iv) any actual or proposed assignee of any rights and obligations of the Company in relation to the Customer; and
(v) any governmental, regulatory or other bodies or institutions, whether as required by law or regulations applicable to any member of the Company.
2.2 Purposes
All personal data concerning the Customer may be used by any User for the following purposes:
(i) carrying out new or existing client verification and credit checking procedures and assisting other financial institutions to do so;
(ii) ongoing account administration, including the collection of amounts due, enforcement of security, charge or other rights and interests;
(iii) designing further products and services or marketing a Company Product to the Customer;
(iv) transfer of such data to any place outside Hong Kong;
(v) comparison with the Customer’s personal data (irrespective of the purposes and sources for which such data were collected, and whether collected by a User or any other person) for the purpose of: (A) credit checking; (B) data verification; and/or (C) otherwise producing or verifying data which may be used for the purpose of taking such action that a User or any other person may consider appropriate (including action that may relate to the rights, obligations or interest of the Customer or any other person);
(vi) providing on the terms of any other agreements and services relating to the Customer;
(vii) any purpose relating to or in connection with compliance with any law, regulation, court order or order of any regulatory body; and
(viii) any other purpose relating to the execution of the Customer’s Instructions or in connection with the business or
dealings of the Company.
2.3 Use of Data in Direct Marketing
The Company intends to use and/or transfer the Customer’s data to other members of the Company for direct marketing and the Company requires the consent (including no objection) of the Customer for that purpose. In this connection, please note that:
(i) the name, contact details, portfolio information, transaction pattern and financial background of the Customer may be used in direct marketing of investment or financial related products and services of the Company; and
(ii) If a Customer does not wish the Company to use and/or transfer the Customer’s data for use in direct marketing, the
Customer may, without charge, exercise the right to opt-out.
3. Rights of Access and Correction
The Customer has the right to have access to and correction of the Customer’s personal data as set out in the Ordinance. In
general, and subject to certain exemptions, the Customer is entitled to:
(i) enquire whether the Company holds personal data in relation to the Customer;
(ii) request access to the Customer’s personal data within a reasonable time, at a fee which is not excessive, in a
reasonable manner and in a form that is intelligible;
(iii) request the correction of the Customer’s personal data; and
(iv) be given reasons if a request for access or correction is refused, and object to any such refusal.
4. Contact Person
If the Customer wishes to request access to and/or correct personal data and/or opt out of receiving direct marketing material, the Customer should contact our officer on (000) 00000000 or email to xx@xxxxxxxxx.xxx.
SCHEDULE 2 INTERNET AND MOBILE SECURITIES TRADING AGREEMENT
THIS AGREEMENT is made the date stated in the Client Account Opening Form:
(1) Afflux Securities Limited, a company incorporated in Hong Kong with its registered office and principal business address at Rm 2208-09, 00/X, Xxxxx Xxxxxxxxx Xxxxx Xxxx, 000 Xxx Xxxxx Xx Xxxxxxx, Xxxx Xxxx and a corporation licensed for Type 1 regulated activity under the Securities and Futures Ordinance with CE No. BIO838 and an exchange participant of The Stock Exchange of Hong Kong Limited (the “Company”); and
(2) The party whose name, address and details are set out in the Account Opening Form (“the Customer”). WHEREAS:
This Internet and Mobile Trading Agreement is supplemental to the Cash Client Agreement entered into by the Company (“the
Client Agreement”) and the Customer to which this Internet and Mobile Trading Agreement is annexed whereby the Company agrees to provide to the Customer with Internet and Mobile Securities Trading Service which enables the Customer to give Internet and Mobile Securities Trading Instructions and to obtain quotations and other information via computer or telephonic transmission for use on compatible personal, home or small business computers, including internet and mobile appliance with modems, terminals or network computers that can connect to a telecommunication network (“Internet and Mobile Securities Trading Service”).
Now IT IS HEREBY AGREED as follows:
1 Interpretation
1.1 Terms defined in this Internet and Mobile Securities Trading Agreement have the same meanings as in the Client Agreement unless stated otherwise.
1.2 The following expressions shall, unless the context requires otherwise, have the following meanings:
(i) “Customer ID” means the Customer’s identification, used in conjunction with the Password, to gain access to the Internet and Mobile Securities Trading Service;
(ii) “Information” means any transaction or market data, bid and ask quotations, news reports, third party analysts’ reports, research and other information relating to securities and the securities markets;
(iii) “Password” means the Customer’s password, used in conjunction with the Customer ID, to gain access to the Internet and Mobile Securities Trading Service.
