Sinomax Securities Limited

Exchange Participant of the SEHK

香港聯合交易所參與者

CLIENT AGREEMENT

客戶協議書

Client Agreement

TABLE OF CONTENTS

GENERAL TERMS AND CONDITIONS FOR SECURITIES TRADING ACCOUNT

CASH CLIENT AGREEMENT

MARGIN CLIENT AGREEMENT

ELECTRONIC STOCK TRADING SERVICE AGREEMENT

RISK DISCLOSURE STATEMENT

PERSONAL INFORMATION COLLECTION POLICY STATEMENT

(Dec 2017)

CLIENT AGREEMENT

GENERAL TERMS AND CONDITIONS FOR SECURITIES TRADING ACCOUNT

The provisions hereof shall be incorporated into and form part of the general terms and conditions

of the Cash Client Agreement, the Margin Client Agreement, the Electronic Stock Trading Services

Agreement (as defined below), and/or other contracts (wherever applicable) made between the

Client(s) (named in corresponding account opening form(s)) and Sinomax Securities

Limited (the “Company”). Where there are any inconsistencies which may arise between the

Terms and Conditions (as defined below) hereof and any of the said agreements, the Terms and

Conditions hereof shall prevail unless otherwise expressly provided.

DEFINITION AND INTERPRETATION

1.1

In this Agreement, unless the context requires otherwise, the following expressions shall have the

following meanings:

“Account(s)” means any account(s) or sub-account(s) from time to time opened in your name

and maintained with us for the Service, whether denominated in HKD, RMB, U.S. dollars or any

other currency and includes, where applicable, the Cash Account, the Margin Account and the

Electronic Stock Trading Account;

“Account Opening Form” means the account opening forms or other document (however

described) prescribed by the Company from time to time and provided by or on behalf of the Client

to the Company in respect of the Client’s application to open one or more Accounts with the

Company;

“Agreement” means the Client Agreement, including the Terms and Conditions and if applicable,

the Cash Client Agreement, the Margin Client Agreement, the Electronic Stock Trading Services

Agreement and/or other contracts (wherever applicable) signed by the Client and the Company,

and all other documents completed or executed by the Client in relation thereto, including all

amendments and subsequent addenda to the said agreements if any;

“Affiliate” means, in relation to the Company:

(i) any entity controlled, directly or indirectly, by the Company;

(ii) any entity that controls, directly or indirectly, the Company; or

(iii) an entity directly or indirectly under the common control by the Company;

“Applicable Laws and Regulations” means any statute, law, regulation or order, or any rule,

direction, guideline, policy, requirement, code of conduct, notice or restriction (whether or not

having the force of law) issued by any regulatory authority, government agency, Exchange or

professional body applicable from time to time, or market practices or customs, whether in Hong

Kong, the PRC or other applicable jurisdictions;

“Authorized Financial Institution” has the meaning defined in schedule 1 to the SFO;

“Authorized Person(s)” means the Person(s) or any of them you have authorized as an agent(s)

of Client to (including but not limited to) give Instructions to us on your behalf, as initially set out in

the Account Opening Form or as you may otherwise advise us in writing from time to time (only be

effective after the actual receipt of such notification and approved by us) in accordance with the

applicable provisions of these Terms and Conditions;

“Associated Entity” has the meaning defined in schedule 1 to the SFO;

"Automatic Exchange of Financial Account Information" (the "AEOI") means any Applicable

Laws and Regulations that require and facilitate the collection, reporting and exchange of

information between governments or tax authorities, including but not limited to Inland Revenue

(Amendment) (No. 3) Ordinance 2016. Under these rules, the Company is required to identify

account holders and controlling persons of certain entity account holders who are reportable

foreign tax residents and report their Financial Account Information to the IRD, which will transfer

this information to the tax authority of the reportable foreign tax resident's country of tax residence

on a regular, annual basis. Please see the IRD website for more information:

“http://www.ird.gov.hk/eng/tax/dta_aeoi.htm”;

"Business Day(s)" means a day (other than Saturday and Sunday and a day on which a black

rainstorm warning or a number 8 or higher typhoon signal is hoisted before 2:00 p.m. in Hong

Kong) on which banks in Hong Kong are open for general business;

“Cash Account” means an account opened by the Client and maintained by the Company under

the Cash Client Agreement, which is set out in Section A of this Agreement;

“Cash Client Agreement” means the agreement set out in Section A of this Agreement;

“Clearing House” means HKSCC in relation to SEHK and, in relation to any other Exchange, the

clearing house providing services to such Exchange similar to those provided by HKSCC to SEHK;

"Client" means the person or persons who has/have signed and/or specified as such in the

Account Opening Form, and where the Account is opened by more than one person means all of

such persons collectively and any legal or personal representative, executor, successor in title or

permitted assign thereof, and shall include the Authorized Person where the context permits;

“Client Money Rules” means the Securities and Futures (Client Money) Rules (Cap. 571I) of the

Laws of Hong Kong;

“Client Money Standing Authority” means the client money standing authority that you granted

to the Company in the terms set out in this Agreement as amended from time to time;

“Client Securities Rules” means the Securities and Futures (Client Securities) Rules (Cap.

571H) of the Laws of Hong Kong;

“Client Securities Standing Authority” means the client security standing authority that you

granted to the Company in the terms set out in the Agreement as amended from time to time;

“Code of Conduct” means the Code of Conduct for Persons Licensed by or Registered with the

SFC issued by the SFC;

“Collateral” means, as security or credit support for entering into any Transaction or for any of

client obligations under the Agreement, collectively, (i) all monies and properties (including

securities collateral) provided by or through Client which are now or hereafter held or controlled by

or through the Company or which are in transit to or from or allocated to or are otherwise in our

custody or which are carried in any Account, and (ii) all proceeds or distributions of the same;

“Company”, “We”, “our” or “us” means Sinomax Securities Limited;

“Device” means any device (including but not limited to any digital or electronic certificate or

encrypted software), equipment, phone, machine or computer provided, whether mobile, fixed,

portable or otherwise (whether by the Company or not) to or otherwise employed by the Client for

giving Instructions;

“Electronic Stock Trading Account” means an account opened by the Client and maintained by

the Company under the Electronic Stock Trading Agreement, which is set out in Section C of this

Agreement;

“Electronic Stock Trading Agreement” means the agreement set out in Section C of this

Agreement;

“Electronic Stock Trading Services” means the software, system and other facilities, including,

but not limited to, website of the Company, electronic mail and other Devices operated or provided

by the Company under these Terms and Conditions, which enables the Client to give electronic

Instructions and to access information services provided by the Company;

“Exchange” means SEHK or the relevant exchange or stock market (wherever situated) on which

the relevant Securities are listed or traded;

“Financial Accommodation” has the meaning defined in schedule 1 to the SFO;

“Financial Account Information” means (i) any information concerning my/our identity or in

relation to me/us (including without limitation, name, address, my/our jurisdiction(s) of tax

residence, taxpayer identification number(s) (or its functional equivalent in the absence of taxpayer

identification number) in that jurisdiction(s), place of birth, date of birth, the account number (or a

functional equivalent in the absence of an account number), the name and identifying number of

the reporting financial institution, account information (including without limitation my/our account

balance or value, payments made to the account and the fact of closure of the account); and (ii)

any documentation or information (including without limitation self-certification forms,

accompanying statements, waivers, and consents) as you may from time to time require or as I/we

may from time to time give pursuant to the Applicable Laws and Regulations;

“Foreign Account Tax Compliance Act” (the “FATCA”) means:

(i) sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986 or any associated

Regulation or other official guidance;

(ii) any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or

relating to an intergovernmental agreement between the U.S. and any other jurisdiction, which

(in either case) facilitates the implementation of the legislation or guidance referred to in (i)

above; and

(iii) any agreement pursuant to the implementation of the legislation or guidance referred to in (i)

or (ii) above with the U.S Internal Revenue Service, the U.S. government or any government

or taxation authority in any other jurisdiction;

“HKD” means Hong Kong dollars, the lawful currency of Hong Kong;

“Hong Kong” means the Hong Kong Special Administrative Region of the PRC;

“HKSCC” means the Hong Kong Securities Clearing Company Limited;

“IRD” means the Inland Revenue Department of Hong Kong;

“Instruction(s)” means any instruction or order communicated by the Client or its Authorized

Person in whatever means (including but not limited to oral, phone, fax, email, internet or any

electronic means or any written form) to the Company in accordance with these Terms and

Conditions;

“Listing Rules” means the Rules Governing the Listing of Securities on the SEHK;

“Margin” means such collateral which may be cash, Securities or other investment, other assets,

and/ or guarantees acceptable to us in such amount, for such value and in such form as may be

determined and required by us at our absolute discretion to be placed with us as a security for the

performance by you of any Transaction you have entered into and/or of any your obligations under

the Agreement;

“Margin Account” means an account opened by the Client and maintained by the Company

under the Margin Client Agreement, which is set out in Section B of this Agreement;

“Margin Client Agreement” means the agreement set out in Section B of this Agreement;

“Liabilities” means all monies, liabilities and obligations, whether actual or contingent, present or

future, due, owing or incurred from or by the Client to the Company in connection with the Account

and/or the Agreement or for which the Client may otherwise be or become liable to the Company

on any account or in any manner or currency whatsoever (whether alone or jointly with any other

person and in whatever name, style or firm), together with interest from the date of demand to the

date of payment, legal costs and all other costs, charges and expenses incurred by the Company,

their respective nominee, subsidiary or other associated company in connection with the recovery

or attempted recovery of such monies, liabilities and obligations;

“Parties” means the Company and the Client, and each of them is referred to as “Party”, in this

Agreement;

“Password” means the Client unique personal password used in conjunction with the account

number of the Client to gain access to the Electronic Stock Trading Services;

“PDPO” means the Personal Data (Privacy) Ordinance (Cap.486) of the Laws of Hong Kong;

“Person” includes where the context permits, an individual, sole proprietorship, partnership, trust,

corporation and unincorporated body of persons;

“Personal Data” has the meaning given to it in the PDPO;

“Personal Information Collection Policy Statement” means the statement set out in Section E

of this Agreement;

“Renminbi” (the “RMB”) means the lawful currency of the PRC;

“Risk Disclosure Statement” means the risk disclosure statement set out in Section D of this

Agreement;

“Securities” means securities as defined in SFO and/or any shares, stocks, debentures, loan

stocks, money, bonds, notes, unit trusts, certificates of deposit or other commercial paper or

securities or other similar instruments of any kind whatever or howsoever, of or issued by any

body, whether incorporated or unincorporated, or any government authority for the time being

traded in a market and acceptable to the Company. It may include, in the absolute discretion of

the Company, (i) rights, options or interests (whether described as units or otherwise) in or in

respect of any of the foregoing; (ii) certificates of interest or participation in, or temporary or interim

certificates for, receipts for or warrants to subscribe to or purchase, any of the foregoing; or (iii)

any instruments commonly known as securities;

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

“Service” means any and all facilities, products and/or services granted, performed, delivered

and/or made available by us to you, including (but not limit to) the Electronic Stock Trading

Services;

“SFC” means the Securities and Futures Commission of Hong Kong;

"SFO" means the Securities and Futures Ordinance (Cap. 571) of the Laws of Hong Kong and

any subsidiary legislation made thereunder;

“Short Selling Order” has the meaning defined in Schedule 1 to the SFO;

“SMS” means short messaging service messages that are sent to Client by the Company or other

service providers through the Company;

“Terms and Conditions” means all the terms and conditions in General Terms and Conditions

for Securities Trading Account, as from time to time amended and supplemented;

“Third Party(ies)” means any Person other than a Party to this Agreement;

“Transactions” means all transactions executed or to be executed by us pursuant to or as a result

of an Instruction, including the purchase, sale, exchange of, or the acquisition, disposal, custody

or safe-keeping of, and other dealings in and with, any Securities and other investment product,

as we may agree;

“U.S.” or "United States" means the United States of America;

“U.S. Person” means (i) a citizen or resident of the United States; (ii) a corporation, partnership

or other entity created or organized in or under the laws of the United States or any political

subdivision thereof; (iii) any estate or trust that is subject to United States federal income taxation

regardless of the source of its income; (iv) any corporation, partnership, trust, estate or other entity

in which one or more individuals or entities described in (i), (ii) or (iii) acting singly or as a group

has or have a controlling beneficial interest whether directly or indirectly and, in the case of a

corporation or partnership, which is formed principally for the purpose of investing in securities not

registered under the United States federal securities laws; or (v) any corporation, partnership or

other entity, regardless of citizenship, domicile, situs or residence, if under the federal income tax

laws of the United States ten percent (10%) or more of the ownership of any mutual fund would be

attributed through such entity to any U.S. Person as defined in this clause; &

“You” and “your” means the person(s) (including any corporation, sole proprietor, or each partner

of a partnership) who sign(s) the Client Agreement and who utilize(s) any particular Account(s).

1.2

In these Terms and Conditions, unless the context requires otherwise:

(i) “including” or “include” means including or includes without limitation;

(ii) the singular includes the plural and vice versa;

(iii) words importing a gender shall include every gender;

(iv) all reference to any “Applicable Laws and Regulations” means such “Applicable Laws and

Regulations” as enacted, amended, re-enacted or replaced from time to time, and include all

rules and regulations promulgated under any such statute;

(v) references to Clause(s) and Section(s) mean the clause(s) of and section(s) to this

Agreement;

(vi) headings are for convenience of reference only and do not affect interpretation;

(vii) reference to “writing” or “written” includes facsimile and electronics transmission; and

(viii) reference to “Client”, “you” or “your” includes the Authorized Persons and vice versa.

INSTRUCTIONS AND AUTHORIZATION

2.1

If the Client is allowed by the Company to engage in cash or Margin trading or to use the market

data service and other related services including the derivative products, or any other services

provided by the Company, the Client shall be further subject to the terms and conditions set out in

the relevant agreements with the Company including but not limited to the Cash Client Agreement,

the Margin Client Agreement, the Electronic Stock Trading Services Agreement and/or other

contracts wherever applicable.

2.2

The Company may implement the Client’s Transactions in such manner and through any related

parties / entity of the Company.

2.3

The Client or his/its Authorized Person(s) may give to the Company Instructions (which the

Company may in its absolute discretion reject) to effect Securities trading and other Transactions

on behalf of the Client. The Instructions may be given orally, in writing or electronically which

purport, or which the Company reasonably believes, to come from the Client or his/its Authorized

Person(s) or to have been given on his/its behalf.

2.4

The Client agrees to and hereby irrevocably appoints the Company with full power and authority

as his/its true and lawful attorney, to the fullest extent permitted by law, to act for and on the Client’s

behalf for the purpose of carrying out the provisions of the Agreement and taking any action and

executing any document or instrument in the Client’s name or in its own name which the Company

may deem necessary or desirable to accomplish the purposes of the Agreement.

2.5

Transactions effected by the Company on the Client’s behalf are subject to the laws, regulations,

and constitution, by-laws, customs, rules, and transaction levies of the relevant market, exchange,

Clearing House or jurisdiction as amended from time to time.

2.6

The Company is hereby authorized to instruct overseas brokers and dealers (including but not

limited to the United States and the PRC) to execute transactions in overseas securities in such

terms and at such times as in its discretion deems fit and the Client hereby acknowledges that the

terms of business of such overseas brokers and dealers shall apply to such transactions and the

Client agrees to be bound by such terms.

2.7

The Company is hereby authorized to include, subject to the absolute discretion of the Company,

all the Securities and related Transactions of the Client traded in Hong Kong and in the United

States and/or the B Shares in the PRC in one consolidated account in the name of the Client with

the Company.

EXECUTION OF CLIENT’S ORDERS

3.1

The Company shall not be liable for any delay or failure in the transmission of orders due to

breakdown or collapse of communication facilities or for any other delay or failure beyond its

control.

3.2

The Company may, without prior reference to the Client, combine for execution his/its orders with

the orders of other clients. This may result in a more favorable or less favorable price being

obtained for the Client than executing his/its orders separately. Where there are insufficient

Securities to satisfy orders so combined, the transactions will be allocated between clients with

due regard to market practice and fairness to clients.

3.3

If the Company is not able to execute the Client’s orders in full or at the prices quoted at any

specific time or "at best" or "at market" by reason of physical restraints and rapid changes of

securities prices, the Client agrees to be bound by such executions.

3.4

Request to amend or cancel the Client’s orders is only possible before the orders are executed. In

the case of full or partial execution of the Client’s cancelled orders, the Client agrees to accept full

responsibility for the Transactions.

3.5

Market orders may result in unfavorable executions owing to volatile market conditions. Moreover,

cancellation of market orders is rarely possible as they are subject to immediate execution.

3.6

The Client confirms that until such time as the Company receives written notice from the Client

to the contrary in respect of one or more specific Transactions, the Client will not give the Company

any order to sell Securities which is a Short Selling Order to be executed at/or through the SEHK

or any other Exchange.

3.7

Without prejudice to Clause 3.6 above, in respect of each Short Selling Order to be transacted at

or through the SEHK or any other Exchange upon the Client’s Instructions, the Client understands

the relevant provisions of sections 170 and 171 of the SFO and its related subsidiary legislation

and agrees to ensure compliance with the same by him/it and any other relevant persons.

3.8

The Client understands that where the Company is selling as agent, the Company shall not convey

or accept an order to sell Securities which is a Short Selling Order at or through the SEHK or any

other Exchange unless it has received from the Client, or any other person for whose benefit or on

whose behalf the order is made, certain required assurance and the Company shall be obliged to

collect from the Client, or such other person, such information (if any), in the form of a document

and within such time, as is prescribed by relevant rules made under the SFO.

3.9

The Client understands and agrees that the Company may use a telephone recording system to

record conversations with the Client and/or his/its Authorized Persons. The Client acknowledges

and warrants that each Authorized Person also consents to such recording.

Electronic Stock Trading Services

4.1

The Company may provide the Client with the Electronic Stock Trading Services upon the terms

and conditions stipulated in the Electronic Stock Trading Service Agreement.

4.2

The Electronic Stock Trading Services may provide, for informational purposes only, data about

Securities, derivatives or other investment products published by Third Parties. Owing to market

volatility and possible delay in the data-transmission process, the data may not be real-time market

quotes for the relevant products. Whilst such data are believed to be reliable, the Company has

no independent basis to verify or contradict the accuracy or completeness of the information

provided.

4.3

The information provided under the Electronic Stock Trading Services is provided on an "as is",

"as available" basis and the timeliness, sequence, accuracy, adequacy or completeness of such

information is not in any way guaranteed. The Company does not give any warranties with respect

to such information.

