Disclaimer

Disclaimer :

Important Information

Core Pacific-Yamaichi International (H.K.) Limited (“CPYI” or “the Company”) primarily carries on the business of securities broking, securities margin financing and securities advisory. CPYI is licensed to undertake Type 1 (Dealing in Securities) and Type 4 (Advising on Securities) regulated activities under the Securities and Futures Ordinance (SFC CE Number: BHM090), and is an Exchange Participant of the Stock Exchange of Hong Kong Limited.

Risk Disclosure and Disclaimer

I/we, the Client and/or the Account Holder, confirm that I/we have read, agreed and accepted the following risk disclosure and disclaimer for accessing or using any website/electronic applications that are provided by Core Pacific-Yamaichi International (H.K.) Limited (“Service”):

Investment involves risks. The price of stocks fluctuates, sometimes dramatically. The price of a stock may move down or up and may become valueless. It is as likely that losses will be incurred rather than profits made as a result of buying or selling stocks.
Information provided in this website is for reference only. CPYI and its group affiliates will not be liable for any loss or damage suffered or any legal liability as a result of using the above information partly or wholly or relying on such information or investment advice.
Wherever applicable, THE STOCK EXCHANGE OF HONG KONG LIMITED, ITS HOLDING COMPANY AND/OR ANY SUBSIDIARIES OF SUCH HOLDING COMPANY ENDEAVOUR TO ENSURE THE ACCURACY AND RELIABILITY OF THE INFORMATION PROVIDED BUT DO NOT GUARANTEE ITS ACCURACY OR RELIABILITY AND ACCEPT NO LIABILITY (WHETHER IN TORT OR CONTRACT OR OTHERWISE) FOR ANY LOSS OR DAMAGE ARISING FROM ANY INACCURACIES OR OMISSIONS.
Wherever applicable, SHANGHAI STOCK EXCHANGE ENDEAVOURS TO ENSURE THE ACCURACY AND RELIABILITY OF THE INFORMATION PROVIDED BUT DOES NOT GUARANTEE ITS ACCURACY OR RELIABILITY AND ACCEPT NO LIABILITY (WHETHER IN TORT OR CONTRACT OR OTHERWISE) FOR ANY LOSS OR DAMAGE ARISING FROM ANY INACCURACIES OR OMISSIONS”.
Wherever applicable, SHENZHEN STOCK EXCHANGE AND ITS SUBSIDIARIES ENDEAVOUR TO ENSURE THE ACCURACY AND RELIABILITY OF THE INFORMATION PROVIDED BUT DO NOT GUARANTEE ITS ACCURACY OR RELIABILITY AND ACCEPT NO LIABILITY (WHETHER IN TORT OR CONTRACT OR OTHERWISE) FOR ANY LOSS OR DAMAGE ARISING FROM ANY INACCURACIES OR OMISSIONS.
The Company and its employees shall have no responsibilities or liabilities for the completeness, accuracy and validity of the contents of any information accessed during my/our use of the Service, no matter whether it is directly provided by CPYI or indirectly provided by CPYI through redistribution from other information providers. Any indication of investment shall not constitute any recommendation for the purchase and/or sale of financial products. I/we shall conduct my/our own independent assessment and research on the contents of those documents or instruments. The prices for financial products services are provided by including but not limited to the Shanghai Stock Exchange, the Shenzhen Stock Exchange, the Stock Exchange of Hong Kong, and other information provider(s) as selected by the Company (“Information Providers”). Information Providers do not guarantee the accuracy and reliability of such information and shall not be responsible for any losses suffered by me/us as a result of inaccuracy and incompleteness of the information.
The account holder is the only authorised user of the electronic trading system included in the Service. I/we, as the account holder, shall be wholly and solely responsible for the confidentiality, security and use of the Access Codes issued to me/us by the Company. The Company shall not be liable for any loss or damage I/we may suffer as a result of unauthorised using or attempting to use the electronic trading system included in the Service.
Electronic trading system is the system through which trading of securities and futures contracts is electronically conducted. If I/we undertake transactions on an electronic trading system, I/we 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 my/our order is either not executed according to my/our instructions or is not executed at all. Unpredictable transmission congestion or termination may occur on electronic trading. Since internet is a means of public communication medium, interruption, or transmission inaccuracy of the related data may occur whenever internet is employed in the electronic trading system.
All financial market data, quotes, news, research, or other information, including graphic images (collectively, "Relevant Information") in the Service is pertaining to the right of CPYI, its holding company, its subsidiaries or group affiliates (collectively, the "Core Pacific-Yamaichi Financial Group"), its information providers or its licensors of the property, and copyright and other intellectual property is protected by applicable intellectual property law. Relevant information cannot be used in any form of interference, disassemble, modify, reverse engineer, copy, transfer, distribute, sell, distribute, publish, broadcast, circulated, stored for future use , for commercial purposes or for any illegal use of behavior without the prior written consent by Core Pacific-Yamaichi Financial Group.
Stock prices provided in the snap-shot and real-time price quote does not reflect the transaction commission, stamp duty, and levy. All transaction charges will base on the Consolidated Statement.
Any loss or damage (including special, incidental or consequential loss or damage) that is aroused by the usage of the Service directly or indirectly, whether on tort, contract, or otherwise, including but not limited to any defects, errors of the Service or its contents, discrepancies, errors or inaccuracies, or due to the software or any part thereof or any content that is not available for use, Core Pacific-Yamaichi Financial Group, its information providers and its licensors per capita are not responsible for any loss and damage.
Any software or information downloaded from the Service is at my/our own risk. Core Pacific-Yamaichi Financial Group, its information providers and its licensors neither assumes nor accepts liability for any loss, damage (whether direct or indirect) howsoever caused, as a result of any computer virus, software 'bomb' or similar item or process.
Please refer to our website: https://www.cpy.com.hk for the Nature and Risks of Exchange Traded Derivative Products.