1.3 References to “Instructions” in the Client Agreement are deemed to include Internet and Mobile Securities Trading instructions given by means of Internet and Mobile Securities Trading Service.
1.4 “Transaction Notices and Reports” and “Notices and Communications” referred to in Clauses 16 and 20 of the Cash Client Agreement respectively may be sent solely by means of Internet and Mobile Securities Trading Services if the Customer so consents and such consent can be given initially as indicated in the Customer Information Form or subsequently by Internet and Mobile Securities Trading Services. Notices and communication delivered by Internet and Mobile Securities Trading Services shall be deemed to have been duly delivered at the time of transmission.
2 Using Internet and Mobile Securities Trading Service
2.1 On the issuance by the Company to the Customer of its Customer ID and Password, the Internet and Mobile Securities Trading Service shall be activated and the Company shall notify the Customer.
2.2 The Company is entitled to require the Customer to place cash and/or Securities deposit prior to execution of any Instructions as will be informed by the Company from time to time.
2.3 The Customer hereby agrees that:
(i) the Customer shall use the Internet and Mobile Securities Trading Service only in accordance with this Internet and Mobile Securities Trading Agreement, the Client Agreement and the Instructions and procedures as set out in the Company’s Instruction Manual which is supplied to the Customer from time to time;
(ii) the Customer shall be the only authorized user of the Internet and Mobile Securities Trading Service;
(iii) the Customer shall be responsible for the confidentiality and use of its Customer ID and Password;
(iv) the Customer shall be solely responsible for all Instructions entered through the Internet and Mobile Securities Trading Service using its Customer ID and Password and any instruction so received by the Company shall be deemed to be made by the Customer at the time received by the Company and in the form received;
(v) the Customer shall immediately inform the Company if it becomes aware of any loss, theft or unauthorized use of its Customer ID and/or Password;
(vi) the Customer shall immediately inform the Company if it becomes aware of any failure by the Customer to receive a message that an order initiated by the Customer through Internet and Mobile Securities Trading Service has been received and executed through the Internet and Mobile Securities Trading Service;
(vii) the Customer shall provide the Company with the Customer’s e-mail address, and promptly provide the Company with any changes to the Customer’s e-mail address, and to accept Internet and Mobile Securities Services Trading communications from the Company at the e-mail address as the Customer has specified;
(viii) the Company may in its absolute discretion impose restrictions on the types of orders, and the range of prices for orders which can be placed through the Internet and Mobile Securities Trading Services;
(ix) the Customer agrees to pay all subscription, service and user fees, if any, that the Company charges for the Internet and Mobile Securities Trading Services and authorizes the Company to debit the Customer’s Account with the same;
(x) that the Customer shall be bound by any consent the Customer gives through the Internet and Mobile Securities Trading Service for the Company to provide any notices, statements, trade confirmations and other communications to the Customer solely through Internet and Mobile Securities Trading Service;
(xi) that the Customer shall logoff the Internet and Mobile Securities Trading Service immediately following the completion of each Internet and Mobile Securities Trading Service session;
(xii) that the Customer shall not use or permit the use of the Information or any part thereof for any illegal purpose;
(xiii) that the Customer shall not disseminate the Information to third parties, and shall solely use the Information or any part thereof for its own use or in the ordinary course of its own business.
2.4 After the giving of an Instruction via the Internet and Mobile Securities Trading Service, the Customer shall check via the Internet and Mobile Securities Trading Service that its Instruction has been correctly acknowledged by the Company.
2.5 Without limiting the generality of the foregoing, the Customer acknowledges and agrees that it may not be possible to amend or cancel an Instruction after it has been given through the Internet and Mobile Securities Trading Service and that an Instruction may only be amended or cancelled if it has not been executed by the Company. In such circumstances the Company will use its best efforts to amend or cancel the Instruction but, notwithstanding an acknowledgement by the Company in relation to the amendment or cancellation, there is no guarantee that the amendment or cancellation will occur. If the amendment or cancellation does not occur, the Customer shall remain liable for the original Instruction.
2.6 In the case the Internet and Mobile Securities Trading Service is not available, the Customer shall place its Instructions in accordance with the Clause 5 of the Cash Client Agreement.