4.4

The Client hereby expressly agrees that if the Client ceases to be a client of the Company, Client

shall have no further right to gain access to, nor to continue to use, the Electronic Stock Trading

Services, including but not limited to the network services if any provided to the Company by other

service providers for overseas markets.

Securities Documents

5.1

Securities purchased for the Client will be delivered to the Client (or as the Client may direct)

provided that:

i) such Securities are fully paid; and

ii) such Securities are not subject to any lien, and/or are not held as Collateral by the Company.

5.2

The Securities and Collateral retained by the Company shall be treated and dealt with in

compliance with the provisions of the SFO and relevant rules made thereunder and such Securities

from time to time received on the Client’s behalf will be deposited in safe custody in a segregated

account maintained in Hong Kong for the purpose of holding such Securities with an Authorized

Financial Institution, a custodian approved by the SFC or another intermediary licensed for dealing

in securities, or registered in the name of the Client or the Company.

5.3

The Company will not return to the Client the Securities originally delivered or deposited but will

return Securities of the same class, denominations and nominal amount and ranking to the Client.

5.4

Where the Client’s Securities held by the Company are not registered in the Client’s name, any

dividends, distributions or benefits which accrue in respect of such Securities will be entitled to the

Company on behalf of Client and credited into the Client’s account. Voting rights may be exercised

on the Client’s behalf with respect to such Securities upon the Client’s prior specific Instructions.

5.5

Subject to the provisions of the SFO and relevant rules made there under, the Client authorizes

and agrees that Securities and Collateral from time to time received or held on his/its behalf may

be treated and dealt with in such manner as the Company may deem fit. The Client understands

that such Securities and Collateral may be subject to a lien or charge in favour of Third Parties and

return of such Securities or Collateral to the Client may be subject to satisfaction of such lien or

charge. The Client also agrees that the Company shall be entitled to retain for its own benefit and

not be accountable to the Client for any fees, income, rebates or other benefits resulting from any

lending or deposit of his/its Securities or Collateral to or with any Third Party for any purpose by

the Company.

5.6

Client money shall be treated and dealt with by the Company in compliance with the provisions of

the SFO and relevant rules made thereunder and relevant Client money from time to time received

on the Client’s behalf will be paid into a segregated account for Client money maintained in Hong

Kong with an Authorized Financial Institution or any other person approved by the SFC. The Client

agrees that unless otherwise expressly provided, the Company shall be entitled to retain for its

own benefit and not be accountable to the Client for any amounts of interest derived from the

holding of client money on his/its behalf.

5.7

Subject to the provisions of the SFO and relevant rules made there under, the Company shall have

the Client’s standing authorization given on behalf of the Client and his/its affiliates to (without

being obliged so to do) effect fund transfers between any two or more of the Client’s and his/its

affiliates' accounts maintained with the Company (of whatever nature and whether individually or

jointly with others) for the purpose of discharging or reducing the Client’s or any of the Client’s

affiliates' obligations or indebtedness towards the Company and without further consent from or

any notice to the Client or his/its affiliates.

5.8

Without prejudice to any other rights and remedies available to the Company, the Client agrees

that the Company may dispose or initiate a disposal by the Company of any of the Securities or

Collateral from time to time received or held on the Client’s behalf in settlement of any liability owed

by the Client or on his/its behalf to the Company or a third person.

Payment

6.1

The Client shall on demand, or by the due settlement date as required by the Company (or the

Exchange or Clearing House) make payment of cleared funds or delivery of Securities in

deliverable form to the Company.

6.2

If the Client fails to comply with the above requirements, the Company is authorized by the Client,

in its absolute discretion:-

(a) in the case of a purchase Transaction, to transfer or sell any Securities in the Client’s

Account (including the purchased Securities) to satisfy his/its obligations; or

(b) in the case of a sale Transaction, to borrow and/or purchase such sold Securities as are

necessary to satisfy the Client’s settlement obligations.

6.3

The Client shall reimburse the Company all losses, costs, fees and expenses (including legal

expenses on a full indemnity basis) in connection with any settlement failure of the Client’s trades.

6.4

The Client shall bear all currency exchange risks in respect of any Transactions, settlement actions

or steps taken by the Company (including but not limited to the Transactions under clauses 2.6,

2.7 and 8.1(viii) hereof).

Commission and Charges

7.1

The Client shall pay to the Company all commissions, interests and/or other expenses pursuant to

the terms of the Agreement.

7.2

If the Client has no trading activity for twelve months or more, the Company reserves the right to

charge a monthly maintenance fee.

Representations, Warranties and Undertakings

8.1

The Client warrants, represents and undertakes to the Company that:-

(i) the Client enters into the Agreement as principal and is not trading on behalf of any other

person (except where notified to and expressly approved by the Company in writing);

(ii) the information provided in the Agreement and the relevant Account Opening Form is true

and correct;

(iii) the Client is the beneficial owner of the securities under his/its account free from any lien,

charge, equity or encumbrance save as created by or under the Agreement;

(iv) the Client is the person or entity (legal or otherwise) ultimately responsible for originating the

Instructions in relation to each Transaction in his/its Account and the person or entity (legal

or otherwise) that stands to gain the commercial or economic benefit of each Transaction in

his/its Account and/or bear its commercial or economic risk (except where any other person

or entity has been disclosed to the Company in the Agreement, the Account Opening Form,

or other notices to the Company pursuant to Clause 8.2 hereof);

(v) the Client has full power and authority to enter into and perform his/its obligations under the

Agreement and if the Client is a corporate client, the Client has obtained all necessary

consents from shareholders and directors and has taken all necessary actions to enable the

Client to enter into the Agreement and perform his/its obligations under the Agreement;

(vi) the Agreement and their performance and the obligations contained thereto do not and will

not contravene any Applicable Laws and Regulations, any provisions of the Client’s

memorandum and articles of association or by-laws (where applicable), or constitute a

breach or default under any agreement or arrangement by which the Client is bound;

(vii) the Client will not charge, pledge or allow to subsist any charge or pledge over his/its

Securities or monies in his/its Account or grant or purport to grant an option over any

Securities or monies in his/its Account without the prior written consent of the Company; and

(viii) where the Client trades in the securities listed at the American Stock Exchange, the Client

hereby declares confirms that he/it is not a citizen or a tax resident of the United States, and

will inform the Company in writing of any change of such status in the future. In any event,

the Client shall be liable for the tax payable to the United States if any. The Client shall

complete, wherever applicable, the relevant forms or certificates (such as the Form W-8BEN,

W-8IMY, W-8ECI or W-8EXP) for submission to the United States by the Company or its

agent.

8.2

The Client undertakes and agrees to provide details of the ultimate beneficiary and information on

the identity, address and contact and other details of such person or entity to the Company before

giving the Instructions to the Company , if: (i) in relation to any particular Transaction in the Client’s

Account, the Client is not the person or entity (legal or otherwise) ultimately responsible for

originating the Instructions or the person or entity (legal or otherwise) that stands to gain its

commercial or economic benefit and/or bear its commercial or economic risk; and/or (ii) there are

any Transactions in which his/its investment discretion is overridden, where the Client is acting as

an investment manager of any collective investment schemes, discretionary accounts or trusts.

The Client agrees that he/it will advise the Company of such fact and provide information on the

identity and contact and other details of the person overriding such investment discretion before

giving the Instructions to the Company. Also, the Client undertakes and agrees to provide such

information directly to the Exchange, relevant government agencies or regulators within two days

of the Company's written request and such undertaking and agreement will survive any termination

of the Agreement.

Indemnity

9.1

The Client shall indemnify and hold the Company harmless from and against all claims, actions,

loss, Liabilities and proceedings against the Company and bear any losses, costs, charges or

expenses (including legal fees) which the Company may suffer or incur in connection with their

carrying out of the Instructions, obligations or Services, or exercise of rights, powers or discretion

under the Agreement, including the expenses and obligation from any action taken by the

Company to protect or enforce its rights, or its security interest under the Agreement, whether or

not as a result of any default or breach by the Client.

Set-off, Lien and Combination of Accounts

10.1

The Company shall be entitled and authorized to, subject to the provisions of the SFO and relevant

rules made there under for itself, at any time or from time to time and without notice to the Client,

notwithstanding any settlement of Account or other matter whatsoever, combine or consolidate

any or all of the Client’s Accounts and/or his/its affiliates' Accounts (of whatever nature and whether

held individually or jointly with others) maintained with the Company and set-off or transfer any

money, Securities or other property standing to the credit of any one or more of such Accounts in

or towards satisfaction of the indebtedness, obligations or Liabilities of the Client and/or any of

his/its affiliates towards the Company on any other Accounts whether such indebtedness,

obligations or Liabilities be present or future, actual or contingent, primary or collateral, several or

joint and secured or unsecured. Where such set-off, consolidation, combination or transfer requires

the conversion of one currency into another, such conversion shall be calculated at the rate of

exchange conclusively determined by the Company to be applicable.

10.2

Subject to a general lien in its favor the Company may hold as security and all or any of the Client’s

money, Securities and other properties held by the Company until the Client has fully paid any and

all amounts owed to the Company.

10.3

The Client as beneficial owner hereby charges in favour of the Company by way of first fixed

charge all Securities or other property from time to time deposited by the Client or on his/its behalf

with the Company or purchased for or otherwise being held in or by or under the order or control

of the Company for the Account or any other account whatsoever, including any and all rights, title

and interest, present and future, therein (collectively called "Charged Property") as continuing

security for all of the Client’s Liabilities and obligations due, owing or incurred towards the

Company of whatever nature, and from time to time the Client hereby assigns and releases to the

Company all such Securities or other property as aforesaid. Subject to the provisions of the SFO

and relevant rules made thereunder, in the event of the Client’s failure to pay any indebtedness or

outstanding amount due, owing or incurred to the Company when due or on demand by the

Company, or an order is made or petition presented or resolution passed for the bankruptcy,

winding up or dissolution of the Client, or the Client is declared incompetent, or in the event of

Client’s death, the Company shall be entitled to sell, at its absolute discretion Company as to

manner of both time of sale and consideration, any of the Charged Property (whether or not held

in mutuum and whether or not the delivery of any property comprised in the Charged Property shall

have been required pursuant to any Instructions from the Client or any Authorized Person) and to

deduct from the sale proceeds such amount as is necessary to discharge the indebtedness or

outstanding amount and pay the same to the Company. For this purpose, a confirmation issued

by the Company certifying the amount of indebtedness or outstanding amount due to it by the

Client at any time and that the Client has failed to pay the same to it shall be final, conclusive and

binding on the Client.

10.4

Subject to the provisions of the SFO and relevant rules made thereunder, upon an event of default

set out in Clause 12 of the Terms and Conditions hereof, the Company shall have the right, without

any notice or demand, to take any of the actions set out in the said Clause 12 and apply the net

proceeds (after deduction of all fees, costs and expenses incurred) in reduction of the Client’s

outstanding obligations or indebtedness to the Company.

New Listing of Securities

11.1

In the event that the Client requests and authorizes the Company to apply for Securities in respect

of a new listing and/or issue of Securities on the SEHK (the “Application(s)”) as his agent and for

his benefit or for the benefit of any other person, the Client hereby warrants to and for the

Company's benefit that the Company have authority to make such Application on the Client's

behalf.

11.2

The Client shall familiarise himself 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 Client agrees to be bound by such terms and

conditions in any such transaction the Client may have with the Company.

11.3

The Client hereby gives to 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 SEHK or any other

relevant regulator or person).

11.4

The Client hereby further declares and warrants, and authorizes the Company to disclose and

warrant to SEHK on any application form (or otherwise) and to any other person as appropriate,

that any such Application made by the Company as his agent is the only Application made, and

the only Application intended to be made, by the Client or on the Client's behalf, to benefit the

Client or the person for whose benefit the Client is applying. The Client 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, SEHK or any other relevant

regulator or person in respect of any Application made by the Company as the Client's agent.

11.5

The Client recognizes and understands that the legal, regulatory requirements and market practice

in respect of the Applications may vary from time to time. The Client 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.

11.6

The Client 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 Client exercises

statutory control shall be deemed to be an Application made for the benefit of the Client.

11.7

In relation to a bulk application to be made by the Company or the Company's agent on the

Company's own account on behalf of the Client, the Client acknowledges and agrees:

(i) that such bulk application may be rejected for reasons which are unrelated to the Client and

the Client's application and neither the Company nor the Company's agent shall, in the

absence of fraud, negligence or willful default, be liable to the Client or any other person in

consequence of such rejection; and

(ii) to indemnify the Company in accordance with Clause 9 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 Client. The Client acknowledges that the Client

may also be liable in damages to other persons affected by such breach or other factors.

(iii) in the event that the bulk application is only partially filled, the Client agrees that the

Company is entitled to distribute the Securities allotted in its absolute discretion, including

distributing the Securities equally between all clients under the bulk application and the

Client shall not have any claim to the Securities or claim of priority to another Client in relation

to the Application.

11.8

In the event that the Company agrees to grant credit facilities to the Client at the Client’s request

for the Application for the benefit of the Client or any other person, the Client hereby agrees that

the terms and conditions set out in the Margin Client Agreement shall apply to such credit facilities

and the Securities allocated, purchased or transferred pursuant to the Application.

Default

12.1

Upon the default of the Client, all amounts owing by the Client to the Company together with

interest will become immediately due and payable without any notice or demand. The following

events are deemed to be an event of default:-

i) if, in the Company's opinion, the Client has breached any material term of the Agreement or

defaulted in respect of any Transaction with or through the Company;

ii) if any representation, warranty or undertaking to the Company was when given or hereafter

becomes incorrect in any material respect;

iii) failure by the Client to comply with any rules or regulations of the Exchange or Clearing House;

iv) in the event of the Client’s death or being declared incompetent or a petition in bankruptcy is

filed by or against the Client or an order is made or resolution passed for the Client’s voluntary

or compulsory winding up or a meeting is convened to consider a resolution that it should be

so wound up; or

v) any warranty or order of attachment or distress or equivalent order is issued against any of

the Client’s Accounts with the Company.

12.2

Upon the occurrence of any of such events, the Company shall be entitled in its absolute discretion,

without notice or demand and without prejudice to any other rights or remedies available to the

Company, forthwith to:-

i) sell or realize all or any part of the Client’s property held by the Company in such manner and

upon such terms as the Company may conclusively decide and satisfy the Client’s obligations

and indebtedness towards the Company out of the net proceeds (with fees, expenses and

costs deducted) thereof;

ii) cancel any open orders for the purchase or sale of Securities;

iii) sell any or all Securities long in the Client’s Account;

iv) buy any or all Securities which may be short in the Client’s Account; and/or

v) exercise any of its rights under the Agreement.

12.3

Any monies so received by the Company under subparagraph 12.2 shall be applied in the following

order of priority and any residue shall be paid to the Client or to his/its order:-

i) payment of all costs, charges, legal fees and expenses including stamp duty, commission and

brokerage properly incurred by the Company in transferring and selling all or any of the Client’s

Securities;

ii) payment of interest accrued on the aggregate outstanding amount due or owing to the

Company for the time being; and

iii) payment of all money and Liabilities due or owing by the Client to the Company.

12.4

In the event of a default committed by the Company resulting in the Client suffering pecuniary loss,

the Client shall have a right to claim under the investor compensation fund (the “Investor

Compensation Fund”) established under the SFO, subject to the terms of the Investor

Compensation Fund from time to time.

Termination

13.1

Either Party shall have the right to terminate the Agreement forthwith without liability to the other

Party, by giving prior written notice to the other Party in accordance with the terms and conditions

set out in this Agreement. The Company may terminate the Agreement forthwith at any time

without notice to the Client if the Client breaches or fails to comply with any provision of the

Agreement.

13.2

The termination of the Agreement shall not affect any transaction entered into, or prejudice or

affect any rights, powers, duties and obligations of either Party which have accrued prior to such

termination.

13.3

Upon termination of the Agreement, the Client shall immediately pay to the Company any and all

amounts due or owing to it, and relevant securities trading service for Client’s Account shall there

upon cease to be provided.

13.4

If there are any cash or Securities balances in the Client’s Account upon termination of the

Agreement, the Client agrees to withdraw such balances within 7 working days from the date of

such termination. If the Client does not do so, the Client agrees that the Company may on his/its

behalf and without any responsibility for any loss or consequence on its part sell or dispose of the

Client’s Securities in the market or in such manner and at such time and price as the Company

may reasonably determine and send to the Client at his/its sole risk its cheque representing any

net sale proceeds and credit balances in the Client’s Account to his/its last known address.

Notices and Communication

14.1

Any notice or communication given by the Company to the Client shall be deemed made or given,

if such delivered notice or communication:

(i) by post, upon delivery to the Client by hand or if sent by prepaid mail:

1. within two Business Days if the Client is in Hong Kong; or

2. within seven Business Days if the Client is outside Hong Kong.

(ii) by telex, facsimile, electronic mail or other electronic means, upon transmission of the

message to or accessible by the Client.

14.2

Unless otherwise specified in the Agreement, any notice to be made or given by the Client to the

Company under this Agreement shall be in writing and will be effective only upon actual receipt by

the Company. Under the Agreement, any notice or communication made or given by the Client will

be sent at the Client’s own risk.

14.3

The Client expressly consents that the Company may send any notices, documents or any forms

of communication to the Client by electronic means (if applicable).

Information Confidentiality

15.1

The Company will keep information relating to the Client and his/its Account confidential, save

where it is required to disclose his/its details to the Exchange, relevant securities regulators,

government agencies, or to any persons pursuant to any court orders or statutory provisions. Such

requests will be complied with without notice to or consent from the Client. Moreover, the Company

may also disclose the Client’s information to the agents, assignees or subcontractors and the

Company will not be liable to the Client for any consequences arising out of such disclosures.

15.2

The Company will not be under any duty to disclose to the Client any information which may come

to its notice in the course of acting in any capacity for any other persons. However, the Company

agrees to take reasonable steps to avoid conflicts of interest and where such conflicts cannot be

avoided, steps will be taken by the Company to ensure that its Clients are treated fairly.

15.3

The Client understands that individual personal/corporate entity information may be supplied to

credit reference agencies and in the event of default, debt collection agencies. The Client shall be

entitled, upon request, to be informed which items of information are routinely so disclosed, and

be provided with further information to enable the making of an access and correction request to

the relevant credit reference agencies or debt collection agencies, as the case may be.

15.4

The Client’s private information is collected and used by the Company according to the Personal

Information Collection Policy Statement. The Client understands that as a client he/it is entitled, by

written request to the Company, to have access to the personal information held about him/it and,

if applicable, to correct any inaccuracies in that information.