Nature of Exchange Traded Derivative Products

Risks of Exchange Traded Derivative Products

www.hkex.com.hk

I/we further confirm that I/we have read, agreed and accepted the following notices:

Important Notice regarding Shanghai Stock Exchange Securities (“SSE”)

Disclosure obligations of SSE securities

According to the Law of the PRC on Securities, when an investor holds or controls up to 5% of the issued shares of a Mainland listed company, the investor is required to report in writing to the CSRC and the relevant exchange, and inform the listed company within three working days. The investor is not allowed to continue purchasing or selling shares in that listed company during the three days.

For such investor, every time when a change in his shareholding reaches 5%, he is required to make disclosure (in the same manner as mentioned above) within three working days. From the day the disclosure obligation arises to two working days after the disclosure is made, the investor may not buy or sell the shares in the relevant Mainland listed company.

If a change in shareholding of the investor is less than 5% but results in the shares held or controlled by him falling below 5% of the relevant Mainland listed company, the investor is required to disclose the information within three working days.

Foreign shareholding restriction on SSE Securities

Under current Mainland rules, unless otherwise permitted by the relevant strategic investor regulations, a single foreign investor's (i.e. QFII and RQFII) shareholding in a listed company is not allowed to exceed 10% of the company's total issued shares, while all foreign investors' shareholding in the A shares of a listed company is not allowed to exceed 30% of its total issued shares.

When the aggregate foreign shareholding of an individual A share reaches 26%, SSE will publish notices on its website(http://www.sse.com.cn/disclosure/diclosure/qfii) If aggregate foreign shareholding exceeds the 30% threshold, the foreign investors concerned will be requested to sell the shares on a last-in-first-out basis within five trading days.
SSE Securities purchased through Shanghai-Hong Kong Stock Connect will be considered in totality with those purchased by QFII and RQFII, and be subject to the same foreign shareholding restriction. Once SSE informs SEHK that the aggregate foreign shareholding of an SSE Security reaches 28%, further Northbound buy orders in that SSE Security will not be allowed, until the aggregate foreign shareholding of that SSE Security is sold down to 26%. If the 30% threshold is exceeded due to Shanghai-Hong Kong Stock Connect, HKEx will identify the relevant EP and require it to follow the forced-sale requirements.
HKEx will publish a notification on its website to inform the market about suspension of buy orders if the shareholding limit goes beyond 28% and about the resumption of buy orders if the shareholding drops below 26%.
Foreign investors can continue to sell the A share which aggregate foreign shareholding has reached the 30% threshold. If such selling activities cause the aggregate foreign shareholding to drop below the 30% threshold within 5 trading days, EPs who were subject to the forced-sale requirement may submit application to the SEHK for forced-sale exemption. EPs should monitor their clients' shareholdings in SSE Securities and remind their clients to comply with the 10% single foreign investor's restriction, and forced-sale arrangement.

Compliance with applicable laws in Mainland China

Client must comply with the Shanghai Stock Exchange rules, mainland China's laws and regulations of trading at China Connect Securities
Client must acknowledge and understand the risks associated with investing in China Connect Securities through appropriate arrangements including, without limitation, the risk that the Client’s instructions to trade in China Connect Securities may not be accepted and that the Client may be liable to regulatory investigations and the relevant legal consequences if the Client is in breach of or fail to comply with the SSE Rules and the laws and regulations referred to SEHK Rule 14A10;
Client must acknowledge that the Exchange has the power not to extend the China Connect Service to them and the power to require China Connect Exchange Participants not to accept instructions from them, if it is found that the Client (as the case may be) has or may have committed any abnormal trading conduct set out in or fail to comply with the SSE Rules and the laws and regulations referred to SEHK Rule 14A10(1);
Client must acknowledge that if the SSE Rules are breached, or if the disclosure and other obligations referred to in the SSE Listing Rules or the SSE Rules are breached, SSE has the power to carry out investigations, and may, through the Exchange or the SEHK Subsidiary, require China Connect Exchange Participants to provide relevant information and materials (including the information and personal data of their clients and other persons referred to SEHK Rule 537) to assist in its investigation;
Client must acknowledge that where there is a serious breach of the SSE Rules, SSE may request the Exchange to take appropriate regulatory actions or commence disciplinary proceedings against China Connect Exchange Participants, or request the Exchange to require China Connect Exchange Participants to issue warning statements (verbally or in writing) to the Client, and not to extend the China Connect Service to the Client;
Client must acknowledge that the Exchange may (for the purpose of assisting SSE in its regulatory surveillance of the SSE Market and enforcement of the SSE Rules and as part of the regulatory cooperation arrangement between the Exchange, the SEHK Subsidiary and SSE), at the request of SSE, require China Connect Exchange Participants to provide information concerning the Client and other persons referred to SEHK Rule 537 with respect to any China Connect orders input or China Connect Securities Trades made or entered into by China Connect Exchange Participants on the Client’s behalf; and
Client must understand that China Connect Exchange Participants shall authorize the Exchange (whether directly or through the SEHK Subsidiary) to disclose, transfer and provide information and personal data concerning clients and other persons referred to SEHK Rule 537 to SSE upon request and shall make appropriate arrangements (including obtaining the relevant consents) to ensure that the relevant information and personal data may be disclosed, transferred and provided in compliance with applicable laws including the Personal Data (Privacy) Ordinance.