2.7 Internet and Mobile Securities trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. The Customer’s ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or participant firms. Such limits may vary, the Customer should ask the firm with which the Customer deals for details in this respect.
3 Provision of Information
3.1 The Company may convey Information to the Customer by Internet and Mobile Securities Trading Service. The Customer may be charged a fee for Information the Company provides that has been obtained from Exchanges, markets and from other third-parties that transmit Information (collectively referred to as the ”Information Providers”).
3.2 The Information is the property of the Company, the Information Providers or others and is protected by copyright. The Customer shall:
(i) not upload, post, reproduce or distribute any Information, software or other material protected by copyright or other intellectual property right (as well as rights of publicity and privacy) without first obtaining the permission of the owner of such rights; and
(ii) not use the Information or any part thereof other than for its own use or in the ordinary course of its own business.
3.3 The Customer agrees not to:
(i) reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit the Information in any manner without the express written consent of the Company and the relevant Information Provider(s);
(ii) use the Information for any unlawful purpose;
(iii) use the Information or any part thereof to establish, maintain or provide or to assist in establishing, maintaining or providing a trading floor or dealing service for trading in securities listed on the Exchange.
3.4 The Customer agrees to comply with reasonable written requests by the Company to protect the Information Providers’ and the Company’s respective rights in the Information and the Internet and Mobile Securities Trading Service.
3.5 The Customer shall comply with such reasonable directions as the Company may give from time to time concerning permitted use of the Information.
3.6 The Customer authorizes the Company to provide information on the Internet and Mobile Securities Trading Service supplied to the Customer hereunder to the SEHK Information Services Limited (“Information/Service Provider”) to enable the Company to comply with the licence agreement between the Information/Service Provider and the Company relating to market data feeds.
4 Intellectual Property Rights
4.1 The Customer acknowledges that the Internet and Mobile Securities Trading Service, and any software comprised in it, is proprietary to the Company.
4.2 The Customer warrants and undertakes that it shall not, and shall not attempt to, tamper with, modify, decompile, reverse engineer or otherwise alter in any way, and shall not attempt to gain unauthorized access to, any part of the Internet and Mobile Securities Trading Service or any of the software comprised in it. The Customer agrees that the Company shall be entitled to terminate this Internet and Mobile Securities Trading Agreement if at any time the Customer breaches, or it the Company at any time reasonably suspects that the Customer has breached, this warranty and undertaking.
4.3 The Customer undertakes to notify the Company immediately if the Customer becomes aware that any of the action described in Clause 4.2 hereinabove is being perpetrated by any other person.
5 Limitation of Liability and Indemnification
5.1 The Customer agrees, understands and acknowledges that the Company shall not be liable to the Customer if the Customer is not able to access its account information or request a transaction through the Internet and Mobile Securities Trading Service.
5.2 The Company, its Associates, its Correspondent Agents and the Information Providers shall not be responsible for any losses, costs, expenses or liabilities suffered by the Customer resulting from circumstances beyond their reasonable control including, without limitation:
(i) delays, failure or inaccuracies in transmission of communications to or from the Company through telephone, Internet and Mobile Securities Trading or other systems that are not under their control;
(ii) delays, inaccuracies or omissions in or unavailability of research, analysis, market data and other Information prepared by Information Providers;
(iii) unauthorized access to communications systems, including unauthorized use of the Customer access number(s), password(s), and/or account numbers; and
(iv) war or military action, government restrictions, labour disputes or closure of or disruption to orderly trading on any market or exchange, severe weather conditions and acts of God.
5.3 The Customer agrees to defend, indemnify and hold the Company, its Associates, its Correspondent Agents and the Information Providers harmless from and against any and all claims, losses, liability costs and expenses (including but not limited to attorney’s fees) arising from the Customer’s violation of the Client Agreement and this Internet and Mobile Securities Trading Agreement, applicable securities laws or regulations, or any third party’s rights, including but not limited to infringement of any copyright, violation of any proprietary right and invasion of any privacy rights. This obligation will survive the termination of this Internet and Mobile Securities Trading Agreement.
5.4 The Customer accepts that while the Company endeavors to ensure the accuracy and reliability of the Information provided, the Company does not guarantee its accuracy or reliability and accepts no liability (whether in tort, contract or otherwise) for any loss or damage from any inaccuracies or omissions.