15.5

Unless the Client sends a written request to the contrary to the Company, the information about

the Client may be used for the purposes of marketing products and services which may be of

interest to the Client. The Client agrees that the Company may disclose the Client’s

personal/corporate information to such persons or classes of persons and use the Client’s

personal/corporate information for such purposes as may be set out in the Company's policies and

practices relating to Personal Data from time to time.

Credit Enquires

16.1

The Client authorizes the Company conduct a credit inquiry or check on the Client for the purpose

of ascertaining any information provided by the Client and his/its financial situation and investment

objectives.

Suitability

17.1

If the Company solicits the sale of or recommend any financial product to you, the financial product

must be reasonably suitable for you having regard to your financial situation, investment

experience and investment objectives. No other provision of this Agreement or any other document

we may ask you to sign and no statement we may ask you to make derogates from this clause.

Miscellaneous

18.1

The Company shall have the right to assign, transfer or otherwise dispose of all or any of its rights,

interests or obligations in or under the Agreement to any Third Party as it thinks fit and without

having to notify the Client or obtain his/its consent. The Client shall not assign, transfer or dispose

of his/its rights, interests or obligations in or under the Agreement to any Third Party without the

prior written consent of the Company.

18.2

Time shall be of the essence in relation to all matters arising under the Agreement.

18.3

The rights, powers, remedies and privileges in the Agreement are cumulative and not exclusive of

any rights, powers, remedies and privileges provided by law.

18.4

Each of the provisions in the Agreement is several and distinct from the others and if any one or

more of such provisions is or becomes invalid or unenforceable, the validity, legality and

enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

18.5

The Company may from time to time in its absolute discretion add, amend, delete or substitute any

of the terms of this Agreement by giving the Client notice of such changes which will become

effective from the date specified in such notice.

18.6

If the Client is a joint account holder, his/its obligations and Liabilities under this Agreement shall

be joint and several and the Company may in its absolute discretion take recourse against any

one or all of the joint account holders. Unless terminated in accordance with the Terms and

Conditions hereof, the death of one joint holder does not operate to terminate the Agreement. Any

notice, payment or delivery by the Company to either or any one of the joint account holders shall

be a full and sufficient discharge of its obligations to notify, pay or deliver under the Agreement.

The Company is also authorized by the Client to accept or carry out Instructions from either or any

one of the joint account holders.

18.7

The Company and the Client each undertakes to notify the other in the event of any material

change to the relevant information (as specified in paragraphs 6.2(a), (b), (d), (e) and (f) of the

Code of Conduct in force from time to time provided in the Agreement.

18.8

The Company shall not be liable for any delay or failure to perform their obligations or any losses,

damages or costs resulting therefrom so long as they have acted in good faith. Moreover, the

Company shall not be held responsible for any consequences resulting whether directly or

indirectly from any uncontrollable events including without limitation government restrictions,

imposition of emergency procedures, exchange ruling, Third Party conduct, suspension of trading,

breakdown or collapse of communication facilities, war, strike, market conditions, civil disorder,

acts or threatened acts of terrorism, natural disasters, or any other circumstances beyond its

control whatsoever, including any errors, deficiencies or millennium problems associated with

date-dependent data, computations, output, operations and other functions of any equipment and

related software of the Company and/or its agents, suppliers, vendors or counterparts.

18.9

The Client confirms that he/it has received and read the Agreement in a language of his/its choice

(English or Chinese) and that he/it understands and accepts the terms set out in the Agreement.

In the event of discrepancy between the Chinese version and the English version of the

Agreement, the English version shall prevail.

Applicable Law and Jurisdiction

19.1

The Agreement shall be governed by, construed and enforced in accordance with the laws of Hong

Kong. The Client also agrees that irrespective of his country of domicile, any dispute with the

Company may at its absolute discretion be referred to the SFC, and not other securities regulators

in any jurisdiction.

19.2

The Parties irrevocably agree to submit to the non-exclusive jurisdiction of the courts of Hong

Kong.

19.3

If the Client is an individual or a company domiciled outside Hong Kong, the Client shall, upon

demand by the Company, appoint a person or agent in Hong Kong to be his/its process agent to

receive all notices and communications relating to any legal proceedings involving the Client, and

the Client agrees that any service of any legal process on the process agent shall constitute

sufficient service on him/it for the purpose of legal proceedings in the Hong Kong courts.

Investor Compensation Fund

20.1

In the event that the Company commits a default as defined in Part XII of the SFO and the Client

thereby suffers a pecuniary loss, the Client understands that the right to claim under the Investor

Compensation Fund established under Part XII of the SFO will be restricted to the extent provided

for therein.

20.2

Notwithstanding the aforesaid, the Client fully understands that the right to claim under the Investor

Compensation Fund as mentioned above will not be applicable to any Instructions or Transactions

in foreign jurisdiction.

This Section shall be applicable to any cash client account(s) opened by the Client with the Company

and if so applicable shall form an integral part of this Agreement. This Section is supplemented by as

shall be read jointly with the other Sections herein in so far as they are applicable.

CASH CLIENT AGREEMENT

THIS CASH CLIENT AGREEMENT is made on the date stated in the Account Opening Form,

BETWEEN：

A. SINOMAX SECURITIES LIMITED (the “Company”) who registered with the Securities and

Futures Commission (“SFC”) as securities dealer (CE NO.: AHC207) and an exchange

participant of The Stock Exchange of Hong Kong Limited (the “SEHK”), whose principal office

is located at Unit 2705-6, 27/F., Tower One, Lippo Centre, 89 Queensway, Hong Kong; and

B. Client whose particulars are set out in the Account Opening Form (the “Client”, “you” and

“your”).

Whereas

(1) The Client is desirous of opening a cash client account (the “Cash Account”) with the Company

for the purpose of trading in Securities; and

(2) The Company agrees that to open and maintain such Cash Account and act as an agent for

the Client in the purchases and sales of Securities subject to the terms and conditions of this

Agreement.

This Agreement sets out the terms and conditions to which the Client shall be subject upon the

Client opening a Cash Account with the Company in relation to Transactions carried out in

connection therewith. NOW IT IS HEREBY AGREED as follows:-

The Account

1.1

The Client confirms that the information provided in the Account Opening Form is complete and

accurate. The Client will inform the Company of any changes to that information. The Company is

authorized to conduct credit enquiries on the Client to verify the information provided.

1.2

The Company will keep information relating to the Cash Account confidential, but may provide any

such information to the Exchange and the SFC to comply with their requirements or requests for

information.

1.3

Where the Client is an individual, the Company is subject to the PDPO which regulates the use of

Personal Data concerning individuals. The Company’s policies and practices relating to Personal

Data are set out in Personal Information Collection Policy Statement and the Client acknowledges

that it fully understands and accepts the provisions in such statement.

Laws and Rules

2.1

All Transactions shall be effected in accordance with all laws, rules, regulatory directions, by-laws,

customs and usage applying to the Company. This includes the rules of the Exchange and of the

Clearing House. All actions taken by the Company in accordance with such laws, rules and

directions shall be binding on the Client.

Transaction

3.1

The Company will act as the Client’s agent in effecting Transactions unless the Company indicates

(in the contract note for the relevant Transaction or otherwise) that the Company is acting as

principal.

3.2

The Client will notify the Company when a sale order relates to Securities which the Client does not

own i.e. involves short selling.

3.3

On all Transactions, the Client shall pay the Company commissions and charges, as notified to the

Client, as well as all applicable levies imposed by the Exchange, or Clearing House, stamp duties,

bank charges, transfer fees, interest and nominee or custodian expenses, immediately when due.

The Company may deduct such commissions, charges, levies and duties from the Account.

3.4

Unless otherwise agreed, in respect of each Transaction, unless The Company is already holding

cash or Securities on the Client’s behalf to settle the Transaction, the Client will

(1) pay the Company cleared funds or deliver to the Company Securities in deliverable form; or

(2) otherwise ensure that the Company has received such funds or Securities,

by such time as the Company has notified the Client in relation to that Transaction. If the Client fails

to do so, the Company may (i) in the case of a purchase Transaction, sell the purchased Securities

and (ii) in the case of a sale Transaction, borrow and/or purchase Securities in order to settle the

Transaction.

3.5

The Client hereby acknowledges that the Client will be responsible to the Company for any loss,

costs, fees and expenses in connection with the Client’s failure to meet the Client’s obligations by

due settlement dates as described above.

3.6

The Client agrees to pay interest on all overdue balances (including interest arising after a judgment

debt is obtained against the Client) at such rates and on such other terms as the Company has

notified the Client from time to time. The Client agrees to pay interest on all overdue balance

(including interest arising after a judgment debt is obtained against the client) at a rate of (before

and after judgment) 7 per cent per annum above the higher of:

(i) the prime rate of lending quoted by a bank in Hong Kong on the relevant date, and

(ii) the rate that corresponds to the Company’s cost of funding on such overdue balance on the

relevant date, and on such other terms determined by the Company in the Company’s absolute

discretion as the Company has notified the Client from time to time. Such interest shall be

calculated on a daily basis and payable on the last day of each calendar month or on the

Company’s demand.

3.7

In the case of purchase Transaction, if the selling broker fails to deliver on the settlement date and

the Company has to purchase Securities to settle the Transaction, the Client shall not be

responsible to the Company for the costs of such purchase.

Safekeeping of Securities

4.1

Any Securities which are held by the Company for safekeeping may, at the Company’s discretion:

(i) (in the case of registrable Securities) be registered in the name of the Client or in the name of

the Company’s nominee; or

(ii) be deposited in safe custody in a segregated account which is designated as a trust account

or Client Account and established and maintained in Hong Kong by the Company for the

purpose of holding Client Securities of the Company with:

(1) an authorised financial institution;

(2) an approved custodian; or

(3) another intermediary licensed for dealing in securities.

4.2

Where Securities are not registered in the Client’s name, any dividends or other benefits arising in

respect of such Securities shall, when received by the Company, be credited to the Client’s Cash

Account or paid or transferred to the Client, as agreed with the Company. Where the Securities

form part of a larger holding of identical securities held for the Company’s clients, the Client shall

be entitled to the same share of the benefits arising on the holding as the Client’s share of the total

holding.

4.3

The Company does not have the Client written authority under section 7(2) of the Client Securities

Rules and this Agreement to:-

(1) deposit any of the Client’s Securities with an Authorized Financial Institution as collateral for

Financial Accommodation provided to the Company;

(2) deposit any of the client Securities with (i) a recognized Clearing House; or (ii) another

intermediary licensed or registered for dealing in securities, as collateral for the discharge and

satisfaction of the Company’s settlement obligations and Liabilities; and/or

(3) apply any of the Client’s Securities pursuant to a securities borrowing and lending agreement.

Cash Held for the Client

5.1

Any cash held for the Client, other than cash received by the Company in respect of Transactions

and which is on-paid for settlement purposes or to the Client, shall be credited to one or more client

trust accounts at one or more licensed banks as required by applicable laws from time to time.

5.2

The Client agrees that the Company shall be entitled to receive for its own account benefit all sums

derived by way of interest from the payment into and retention of:

(i) all amounts in any trust account; and

(ii) all amounts received for or on account of the Client for the purchase of Securities in any trust

account maintained by the Company under section 149 of the SFO.

The Client hereby expressly waives any or all rights, claims and entitlements whatsoever to such

interest.

Risk Disclosure Statement

6.1

The Company refers the Client to the Risk Disclosure Statement in the Agreement.

General

7.1

All Securities held for the Client’s Account shall be subject to a general lien in the Company’s favour,

for the performance of the Client’s obligations to the Company arising in respect to dealing in

securities for the Client.

7.2

If the Company fails to meet the Company’s obligations to the Client pursuant to this Agreement,

the Client shall have a right to claim under the Investor Compensation Fund established under the

SFO, subject to the terms of the Investor Compensation Fund from time to time.

7.3

The Client agrees to notify the Company in writing of any material changes in the information

supplied in the Account Opening Form. The Company will notify the Client in writing of any material

changes in the information contained in this Agreement and/or material changes in respect of the

Company’s business which may affect the Services that the Company provides to the Client.

7.4

The Client confirms that the Client has read, understood and agreed to the terms of this Cash Client

Agreement and the Terms and Conditions, which have been explained to the Client in a language

that the Client understands.

7.5

This Cash Client Agreement is governed by, and may be enforced in accordance with, the laws of

Hong Kong.

Standing Authority

8.1

The Client hereby expressly confirms and authorizes the standing authority granted by the Client

to the Company under Clause 10 of the Terms and Conditions to pay out money of the Client to the

Company to meet the Client’s obligations, settlement or Margin requirements in respect of dealing

in securities contract carried out by the Company on behalf of the Client, or to meet payments due

by the Client to the Company incurred in the course of carrying out the regulated activity under the

Client Money Rules, which has been expressly incorporated into this Cash Client Agreement.

8.2

Each of the Client Money Standing Authority, Client Securities Standing Authority or any other

standing authorities shall be valid for a term of 12 months (but being consistently expired at the

year ended 31 December) from the effective date of this Cash Client Agreement subject to renewal

by the Client for a term or more further terms not exceeding 12 months or deemed renewal under

the Client Money Rules or Client Securities Rules or any other statutory provisions (as the case

may be) referred to in Clause 8.4.

8.3

Each of the Client Money Standing Authority, the Client Securities Standing Authority or any other

standing authorities may be revoked by giving to the Company written notice addressed to the

settlement department at the Company’s address specified in the Account Opening Form or such

other address which the Company may notify the Client in writing for this purpose. Such notice shall

take effect 14 days from the date of the Company’s actual receipt of such notice.

8.4

The Client understands that each of the Client Money Standing Authority, the Client Securities

Standing Authority or any other standing authorities shall be deemed to be renewed on a continuing

basis without the Client’s written consent if the Company issues to the Client a written notice of

renewal at least 14 days prior to the expiry date of the relevant authority(ies), and such authority(ies)

is/are deemed to be renewed if Client does not object before such expiry date. Where the relevant

authority(ies) is/are deemed to be renewed, the Company shall give a written confirmation of such

renewal to the Client within one week after the date of expiry.

This Section shall be applicable to any margin securities trading account(s) for which the Client has

applied to the Company for credit facilities and the Company has agreed to grant or give to the Client

such facilities. If so applicable, this Section shall form an integral part of this Agreement.

MARGIN CLIENT AGREEMENT

THIS MARGIN CLIENT AGREEMENT is made on the date stated in the Account Opening Form,

BETWEEN:

A. SINOMAX SECURITIES LIMITED (the “Company”) who registered with the Securities and

Futures Commission (“SFC”) as securities dealer (CE NO.: AHC207) and an exchange

participant of The Stock Exchange of Hong Kong Limited (the “SEHK”), whose principal office

is located at Room 2705-6, 27/F, Tower One, Lippo Centre, 89 Queensway, Hong Kong; and

B. Client whose particulars are set out in the Account Opening Form (the “Client”, “you” and

“your”).

Whereas:

(1) When a stockbroker provides the Client with credit facilities in respect of transactions in

Securities effected by the stockbroker on behalf of the Client, the account which the

stockbroker establishes with the Client to record such transactions is said to be a margin

securities trading account (the “Margin Account(s)”);

(2) The Client is desirous of opening one or more Margin Accounts with the Company for the

purpose of trading in Securities; and

(3) The Company agrees to open and maintain such Margin Account(s) and acts as an agent

for the Client in the purchases and sales of Securities subject to the terms and conditions of

this Margin Client Agreement.

This Margin Client Agreement sets out the terms and conditions to which the Client shall be subject

upon the Client opening a Margin Account with the Company in relation to Transactions carried

out in connection therewith. NOW IT IS HEREBY AGREED as follows:-

The Account

1.1

The Company will keep information relating to the Margin Account confidential, but may provide

any such information to the SEHK and/or the SFC to comply with their requirements or requests

for information.

1.2

The information contained in the Account Opening Form or otherwise supplied by or on behalf of

the Client to the Company in connection with the opening of account is complete, true and correct.

The Company is entitled to rely on such information until written notice from the Client of any

changes therein has been received.

1.3

The Client authorizes the Company to conduct a personal credit enquiry or check on the Client for

the purpose of ascertaining the financial situation and investment objectives of the Client.

1.4

Where the Client is an individual, the Company is subject to the PDPO which regulates the use of

Personal Data concerning individuals. The Company’s policies and practices relating to Personal

Data are set out in the Personal Information Collection Policy Statement and the Client

acknowledges that he/she fully understands and accepts the provisions in such statement.

Laws and Rules

2.1

All Transactions shall be effected in accordance with all laws, rules, regulatory directions, by-laws,

customs and usage applying to the Company. This includes the rules of the Exchange and of the

Clearing House. All actions taken by the Company in accordance with such laws, rules and

directions shall be binding on the Client.

Transactions

3.1

On all Transactions, the Client shall pay the Company commissions and charges, as notified to

the Client, as well as all applicable levies imposed by the Exchange, or Clearing Houses, stamp

duties, bank charges, transfer fees, interest and nominee or custodian expenses, immediately

when due. The Company may deduct such commissions, charges, levies and duties from the

Account.

3.2

Unless otherwise agreed, the Client agrees that when the Company has executed a purchase or

sale Transaction on the Client’s behalf, the Client will by the due settlement date make payment

to the Company against delivery of or credit to the Client’s Account for purchased Securities, or

make good delivery of sold Securities to the Company against payment, as the case may be.

Unless otherwise agreed, the Client agrees that should the Client fails to make such payments or

delivery of Securities by the due date as mentioned above, the Company is hereby authorized to:-

i) transfer or sell any such purchased Securities to satisfy the Client’s obligations to the

Company in the case of a purchase Transaction, or

ii) borrow and/or purchase such sold Securities to satisfy the Client’s obligations to the

Company in the case of a sale Transaction.

The Client hereby acknowledges that the Client will be responsible to the Company for any loss,

costs, fees and expenses in connection with the Client’s failure to meet the Client’s obligations by

due settlement dates as described above.

3.3

In the event that the Company has to obtain Securities which the Company has purchased on

behalf of the Client, in the open market, following the failure of settling broker to deliver on the

settlement date, the Company will be responsible for any difference in price and all incidental

expenses in connection with such open market purchase.

Credit Facility

4.1

The Client shall be granted a credit limit and/or a credit facility at such percentage as may be

agreed from time to time of the market value of the Collateral maintained with the Company.

4.2

The Client shall on demand (whether verbally or in writing) from the Company make payments of

deposits or margins in cash, Securities or otherwise in amounts agreed with the Company in such

amount and at any time as the Company may determine from time to time at its sole discretion or

as may be required by the rules of any Exchange.