The Company does not represent that the above related information provided is up-to-date or complete, nor does the Company undertakes to update it from time to time. For further information, please refer to the materials published on the HKEx website, the SFC website and/or the SSE website applicable to Stock Connect from time to time and other relevant sources. If in doubt, the Client should seek professional advice.

Please refer to the Company website for further details:
https://www.cpy.com.hk/us/hk_shanghaihongkong.htm

Important Notice regarding Shenzhen Stock Exchange Securities

Shareholding limits on foreign investors

Client must comply with the 10% individual shareholding limit applicable to foreign investors (including Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors approved under the applicable laws of Mainland China, and other investors using the China Connect Service) as stipulated in applicable laws of Mainland China including the CSRC regulations concerning Shenzhen-Hong Kong Stock Connect.

Client shall note and understand the 30% aggregate shareholding limit in relation to A shares and the related forced-sale requirements applicable to foreign investors who invest in China Connect Securities as stipulated in applicable laws of Mainland China including the CSRC regulations concerning Shenzhen-Hong Kong Stock Connect. China Connect Exchange Participants shall alert their clients to the 30% aggregate shareholding limit and the forced-sale arrangements under this Rule.

Shareholding Monitoring Procedures

Where foreign investors (including investors holding China Connect Securities through CCASS) hold 28% or more of the issued shares of a relevant issuer in aggregate, SZSE will notify the SEHK Subsidiary, and the Hong Kong Exchange and SEHK Subsidiary will as soon as practicable thereafter suspend accepting China Connect buy orders in respect of the relevant China Connect Securities until the aggregate shareholding of foreign investors is reduced to below 26%, as advised by SZSE.

Forced-sale Procedures

Notwithstanding Rule 14B08(4), where the aggregate shareholding of foreign investors (including investors holding through CCASS) in respect of a relevant issuer exceeds 30% of the issued shares of the issuer on an SZSE trading day, SZSE may, pursuant to the SZSE Rules, issue a forced-sale notice to the SEHK Subsidiary on the following trading day, requiring it to arrange for a sell down of the portion of the China Connect Securities that exceeds 30% within 5 SZSE trading days on a “last-in, first-out” basis (as determined in accordance with Rule 14B08(11)).
Upon receipt of a forced-sale notice under Rule 14B08(5), the SEHK Subsidiary will notify the relevant China Connect Exchange Participant(s) through the Hong Kong Exchange, requiring or directing them to, or arrange for their clients to, sell and liquidate the specified number of China Connect Securities within a period specified by the Hong Kong Exchange.
Upon receipt of the notice under Rule 14B08(6), the China Connect Exchange Participant shall comply with the notice, and where applicable, it shall issue a corresponding notice to the relevant client(s) or their custodian(s) requesting for the sale and liquidation of the number of China Connect Securities specified by the China Connect Exchange Participant within the period specified by the Hong Kong Exchange. If a client fails to comply with the China Connect Exchange Participant’s notice, the China Connect Exchange Participant shall, if necessary, exercise its power to sell the specified number of China Connect Securities through the use of the China Connect Service on the client’s behalf before expiry of the period specified by the Hong Kong Exchange.
China Connect Exchange Participants shall implement appropriate measures to enable them to comply with Rule 14B08(7) on a timely basis including entering into legally enforceable client agreements to facilitate compliance with the forced-sale arrangements referred to in that Rule.
Where a forced-sale notice is issued by SZSE under Rule 14B08(5), no China Connect buy orders for the relevant China Connect Securities will be accepted by the CSC until SZSE informs the SEHK Subsidiary or the Hong Kong Exchange that the aggregate foreign shareholding falls below 30%. China Connect sell orders for the relevant China Connect Securities will not be affected by a forced-sale notice.
If, within the 5-day period mentioned in Rule 14B08(5), the aggregate foreign shareholding is reduced to below 30% due to other foreign investors selling down the relevant shares, the SEHK Subsidiary may, on its own or upon request from a China Connect Exchange Participant referred to in Rules 14B08(6) and (7) apply for permission to hold the relevant shares without a sell down at such time and in such manner as the Hong Kong Exchange may prescribe from time to time.
The relevant China Connect Exchange Participants referred to in Rule 14B08(6) will be identified by the Hong Kong Exchange based on its or the SEHK Subsidiary’s own records (which shall be final and conclusive) generally by reference to the time of purchase of the relevant China Connect Securities, on a “last in, first out” basis. Notwithstanding the foregoing, the Hong Kong Exchange has absolute discretion to determine which China Connect Exchange Participants and what quantity of China Connect Securities should be subject to a forced sale notice.
Where the 30% aggregate foreign shareholding limit is exceeded due to a share repurchase conducted by the relevant issuer, investors and China Connect Exchange Participants holding China Connect Securities through CCASS may continue to hold the relevant shares without being subject to a forced-sale. However, the SEHK Subsidiary and the Hong Kong Exchange will suspend acceptance of China Connect buy orders for those China Connect Securities until the aggregate foreign shareholding limit is reduced to below 26%.