6 Laws and rules
If the Customer places any orders to the Company outside Hong Kong, the Customer agrees to ensure and represents that such orders will have been given in compliance with any and all applicable law of the relevant jurisdiction from which the Customer’s orders are given. The Customer further agrees that when in doubt, the Customer shall consult with legal advisers of the relevant jurisdiction. The Customer accepts that there may be taxes or charges payable to relevant authorities in respect of any instructions and that the Company shall not be liable for any of such cost.
7 Termination of Internet and Mobile Securities Trading Service
7.1 The Company reserves the right to terminate the Customer’s access to the Internet and Mobile Securities Trading Service or any portion of them in its sole discretion, without notice and without limitation for any reason whatsoever, including but not limited to the unauthorized use of the Customer’s Customer ID(s), Password(s) and/or account number(s), breach of this Internet and Mobile Securities Trading Agreement or the Client Agreement, discontinuance of the Company’s access to any Information from any Information Provider or termination of one or more agreements between the Company and Information Providers.
7.2 In the event of termination by the Company, the Information Providers, and the Company shall have no liability to the Customer, provided, however, that if the termination is without cause the Company will refund the pro rata portion of any fee that may have been paid by the Customer for the portion of the Internet and Mobile Securities Trading Service not furnished to the Customer as of the date of such termination.
8 Risk Disclosure
The Customer hereby understands and acknowledges that:-
(i) Due to unpredictable network congestion of the Internet and Mobile, an inherently unpredictable medium of communication and that such unreliability is beyond the Company’s control, there is a risk that communication over the Internet and Mobile may be interrupted, delayed or accessed by unauthorized parties. Notwithstanding measures taken by the Company to minimize this risk, the Company accepts no responsibility for any loss which may be incurred by the Customer as a result of interruptions or delays or unauthorized access. The Customer should not place any instruction with the Company over the Internet and Mobile if the Customer is not prepared to accept such risk.
(ii) Trading on an Internet and Mobile Securities Trading system may differ from trading on other Trading systems. If the Customer undertakes transactions on an Internet and Mobile Securities Trading system, the Customer will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that the Customer’s order is either not executed according to the Customer’s instructions or is not executed at all.
(iii) While the Company, the Exchange, the Clearing House and all related parties endeavour to ensure the accuracy and reliability of the information provided through the system, there is no guarantee that such information is accurate and reliable and that the Company, the Exchange, the Clearing House and related parties do not accept and liability (whether in text or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.
9 General
9.1 Where any conflict arises between the Client Agreement and the provisions of this Internet and Mobile Securities Trading Agreement, the provisions of the latter shall prevail. The Customer hereby agrees, confirms and acknowledges that the Internet and Mobile Securities Trading Agreement from an integral part of the Client Agreement.
9.2 In the event of any dispute between the parties, the Customer agrees that the records of the Company (including Internet and Mobile Securities Trading records) shall prevail.
9.3 The Company may change the terms in this Internet and Mobile Securities Trading Agreement from time to time by giving the Customer reasonable notice in writing or via Internet and Mobile Securities Trading Service.
9.4 Clauses headings are inserted in this Agreement for convenience of reference only and shall not affect construction and interpretation of this Agreement. In this Agreement, unless the context otherwise requires:
(iii) words denoting the singular include the plural and vice versa: and
(iv) words importing one gender include every gender.
9.5 If there is a discrepancy between the English and Chinese versions of this Agreement, the English version shall prevail.
10 Governing Law
This Agreement is governed by and construed in accordance with the laws of Hong Kong Special Administrative Region and the parties hereby irrevocably submit themselves to the exclusive jurisdiction of the Courts of the Hong Kong Special Administrative Region in relation to all matters arising from this Agreement.