4.3

If the Client commits a default in payment on demand of the deposits or margins or any other sums

payable to the Company hereunder, on the due date therefore, or otherwise fails to comply with

any of the terms herein contained, without prejudice to any other rights the Company may have,

the Company shall have the right to close the Margin Account(s) without notice to the Client and

to dispose of any or all Securities held for or on behalf of the Client and to apply the proceeds

thereof and any cash deposit(s) to pay the Company all outstanding balances owing to the

Company. Any monies remaining after such application shall be refunded to the Client.

4.4

The Company has its absolute discretion not to provide or even to terminate the credit facility to

the Client. In particular, the Company may terminate the credit facility if any of the following

circumstances should arise:-

(i) the Client is in default of any provisions of this Agreement;

(ii) in the opinion of the Company there is or has been a material adverse change in the Client’s

financial condition or in the financial condition of any person which might adversely affect the

Client’s ability to discharge the Client’s Liabilities or perform the Client’s obligations under the

Agreement;

(iii) making an advance would cause the applicable credit limit to be exceeded; or

(iv) the withdrawal or non-renewal of the Client’s authorization to the Company as required by the

Client Securities Rules.

Upon termination of the credit facility, any outstanding indebtedness by the Client shall forthwith

be repaid to the Company.

Standing Authorities

5.1

The Client Money Standing Authority covers money held or received by the Company in Hong

Kong (including any interest derived from the holding of the money which does not belong to the

Company) in one or more segregated account(s) on the Client's behalf ("Monies").

5.2

The Client authorizes the Company to:

i) combine or consolidate any or all segregated accounts, of any nature whatsoever and either

individually or jointly with others, maintained by the Company and the Company may transfer

any sum of Monies to and between such segregated account(s) to satisfy the Client's

obligations or Liabilities to the Company, whether such obligations and Liabilities are actual

or contingent, primary or collateral, secured or unsecured, or joint or several; and

ii) transfer any sum of Monies interchangeably between any of the segregated accounts

maintained at any time by the Company.

5.3

The Client Securities Standing Authority is in respect of the treatment of the Client's Securities or

Collateral as set out in Clauses 5.4 to 5.10:

5.4

The Client authorizes the Company to:

(i) apply any of the Client's Securities or Collateral pursuant to a securities borrowing and

lending agreement;

(ii) deposit any of the Client’s Collateral with an Authorized Financial Institution as collateral

for Financial Accommodation provided to the Company;

(iii) deposit any of the Client's securities collateral with any other recognized clearing house,

or another intermediary licensed or registered for dealing in securities, as collateral for

the discharge and satisfaction of the Company's settlement obligations and liabilities; and

(iv) apply or deposit any of the Client's Collateral in accordance with paragraphs (i), (ii), and/or

(iii) above if the Company provides Financial Accommodation to the Client in the course

of dealing in securities and also provides Financial Accommodation to the Client in the

course of any other regulated activity for which the Company is licensed or registered.

5.5

The Client acknowledges and agrees that the Company may do any of the things set out above

without giving any notice to the Client.

5.6

The Client also acknowledges that:

(i) the Client Money Standing Authority is given without prejudice to other authorities or

rights which the Company may have in relation to dealing in Monies in the segregated

accounts; and

(ii) the Client Securities Standing Authority shall not affect the Company's right to dispose or

initiate a disposal by the Company's Associated Entity of the Client's Securities or

Collateral in settlement of any liability owed by or on behalf of the Client to the Company,

the Associated Entity or a third person.

5.7

The Client understands that a Third Party may have rights to the Client's Securities, which the

Company must satisfy before the Client's Securities can be returned to the Client.

5.8

Each of the Client Money Standing Authority and the Client Securities Standing Authority is valid

for a period of 12 months (but being consistently expired at the year ended 31 December) from

the effective date of this Margin Client Agreement, subject to renewal by the Client for a term or

more further terms not exceeding 12 months or deemed renewal under the Client Money Rules or

Client Securities Rules (as the case may be) referred to in Clause 5.10.

5.9

Each of the Client Money Standing Authority and the Client Securities Standing Authority may be

revoked by giving the Company written notice addressed to the settlement department at the

Company's address specified in the Account Opening Form or such other address which the

Company may notify the Client in writing for this purpose. Such notice shall take effect 14 days

from the date of the Company's actual receipt of such notice.

5.10

The Client understands that each of the Client Money Standing Authority and the Client Securities

Standing Authority shall be deemed to be renewed on a continuing basis without the Client's written

consent if the Company issues to the Client a written notice at least 14 days prior to the expiry

date of the relevant authority(ies), and such authority(ies) is/are deemed to be renewed if Client

does not object before such expiry date. Where the relevant authority(ies) is/are deemed to be

renewed, the Company shall give a written confirmation of such renewal to the Client within one

week after the date of expiry.

Interest

6.1

The Company is entitled to charge and the Client agrees to pay interest to the Company in respect

of any deficit or any moneys or funds otherwise owing to the Company at any time at such rate(s)

as demanded by the Company and be calculated and payable on the last day of each calendar

month or upon any demand being made by the Company.

6.2

Any cash held for the Client, other than cash received by the Company in respect of Transactions

and which is on-paid for settlement purposes or to the Client, shall be credited to a Client trust

account maintained with a licensed bank as required by applicable laws from time to time. The

Client agrees that unless otherwise expressly provided, the Company shall be entitled to retain for

its own benefit and not be accountable to the Client for any amounts of interest derived from the

holding of client money on his/its behalf.

Safekeeping of Securities

7.1

If in relation to any Securities deposited with the Company which are not registered in the Client’s

name any dividends or other distributions or benefits accrue in respect of such Securities, the

Client’s Account with the Company shall be credited (or payment made to the Client as may be

agreed) with the proportion of such benefit equal to the proportion of the total number or amount

of relative Securities which shall comprise Securities held on behalf of the Client.

7.2

If, in relation to any Securities deposited with the Company but which are not registered in the

name of the Client, any loss is suffered by the Company therefrom, the Margin Account may be

debited (or payment made by the Client as may be agreed) with the proportion of such loss equal

to the proportion of the total number or amount of relative Securities which shall comprise

Securities held on behalf of the Client.

7.3

The Company shall not, without the Client’s prior written consent, deposit any of the Client’s

Securities as security for any loans or advances made to the Company, or lend or otherwise part

with the possession of any of the Client’s Securities for any purpose.

Risk Disclosure Statement

8.1

The Company refers the Client to the Risk Disclosure Statement in the Agreement.

General

9.1

In the event that the Company commits a default as defined in the “SFO and the Client thereby

suffers a pecuniary loss, the Client understands that the right to claim under the Investor

Compensation Fund established under the “SFO will be restricted to the extent provided for

therein.

9.2

The Client undertakes to indemnify the Company and its officers, employees and agents for any

loss, cost, claim, Liabilities or expense arising out of or connected with any breach by the Client of

its obligations hereunder including, any costs reasonably and necessarily incurred by the Company

in collecting any debts due to the Company or in connection with the closure of the Margin

Account(s).

9.3

The Client agrees to notify the Company in writing of any material changes in the information

supplied in the Account Opening Form. The Company will notify the Client in writing of any material

changes in the information contained in this Agreement and/or material changes in respect of the

Company’s business, which may affect the Services the Company provides to the Client.

9.4

The Client confirms that the Client has read, understood and agreed to the terms of this Margin

Client Agreement and the Terms and Conditions, which have been fully explained to the Client in

a language that the Client understands.

This Section shall be applicable to any electronic stock trading account(s) for which the Client has

chosen to use electronic trading services provided by the Company. If so applicable, this Section shall

form an integral part of this Agreement.

ELECTRONIC STOCK TRADING SERVICE AGREEMENT

THIS ELECTRONIC STOCK TRADING SERVICES AGREEMENT is made on the date stated in

the Account Opening Form, BETWEEN：

A. SINOMAX SECURITIES LIMITED (the “Company”) who registered with the Securities and

Futures Commission (“SFC”) as securities dealer (CE NO.: AHC207) and an exchange

participant of The Stock Exchange of Hong Kong Limited (the “SEHK”), whose principal office

is located at Room 2705-6, 27/F, Tower One, Lippo Centre, 89 Queensway, Hong Kong; and

B. Client whose particulars are set out in the Account Opening Form (the “Client”, “you” and

“your”).

Whereas:

(1) In consideration of the Company’s agreeing to open an electronic stock trading account (the

"Electronic Stock Trading Account(s)") and operating the Electronic Stock Trading Account

through the Electronic Stock Trading Services provided by the Company, in the Client’s

name(s) or on Client’s behalf for the purpose of and in connection with the sale and purchase

of Securities; and

(2) Client agrees that the Electronic Stock Trading Account shall be operated in accordance with

and subject to the following terms and conditions of the Agreement.

Electronic Stock Trading Services:

1.1

Client understands that the Electronic Stock Trading Services is a facility operated through

internet, which enables Client to send the Instructions by himself/itself, and send or receive other

information relating to any Instructions.

1.2

Client shall be the only authorised user of the Electronic Stock Trading Services under the

Electronic Stock Trading Account. Client shall be responsible for the security and confidentiality,

use and application of the Password. Client acknowledges and agrees that Client shall be solely

responsible for all Instructions entered through the Electronic Stock Trading Services using the

Password as received by the Company and neither the Company nor Company’s staff or agents

shall have owed any liability to Client, or to any other person whose claim may arise through Client

for any claims with respect to the handling or loss of any Instructions.

1.3

Client acknowledges that the Electronic Stock Trading Services is proprietary to the Company.

Client warrants and undertakes that Client shall not, and/or shall not attempt to, tamper with,

modify, decompile, reverse, engineer or otherwise alter in any way, and shall not, and/or shall not

attempt to gain unauthorized access to, any part of the Electronic Stock Trading Services. Client

acknowledges that the Company may take legal action against Client, if Client at any time breaches

this warranty and undertaking or if the Company at any time has reason to suspect that Client has

breached the same. Client undertakes to notify the Company immediately if Client becomes aware

that any of the actions described above in this paragraph is being perpetrated by any other person.

In any event, the Company shall not be liable for Client’s failure in observing the aforesaid

obligations and Client shall fully indemnify the Company in respect of any direct or indirect loss or

cost of whatsoever nature that the Company may suffer or incur as a result thereof.

1.4

Client acknowledges that the real-time quote service and SMS Order Confirmation Service (to

receive confirmation message when the placed Instructions have been executed) that may be

available through the services is provided by a Third Party appointed by the Company from time

to time. Client agrees that the Company shall not be responsible for any losses to Client or any

other person may suffer for the failure of sending out the SMS and/or as a result of relying on any

real time quote on prices of Securities which may be available to Client through the Company’s

Services.

Important Note to Client:

2.1

There is no subscription fee/charge (neither monthly nor annually) for using this Electronic Stock

Trading Services (excluding the real-time quote service from Third Party service provider).

However, the Company reserves the right to impose subscription fee/charge.

2.2

On all Transactions, Client agrees to and will pay the Company commissions notified to Client, as

well as applicable levies imposed by the SEHK, and all applicable stamp duties incurred. The

Company may deduct such commissions, other charges, levies and duties from the Electronic

Stock Trading Account.

Instruction:

3.1

Client shall submit Client’s Instructions to the Company through the Electronic Stock Trading

Services provided by the Company. Company shall so far as it considers reasonably practicable

sell and/or purchase Securities in accordance with those Instructions as received, provided always

that the Company shall have an absolute discretion to accept or reject any Instructions.

3.2

Client understands that each participating securities exchange or association asserts a proprietary

interest in all of the market data it furnishes to the parties who disseminate such data. Client also

understands that no party guarantees the timeliness, sequence, accuracy or completeness of

market data or any other market data or any other market information. Neither the Company nor

any disseminating party shall be liable in any way for any loss or damage arising from or caused

by any inaccuracy, error or delay in or omission from any such data, information or message, or

the transmission or delivery of the same, non-performance or interruption of any such data,

message or information due to any reasonable act of the Company or any disseminating party, or

the any force majeure event, or any other cause beyond the Company’s control or the reasonable

control of any disseminating party.

3.3

Client acknowledges and agrees that the Company shall have full discretion not to execute any

Instruction, in particular, but not limit to, if (as applicable):

(1) (i) there are insufficient cleared funds in the Account(s); and/or (ii) there are insufficient

Securities in the Account(s) for settlement of the relevant Instruction; and/or

(2) the funds required for the relevant Instruction when aggregated with the funds required for the

execution of all other outstanding Instructions render the Account(s) to exceed the day trade

limit as agreed between the Company and Client.

3.4

Client acknowledges and agrees that the Electronic Stock Trading Services may be open to

unpredictable transmission congestion and other reasons, an inherently unreliable medium of

communication and that such unreliability is beyond the Company’s control. Client acknowledges

that, as a result of such unreliability, there may be delays, technical errors and failure and/or

incompleteness in the transmission and receipt of Instructions and other information and that this

may result in delays, and/or incompleteness in the execution of Instructions and/or the execution

of Instructions at prices different from those prevailing at the time the Instructions were given.

Client further acknowledges and agrees that there are risks of misunderstanding or errors or

incompleteness or hacking in any communication and that such risks shall be absolutely borne by

Client. Client acknowledges and agrees that it may not usually be possible to cancel an Instruction

after it has been given.

SMS Order Confirmation Service:

4.1

(i) This Clause 4 shall apply to Client if Client uses SMS Order Confirmation Service. Each

Account or Service is also subject to general terms and conditions which apply from time to

time to such Account and Service. The terms under this Clause 4 shall prevail, if they conflict

with the Terms and Conditions governing Client’s relevant Account and Service.

(ii) Client agrees to accept information sent by the Company to Client’s mobile phone and other

telecommunications equipment that Client notified and accepted by the Company. If Client

places his order and has registered to receive SMS order confirmation, Client will receive

notification from the Company by SMS when an order has been partially or fully executed on

the Exchange.

(iii) The type of order confirmation to be sent though SMS will be determined by the Company

from time to time.

(iv) Client will obtain and maintain Device of the type, and a connection with a telecommunications

company for the purposes of the SMS. Client is responsible for the cost of Client’s Device and

the charges of Client’s telecommunications company and any other charges in connection

with the SMS. We may restrict the number of equipment that Client registers for the SMS.

Different restrictions may apply to different customers.

(v) Client will promptly notify the Company of any change of Client’s information on our record

including any change of Client’s equipment or contact details. Client authorizes the Company

to provide the SMS according to the information Client provided, until we have received

Client’s notice of a change. Telecommunications to Client through the SMS will be regarded

as having been received by Client when dispatched by us.

(vi) We may vary the scope or operation of the SMS, the types of information to be sent, and the

types of Devices and telecommunications companies to be used, without notice or liability.

We may suspend or withdraw the SMS without notice or liability.

(vii) Without prejudice to Company’s Personal Information Collection Policy Statement, Client

authorizes the Company to disclose Client’s information to our Affiliates, the

telecommunications companies and their agents (in or outside Hong Kong) for all purposes

connected with the SMS.

(viii) Information provided through the SMS is for Client’s reference only, and not evidence of its

contents. Formal advices and statements will be sent to Client in accordance with the terms

and conditions for the relevant Account or Service. Meanwhile, information sent through the

SMS is not an offer.

(ix) In the absence of willful misconduct, the Company is not responsible for any failure or delay

in sending any information to Client, or for any error, misdirection, corruption or interception

of any information sent through the SMS. Company is not responsible for any event beyond

our control, including but not limited to any error, malfunctioning or failure of any software,

equipment or system. Client understands the telecommunications companies are not our

agent, they do not accept any responsibility in relation to the SMS.

Others:

5.1

Client agrees that the Company and its directors, officers, employees and agents shall not be liable

for any delay or failure to perform any of the Company’s obligations hereunder or for any losses

caused directly or indirectly by any condition or circumstances over which the Company, its

directors, officers, employees or agents, do not have absolute control, including but not limited to

government restriction, exchange or market rulings, suspension of trading, failure of electronic or

mechanical equipment or communication lines, telephone or other interconnect problems, power

supply problem, unauthorized access, theft, war (whether declared or not), severe weather,

earthquakes and strikes.

5.2

Client agrees and acknowledges that Client shall, independently and without reliance on any

information and/or advice as provided by the Company, make Client’s own judgments and

decisions with respect to each Transaction. The Company shall be under no liability whatsoever

in respect of any information or suggestion rendered by any of its directors, officers, employees or

agents irrespective of whether or not such suggestion was given at Client’s request.

5.3

This Electronic Stock Trading Agreement may be terminated at any time by 5 Business Days’ prior

written notice given by either Party to this Electronic Stock Trading Agreement provided that this

Electronic Stock Trading Agreement shall not be deemed to be terminated by Client until the

Company has advised Client in writing (which notice may not be unreasonably withheld) that the

Company accepts Client’s termination notice on the basis that Client does not have any

outstanding balances in the Electronic Stock Trading Account(s). Such notice shall not affect any

Transaction entered into by the Company on Client’s behalf prior to the Company’s receipt of such

written notice and shall be without prejudice to any of the rights, powers or duties of the Company

or Client’s prior to such receipt.

5.4

This Electronic Stock Trading Agreement is governed by, and may be enforced in accordance with

the laws of Hong Kong. The Company may amend the terms of this Electronic Stock Trading

Agreement by giving Client not less than one week prior notice of the change in writing. Client is

hereby reminded of Client’s right to terminate this Electronic Stock Trading Agreement under

clause 5.3.

5.5

Client acknowledges notices and other communications delivered to Client through the Electronic

Stock Trading Services shall be deemed to have been personally delivered to Client when it is

sent.

5.6

Instructions sent by Client will be treated as a valid and final electronic record by the Company

upon sending an acknowledgement of receipt of the Instructions to Client.

5.7

The Client confirms that the Client has read, understood and agreed to the terms of this Electronic

Stock Trading Agreement and the Terms and Conditions, which have been explained to the Client

in a language that the Client understands.

Representations and Undertakings

6.1

Client agrees that the Company shall not have any liability or responsibility of whatsoever nature

in respect of the Electronic Stock Trading Services under any circumstances, unless the aforesaid

is directly caused by the gross negligence or willful default of the Company, as the case may be,

including but without limitation,

(i) any failure or delay in transmission of information to and/or from Client’s telecommunication

equipment;

(ii) any failure or delay in the processing of Client’s requests or Instructions and/or the returning

of the responses to Client’s requests or Instructions executed using the Electronic Stock

Trading Services;

(iii) any error or inaccuracy in such requests, responses, generally such information or the

transmission thereof; or

(iv) any consequences arising from any cause beyond the reasonable control of the Company.