Disclosure Obligations regarding China Connect Securities

Client must comply, with the 5% shareholding disclosure requirement applicable to persons who invest in A shares under applicable laws of Mainland China. China Connect Exchange Participants shall put appropriate monitoring arrangements in place to comply with this Rule and to alert their clients to comply with the relevant disclosure requirements.

Compliance with applicable laws in Mainland China

As required by SZSE, Client must comply, with SZSE Rules (to the extent applicable to the trading of China Connect Securities in the SZSE Market, and not inconsistent with these Rules and any regulations, requirements or conditions prescribed or published pursuant to these Rules) and laws and regulations of Mainland China relating to the use of the China Connect Service and the trading of China Connect Securities;
Client must acknowledge and understand the risks associated with investing in China Connect Securities through appropriate arrangements including, without limitation, the risk that the client’s instructions to trade in China Connect Securities may not be accepted and that they may be liable to regulatory investigations and the relevant legal consequences if they are in breach of or fail to comply with the SZSE Rules and the laws and regulations referred to in this Rule 14B10;
Client must acknowledge that the Hong Kong Exchange has the power not to extend the China Connect Service to them and the power to require China Connect Exchange Participants not to accept instructions from them, if it is found that the China Connect Exchange Participant or any of its clients (as the case may be) has or may have committed any abnormal trading conduct set out in or fail to comply with the SZSE Rules and the laws and regulations referred to in Rule 14B10(1);
Client must acknowledge that if the SZSE Rules are breached, or if the disclosure and other obligations referred to in the listing rules of the SZSE (including the rules of the SZSE for stock listing on ChiNext) or the SZSE Rules are breached, SZSE has the power to carry out investigations, and may, through the Hong Kong Exchange or the SEHK Subsidiary, require China Connect Exchange Participants to provide relevant information and materials (including the information and personal data of their clients and other persons referred to in Rule 537) to assist in its investigation;
Client must acknowledge that where there is a serious breach of the SZSE Rules, SZSE may request the Hong Kong Exchange to take appropriate regulatory actions or commence disciplinary proceedings against China Connect Exchange Participants, or request the Hong Kong Exchange to require China Connect Exchange Participants to issue warning statements (verbally or in writing) to their clients, and not to extend the China Connect Service to them or to their clients;
Client must acknowledge that the Hong Kong Exchange may (for the purpose of assisting SZSE in its regulatory surveillance of the SZSE Market and enforcement of the SZSE Rules and as part of the regulatory cooperation arrangement between the Hong Kong Exchange, the SEHK Subsidiary and SZSE), at the request of SZSE, require China Connect Exchange Participants to provide information concerning their clients and other persons referred to in Rule 537 with respect to any China Connect orders input or China Connect Securities Trades made or entered into by China Connect Exchange Participants on the Client’s behalf; and
Client must understand that, for the purposes referred to in paragraphs (4) to (6), China Connect Exchange Participants shall authorize the Exchange (whether directly or through the SEHK Subsidiary) to disclose, transfer and provide information and personal data concerning their clients and other persons referred to in Rule 537 to SZSE upon request and shall make appropriate arrangements (including obtaining the relevant consents) to ensure that the relevant information and personal data may be disclosed, transferred and provided in compliance with applicable laws including the Personal Data (Privacy) Ordinance.

The Company does not represent that the above related information provided is up-to-date or complete, nor does the Company undertakes to update it from time to time. For further information, please refer to the materials published on the HKEx website, the SFC website and/or the SZSE website applicable to Stock Connect from time to time and other relevant sources. If in doubt, the Client should seek professional advice.

Please refer to the Company website for further details:
https://www.cpy.com.hk/hk/us_shenzhenhongkong.htm

Notice regarding US Stock Online Trading

The tax regime of the United States (“US”) governs every individual who holds any US-based securities (inclusive of marketable securities, mutual funds, bonds and so forth) in his/her own name, regardless of whether the individual is a US citizen or a US permanent resident. All investors holding US securities of any kind are required to pay withholding tax on any dividends received. I/we should be aware of my/our tax obligations when investing in overseas markets and seek professional tax advice where appropriate.
To apply for our US stock online trading service, Client (non-US citizens/residents and non-Canadian residents) will have to fill in the Form W-8BEN (the “Form”). The Form is subject to renewal every 3 years. If the Form is not renewed after expiry, trading of US stock will be suspended.
Since the minimum trading unit of US stock is 1 share, Client should beware that trading commission might be higher than the transaction amount.
Upon execution of orders, Client must pay the relevant commissions and fees. The commission rates and fee levels may vary from time to time upon notice through our website at https://www.cpy.com.hk/ or other means. In particular, there will be a special commission/handling fee for trading of penny stocks (i.e. stock value less than US$0.10) and American Depository Receipts (ADR).
OTC trading in US is conducted by market makers using inter-dealer quotation services. OTC markets generally fail to meet the exchange requirement. Price quotations obtained from inter-dealer quotation services are for reference only. Investors should pay extra attention to the liquidity risk involved as the stocks tend to be traded infrequently. For more details, please visit https://www.otcmarkets.com/

For inquiries regarding US Stocks Trading, please contact our night time trading hotline at (852) 2826 0066.