SCHEDULE 3 RISK DISCLOSURE STATEMENTS
The Customer hereby understands and acknowledges:-
1. that in respect of securities trading, the prices of securities can and do fluctuate, sometimes dramatically, and any individual security may experience upwards or downwards movements, and may even become valueless and that there is an inherent risk that losses may be incurred rather than profit made as a result of buying and selling securities;
2. that in respect of trading Growth Enterprise Market (GEM) stocks:-
(v) such stocks involve a high investment risk and, in particular, companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability and GEM stocks may be very volatile and illiquid and that the Customer shall make the decision to invest only after due and careful consideration;
(vi) the greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and sophisticated investors;
(vii) the current information on GEM stocks may only be found on the internet website operated by the Exchange and GEM Companies are usually not required to issue paid announcements is gazetted newspapers;
(viii) the Customer should seek independent professional advice if the Customer is uncertain of or have not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks;
3. that there may be risks in leaving assets in the Company’s safekeeping, for example, if the Company is holding the Customer’s assets and the Company become insolvent, the Customer may experience significant delay in recovering the assets except in accordance with specific legislation or local rules or applicable laws and regulations of the relevant overseas jurisdiction (if held outside Hong Kong) which may be different from the Securities and Futures Ordinance (Cap. 571) and may possibly be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall and these are risks that the Customer is prepared to accept;
4. as stated in sub-paragraph (3) above, the Customer’s assets received or held by the Company outside Hong Kong are subject to applicable laws and regulations of the relevant jurisdiction which maybe different from the Securities and Futures Ordinance (Cap.
571) and the rules made thereafter, consequently, the Customer’s assets may not enjoy the same protection as that conferred on Customer assets received or held in Hong Kong;
5. that in respect of trading Nasdaq-Amex securities at the Exchange, the securities under the Nasdaq-Amex Pilot Program (PP) are aimed at sophisticated investors and that the Customer shall consult the Customer’s licensed or registered person and become familiarized with the PP before trading in the PP securities since the PP securities are not e regulated as a primary or secondary listing on the Main Board or the Growth Enterprise Market of the Exchange; and
6. that before the Customer begins to trade, the Customer should obtain a clear explanation of all commission, fees and other charges for which the Customer will be liable, since these changes will affect the Customer’s net profit (if any) or increase the Customer’s loss.
7. that there may be risks in trading derivative products. Derivatives are high risk investment products. Their prices fluctuate wildly. Investors can lose the total amount invested. They are suitable only to experienced investors with strong financial resources. They are not suitable for investors who do not possess strong financial means or have limited investment experience. Investors should undergo assessment by the broker to determine their suitability for investing in derivatives.
(i) RISKS INVOLVED IN TRADING CALLABLE BULL/BEAR CONTRACTS (“CBBC”)
⚫ Mandatory call
CBBC are not suitable for all types of investors and investors should consider their risk appetite prior to trading. In any case, one should not trade in CBBC unless he/she understands the nature of the product and is prepared to lose the total amount invested since a CBBC will be called by the issuer when the price of the underlying asset hits the Call Price and trading in that CBBC will expire early. Payoff for Category N CBBC will be zero when they expire early. When Category R CBBC expire early the holder may receive a small amount of Residual Value payment, but there may be no Residual Value payment in adverse situations. Brokers may charge their customers a service fee for the collection of the Residual Value payment from the respective issuers.
In general, the larger the buffer between the Call Price and the Spot Price of the underlying asset, the lower the probability of the CBBC being called since the underlying asset of that CBBC would have to experience a larger movement in the price before the CBBC will be called. However at the same time, the larger the buffer, the lower the leverage effect will be.
Once the CBBC is called, even though the underlying asset may bounce back in the right direction, the CBBC which has been called will not be revived and investors will not be able to profit from the bounce-back.
Besides, the Mandatory Call Event (MCE) of a CBBC with overseas assets as underlying may be triggered outside the Exchange‘s trading hours.
⚫ Gearing effects
Since a CBBC is a leveraged product, the percentage change in the price of a CBBC is greater compared with that of the underlying asset. Investors may suffer higher losses in percentage terms if they expect the price of the underlying asset to move one way but it moves in the opposite direction.
⚫ Limited life
A CBBC has a limited life, as denoted by the fixed expiry date, with a lifespan of 3 months to 5 years. The life of a CBBC may be shorter if called before the fixed expiry date. The price of a CBBC fluctuates with the changes in the price of the underlying asset from time to time and may become worthless after expiry and in certain cases, even before the normal expiry if the CBBC has been called early.
⚫ Movement with underlying asset
Although the price of a CBBC tends to follow closely the price of its underlying asset, but in some situations it may not (i.e. delta may not always be close to one). Prices of CBBC are affected by a number of factors, including its own demand and supply, funding costs and time to expiry. Moreover, the delta for a particular CBBC may not always be close to one, in particular when the price of the underlying asset is close to the Call Price.
⚫ Liquidity
Although CBBC have liquidity providers, there is no guarantee that investors will be able to buy/sell CBBC at their target prices any time they wish.