6.2

Client hereby declares and confirms that Client understands and agrees that, in addition to the

terms and conditions applicable to and governing the use of the Electronic Stock Trading Services,

it is Client’s primary responsibility to immediately contact the Company through Client’s respective

account executive or the hotline of the electronic services by telephone in the event that:

(i) Client does not receive any response of whatsoever nature to any request or Instruction that

Client has executed on any one or more of Client’s account(s) maintained with the same

using the Electronic Stock Trading Services within the designated time (as shall be specified

by the Company from time to time) of the execution of such requests or instructions to

confirm the status of the related Transactions; or

(ii) Client has received a confirmation (no matter by means of hard copies, electronic means or

verbal confirmation) relating to any instructions or request not given by Client; or such

confirmation being inconsistent with the Instructions and/or request given by Client; or

(iii) Client becomes aware that the Password has been used by any person except the Client.

In any event, the Company shall not be liable for Client’s failure in observing the aforesaid

obligations and Client shall fully indemnify the Company in respect of any direct or indirect loss or

cost of whatsoever nature that the Company may suffer or incur as a result thereof.

6.3

Client understands and acknowledges that the Company’s records on requests and Instructions

actually received and responses actually sent by the same shall be binding, final and conclusive

unless and until the contrary is judicially established.

6.4

Client hereby declares and represents that the information and representation provided and/or

made by Client in this Agreement is true, complete and correct, and that the Company is entitled

to rely fully on such information and representations for all purposes, unless the Company receives

notice in writing of any change. The Company are authorized at any time to contact anyone,

including Client’s banks, brokers or any credit agency, for purposes of verifying the information

provided in this Agreement. Where Client comprises more than one person, the Liabilities of such

persons therein contained or implied are joint and several and, as the content may require, words

and phrases herein denoting the singular include the plural. Any notice hereunder to any one such

person shall be deemed effective notice to all such persons.

RISK DISCLOSURE STATEMENT

RISK OF SECURITIES TRADING

The prices of Securities fluctuate, sometimes dramatically. The price of a security may move up or down,

and may become valueless. It is as likely that losses will be incurred rather than profit made as a result

of buying and selling Securities.

RISK OF MAIN BOARD SECURITIES

1. Product knowledge and risk tolerance

Before trading in any security, investors should carefully read the most up-to-date

prospectuses/listing documents, financial statements, announcements and other information

published either on the issuers’ websites, HKEx corporate (http://www.hkex.com.hk) and HKEx news

websites (http://www.hkexnews.hk) to learn about the product features and risk factors involved.

Investors should not trade any security unless it suits their investment objectives, financial resources

and risk tolerance.

2. Price and liquidity risks

The price of any security may go up or down so there is an inherent risk that losses may be incurred

as a result of buying and selling securities. Security prices may also fluctuate due to various market

factors, and investors’ exposure to risk may vary according to the type of orders they input (e.g. Short

Selling Order, market orders, at auction orders), the way the transaction is financed (e.g. margin

financing) and the nature of the security product concerned (e.g. whether it is leveraged or issued

with a fixed expiry date). Liquidity of securities may also fluctuate, resulting in situations where an

investor may not be able to buy or sell the security in a timely manner at their preferred price range

if the turnover volume were to drop significantly.

3. Counterparty risk

Some Securities such as structured products and exchange traded funds may carry exposure to

counterparty risk of financial intermediaries involved in structuring or managing the products

concerned or providing liquidity to support trading of the Securities.

RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS

Growth Enterprise Market (“GEM”) stocks involve a high investment risk. In particular, the companies

may list on GEM with neither a track record of profitability nor any obligation to forecast future

profitability. GEM stocks may be very volatile and illiquid.

Investors should make the decision to invest only after due and careful consideration. The greater risk

profile and other characteristics of GEM mean that it is a market more suited to professional and other

sophisticated investors.

Current information on GEM stocks may only be found on the internet website operated by the SEHK.

GEM companies are usually not required to issue paid announcements in gazetted newspapers.

Investors should seek independent professional advice if you are uncertain of or have not understood

any aspect of this Risk Disclosure Statement or the nature and risks involved in trading of GEM stocks.

RISK OF TRADING SECURITIES DENOMINATED IN RENMINBI (“RMB”)

RMB Securities are subject to exchange rate fluctuations that may provide both opportunities and risks.

The fluctuation in the exchange rate of RMB may result in losses in the event that you convert RMB into

HKD or other foreign currencies. RMB is not fully and freely convertible and conversion of RMB through

banks is subject to a daily limit and other limitations as applicable from time to time. Investors should

take note of the limitations and changes thereof as applicable from time to time and allow sufficient time

for exchange of RMB from/to another currency if the RMB amount exceeds the daily limit. Any RMB

conversion in relation to a RMB Transaction will be based on an exchange rate determined by the

Company as a principal according to the prevailing exchange rate.

RISK OF TRADING OVERSEAS ISSUERS’ SECURITIES

Overseas issuer is subject to a different set of governing laws. The tax consequences derived from

trading in overseas issuers’ securities which are listed in Hong Kong might vary from that of Hong Kong

issuers’ securities owing to the differences in the tax regime (e.g. transactions tax, dividends tax, capital

gains tax, etc.). Investors should consult your own tax advisors as to the applicable tax consequences

of purchasing, holding, disposing of or dealing in overseas issuers’ securities based on your particular

circumstances in order to comply with Applicable Laws and Regulations.

RISK OF EXERCISING AND TRADING RIGHTS ISSUE

For exercising and trading of the rights issue, investors have to pay attention to the deadline and other

timelines. Rights issues that are not exercised will have no value upon expiry. If investors decide not to

exercise the rights and sell the rights in the market, the rights must be sold during the specified trading

period within the subscription period, after which they will become worthless. If investors pass up the

rights, the shareholding in the expanded capital of the company will be diluted.

RISK OF TRADING EXCHANGE TRADED FUNDS (“ETFs”)

(i) 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.

(ii) 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.)

(iii) 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.

(iv) Foreign exchange risk:

Investors trading ETFs with underlying assets not denominated in HKD are also exposed to

exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also

affecting the ETF price.

(v) 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.

(vi) Counterparty risk involved in ETFs with different replication strategies:

(1) 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.

(2) 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:

i. 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.

ii. 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.

RISK OF TRADING STRUCTURED PRODUCTS

Compliance with the Listing Rules and the propose of giving information with regard to us and derivative

warrants (“warrants”), callable contracts (“contracts”) and other structured products (the warrants,

contracts and such other structured products are collectively “structured products”) to be listed on the

SEHK.

The issuer of the structured products may sometimes be the only person quoting prices on the

Exchange. The prices of the structured products may fall in value as rapidly as they may rise and

investors may sustain a total loss of your investment.

Structured products are subject to a number of risks which may include but not limited to the following:

(i) Issuer default risk

In the event that a structured product issuer becomes insolvent and defaults on their listed

Securities, investors will be considered as unsecured creditors and will have no preferential claims

to any assets held by the issuer. Investors should therefore pay close attention to the financial

strength and creditworthiness of structured product issuers.

(ii) Extraordinary price movements:

The price of a structured product may not match its theoretical price due to outside influences such

as market supply and demand factors. As a result, actual traded prices can be higher or lower than

the theoretical price.

(iii) Liquidity risk:

The Exchange requires all structured product issuers to appoint a liquidity provider for each individual

issue. The role of liquidity providers is to provide two way quotes to facilitate trading of their products.

In the event that a liquidity provider defaults or ceases to fulfill its role, investors may not be able to

buy or sell the product until a new liquidity provider has been assigned.

(iv) Uncollateralised product risk:

Uncollateralised structured products are not asset backed. In the event of issuer bankruptcy,

investors can lose their entire investment. Investors should read the listing documents to determine

if a product is uncollateralised.

(v) Gearing risk:

Structured products such as derivative warrants and callable bull/bear contracts (“CBBCs”) are

leveraged and can change in value rapidly according to the gearing ratio relative to the underlying

assets. Investors should be aware that the value of a structured product may fall to zero resulting in

a total loss of the initial investment.

(vi) Expiry considerations:

Structured products have an expiry date after which the issue may become worthless. Investors

should be aware of the expiry time horizon and choose a product with an appropriate lifespan for

their trading strategy. At expiry, if the cash settlement amount is zero or negative, investors will lose

the value of your investment.

(vii) Foreign exchange risk:

Investors trading structured products with underlying assets not denominated in HKD are also

exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset

value, also affecting the structured product price.

Investors should therefore ensure that they understand the nature of the structured products and

carefully study the risk factors set out in this base listing document and the relevant supplemental listing

document in respect of any issue of structured products before they invest in any structured products

and, where necessary, seek professional advice, before they invest in the structured products.

Investors need to understand better how products will operate in extreme market conditions or in the

face of bankruptcy, structured products constitutes general unsecured contractual obligations.

ADDITIONAL RISKS OF TRADING CALLABLE BULL/BEAR CONTRACTS

1. Mandatory call risk

Investors trading CBBCs should be aware of their intraday “knockout” or mandatory call feature. A

CBBC will cease trading when the underlying asset value equals the mandatory call price/level as

stated in the listing documents. Investors will only be entitled to the residual value of the terminated

CBBC as calculated by the product issuer In accordance with the listing documents. Investors should

also note that the residual value can be zero.

2. Funding costs

The issue price of a CBBC includes funding costs. Funding costs are gradually reduced over time as

the CBBC moves towards expiry. The longer the duration of the CBBC, the higher the total funding

costs. In the event that a CBBC is called, investors will lose the funding costs for the entire lifespan

of the CBBC. The formula for calculating the funding costs are stated in the listing documents.

ADDITIONAL RISKS OF TRADING DERIVATIVE WARRANTS

1. Time decay risk

All things being equal, the value of a derivative warrant will decay over time as it approaches its

expiry date. Derivative warrants should therefore not be viewed as long term investments.

2. Volatility risk

Prices of derivative warrants can increase or decrease in line with the implied volatility of underlying

asset price. Investors should be aware of the underlying asset volatility.

RISK OF OVER-THE-COUNTER TRANSACTION

1. Investor should only undertake Over-The-Counter ("OTC") trading if investor understand the nature

of such trading and such trading facilities and the extent of your exposure to risks. If in doubt,

investor should seek independent professional advice.

2. OTC transactions are subject to risk, including counterparty risk, risk that the particular securities

fails to subsequently be listed on the Exchange, lower liquidity and higher volatility. Settlement of

the relevant transactions is not guaranteed and investor will be responsible for any losses or

expenses resulting from investor and/or investor counterparty's settlement failures.

3. The prices of Securities traded on OTC market 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 on the OTC market may not reflect the prices in other concurrently

operating automated trading systems dealing in the same Securities.

4. In particular, the OTC market is not regulated by the Exchange and the relevant transaction will not

be covered by the Investor Compensation Fund until it is properly recorded on the trading system

of the Exchange upon the listing of the Securities on the Exchange.

RISK OF TRADING US EXCHANGE-LISTED OR OVER-THE-COUNTER SECURITIES OR

DERIVATIVES

Investors should understand the U.S. rules applicable to trades in security or security-like instrument in

markets governed by U.S. law before undertaking any such trading. U.S. law could apply to trading in

U.S. markets irrespective of the law applicable in your home jurisdiction.

Many (but by no means all) stocks, bonds and options are listed and traded on U.S. stock exchanges.

NASDAQ, which used to be an OTC market among dealers, has now also become a U.S. exchange.

For exchange-listed stocks, bonds and options, each exchange promulgates rules that supplement the

rules of the U.S. Securities & Exchange Commission (“SEC”) for the protection of individuals and

institutions trading in the securities listed on the exchange.

OTC trading among dealers can continue in exchange-listed instruments and in instruments that are

not exchange-listed at all. For securities that are not listed on any exchange, trading can continue

through the OTC bulletin board or through the inter-dealer “pink sheets” that carry representative (not

actual) dealer quotes. These facilities are outside of NASDAQ.

Options on securities are subject to SEC rules and the rules of any securities exchange on which the

options are listed. Options on futures contracts on commodities like wheat or gold are governed by rules

of the U.S. Commodity Futures Trading Commission (“CFTC”). There are also commercial options, like

options on real estate, that are governed neither by SEC nor CFTC rules.

Whether you are intending to trade in U.S. exchange-listed securities, OTC securities or derivatives,

you should understand the particular rules that govern the market in which you are intending trade. An

investment in any of these instruments tends to increase the risk and the nature of markets in derivatives

tends to increase the risk even further.

Market makers of OTC bulletin board are unable to use electronic means to interact with other dealers

to execute trades. They must manually interact with the market, i.e. use standard phone lines to

communicate with other dealers to execute trades. This may cause delays in the time it takes to interact

with the market place. This, if coupled with increase in trade volume, may lead to wide price fluctuation

in OTC bulletin board securities as well as lengthy delays in execution time. Investors should exercise

extreme caution when placing market orders and fully understand the risks associated with trading in

OTC bulletin board. Market data such as quotes, volume and market size may or may not be as up-to-

date as expected with NASDAQ or listed securities.

As there may be far fewer market makers participating in OTC securities markets, the liquidity in that

security may be significantly less than those in listed markets. As such, investors may receive a partial

execution or the order may not be executed at all. Additionally, the price received on a market order

may be significantly different from the price quoted at the time of order entry. When fewer shares of a

given security are being traded, larger spreads between bid and ask prices and volatile swings in price

may result. In some cases, the liquidation of a position in an OTC security may not be possible within a

reasonable period of time.

Issuers of OTC securities have no duty to provide any information to investors, maintain registration

with the SEC or provide regular reports to investors.

RISK OF TRADING NASDAQ-AMEX SECURITIES AT THE STOCK EXCHANGE OF HONG KONG

LIMITED

The securities under the Nasdaq-Amex Pilot Program (“PP”) are aimed at sophisticated investors.

Investors should consult the licensed or registered person and become familiarised with the PP before

trading in the PP securities. Investors should be aware that the PP securities are not regulated as a

primary or secondary listing on the Main Board or the GEM of the SEHK.

RISKS OF CLIENT ASSETS RECEIVED OR HELD OUTSIDE HONG KONG

Client assets received or held by the licensed or registered person outside Hong Kong are subject to

the Applicable Laws and Regulations of the relevant overseas jurisdiction which may be different from

the SFO and the rules made thereunder. Consequently, such Client assets may not enjoy the same

protection as that conferred on Client assets received or held in Hong Kong.

RISK OF TRADING OF FOREIGN SECURITIES, INCLUDING B SHARES LISTED IN THE PRC

Investors should only undertake trading of foreign securities if investors understand the nature of foreign

securities trading and the extent of investors’ 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. Investors should carefully consider

whether such trading is appropriate for investor in light of investors’ experience, risk profile and other

relevant circumstances and seek independent professional advice if investors are in doubt.

RISK OF TRADING EXCHANGE TRADED NOTES (“ETNs”)

ETN is a type of unsecured, unsubordinated debt security issued by an underwriting bank, designed to

provide investors access to the returns of various market benchmarks. The returns of ETNs are usually

linked to the performance of a market benchmark or strategy, minus applicable fees. Similar to other

debt securities, ETNs have a maturity date and are backed only by the credit of the issuer.

Investors can buy and sell the ETNs on the Exchange or receive a cash payment at the scheduled

maturity or may early redeem the ETNs directly with the issuer based on the performance of the

underlying index less applicable fees, with redemption restrictions, such as the minimum number of

ETNs for early redemption, may apply.

There is no guarantee that investors will receive at maturity or upon an earlier repurchase, investors’

initial investment back or any return on that investment. Significant adverse monthly performances for

investors’ ETNs may not be offset by any beneficial monthly performances. The issuer of ETNs may

have the right to redeem the ETNs at the repurchase value at any time. If at any time the repurchase

value of the ETNs is zero, investors’ investment will expire worthless. ETNs may not be liquid and there

is no guarantee that investor will be able to liquidate your position whenever you wish.

Although both ETFs and ETNs are linked to the return of a benchmark index, ETNs as debt securities

do not actually own any assets they are tracking, but just a promise from the issuer to pay investors the

theoretical allocation of the return reflected in the benchmark index. It provides limited portfolio

diversification with concentrated exposure to a specific index and the index components. In the event

that the ETN issuer defaults, the potential maximum loss could be 100% of the investment amount and

no return may be received, given ETN is considered as an unsecured debt instrument.

The value of the ETN may drop despite no change in the underlying index, instead due to a downgrade

in the issuer’s credit rating. Therefore, by buying ETNs, investors get direct exposure to the credit risk

of the issuer and would only have an unsecured bankruptcy claim if the issuer declares bankruptcy. The

principal amount is subject to the periodic application of investor fee or any applicable fees that can

adversely affect returns. Where you trade ETNs with underlying assets not denominated in local

currencies are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the

underlying asset value, also affecting the ETN price.

Investors may have leveraged exposure to the underlying index, depending on the product feature. The

value of ETNs can change rapidly according to the gearing ratio relative to the underlying assets.

Investors should be aware that the value of an ETN may fall to zero resulting in a total loss of the initial

investment.

RISK OF TRADING EQUITY-LINKED NOTES (“ELNs”)

ELNs combine notes/deposits with options and its return component is based on the performance of

the underlying asset. The maximum return is usually limited to a predetermined amount of cash.

Investors may stand to lose all his investment capital if the price of the underlying asset moves

substantially against their view. Most ELNs are not low risk products. Investors will be taking on the

credit risk of the issuer and his investment return depends primarily on the future price movement of the

underlying asset(s). ELNs are structured products involving derivatives. Their maximum return is

capped but the potential loss can be significant. It is important that investors read all the relevant offer

documents to fully understand the features and risks of ELNs before deciding to invest.

RISK OF MARGIN TRADING

The risk of loss in financing a transaction by deposit of collateral is significant. Investors may sustain

losses in excess of investors’ cash and any other assets deposited as collateral with the licensed or

registered person. Market conditions may make it impossible to execute contingent orders, such as

"stop-loss" or "stop-limit" orders. Investors 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, investors’ collateral may be liquidated without investors’ consent. Moreover,

investors will remain liable for any resulting deficit in their account and interest charged on their account.

Investors should therefore carefully consider whether such a financing arrangement is suitable in light

of their own financial position and investment objectives.

RISK OF PROVIDING AN AUTHORITY TO REPLEDGE YOUR SECURITIES COLLATERAL, ETC.

There is risk if you provide the licensed or registered person with an authority that allows it to apply your

Securities or Collateral pursuant to a securities borrowing and lending agreement, repledge your

Collateral for Financial Accommodation or deposit your Collateral as collateral for the discharge and

satisfaction of its settlement obligations and Liabilities.