Whilst the Company endeavours to ensure the accuracy of the above information, no statement, representation, warranty or guarantee, expressed or implied, is given as to its accuracy or appropriateness for use in any particular circumstances. The Company accepts no liability for any loss or damage whatsoever arising from or related to the use of such information.

The English version of this notice shall prevail in the event of any difference in interpretation or meaning between the Chinese and English version.

Notice regarding Taiwan Stock Online Trading

Client must fill in the relevant information and sign “Client’s Declaration – Application for Oversea Securities Trading Access Right” before trading Taiwan Stock.
Each board lot is 1,000 shares, below 1,000 shares regards as odd lot. Odd lot shares allow sell only. Presently, CPYI does not handle odd lots on-line. However, if odd lots are wished to be sold, please contact the designated AE or Customer Service Department.
Trade are settled in Taiwan Dollar (NTD).
Trading through our TSCI Mobile Apps and PC version are not supported.
Only limit orders are accepted.
Orders are valid on the same day only. All outstanding orders will be cancelled after market close.
Client could place new orders and cancel orders; order update is not available.
Taiwan Stock settlement date will be on the second business day after the transaction day, i.e. T+2.
Some of the Taiwan stock cannot trade intra-day. (i.e. If buy on T day, the earliest to sell is T+1)
Short selling is not accepted.
Daily price fluctuations in Taiwan Stocks are limited to within 10% of the auction reference price at market opening for the given day. For details, please refer to the regulatory requirement of the Taiwan Stock Exchange.
Margin financing is not available for online trading.
No physical deposit or withdrawal for Taiwan Stock.
Do not accept NTD deposit. Using other currency equivalent purchasing power is allowed to trade Taiwan stock. However, clients must exchange NTD for settlement on the trading day, otherwise we might use our in-house exchange rate to convert the amount for settlement arrangement. If the account do not have sufficient NTD for settlement, P+6% (Cash Account) / P+3% (Margin Account) will be charged for overdue interest.
If Client does not give any currency exchange instructions on the trading day before 3:00p.m., The Company might convert the amount into NTD on the trading day according to our in-house exchange rate on the same day.
If holding Taiwan stock is classified as Disposition Securities, such securities will be matched every 5 minutes manually (or longer time). Therefore clients should read Exchange circular, or access below link for details. http://www.twse.com.tw/en/page/announcement/punish.html

For inquiries regarding Taiwan Stocks Trading, please contact our Customer Service Department at (852) 2166 3888.

Terms and Conditions of Grey Market

Client should undertake grey market trading of the new securities via the Company’s electronic over-the-counter trading system.
Client agree to comply with the following terms and conditions under any circumstance, and the Company has the final rights of addition, amendment or cancelation in relation to the following terms and conditions.
If there is postponement, cancellation or alternation to the listing time of new securities, anyone aforesaid circumstances occurs, and hence the relevant security subsequently fails to list on the Exchange on the next trading day, all orders placed or executed via our electronic over-the-counter trading system will be cancelled and void.
Suspension, breakdown, or disruption of electronic over-the-counter trading system
1. Orders placed by Client and successfully recorded by our electronic over-the-counter trading system under these circumstances will be executed with no exception.
2. When anyone aforesaid circumstances occurs, Client should bear their own risks attached to pre-IPO trading. The Company will not be responsible for any matter caused by information delay, the fault, failure or malfunctioning of our electronic over-the-counter trading system.
3. When anyone aforesaid circumstances occurs, relevant announcements will be shown on our electronic over-the-counter trading system and/or Company’s website as soon as practicable. And we may exercise our sole discretion to cancel or void the placed or executed orders.
Adverse weather with tropical cyclone warning signal number 8 or above or “black” rainstorm signal
1. If adverse weather warning is issued BEFORE 4:00pm, we will post the relevant announcements on the Company’s website.
2. If adverse weather warning is issued AFTER 4:00pm, the Grey Market trading session will be opened as scheduled
Failure of settlement
1. In the event that the Client in selling any Securities fails to deliver relevant Securities, the Company is entitled to purchase in the market and/or via our electronic over-the-counter trading system (at the prevailing market price) the relevant Securities required for delivery in respect of such sale effected for the Client in order to complete the settlement of the relevant transaction. The Client shall bear all losses arising out of or in connection with such transaction;
2. In the event that (1) the Client buys Securities from a seller and such seller fails to deliver the relevant Securities and (2) the purchase of the relevant Securities cannot be effected or the Company in its absolute discretion determines not to purchase the relevant Securities pursuant to clause (i), the Client will not be entitled to obtain the relevant Securities at the matched price and shall only be entitled to receive the money paid for the purchase of the relevant Securities;
3. In the event that the Client in buying any Securities fails to deposit the necessary settlement amount, the Company is entitled to sell any and all Securities or collateral held in its Account and use the sale proceeds after deducting all costs in settlement of the transaction. However, if the Client is the seller under such transaction and such transaction cannot be settled, the Client shall only be entitled to the relevant Securities but not the sale proceeds of the relevant Securities; and
4. Without prejudice to the above, the Client shall bear its own losses or expenses and shall be responsible to the Company for any losses and expenses resulting from its and/or its counterparty's settlement failures.