⚫ Funding costs
The issue price of a CBBC includes funding costs and issuers will specify the formula for calculating the funding costs of their CBBC at launch in the listing documents. Since the funding costs for each CBBC issue may be different as it includes the issuer’s financing /stock borrowing costs after adjustment for expected ordinary dividend of the stock (if the underlying is a Hong Kong stock since the CBBC will not be adjusted for ordinary dividend) plus the issuer’s profit margin, investors are advised to compare the funding costs of different issuers for CBBC with similar underlying assets and terms. The funding costs will gradually be reduced over time along with the CBBC in the secondary market as the CBBC moves towards expiry. In general, the longer the duration of the CBBC, the higher the total funding costs will be since it is similar to investors borrowing for a longer tenure to trade in the underlying asset. When a CBBC is called, the CBBC holders (investors) will lose the funding cost for the full period since the funding cost is built into the CBBC price upfront at launch even though with the MCE, the actual period of funding for the CBBC turns out to be shorter. In any case, investors should note that the funding costs of a CBBC after launch may vary during its life and the Liquidity Provider is not obliged to provide a quote for the CBBC based on the theoretical calculation of the funding costs for that CBBC at launch.
⚫ Trading of CBBC close to Call Price
When the underlying asset is trading close to the Call Price, the price of a CBBC may be more volatile with wider spreads and uncertain liquidity. CBBC may be called at any time and trading will terminate as a result.
However, the trade inputted by the investor may still be executed and confirmed by the investors after the MCE since there may be some time lapse between the MCE time and suspension of the CBBC trading. Any trades executed after the MCE (i.e. Post MCE Trades) will not be recognized and will be cancelled. Therefore, investors should be aware of the risk and ought to apply special caution when the CBBC is trading close to the Call Price.
Issuers will announce the exact call time within 1 hour after the trigger of MCE, and SEHK will also send the list of Post MCE Trades to the relevant Exchange Participants (brokers) who in turn will inform their customers accordingly. For avoidance of doubt on whether their trades have been cancelled (i.e. whether they are Post MCE Trades), the investors may check with their brokers.
⚫ CBBC with overseas underlying assets
Investors trading CBBC with overseas underlying assets are exposed to an exchange rate risk as the price and cash settlement amount of the CBBC are converted from a foreign currency into Hong Kong dollars. Exchange rates between currencies are determined by forces of supply and demand in the foreign exchange markets which are affected by various factors.
Besides, CBBC issued on overseas underlying assets may be called outside the Exchange’s trading hours. In such case, the CBBC will be terminated from trading on the Exchange in the next trading session or soon after the issuer has notified the Exchange about the occurrence of the MCE. There will be no automatic suspension of the CBBC by AMS/3. For Category R CBBC, valuation of the residual value will be determined on the valuation day according to the terms in the listing documents.
(ii) RISKS INVOLVED IN TRADING DERIVATIVE WARRANTS
Derivative warrant trading involves high risks and is not suitable for every investor. Investors should understand and consider the following risks before trading in derivate warrants.
⚫ Issuer Risk
Derivative warrant holders are unsecured creditors of an issuer and have no preferential claim to any assets an issuer may hold. Therefore, investors are exposed to credit risk in respect of the issuer.
⚫ Gearing Risk
Although derivative warrants may cost a fraction of the price of the underlying assets, a derivative warrant may change in value more or less rapidly than the underlying asset. In the worst case the value of the derivative warrants falls to zero and holders lose their entire purchase price.
⚫ Limited Life
Unlike stocks, derivative warrants have an expiry date and therefore a limited life. Unless the derivative warrants are in-the-money, they become worthless at expiration.
⚫ Time Decay
One should be aware that other factors being equal the value of derivative warrants will decrease over time. Therefore, derivative warrants should never be viewed as products that are bought and held as long term investments.
⚫ Volatility
Other factors being equal an increase in the volatility of the underlying asset should lead to a higher warrant price and a decrease in volatility lead to a lower derivative warrant price.
⚫ Market Forces
In addition to the basic factors that determine the theoretical price of a derivative warrant, derivative warrant prices are also affected by all other prevailing market forces including the demand for and supply of the derivative warrants. Supply and demand forces may be greatest when a derivative warrant issue is almost sold out and when issuers make further issues of an existing derivative warrant issue.
(iii) RISKS INVOLVED IN TRADING EXCHANGE TRADED FUNDS (“ETFs”)
⚫ Market risk
ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index/assets.