If your Securities or Collateral are received or held by the licensed or registered person 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

licensed or registered person 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 licensed

or registered persons, for example, to facilitate margin lending to you or to allow your Securities or

Collateral to be lent to or deposited as collateral with Third Parties. The licensed or registered person

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 Collateral are lent to or deposited with Third

Parties, those Third Parties will have a lien or charge on your Securities or Collateral. Although the

licensed or registered person is responsible to you for Securities or Collateral lent or deposited under

your authority, a default by it could result in the loss of your Securities or Collateral.

A cash account not involving securities borrowing and lending is available from most licensed or

registered persons. If you do not require Margin facilities or do not wish your Securities or Collateral to

be lent or pledged, do not sign the above authorities and ask to open this type of cash account.

RISK OF STOCK BORROWING AND SHORT SELLING

The Client must notify the Company when a sale order relates to Securities which the Client does not

own i.e. where it involves short selling (including where the Client has borrowed stock for the purposes

of the sale). The Client acknowledges and agrees that no Short Selling Order will be accepted by the

Company unless the Client provides the Company with such confirmation, documentary evidence and

assurance as the Company in the Company’s opinion considers necessary to show that the Client has

a presently exercisable and unconditional right to vest such Securities in the purchaser before placing

any Short Selling Order.

The risk of loss in stock borrowing and short selling is substantial. In some circumstances, investors

may sustain losses in excess of your initial margin funds. Investors may be called upon at short notice

to deposit additional margin funds. If the required funds are not provided within the prescribed time,

investors need buy back part of or all Securities short sold. Investors will remain liable for any resulting

deficit in the account. Investors should therefore carefully consider whether stock borrowing and short

selling is suitable in the light of investors’ own financial position and investment objectives before

investor trade.

RISK OF PROVIDING AN AUTHORITY TO HOLD MAIL OR TO DIRECT MAIL TO THIRD PARTIES

If Client provide the licensed or registered person with an authority to hold mail or to direct mail to Third

Parties, it is important for to promptly collect in person all contract notes and statements of Client

Account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely

fashion.

RISK OF USING THE ELECTRONIC STOCK TRADING SERVICES

(i) If Client undertake Transactions via Electronic Stock Trading Services, Client will be exposed to

risks associated with the Electronic Stock Trading Services system including the failure of hardware

and software, and the result of any system failure may be that Client’s order is either not executed

according to Client’s Instructions or is not executed at all;

(ii) The Company accepts no responsibility for any loss which may be incurred by the Client as a result

of such interruptions or delays or access by Third Parties. Client should not place any Instruction

with us via Electronic Stock Trading Services if Client is not prepared to accept the risk of such

interruptions or delays; and

(iii) Market data and other information made available to the Client through our Electronic Stock Trading

Services may be obtained by the Company from Third Parties. While the Company believes such

market data or information to be reliable, neither the Company nor such Third Parties guarantees

the accuracy, completeness or timeliness of any such market data or information.

Risk of Bond Trading

(i) Default risk

This is a risk that bond issuer will be unable to pay bondholder the payment, contractual interest or

principal as scheduled. You should pay attention to credit ratings of bond issuers. Lower rated bond

issuers may be more likely to default and bondholder may lose the whole or most of their investment.

(ii) Interest rate risk

It is the major risk associated with bond investments. The price of a fixed rate bond will fall when the

interest rate rises. The bond price would fall below the purchase price should interest rate rise after

the date of purchase.

(iii) Exchange rate risk

Bond that is dominated in foreign currency is exposed to exchange rate risk. Fluctuations in foreign

exchange rate may adversely affect the underlying value and price of the investments.

(iv) Liquidity risk

In the event of emergency to sell bond before its maturity, there is no assurance that the bond will

be actively trading in the secondary market. If the bond issuer defaults or ceases to fulfill their role,

you as the investor may not be able buy or sell the product.

(v) Equity risk

For bonds that are convertible, equity risk may exist and the underlying value and return of

investments may be adversely affected.

PERSONAL INFORMATION COLLECTION POLICY STATEMENT

This statement is provided to the Client as an individual account holder of the Company in

accordance with the requirements of the Hong Kong Personal Data (Privacy) Ordinance (the

“PDPO”). Terms defined in this statement have the same meaning as in the Client Agreement.

Disclosure Obligation

Unless otherwise stated the Client must supply the Personal Data requested on the enclosed

Account Opening Form to the Company. If the Client does not supply this data, it will not be

possible for the Client to open an Account with the Company as the Company will not have

sufficient information to open and administer the Account.

Use of Personal Data

2.1

Users of Data:

All Personal Data concerning the Client (whether provided by the Client or any other person, and

whether provided before or after the date the Client receives the Client Agreement containing this

information) may be used by any of the following companies or persons (each, a “User”):

(i) the Company;

(ii) any director, officer or employee or the agent of the Company;

(iii) any person (such as lawyers, advisers, nominee, custodian etc.) authorized by the Company

when carrying out the Client’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 Client;

(v) any governmental, regulatory or other bodies or institutions, whether as required by law or

regulations applicable to any member of the Company and

(vi) any banks, financial institutions or brokers and insurance agents who are business partners,

associates or related parties of the Company for the provision of investment products or

services.

2.2

Purposes of Use:

All Personal Data concerning the Client 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 or marketing further products and services to the Client, including but not limited to

the products/Services of the Company or products/services provided by a broker or issuer

authorized by or related to the Company;

(iv) transfer of such data to any place outside of Hong Kong;

(v) comparison with the Client’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:

1. credit checking;

2. data verification; and/or

3. 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 Client or any other person);

(vi) providing on the terms of any other agreements and services relating to the Client;

(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 Client’s Instructions or in connection with

the business or dealings of the Company.

AEOI and FATCA

Under AEOI and FATCA, financial institutions including the Company are required to identify

account holders and controlling persons of certain entity account holders who are reportable

foreign tax residents and report their Personal Data (including but not limited to their name,

address, jurisdiction(s) of tax residence, tax identification number in that jurisdiction(s), and

account balance and income information) to the local tax authority where the financial institution

operates or directly to the U.S. Internal Revenue Service. The local tax authority will provide this

information to the tax authority of the reportable foreign tax resident's country of tax residence on

a regular, annual basis. Without limiting the generality of this statement, the Company may

transmit Personal Data to the IRD or any other relevant domestic or foreign tax authority for

transfer to the tax authority of another jurisdiction. The Company may also transmit Personal Data

to the U.S. Internal Revenue Service.

Use of Data in Direct Marketing:

If the Client consents (including an indication of no objection), the Company will use and/or transfer

the Client’s data to any of business partners, associates or related parties of the Company for

direct marketing purpose. Client’s name, contact details, financial background and statistical data

held by the Company from time to time may be used by the Company in direct marketing of the

following products and services:

(i) Financial services and investment products;

(ii) Related promotional schemes;

(iii) Financial and investment advices; or

(iv) promotional and marketing events of the Company for the aforesaid services or products.

If a Client does not wish the Company to use and/or transfer the Client’s data for use in direct

marketing, the Client may, without charge, exercise the right to opt-out.

Rights of Access and Correction

The Client has the right to have access to and correction of the Client’s Personal Data as set out

in the PDPO. In general, and subject to certain exemptions, the Client is entitled to:

(i) enquire whether Company holds Personal Data in relation to the Client;

(ii) request access to the Client’s Personal Data within 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 Client’s Personal Data; and

(iv) be given reasons if a request for access or correction is refused, and object to any such

refusal.

Others

None of the members of the Company shall have any liability to the Clients if any information

supplied by the Clients or on their behalf is incorrect or inaccurate.

In the event that the Client’s data are inadvertently, unintentionally or negligently sent, released,

distributed or disseminated to any Third Parties, the Clients shall not hold the Company liable for

any such acts and shall not institute any claims, proceedings and/or court actions against the

Company to recover any loss or damage whatsoever caused to the Clients.

Contact Person

If the Client wishes to request access to and/or correction of Personal Data concerning the Client,

the Client should address the Client’s request to the data protection / compliance officer at the

Company.

If there is any inconsistency between the English and Chinese version, the English version shall prevail.

客戶協議書

證券交易帳戶一般性條款及條件

現金客戶協議書

保證金客戶協議書

電子證券交易服務協議書

風險披露聲明

個人資料收集政策聲明

(Dec2017)

客戶協議書

證券交易帳戶一般性條款及條件

下列條款將構成“現金客戶協議書”、“保證金客戶協議書”、“電子證券交易服務協議書”(下述定義)

及/或其他由客戶(其名稱於各適用的帳戶開戶表格列明)與佳富達證券有限公司(“本公司”)簽訂之協議書

(如適用者)內之一般性條款及規例之部份。如下列條款及規例與上述各協議書及/或其他協議書之條款有牴

觸者，除非有另文明述，下列條款及規例將凌駕其他條款及規例。

定義及詮釋

1.1

於本協議中，除文義另有所指外，以下詞彙具有以下涵義：

“帳戶” 指客戶為使用吾等的服務而不時在吾等處以客戶名義開設及維持之任何帳戶或子帳戶，包括以

港幣、人民幣、美元或其他貨幣為幣種的適用之現金客戶帳戶、保證金客戶帳戶及電子證券交易帳戶；

“帳戶開戶表格” 指由本公司(不論如何形容)不時規定或供客戶之開戶表格或其他文件以供客戶申請於

本公司開設一個或多個帳戶之用；

“協議書” 指由客戶與本公司簽訂之客戶協議書，包括此條款及條件及適用之“現金客戶協議書”、“保

證金客戶協議書”、“電子證券交易服務協議書”及/或其他協議書(如適用)，及一切由客戶填妥或由客戶

及本公司簽署之有關文件，包括所有上述協議書之修訂及後加條款；

“聯屬公司”指，就本公司而言：

(i) 該機構為本公司直接或間接操控;

(ii) 該機構可直接或間接操控本公司; 或

(iii) 該機構為本公司可直接或間接共同操控;

“適用法律及法規”指香港及中華人民共和國或其他適用管轄區不時適用並由任何監管機構、政府機構、

交易所或專業團體頒布之任何法令、法律、法規或命令、或任何規則、指示、指引、政策、規定、行為準

則、通知或限制(不論是否具有法律效力) ；

“認可財務機構”指證券及期貨條例附表1所賦予之含義；

“獲授權人士”指客戶委任作為其代理人的任何人士或所有人士，以(包括但不限於)代表客戶向吾等發出

有關指示，根據本適用條款為最初帳戶開戶表格中指明或客戶不時以書面形式通知吾等(以吾等確實接獲通

知及作出批准後始為有效)委任的人士；

“有關聯實體” 指證券及期貨條例附表1所賦予之含義；

“自動交換財務帳戶資料”指任何規定並促成政府或稅局之間收集、通報及交換資料的適用法例及規例，

包括但不限於《2016年稅務(修訂)(第3號)條》根此等規則，本公司須識辨屬於申報海外稅務居民之帳戶持有

人及若干實體帳戶持有人之控權人，並向稅務局申報彼等之財務帳戶資料，而稅務局則定期每年將此等資

料轉交申報海外稅務居民納稅居住地之稅局。詳情請見稅務局網站：http://www.ird.gov.hk/eng/tax/dta_aeoi.htm；

“營業日”指香港銀行開門經營一般業務之日子（不包括星期六及星期日，以及於香港在下午兩點前，懸

掛黑色暴雨警告訊號或八號或以上颱風警告訊號的日子）；

“現金帳戶＂指根據(於本協議書第A部訂明)現金客戶協議書下，由客戶開立及由本公司維持之帳戶；

“現金帳戶協議書＂指於本協議書第A部訂明之協議書；

“結算所”就香港交易所言，指香港中央結算有限公司；就其他交易所言，指向有關的交易所提供跟香港

中央結算有限公司相類似服務之結算公司；

“客戶”指已簽署開戶表格及/或開戶表格內列明的人士，如證券帳戶是由一名以上人士開立，則指所有該

等人士的統稱，以及其任何法定或遺產代理人、遺囑執行人、所有權繼承人或認許受讓人，並在文義准許

的情況下，包括獲授權人士；

“客戶款項規則”指香港法例(第571L章) 證券及期貨(客戶款項)規則；

“客戶款項常設授權”指本協議之訂明條款(不时修改)下客戶授予公司之客戶款項常設授權；

“客戶證券規則” 指香港法例(第571H章)證券及期貨(客戶證券)規則；

“客戶證券常設授權”指本協議之訂明條款(不时修改)下客戶授予公司之客戶證券常設授權；

“操守準則” 指證券及期貨事務監察委員會發出的持牌人或註冊人操守準則；

“抵押品”作為達成任何交易或客戶在協議下之任何義務担保或信用支持，總體來說指：(i)由(或通過)客戶

提供，而且，現在或自此由本公司持有或控制，或者在送往佳富達保管中或從佳富達送出途中，或者分配

予佳富達保管，或者因其他原因由本公司保管，或者由任何帳戶所持有的所有錢款及財產(包括證券抵押

品)；及(ii)與前述(i)項有關之所有收益或分配；

“本公司”、“吾等”或“吾等的”指佳富達證券有限公司；

“裝置”指客戶為發出指示而獲提供(不論是否由本公司提供)或另行採用的任何裝置(包括但不限於任何數

位或電子證書或加密軟體)、設備、電話、機器或電腦(不論是流動、固定、手提或其他形式)；

“電子證券交易帳戶” 指根據(於本協議書第C部訂明) 電子證券交易服務協議書下，由客戶開立及由本公

司維持之帳戶；

“電子證券交易協議書＂指於本協議書第Ｃ部訂明之協議書；

“電子證券交易服務”指該軟件、系統及其他設施(包括但不限由本公司據此條款下運作或提供之網站、電

子郵件及其他裝置)，以使客戶能作出電子交易指示及獲得本公司提供之資訊服務；

“交易所”指聯交所或相關交易所或證券市場(位於該處)可供相關證券上市或交易；

“財務通融” 指證券及期貨條例附表1所賦予之含義；

“財務帳戶資料”指(i)任何關於本人/吾等身份或本人/吾等之資料（包括但不限於姓名、地址、稅務管轄區、

於該稅務管轄區納稅人身份識別碼（或如無納稅人身份識別碼，則作用相同之資料）、出生地、出生日期、

帳戶號碼（或如無帳戶號碼，則作用相同之資料）、申報財務機構名稱及識別碼、帳戶資料（包括但不限

於帳戶結餘或價值、存入帳戶之款項及帳戶是否已取消））；及(ii)根據適用法例及規例貴行不時要求或本

人/吾等不時給予之任何文件或資料（包括但不限於自我證明表格、相關聲明、豁免及同意書）；

“海外帳戶納稅法案” (“FATCA”)指；

(i) 《1986年美國國內收入法》第1471條至1474條、其中之規例及指引；

(ii) 任何司法管轄區就上文(i)段所制定或頒佈之任何條約、法例、規例或其他官方指引；或

(iii) 就上文(i)或(ii)段而與美國稅務局或其他適用稅局簽訂之任何協議；

“港幣”指香港特別行政區中華人民共和國法定貨幣；

“香港”指中華人民共和國香港特別行政區；

“中央結算”指香港中央結算有限公司；

“稅務局”指香港稅務局；

“指示”指客戶或其獲授權人士根據本條款及條件向本公司以任何形式（包括但不限於口頭、電話、傳真、

電郵、互聯網、各電子方式及書面形式）發出的任何指示或指令；

“上市規則”指就香港聯合交易所有限公司證券上市規則；

“保證金”指客戶按照本公司絶對酌情權確定及要求的金額、價值及形式向本公司提供的抵押品，該抵押

品可以是現金、證券、或本公司接受的其他投資、資產及/或担保，用作履行閣下已達成之任何交易及/或閣

下在客戶協議下之任何義務的担保；

“保證金帳戶”指根據(於本協議書第B部訂明)保證金客戶協議書下，由客戶開立及由公司維持之帳戶；

“保證金帳戶協議書＂指於本協議書第B部訂明之協議書；

“債務” 指客戶對本公司就帳戶及/或本協議書，不論實際或有、現在或將來應付、欠負或涉及的一切款

項、債務及責任，或客戶可能由於任何原因或以任何方式或任何貨幣(不論單獨或與任何其他人士共同，及

以任何名稱、稱號或商號)可能或須以其他方式向本公司負上的責任，連同由催繳當日起至付款當日的利

息，本公司、彼等各自的代名人、附屬公司或其他相聯公司就追討或企圖追討該等款項、債務及責任而招

致的法律費用及其它一切費用、收費及開支；

“雙方”於協議書中指本公司及客戶，彼等各自則為「該方」；

“密碼”指與客戶帳戶編號一併使用之客戶唯一密碼藉此接達電子證券交易服務；

“個人資料(私隱)條例” 指香港法例(第486章)個人資料(私隱)條例；

“個人”於本文包括指：個人、獨資企業、合夥人/企業、信托、企業及非法人團體；

“個人資料”指個人資料(私隱)條例所賦予之含義；

“個人資料收集政策聲明”指於本協議書第E部中所述的聲明；

“人民幣”指中華人民共和國法定貨幣；

“風險披露聲明” 指於本協議書第D部中所述的風險披露聲明；

“證券”指證券及期貨條例所定義的證券；及/或現時在市場買賣，屬於任何機構(不論是屬法團或不屬法

團)或任何政府機關或由彼等發行，並獲本公司接納的任何股份、股票、債權證、借貸股票、資金、債券、

票據、單位信託、存款證或其他商業票據或證券或其他任何種類的類似票據，以及按本公司的絕對酌情權

決定，可能包括(i)上述任何一項的或有關上述任何一項的權利、期權或權益(不論是以單位描述或以其他形

式描述)、(ii)上述任何一項的權益或參與證明書，或臨時或中期證明書、票據或認購或購買的權證，或(iii)