The terms and conditions of this service have been translated into Chinese. If there is any inconsistency or ambiguity between the English version and the Chinese version, the English version shall prevail.

By visiting this page, Client agrees to accept unconditionally the terms and conditions of this service and as they may be revised and/or amended from time to time by the Company without prior notice to clients. Please check this page regularly for any revisions and/or amendments which may be made.

Risk of using electronic over-the-counter trading system

Client should only undertake trading via the Company’s electronic over-the-counter ("OTC") trading facilities if Client understands the nature of such trading and such trading facilities and the extent of their exposure to risks.
By trading via our electronic over-the-counter trading system, Client is exposed to the credit, settlement and other risks of the counterparty to the relevant OTC transactions, including (but not limited to) transactions of Securities before their listing on the Exchange. Settlement of the relevant transactions is not guaranteed and Client will be responsible for any losses or expenses resulting from their and/or their counterparty's settlement failures.
Trades executed via our electronic over-the-counter trading system may be cancelled and void if that particular Securities subsequently fails to list on the Exchange.
Furthermore, orders may only be partially executed, or not at all, as a result of the lower liquidity in trading via our electronic over-the-counter trading system as compared to regular market hours of the Exchange.
There may also be greater volatility in trading via our electronic over-the-counter trading system than in regular market hours of the Exchange. The lower liquidity and higher volatility in trading via our electronic over-the-counter trading system may then result in wider than normal spreads for a particular type of Securities.
The prices of Securities traded via our electronic over-the-counter trading system may differ significantly from their opening or traded prices transacted during the regular market hours upon the listing of the Securities on the Exchange. The prices displayed via our electronic over-the-counter trading system may not reflect the prices in other concurrently operating automated trading systems dealing in the same Securities.
News announcements made by the issuers may affect the price of their Securities after regular market hours. Similarly, important financial information is often announced outside regular market hours. In trading via our electronic over-the-counter trading system, these announcements may occur during trading and may cause an exaggerated and unsustainable effect on the price of a particular type of Securities.
In particular, OTC market is not regulated by the Exchange and will not be covered by the Investor Compensation Fund until the relevant transaction is properly recorded on the trading system of the Exchange upon the listing of the Securities on the Exchange.
Client should therefore carefully consider whether such trading is appropriate for them in the light of their experience, risk profile and other relevant circumstances and seek independent professional advice if Clients are in doubt.

Warning Statements of trading Virtual Asset related products

Information for clients investing in Virtual Asset (VA)-related products

There are risks of the underlying virtual assets (e.g. insufficient liquidity, high price volatility and potential market manipulation);
the risks of the underlying virtual assets (e.g. insufficient liquidity, high price volatility and potential market manipulation) may be magnified in trading virtual asset futures contracts by the speculative nature of the underlying virtual assets and the leverage inherent in futures contracts;
the difficulty of valuing the underlying virtual assets poses significant challenges for investors in reliably valuing virtual asset and virtual asset futures contracts;
the continuing evolution of virtual assets and how this may be affected by global regulatory developments
price volatility;
potential price manipulation on trading, lending or other dealing platforms;
a lack of secondary markets for certain virtual assets;
most trading, lending or other dealing platforms and custodians of virtual assets are presently unregulated;
counterparty risk when effecting transactions with issuers, private buyers and sellers or through trading, lending or other dealing platforms;
risk of the loss of virtual assets, especially if held in “hot wallets”;
hacking and technology-related risks; and
new risks which may arise from investing in new types of virtual assets or market participants’ engagement in more complex transaction strategies.

Risks related to VA asset spot ETF:

A VA spot ETF is directly exposed to the risks of the underlying VA, such as VA’s highly speculative nature, VA prices’ extreme volatility which are affected by numerous events or factors that are unforeseeable, and the evolving and increasing regulations on VA, etc.
A VA spot ETF is targeted at investors who understand its nature and risks, such as:
- extremely high price volatility of VA as the value of the VA may decline significantly, even to zero;
- risk relating to the VA, including changes in acceptance of VA, regulatory risk, cybersecurity risk, fork risk, potential manipulation risk, concentration of ownership risk, liquidity risk of VATPs and any unforeseeable risk due to the evolving nature of VA;
- concentration risk in a single reference asset (e.g., bitcoin or ether); and
- custody risk and the difficulties in recovery in case of theft or loss.
You should exercise caution when trading a VA spot ETF. You may lose all of your investment in a VA spot ETF within one day. Before investing in such an ETF, you should read this page and its offering documents carefully and fully understand its features, exposure, operation and risks.
Investment in VA spot ETFs should only be ancillary in your portfolio because they are highly volatile and do not necessarily provide any diversification effect.
If you are not prepared to accept significant and unexpected changes in the value of a VA spot ETF (including dropping to zero) and the possibility that you could lose your entire investment in the VA spot ETF, you should not invest in it.