⚫ Tracking errors
Tracking errors refer to the disparity in performance between an ETF and its underlying index/assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index/assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication/representative sampling and synthetic replication which are discussed in more detail below.)
⚫ Trading at discount or premium
An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions.
⚫ Foreign exchange risk
Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price.
⚫ Liquidity risk
Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product.
⚫ Counterparty risk involved in ETFs with different replication strategies
(c) Full replication and representative sampling strategies
An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying assets rather than through synthetic instruments issued by third parties, counterparty risk tends to be less of concern.
(d) Synthetic replication strategies
ETFs utilising a synthetic replication strategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, synthetic replication ETFs can be further categorized into two forms:
iii. Swap-based ETFs
Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasing the underlying assets.
Swap-based ETFs are exposed to counterparty risk of the swap dealers and may suffer losses if such dealers default or fail to honor their contractual commitments.
iv. Derivative embedded ETFs
ETF managers may also use other derivative instruments to synthetically replicate the economic benefit of the relevant benchmark. The derivative instruments may be issued by one or multiple issuers.
Derivative embedded ETFs are subject to counterparty risk of the derivative instruments’ issuers and may suffer losses if such issuers default or fail to honour their contractual commitments.
Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF.
It is important that investors understand and critically assess the implications arising due to different ETF structures and characteristics.
8. that there may be risks of Trading of Foreign Securities，including Shares Listed in Mainland China You should only undertake trading of foreign securities if you understand the nature of foreign securities trading and the extent of your exposure to risks 。 In particular， foreign securities trading is not regulated by the SEHK and will not be covered by the Investor Compensation Fund despite the fact
that the Company is an exchange participant of the SEHK You should carefully consider whether such trading is appropriate for you
in light of your experience，risk profile and other relevant circumstances and seek independent professional advice if you are in doubt.
9. that there may be risks in Currency. The profit or loss in transactions in foreign currency-denominated assets (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the assets to another currency.
10. that there may be risks in E-Statement Service. Access to the internet or other electronic medium may be limited or unavailable during periods of peak demand, market volatility, systems upgrades or maintenance or for other reasons. Any communication through the internet or other electronic medium may be subject to interruption, transmission blackout, and delayed transmission due to unpredictable network congestion and other reasons beyond the licensed or registered person’s control. Internet is, due to technical limitation, an inherently unreliable medium of communication. As a result of such unreliability, there may be delays in the transmission and receipt of information. The statements may not be sent to the designed email address at all. Moreover, communications and personal data may be accessed by unauthorized third parties, and there are risks of misunderstanding or error in any communication and that such risks shall be absolutely borne by you.
11. that there is risk if you provide the Company with an authority that allows it to apply your securities or securities collateral pursuant to a securities borrowing and lending agreement, repledge your securities collateral for financial accommodation or deposit your securities collateral as collateral for the discharge and satisfaction of its settlement obligations and liabilities.
If your securities or securities collateral are received or held by the Company in Hong Kong, the above arrangement is allowed only if you consent in writing. Moreover, unless you are a professional investor, your authority must specify the period for which it is current and be limited to not more than 12 months. If you are a professional investor, these restrictions do not apply.
Additionally, your authority may be deemed to be renewed (i.e. without your written consent) if the Company issues you a reminder at least 14 days prior to the expiry of the authority, and you do not object to such deemed renewal before the expiry date of your then existing authority.
You are not required by any law to sign these authorities. But an authority may be required by the Company, for example, to facilitate margin lending to you or to allow your securities or securities collateral to be lent to or deposited as collateral with third parties. The Company should explain to you the purposes for which one of these authorities is to be used.
If you sign one of these authorities and your securities or securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on your securities or securities collateral. Although the Company is responsible to you for securities or securities collateral lent or deposited under your authority, a default by it could result in the loss of your securities or securities collateral.
A cash account not involving securities borrowing and lending is available from most licensed or registered persons including the Company. If you do not require margin facilities or do not wish your securities or securities collateral to be lent or pledged, do not sign the above authorities and ask to open this type of cash account.
12. that the risk of loss in financing a transaction by deposit of collateral is significant. You may sustain losses all of your cash and any other assets deposited as collateral with the Company. Market conditions may make it impossible to execute contingent orders, such as “stop-loss” or “stop-limit” orders. You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated without your consent. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. You should therefore carefully consider whether such a financing arrangement is suitable in light of your own financial position and investment objectives.