普遍稱為證券的任何票據；

“聯交所” 指香港聯合交易所有限公司；

“服務”指由吾等准許、表現、送交及/或發出可用的任何設施、產品及／或服務，包括(但不限於) 電子證

券交易服務；

“證監會”指香港證券及期貨事務監察委員會；

“證券及期貨條例”指香港法例(第571章)證券及期貨條例，以及據此制定的任何附屬法例；

“賣空指示”指證券及期貨條例附表1所賦予之定義；

“短訊服務”指由本公司或其他服務供應商透過本公司傳遞予客戶之短訊服務訊息；

“條款及條件”指<證券交易帳戶一般條款及條件>中的所有條款及條件(以不時經修訂及補充的版本為

準)；

“第三方”指本協議書以外的任何個人；

“交易”指本公司根據或因指示所執行的交易，包括(本公司同意)就證券及其他投資產品的購入、售出、兌

換或購置、處理、保管或存置及其他交易；

“美國”指美利堅合眾國；

“美國人”指(i)美國公民或居民；(ii)根據美國或其任何政治分區法例而成立或組成之法團、合夥或其他實

體；(iii)不論收入來源，須繳納美國聯邦所得稅之任何產業或信託；(iv)上述(i)、(ii)或(iii)所述個人或實體單

獨或共同於其中（直接或間接）擁有實益控股權之任何法團、合夥、信託、產業或其他實體，如為法團或

合夥，其主要成立目的須為投資於無根據美國聯邦證券法註冊之證券；或(v)根據美國聯邦所得稅法，任何

互惠基金百分之十(10%)或以上擁有權經之歸屬於本條所界定任何美國人之任何法團、合夥或其他實體（不

論公民身份、居籍、所在地或居住地）；及

“閣下” 或 “閣下的”指簽署相關客戶協議書以及動用任何帳戶之人士(包括任何公司、獨資企業，或

合伙企業的每一位合伙人)。

1.2

於本條款及條件，除非另有說明：

i) “包括＂指包括但不限於；

ii) 所有單數同時包括複數，反之亦然；

iii) 每個性別代詞應當同時包括所有性別；

iv) 對於任何「適用法律及法規」的述及應當指這些「適用法律及法規」經不時頒布、修正、重新頒布或

取代的版本，並包括以它們為依據發布的所有規則和條例；

v) 對於「條」和「節」的述及應當指本協議書的條款和章節；

vi) 標題只供為方便參考之用並不影響其詮釋；

vii) “書面”及“書面形式”之適用包括傳真及電子傳輸；及

viii) “客戶”、“你/閣下”或“你/閣下的”指包括授權人士，反之亦然。

代理及授權的範圍

2.1

若客戶被本公司許可進行現金或保證金或使用市場報價服務及其他有關服務包括但不限於衍生產品服務，

客戶亦進一步受到有關協議文件“現金客戶協議書”、“保證金客戶協議書”、“電子證券交易服務協議

書”及或其他協議書(如適用)的有關條款及細則所約束。

2.2

本公司可根據其絕對酌情權決定以何種形式透過本公司及/或其聯屬公司執行客戶的證券交易。

2.3

客戶或客戶之獲授權代理人可向本公司發出指示 (本公司有絕對酌情權拒絕接納有關指示)以代客戶執行

證券及其他交易。本公司可就據稱或其合理地相信源自客戶或客戶之獲授權代理人或由客戶之代表發出之

口頭，書面或電子形式之指示而執行。

2.4

客戶同意及謹此不可撤銷地委任本公司並賦予其全面的權力及權限，作為客戶的真正及合法授權人，在法

律許可的全面範圍內去為客戶及代表客戶執行本協議書的條款，並於本公司認為在履行本協議的目的有所

需要或合宜之時，以客戶或本公司本身的名義簽立任何文件或文書。

2.5

本公司代客戶進行的證券交易須受到有關市場、交易所、結算所或司法區所不時修訂的法律、規例、憲章、

附例、規則、用法、習慣、詮釋、裁定及交易徵費所約束。

2.6

本公司得到客戶授權，以委託海外經紀及證券從業者，(包括但不限於美國和中國)執行依照本公司以其酌

情權認可之時間及條款進行該等海外證券之交易，而客戶於此承認該等海外證券經紀及從業者之交易條款

將適用於該等海外證券交易，並同意接受上述交易條款限制。

2.7

本公司得到客戶的授權，在本公司擁有絶對的酌情權情況下，把客戶的全部證券交易、及相關的交易，包

括在香港及美國及/或中國的B股等交易，存放於本公司的客戶綜合帳戶內。

執行客戶指示

3.1

對於因為通訊設施的損壞或失靈或因任何本公司無法控制的失誤而導致買賣盤的傳送出現延誤或失敗，本

公司將無須承擔任何責任。

3.2

本公司可在沒有事前向客戶提及的情況下，將客戶的買賣盤與其他客戶的買賣盤合併執行。這可能較獨立

地為客戶執行買賣盤而為客戶帶來較有利或不利的執行價格。如果未有足夠的證券以滿足這些經合併的買

賣盤，本公司可在適當地考慮市場慣例及對客戶是否公平後，將有關交易在其客戶之間分配。

3.3

由於客觀環境的限制及證券價格迅速改變，本公司可能未必能夠全數執行或依照在某個時間的報價或按照

“最佳價”或“市價”執行客戶的買賣盤，但客戶仍同意受有關交易的約束。

3.4

就修改或取消客戶的買賣盤的要求，只可在有關買賣盤獲執行之前才可以被接納。如果客戶要求取消的買

賣盤已經全數或部份被執行，客戶同意會對有關交易負上全部責任。

3.5

市價買賣盤可能會因為市況波動而導致以不利的價格被執行。此外，由於市價買賣盤會即時被執行，因此

通常很難予以取消。

3.6

客戶確認除非本公司實際收到客戶關於某一項或以上指定交易的相反意向的書面通知，否則客戶將不會指

示本公司在香港聯合交易所或透過香港聯合交易所或其他交易所傳達或接受屬沽空的出售證券指示。

3.7

在不影響上述第3.6條的原則下，關於每一個按客戶的指示在香港聯合交易所或經由香港聯合交易所進行的

賣空指示，客戶明白“證券及期貨條例”第170 條及第171條及其相關的附屬法例的有關條款，並同意確認

客戶及任何其他有關人士將會遵守該等條款。

3.8

客戶明白凡是本公司以代理人身份售賣證券，不得在香港聯合交易所或透過香港聯合交易所或其他交易所

傳達或接受任何屬賣空指示的指示，除非本公司按照“證券及期貨條例”的有關規則訂明的時間內，已從

客戶或（如該指示是為其他人的利益或代其他人作出）該其他人士收取根據“證券及期貨條例”規定作出

之以文件形式提供的證明資料（如有的話）。

3.9

客戶明白及同意本公司可以使用電話錄音系統將與客戶及客戶的獲授權代理人等的對話交談錄音。客戶聲

明及保證每個獲授權代理人亦同意本公司進行此等錄音。

電子證券交易服務

4.1

本公司可以按照本公司“電子證券交易服務協議書”內指明的條款及規定而向客戶提供電子交易設施及

服務 (簡稱“電子證券交易服務”)。

4.2

電子證券交易服務可提供由第三者所發佈的有關證券、衍生產品及其他投資產品的信息予客戶作為純粹參

考用途。由於市況波動及數據傳送過程可能出現的阻延，有關的報價可能並非該等產品的實時市場報價。

儘管本公司相信該等信息是可靠的，但它沒有任何獨立的基礎可以核證或反駁有關方面所提供的信息的準

確性和完整程度。

4.3

電子證券交易服務所提供的信息是按照“現況”及“現時所供應”的基礎而提供的，及本公司不會擔保該

等信息的及時性、次序、準確度、充份程度或完整程度。本公司沒有就該等信息作出任何保證。

4.4

客戶在此明確承諾如客戶終止為本公司客戶時，客戶將不再有權使用本公司向客戶提供之電子交易設施及

服務，包括並不限於任何海外服務者供給本公司之任何海外服務。

證券文件

5.1

為客戶購買的證券將會交付給客戶(或依客戶指示)，倘若 :

i) 該等證券的款項已經全數付清; 及

ii) 該等證券並沒有受到任何留置權約束，及/或並非由本公司持有作為抵押品。

5.2

本公司的客戶證券及客戶抵押品所獲取的對待及處理須符合“證券及期貨條例”及其有關規則條文的規

定，因此本公司不時代客戶收取的有關證券將被存放於認可財務機構、獲“監察委員會”核准的保管人或

另一獲發牌從事證券交易的中介人處開立以持有有關的客戶證券目的而在香港開立及維持的獨立帳戶作

穩妥保管或以客戶或本公司的名稱登記。

5.3

本公司將不會向客戶交還其原先所交付或存放的證券，而只會付還客戶同一類別、面值、名義數額及等級

的證券。

5.4

凡由本公司代客戶持有的證券並不是以客戶的名義登記，則任何就該等證券的應計股息、分派或利益將會

由本公司代收，然後記入客戶的帳戶。本公司亦可依照客戶事先的具體指示，就該等證券而代其行使表決

權。

5.5

在“證券及期貨條例”及其有關規則的規限下，客戶授權並同意本公司不時代為收取或持有的證券及抵押

品可按本公司認為適當的方式去對待及處理。客戶明白該些證券及抵押品可能受第三者的留置權或押記所

約束，該些證券或抵押品必須於該等留置權或押記解除後才可以被退還予客戶。客戶亦同意本公司有權為

其本身的利益保留及無須向客戶交代任何本公司向第三者為任何目的借出或存放客戶的證券或抵押品所

獲取的任何收費、收入、回佣或其他利益。

5.6

本公司的客戶款項所獲取的對待及處理須符合“證券及期貨條例”及其有關規則條文的規定，因此本公司

不時代客戶收取的有關款項將被存入在認可財務機構或獲“證監會”批准的任何其他人士處開立以持有

有關的客戶款項目的而在香港開立及維持的獨立帳戶。客戶同意，除另文明述外，本公司有權為其本身的

益處保留及無須向客戶交代任何代為持有的款項所產生的利息款額。

5.7

在“證券及期貨條例”及其有關的規則要求下，客戶代表自己持續授權本公司(於無義務的情況下)於兩個

或以上客戶於本公司開設的帳戶(無論是任何性質及是否個別或聯名的帳戶)之間進行款項轉撥而無需客戶

任何進一步的同意或被知會，藉此清算或減低客戶須向本公司所須履行的責任或償付的債項。

5.8

在不影響本公司的任何其他權利及補救方法的情況下，客戶同意本公司可處置或促使致本公司處置任何本

公司不時代客戶收取或持有的證券或抵押品，以解除由客戶或代其對本公司或第三者所負的法律責任。

付款

6.1

如本公司代客戶執行買入證券或出售證券交易，客戶必須在本公司要求時或在到期交收日按照本公司或有

關的交易所或結算所的要求向本公司支付有關款項或以可交付的形式向本公司交付證券。

6.2

如果客戶未有履行上述之規定，本公司獲得客戶授權根據其絕對酌情權：

(a) 如屬買入交易，轉移或出售客戶帳戶內任何的證券(包括該等已購入的證券)以履行該等責任；或

(b) 如屬出售交易，借入及/或買入所需的該等已出售的證券，以履行該等交收責任。

6.3

客戶須付還本公司就客戶的交易的任何交收失誤而可能須支付的任何數額或溢價及任何的損失、成本、費

用及開支(包括根據全數彌償基礎計算的法律費用)。

6.4

本公司根據本協議而進行的任何交易、交收、行動或步驟所涉及的外匯兌換風險將由客戶承擔。(包括但不

限於前述第2.6、2.7、及8.1(viii)段)

費用及收費

7.1

客戶必需支付本公司所有根據協議書之條款支付本公司所有佣金、利息及費用。

7.2

如客戶的帳戶在12個月內沒有進行任何買賣活動，本公司保留收取該帳戶的維持月費的權利。

陳述、保證及承諾

8.1

客戶向本公司保證、陳述及承諾：

(i) 客戶是以主事人的身份訂立協議書，而並不是代表任何其他人進行交易(除非本公司已獲得知會並以書

面形式明確地批准);

(ii) 在開戶資料表格及協議書內所提供的資料是真實和正確的;

(iii) 客戶是其帳戶名下的證券的實益擁有人，而該等證券是沒有任何留置權、抵押、衡平法權益或產權負

擔, 因上述之協議書所產生者除外;

(iv) 就客戶的帳戶內的每宗交易而言，客戶是最初負責發出該宗交易的指示的人士或實體(不論是否為法律

實體)及客戶是將會從該宗交易取得商業或經濟利益及/或承擔其商業或經濟風險的人士或實體(不論是

否為法律實體)(除非在開戶資料表格或依據協議書或依照本條款8.2段已向本公司披露任何其他人士或

實體);

(v) 客戶擁有全權訂立協議書和履行本協議書之下的義務及如果客戶為公司客戶，客戶已從公司股東及董

事取得一切所需的同意及已採取所有所需的行動以令客戶得以訂立本協議書及履行其義務;

(vi) 本協議書及其履行及所載的義務不會及將不會違反任何適用的法規、違反客戶的公司章程條文或附例

(如適用)、或構成為客戶受其約束的協議書或安排所指的違反或失責事宜;

(vii) 在未得本公司的書面同意之前，客戶不會抵押、質押，或允許其帳戶中的證券或款項存有任何抵押或

質押，或就該等證券或款項授予一項選擇權或看來是授予選擇權; 及

(viii) 如客戶進行買賣於美國證券交易所掛牌之證券，客戶聲明及確認並非美國公民或為美國稅務居民，如

有改變，須以書面通知本公司。無論如何，客戶需負責向美國繳交應繳付(如有的話)的稅款。在適當的

情況下，客戶將填寫美國稅務局要求的文件 (如W-8BEN,W-8IMY, W-8ECI or W-8EXP表格)，並交由本

公司或本公司的代表遞交。

8.2

客戶承諾並同意將該等人士/實體及最終受益人的身份、地址、聯絡方法或其他細節資料在發出指令前提供

給本公司，如果：(i)就客戶的帳戶中任何某宗交易而言，客戶並非是最初負責發出該宗交易指示的人士或

實體(不論是否為法律實體)或並非會從該宗交易取得商業或經濟利益及/或承擔其商業或經濟風險的人士或

實體(不論是否為法律實體)；(ii) 客戶在任何交易的投資酌情權遭推翻，客戶是作為任何集合投資計劃、全

權委託帳戶或信託的投資經理，客戶同意會於向本公司發出有關交易的指示之前，通知本公司有關事實及

提供推翻其投資酌情權的人士的身份及聯絡方式與其他詳情；此外，客戶亦承諾及同意會在本公司作出書

面要求的兩日之內，直接向有關的交易所、相關政府機關或監管機構等披露該等資料。即使根據本協議書

所作的任何合約終止行動出現，客戶作出的該等承諾及同意將仍然有效。

彌償

9.1

客戶必需負擔就本公司因履行協議書(如適用)而作出或遭致之申索、訴訟、損失、債務及程序遭致或引致之

所有損失、成本、收費及費用，包括所有本公司為保障本身利益或源於該等協議書之抵押品權益而進行之

法律程序的費用及責任，不論是否因客戶的失責或違反所致。

留置權、抵銷權及合併帳戶

10.1

在“證券及期貨條例”及其有關規則的規限下，公司可為其本身而隨時或不時及在沒有向客戶作出通知的

情況下，及儘管帳戶已作出任何結算或不論其他何種事宜的情況下，將客戶及/或其聯屬人在本公司的任何

或所有帳戶(不論是何種性質及是否個別或與他人共同持有)加以合併或綜合，及抵銷或轉移任何一個或以

上該等帳戶中存有的任何款項、證券及/或其他財產，以清償客戶及/或其任何聯屬人在任何其他帳戶所欠本

公司的欠債、義務或責任，不論該等欠債、義務或責任是現在的還是未來的、實際的還是或有的、基本的

還是附屬的、分別的還是合共的，以及是有抵押的還是無抵押的。凡該種抵銷、綜合、合併或轉移並將一

種貨幣兌換成另一種貨幣，而該兌換將依照本公司最終決定的兌換率計算。

10.2

在客戶向本公司全數付還任何及所有欠債之前，本公司對於代客戶持有的所有或任何款項、證券及其他財

產享有一般性的留置權，並且可持有該等財產作為抵押。

10.3

客戶以實益擁有人的身份謹此將所有不時由客戶存入或其代理人存入本公司的、或為客戶的帳戶或任何其

他帳戶所購買的或持有的或由本公司所掌管或控制的證券或其他財產，包括其任何及所有現時及將來的權

利、所有權及權益(統稱“抵押財產”)，以第一固定押記形式押記予本公司作為客戶對本公司所應負的任

何性質及不時的責任及義務的持續抵押；客戶並謹此向本公司轉讓及讓予所有上述證券或其他財產。在

“證券及期貨條例”及其有關規則的規限下，若客戶未能就任何對本公司的欠債或結欠款項於到期或有關

公司作出要求之時清繳該欠債或結欠款項，或有令狀被作出或呈請被提交或議決案被通過要將客戶破產、

清盤或解散，或客戶被宣佈為無行事能力或死亡，則本公司有權(視屬何情況)，按照本公司的出售方式及時

間及代價方面的絕對酌情權，將任何抵押財產出售，不論該抵押財產是否以混合形式被持有及不論構成該

抵押財產的任何財產是否須依照客戶或任何獲授權代理人的任何指示被用作交付，並且有權從有關的出售

所得數額中扣除為解除上述欠債或結欠款項所需的數額。為此目的，本公司所發出的確認書確實客戶於任

何時間的有關欠債或結欠款項的數額及其未能清繳有關欠債或結欠款項的事實，將會是最終的、決斷性的

及對客戶有約束力的證明。

10.4

在“證券及期貨條例”及其有關的規則要求下，當本一般性條款及條件第12條所指的失責事件出現後，本

公司有權在不給予任何通知或要求的情況下，採取述自第12條所列出的任何行動，並運用所得款項的淨額

(在扣除所有招致的費用、成本及開支後)，以削減客戶欠本公司的仍未履行的義務或仍未償還的欠債。

新上市證券

11.1

倘若客戶要求並授權本公司作為客戶的代理人和為客戶或任何其他人士的利益申請於香港聯合交易所新

上市及/或發行的證券(“申請”)，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。

11.2

客戶應熟悉並遵從任何招股說明書及/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及/或發

行的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。

11.3

客戶謹向本公司作出新上市及/或發行證券申請人(不論是向有關證券的發行人、發起人、承銷人或配售代理

人、香港聯合交易所或任何其他有關監管機構或人士)需要作出的所有陳述、保證和承諾。

11.4

客戶謹此進一步聲明和保證，並授權本公司通過任何申請表格(或以其他方式)向香港聯合交易所和任何其

他適合人士作出披露和保證，為受益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或打算作出唯一的申請。客戶確認和接受，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、發起人、承銷人或配售代理人、聯交所