Risk related to the underlying VA of Virtual Asset spot ETFs:

VA spot ETFs are directly exposed to the risks of the underlying VA. VA prices are extremely volatile and affected by numerous events or factors that are unforeseeable and potentially difficult to evaluate. They include changes in overall market sentiment, changes in acceptance of the VA, regulatory changes, security failures of the underlying network or related trading platforms, related fraud, market manipulation, contagious effect from collapses of major players in the VA market and other further development of the underlying network. In particular,

VA is a relatively new innovation and part of a rapidly changing industry. VA and the VA industry are therefore subject to substantial speculative interest, rapid price swings and uncertainty. In addition, VA operates without central authority (such as a bank) and is generally not backed by government. The slowing, stopping or reversing of the development or acceptance of a particular VA may adversely affect the VA’s price.
VA is vulnerable to cybersecurity attack. Cybersecurity risks relating to a VA’s underlying network and entities that provide custody or facilitate the trading of the VA may result in a loss of public confidence in the VA and a decline in the value of the VA. In particular, malicious actors may exploit flaws in the VA’s underlying network to, among other things, steal VA held by others, control the network or issue significant amounts of the VA in contravention of the network protocols. The occurrence of any of these events is likely to have a significant adverse impact on the value and liquidity of the VA.
As VA network is generally an open-source project, the developers may suggest changes to a particular VA’s software from time to time. If the updated software is not compatible with the original software and a sufficient number (but not necessarily a majority) of users and miners elect not to migrate to the updated software, this would result in a “hard fork” of the VA’s network, with one prong running the earlier version of the software and the other running the updated software, resulting in the existence of two versions of VA network running in parallel and a split of the blockchain underlying the VA network. This could impact demand for the VA and adversely impact the VA’s prices.
The market for VA traded on SFC-licensed VATPs is still developing and may be subject to period of illiquidity. Such liquidity risk may be caused by the absence of buyers, limited buy/sell activity, underdeveloped secondary markets, regulatory changes, cybersecurity issues, etc. During such times, there may be delays in the VA spot ETFs’ ability to acquire or dispose VA from the relevant SFC-licensed VATPs.
There may be concentration of ownership risk in the VA market as the largest wallets are believed to hold a significant percentage of the VA in circulation. Large sales by such holders could have an adverse effect on the market price of the relevant VA. (What is virtual asset wallet?)
The regulation of VA, related products and services continues to evolve. Potential regulatory changes and actions with respect to VA generally or any single VA in particular may alter, potentially to a materially adverse extent, the nature of the investment of VA spot ETFs and may adversely impact their values.

Risks related to VA assets futures ETF:

A virtual asset futures ETF is indirectly exposed to the risks of the underlying VA through investment in the relevant VA futures, such as VA is highly speculative, VA prices are extremely volatile and affected by numerous events or factors that are unforeseeable, regulations on VA are still developing and increasing, etc.
A virtual asset futures ETF is a derivative product and is targeted at investors who understand its nature and risks, such as:
- extremely high price volatility of VA futures and the value of the VA futures may decline significantly, including to zero;
- concentration risk in a single reference asset (e.g., bitcoin or ether) and/or a single futures contract;
- potentially large roll costs of VA futures which may adversely affect the ETF’s net asset value (NAV); and
- operational risks related to VA futures, including additional margin requirements, potential size limits on and/or mandatory liquidation of the ETF’s VA futures positions imposed by relevant parties without advance notice.
The performance of a virtual asset futures ETF can significantly deviate from that of the VA’s spot price, because the virtual asset futures ETF invests in VA futures but not in the VA directly.
You should exercise caution when trading a virtual asset futures ETF. Before investing in such ETF, particularly if you wish to adopt a buy-and-hold strategy, you should read this page and its offering documents carefully and fully understand its features, exposure, operation and risks. You should also have a clear understanding of how VA futures contracts work and the rollover mechanism involved. You should pay particular attention to the risks under exceptional market circumstances, such as significant or total loss of your investment in the ETF in a short period of time and how rollover of futures contracts may adversely affect the value and performance of the ETF.
Investment in virtual asset futures ETFs should only be ancillary in your portfolio because they are highly volatile and do not necessarily provide any diversification effect.
If you are not prepared to accept significant and unexpected changes in the value of a virtual asset futures ETF (including dropping to zero) and the possibility that you could lose your entire investment in the virtual asset futures ETF, you should not invest in it.

Risk related to the underlying VA of Virtual asset futures ETFs:

Virtual asset futures ETFs are indirectly exposed to the risks of the underlying VA through investment in the relevant VA futures. Therefore, risks that adversely affect the price of the underlying VA may also affect the price of the relevant virtual asset futures ETFs. In this regard, VA prices are extremely volatile and affected by numerous events or factors that are unforeseeable and potentially difficult to evaluate. They include changes in overall market sentiment, changes in acceptance of the VA, regulatory changes, security failures of the underlying network or related trading platforms, related fraud, market manipulation, contagious effect from collapses of major players in the VA market and other further development of the underlying network. In particular,

VA is a relatively new innovation and part of a rapidly changing industry. VA and the VA industry are therefore subject to substantial speculative interest, rapid price swings and uncertainty. In addition, VA operates without central authority (such as a bank) and is generally not backed by government. The slowing, stopping or reversing of the development or acceptance of a particular VA may adversely affect the VA’s price.
Regulations on VA are still developing and increasing. Regulatory changes or actions may materially alter the nature of an investment in a VA, restrict the use and exchange of the VA, or restrict the operations of the blockchain network or venues on which the VA trades, in a manner that adversely affects the value of the VA. In extreme cases, governmental interventions may make VA illegal.
VA trading venues are relatively new and, in most cases, largely unregulated. They are typically not subject to the same robust regulation as trading platforms in traditional financial markets, and are not typically required to protect customers to the same extent that regulated securities exchanges or futures exchanges are required. VA trading platforms may therefore be more exposed to theft, fraud, failure, security breaches, market manipulation and insider dealing, compared to established, regulated exchanges for securities, derivatives and other currencies. In particular, some VA trading venues collapsed or closed due to the above issues. As a result, the prices of VA may be subject to larger and/or more frequent sudden declines than assets traded on more traditional exchanges.
VA is vulnerable to cybersecurity attack. Cybersecurity risks relating to a VA’s underlying network and entities that custody or facilitate the trading of the VA may result in a loss of public confidence in the VA and a decline in the value of the VA. In particular, malicious actors may exploit flaws in the VA’s underlying network to, among other things, steal VA held by others, control the network or issue significant amounts of the VA in contravention of the network protocols. The occurrence of any of these events is likely to have a significant adverse impact on the value and liquidity of the VA.
As VA network is generally an open-source project, the developers may suggest changes to a particular VA’s software from time to time. If the updated software is not compatible with the original software and a sufficient number (but not necessarily a majority) of users and miners elect not to migrate to the updated software, this would result in a “hard fork” of the VA’s network, with one prong running the earlier version of the software and the other running the updated software, resulting in the existence of two versions of VA network running in parallel and a split of the blockchain underlying the VA network. This could impact demand for the VA and adversely impact the VA’s prices.

For details, please visit IFEC website:

Virtual asset spot ETF: https://www.ifec.org.hk/web/tc/investment/investment-products/etf/other-types-of-etf/virtual-asset-spot-etf.page

Virtual asset futures ETF: https://www.ifec.org.hk/web/tc/investment/investment-products/etf/other-types-of-etf/virtual-asset-futures-etf.page

The above is not an exhaustive list of warning statements. Reference should be made to key fact statements of specific products. If necessary, investors should seek independent professional advice.

Securities Trading Reference Cost

Terms of Use and Important Statements

The Securities Trading Reference Cost calculation service (the “Service") provided by our securities trading platforms involves complex calculations, various assumptions and limitation. The items displayed in the system, including reference "average price", "diluted price" and " P&L (Profit and Loss)", have special definitions and cannot be interpreted literally. The content is for reference only and may not reflect the actual situation. The Service may be subject to technical or systematic error which may affect the accuracy, completeness, timeliness or correctness of the Service. Therefore users must be aware that the Service is provided for reference only and does not necessarily reflect the actual situation. Users shall not adopt the figures provided by the Service as the basis of their trading decision before they have a clear understanding on the implication of such figures and having verified the accuracy of such figures themselves. Users are advised to seek independent professional (including but not limited to financial and legal) advice before making any investment decision and users are further advised that any trades executed following or in reliance of the Service are taken at users’ own risk for users’ own account. Core Pacific-Yamaichi International (H.K.) Limited (“CPYI”) shall not have any legal liability or responsibility (including liability for negligence) for any loss or damage, which may result, whether directly or indirectly, from the supply or use of the Service or in reliance thereon and such loss or damage shall be entirely borne by the users. CPYI reserves the absolute right, in its sole discretion but without any obligation, to amend or revise the provision of the Service and the methods of calculating the Average Cost for user account from time to time without any further notice and CPYI shall not be liable to the users for any loss or damage thereto, which may result directly or indirectly

Please note:

Client can adjust the reference cost of each stock up to 3 times per trading day.
The reference cost price adjusted by the client is the stock's cost at the beginning of the day. If the client has a buy/sell transaction on the trading day, the latest cost price will be calculated based on the buy/sell transaction. Please refer to the calculated reference result.
In view of the possible delay in the update of stock quotes, the update and calculation of the indicative profit and loss may be affected and are for reference only.
The trading day, day-end time, market price, etc. update time of overseas markets are different, and it is difficult for this service to take into account the characteristics of all markets, so the service is mainly based on the Hong Kong stock market, and the calculation of the trading reference cost price in other securities markets may deviate greatly, which is for reference only

I/We agree and confirm that I/We have fully understood, agreed and accepted these Terms of Use and Important Statements

I/we must not use this website/electronic application on any device or operating system that has been modified outside the mobile device or operating system vendor supported or warranted configurations. This includes devices that have been "jail-broken" or "rooted". A jail broken or rooted device means one that has been freed from the limitations imposed on it by my/our mobile system provider and the phone manufacturer without their approval. The use of this website/electronic application on a jail broken or rooted device may compromise security and lead to fraudulent transactions. Download and use of this app in a jail broken or rooted device is entirely at my/our own risk and the Company and/or its affiliated companies will not be liable for any losses or any other consequences suffered or incurred by me/us as a result.

I/we should only download this website/electronic application and its updates from official supplying app store (e.g Google Play and App Store) and not from any unofficial sources.

This Risk Disclosure Statement is revised or supplemented from time to time. Client should refer to its latest version for reference.

The English version of this notice shall prevail in the event of any difference in interpretation or meaning between the Chinese and English version.