或任何其他有關監管機構或人士將會依賴上述聲明和保證。

11.5

客戶認識和明白，證券申請的法律和監管規定及市場慣例可不時變化。客戶承諾會按本公司不時絕對酌情

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陳述、保證

和承諾。

11.6

客戶確認，客戶具法定控制權力的非上市公司，該公司除證券買賣外未有從事其他業務，則該公司作出的

申請應被視為為客戶的利益而作出的申請。

11.7

有關本公司或公司代理人於本公司帳戶代客戶作出的大額申請，客戶確認和同意：

(i) 該大額申請可能會因與客戶和客戶申請無關的理由而遭到拒絕，而在沒有欺詐、疏忽或故意違約的

情況下，本公司和其代理人毋須對客戶或任何其他人士就該拒絕負上責任；

(ii) 倘若該大額申請因陳述和保證被違反或任何與客戶有關的理由而遭到拒絕，按第9條向本公司作出彌

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) 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。

11.8

倘若本公司同意應客戶的要求，就客戶為其本身或任何其他人士之申請而向客戶批授信貸融資，客戶謹此

同意本協議書所載保證金客戶協議書的條款將適用於該等信貸融資，以及根據申請事項而配發、購買或轉

讓的證券。

失責

12.1

如果出現以下任何一種情況，客戶欠本公司的所有款項包括利息將會在無需任何通知或要求下即時到期及

需要清還:

i) 如果本公司認為客戶已經違反本協議書的任何主要條款，或其與本公司的交易中客戶出現失責；

ii) 客戶向本公司作出的任何陳述、保證或承諾在作出陳述時已屬不正確或在其後變成不正確；

iii) 客戶未能遵守交易所或結算所的規則或規例；

iv) 當客戶去世或被宣佈失去能力或客戶本身或有人向其作出破產或清盤呈請，或就其自願或強制清盤

已作出命令或已通過議決案，或已召開會議審議一項指稱客戶應予以清盤的議決案；或

v) 有人向客戶在本公司的帳戶發出財物扣押令或類似的命令；

12.2

當出現以上任何一種情況，本公司將會擁有絕對酌情權，在無需給予客戶通知或要求及在不會影響本公司

擁有的任何其他權利或補救方法的情況下，即時：

i) 將本公司所持有屬於客戶的財產的全部或部份，以其最終決定的方式及條款出售或變現，並將所得

的淨款項(扣除有關費用、開支及成本後)用以履行客戶對本公司應盡的義務或償還客戶欠本公司的款

項;

ii) 取消任何仍未執行的證券買賣盤；

iii) 將客戶帳戶中的長倉證券全部或部份出售；

iv) 買入證券以填補客戶帳戶中的全部或部份證券短倉；及/或

v) 行使其在有關協議書內的任何權利。

12.3

本公司按上述12.2 條所收取的任何款項，將會按照以下的優先次序動用，而任何餘額將會支付給客戶或按

其指示予以支付：

i) 支付本公司為轉移或出售該客戶全部或部份的證券而恰當地所招致的所有成本、費用、法律費用及

開支，包括印花稅、佣金及經紀佣金；

ii) 支付客戶欠本公司的到期或未償還總額的應付累計利息；及

iii) 支付客戶欠本公司的所有到期款項及債項。

12.4

假如本公司違反職責而導致客戶遭受金錢損失，客戶有權向根據“證券及期貨條例”設立的投資者賠償基

金索償，但須受到該投資者賠償基金不時制定的條款所規限。

終止

13.1

任何一方可以隨時根據協議書的條款，於給予對方書面預先通知後，終止協議書而無需向對方負責任。但

若客戶違反或不遵守協議書上的條款，則本公司可於無須通知的情況下，立即終止該協議書。

13.2

終止協議書行動並不會影響該終止行動前的任何交易、損害或影響任何一方於終止行動前的任何權利、權

力、責任及義務。

13.3

在終止本協議書後，客戶要即時向本公司付還任何及所有到期欠款或未清繳欠款。另外，本公司將於本協

議書終止時立刻停止提供有關交易服務予客戶。

13.4

如果在終止本協議書後客戶的帳戶有任何款項或證券結餘，客戶同意在終止日期起計的7個工作日之內提

取該等結餘。如果客戶沒有這樣做，客戶同意本公司可代表客戶及於本公司無須負責任何損失或責任的情

況下在市場上或以本公司合理地決定的方式及時間與價格出售或處置有關證券，並將任何出售所得的淨額

及客戶帳戶的款項結餘以支票方式寄給客戶之最後所知地址，有關風險則由客戶承擔。

通知及通訊

14.1

在下述情況下，公司與客戶的任何通知或通訊被視作為已經作出或發出，如該發出的通知或通訊已：

i) 以郵遞方式，當有關信件以親手方式送遞客戶時有關通知立即生效或以預付郵資郵件方式作出時：

1. 客戶在香港，則在寄出該郵件兩個工作天後有關通知便生效；或

2. 如客戶不在香港，則當該郵件寄出七個工作天後有關通知便生效；

ii) 以電傳、圖文傳真、電子郵件或其他電子方式，則在有關信息向客戶傳送或可由客戶讀取時有關通知

便生效。

14.2

除本協議書另有注明者外，否則客戶根據本協議書而向本公司作出或發出的任何通知均須以書面形式進行

及當本公司實際收到有關通知後方能生效。任何由客戶作出的通訊或通知，客戶必須個人承擔有關風險。

14.3

客戶明確地同意本公司可經電子方式(如適用)與之聯絡或給予通知、文件或任何形式的通訊。

資料保密

15.1

本公司會將關於客戶及客戶帳戶的資料保密，除非本公司須將客戶資料向有關交易所、相關證券監管機構、

政府當局、或依據任何法院命令或明文法規要求須向他人披露者則除外。本公司將會無需知會客戶或無需

取得客戶同意而遵守上述要求。此外，本公司亦會將客戶資料向本公司代理人、承讓人或分判商披露，而

本公司無需就此等披露所產生的後果對客戶承擔任何責任。

15.2

當本公司以任何身份為他人行事而掌握的任何資料，本公司沒有責任向客戶披露。然而，本公司將會採取

合理步驟以防止出現利益衝突。而當無可避免出現該等衝突時，本公司會採取步驟以確保本公司的客戶得

到公平對待。

15.3

客戶明白其個人/企業資料可被提供予信貸資料服務機構及於欠帳時給予收數公司。客戶有權要求被通知那

些資料的項目是一般性會被披露，及獲提供進一步資料藉此可向有關機構提出查閱及更正的要求。

15.4

本公司是依照其個人資料收集政策聲明來收集和使用客戶的個人資料，而客戶可隨時索閱該份聲明的副

本。客戶明白作為個人客戶，客戶有權向本公司提出書面的要求去查閱被持有關於其個人資料及(若適用者)

要求更改該些資料錯誤的地方。

15.5

除非客戶以書面方式通知本公司其相反的意向，否則本公司獲得關於客戶個人/企業資料可被用作向其推廣

可能有興趣的產品及服務的用途。客戶同意本公司可按其不時的政策及處理方式披露其個人/企業資料給予

某些人士或某些類別的人士及使用其個人/企業資料作某些用途。

信貸查詢

16.1

客戶授權本公司對其進行信貸調查及資料查詢，以確定客戶所提供的任何資料及其財務狀況及投資目標。

適合性

17.1

假如本公司向閣下招攬銷售或建議任何金融產品，該金融產品必須是我們經考慮閣下的財政狀況、投資經

驗及投資目標後而認為合理地適合閣下的。本協議書的其他條文或任何其他我們可能要求閣下簽署的文件

及我們可能要求閣下作出的聲明概不會減損本條款的效力。

雜項

18.1

本公司可在無需知會客戶或得到其同意而有權將本公司在本協議書或在本協議書之下的全部或部份權利、

權益或義務向第三者出讓、轉移或出售。客戶如果未有取得本公司的事先書面同意，客戶不得將其在本協

議書或在本協議書之下的權利、權益或義務出讓、轉移或出售予第三者。

18.2

就本協議書所產生的一切事宜而言，時間屬於重要因素。

18.3

本協議書的權利、權力、補救及特權屬累積性的，並沒有排除任何因法律所訂明的權利、權力、補救及特

權。

18.4

本協議書的每項條文分別和獨立於其他條文，而如果其中一項或多於一項的條文是或變成為無效或未能執

行，本協議書餘下的條文的效力、合法性及執行性將不會因此而受到任何影響或損害。

18.5

本公司有絕對酌情權不時增加、修訂、刪除或取代本協議書任何條款，並通知客戶有關改變，而該等改變

將會在有關通知指明的日期生效。

18.6

如果客戶是聯名帳戶持有人，各聯名帳戶持有人在本協議書之下的責任屬各別及共同的責任，而本公司可

行使其絕對酌情權對聯名帳戶持有人任何一人或全部採取追索行動。除非以本條款及規例所述方式終止本

協議書，否則任何一名聯名帳戶持有人的去世不會令本協議書終止。本公司向任何其中一名的聯名帳戶持

有人作出的通知、支付及交付，將會全面及充份地解除本公司根據本協議書須作出通知、支付及交付的義

務。客戶亦授權本公司可接受或執行任何其中一名的聯名帳戶持有人的指示。

18.7

本公司及客戶互相向對方承諾，如在本協議書內提供的有關資料 (按不時生效的“操守準則”第6.2(a)、(b)、

(d)、(e)及(f)段所訂明者)有任何重要的變更，均會通知對方。

18.8

只要本公司是以良好信念行事，本公司無須就延遲或未有履行其義務或因此而導致的任何損失、損害或費

用承擔責任。本公司無須對任何直接或間接地源自任何無法控制的事件的後果負責。該等事件包括但不限

於政府限制、實施緊急程序、交易所裁決、第三者行為、停牌或停市、通訊設施的故障或停頓、戰爭、罷

工、市場情況、騷動、恐怖主義行為或恐嚇將會發生的恐怖主義行為、天災及任何本公司的控制範圍以外

的行為，包括本公司及/或其代理人、供應商、賣方或對手的任何器材或相關軟件的依賴日期的數據、運算、

輸出、運作及其他功能的錯誤、不足或千禧年問題。

18.9

客戶確認已收到及閱讀過應客戶的選擇而以英文或中文所編印的本協議書及明白和接納本協議書所列條

款。如本協議書的中、英文版本有任何分歧，概以英文版本為準。

適用法及裁判權

19.1

本協議書之所有權利、義務及責任將會依照中華人民共和國香港特別行政區的法律約束、詮釋及執行。客

戶亦同意不論其居住的所在地或註冊地點在那裡，任何與本公司的爭議將會按本公司絕對的酌情考慮交予

證監會處理，而不會交予任何司法區的其他證券監管機構處理。

19.2

協議各方不可撤回地同意接受香港法院的非獨佔性司法管轄權的約束。

19.3

如果客戶是在香港以外地方居住或註冊的人士或公司，客戶必須立刻於本公司提出要求的時候委任一名於

香港的人士或代理人作為其法律文件接收人，以收取任何涉及客戶的法律訴訟的有關通知及通訊，而客戶

亦同意就在香港法院進行的法律訴訟而言，任何對法律文件接收人的法律文件送達，即構成為對客戶法律

文件的妥善送達。

投資者賠償基金

20.1

如本公司作出證券及期貨條例第 XII 部所界定的違約行為，且令客戶因此遭受金錢損失，客戶瞭解到向證

券及期貨條例第 XII 部設立的投資者賠償基金索償的權利，將限制在條例中所規定的範圍。

20.2

即使有上述事項，但客戶全面瞭解到上述的投資者賠償基金索償權利，將不適用於在海外司法管轄區發出

的任何指示或進行的交易。

此部分適用於客戶與本公司開立任何現金客戶帳戶，並構成本協議書之補充內容。客戶需視此部分為補充

內容並與其他適用之部分共同閱讀。

現金客戶協議書

本現金客戶協議書由以下雙方於帳戶開戶表格所列之日期簽訂：

甲、佳富達證券有限公司( “本公司”)為證券及期貨事務監察委員會（「證監會」）註冊的證券

交易商(CE 編號：AHC207)以及香港聯合交易所有限公司（「聯交所」）的交易參與者；其

主要辦事處設於香港金鐘道89號力寶中心第一座27樓2705-06室；及

乙、客戶為其資料詳情列於帳戶開戶表格中 (“客戶”) 。

鑒於

(1) 客戶欲於本公司開立一個現金客戶帳戶（“現金帳戶”），用以進行證券買賣；及

(2) 本公司同意開立及維持該帳戶，並以客戶之代理人身份，根據本協議書之條款，進行證券

買賣。

本協議書訂定客戶於本公司開立現金帳戶，並以該帳戶進行交易時所必須遵守之條款。現雙方

協議如下：

帳戶

1.1

客戶確認“帳戶開戶表格”所載資料均屬完整及正確。倘該等資料有任何變更，客戶將會通知本

公司。客戶特此授權本公司對客戶的信用進行查詢，以核實上述表格所載資料。

1.2

本公司將會對現金客戶的有關資料予以保密，但本公司可以根據聯交所及證監會的規定或應其要

求，將該等資料提供予聯交所及證監會。

1.3

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(私隱)條例》。本公司有關

個人資料使用的政策和應用載於 “個人資料收集政策聲明”內及客戶確認已完全明白及接受該

聲明之條款。

法例及規定

2.1

所有交易須根據適用於本公司的一切法例、規則、監管指示、附例、慣例、慣用法的規定而進行。

這方面的規定包括聯交所及中央結算公司的規定。本公司根據該等法例、規則及指示而採取的所

有行動均對客戶具有約束力。

交易

3.1

除本公司（在有關交易的成交單或其他合約單據內）註明以自己本身名義進行交易外，本公司將

以客戶的代理人身份進行交易。

3.2

倘沽盤是有關非由客戶擁有的證券，即涉及賣空交易，客戶將會通知本公司。

3.3

客戶必需支付本公司通知客戶就有關交易的佣金和收費，繳付聯交所或結算所的相關徵費、印花

稅、銀行費用、過戶費、到期的利息及代名人或託管人費用。本公司可以從客戶帳戶中扣除該等

佣金、收費、徵費及稅項。

3.4

就每一宗交易，除另有協議外或除非本公司已代客戶持有現金或證券供交易所交收之用，否則客

戶將會在本公司就該項交易通知客戶的期限之前：

(1) 向本公司交付可即時動用的資金或可以交付的證券；或

(2) 以其他方式確保本公司收到此等資金或證券。

倘若客戶未能履行上述條件，本公司可就 (i) 如果該交易是買入交易，出售買入的證券；及 (ii)

如果該交易是賣出交易，借入及/或買入證券進行交易的交收。

3.5

現客戶確認，客戶如果未能如上文所述在到期交收日達成其客戶的責任，客戶將向本公司負責有

關的損失、成本、費用及開支。

3.6

客戶同意就所有逾期未付款項(包括對客戶裁定的欠付債務所引起的利息)，按本公司不時通知客

戶的利率及其他條款支付利息。客戶同意就所有逾期未付款項(包括對客戶裁定的欠付債務所引

起的利息)，按日(於裁定前後)以下列利率(以較高為準)加7%計算應支付利息：

(i) 香港銀行所公佈於交收日的優惠貸款利率；和

(ii) 本公司於該日就逾期未付款項的貸款成本利率，以及按本公司不時通知客戶其絶對酌情決定

的利率及其他條款支付利息，該等利息應以日息計算並於每一公曆月最後一日或應本公司要

求支付。

3.7

就買入交易而言，倘賣方經紀未能於交收日內交付證券，導致本公司須買入證券進行交收，客戶

毋須為買入該等證券的費用向本公司負責。

證券的保管

4.1

任何寄存於本公司代為保管的證券（可以由本公司酌情決定）：

(i) (如該證券屬可註冊證券)以客戶的名義或以本公司為代理人名義註冊；或

(ii) 存放於：

(1) 認可財務機構；

(2) 核准保管人；或

(3) 另一獲發牌進行證券交易的中介人；

開立的獨立帳戶作穩妥保管，而該帳戶是指定為信託帳戶或客戶帳戶並由本公司為持有本

公司客戶證券目的而在香港開立及維持的。

4.2

倘若證券未以客戶的名義註冊，本公司於收到該等證券所獲派的任何股息或其他利益時，須按客

戶與本公司的協議記入客戶的現金戶口或支付予或轉帳予客戶。倘該等證券屬於本公司代客戶持

有的較大數量的證券的一部份，客戶有權按客戶所佔的比例獲得該等證券的利益。

4.3

根據客戶證券規則第7(2)條及本協議書，本公司並無取得客戶以書面授權：

(1) 將客戶證券存放於認可財務機構，作為提供予本公司的財務通融的抵押品；

(2) 將客戶證券存放於(i)認可結算所；或(ii)另一獲發牌或獲註冊進行證券交易的中介人，作為

解除本公司在交收上的義務和清償本公司在交收上的法律責任的抵押品；及／或

(3) 依據證券借貸協議運用任何有關客戶證券。

代客戶保管的現金

5.1

代客戶保管的現金須依照適用法例不時的規定，存放在一間或多間持牌銀行的一個或多個客戶信

託帳戶內(此等現金不包括本公司就交易取得，需要為交收而轉付或轉付予客戶的現金)。

5.2

客戶同意本公司有權就其本身利益收取：

(i) 於任何信託帳戶內存入及保留的所有款項的利息；及

(ii) 於本公司根據證券及期貨條例第149條持有的任何信託帳戶內存入及保留為客戶購買證券

而收取的所有款項的利息。

客戶謹此明確地放棄該利息附帶的任何或所有權利、索償權及享有權。

風險披露聲明書

6.1

本公司要求客戶閱讀載於協議書的“風險披露聲明書”。

一般規定

7.1

所有客戶戶口內的證券均受制於本公司的全面留置權，以確保客戶履行對本公司代客戶買賣證券

而產生的責任。

7.2

倘本公司沒有依照本協議書的規定履行對客戶的責任，客戶有權向根據《證券及期貨條例》成立

的投資者賠償基金索償，惟須受投資者賠償基金不時的條款制約。

7.3

客戶同意，如在帳戶開戶表格中提供的資料有重要變更，客戶將以書面通知本公司。倘本公司的

業務有重大變更，並且可能影響本公司為客戶提供的服務及/或本協議書內的資料有重要變更，本

公司將會通知客戶。

7.4

客戶確認客戶已詳閱並同意本現金客戶協議書和客戶協議書之條款及條件，而且該等條款已經以

客戶明白的語言向客戶解釋。

7.5

本協議書受香港特別行政區法律管轄，並且可以根據香港特別行政區法律執行。

常設授權

8.1

客戶特此確認，並授權本公司在“條款及條件”第10條項下的常設授權，支付客戶款項予本公司，

用於履行客戶就本公司代其進行的證劵交易或期貨合約交易須遵從關於交收或保證金規定的義

務、或客戶在本公司進行其受規管活動而欠本公司的款項，而該常設授權己明確地成為本「現金

客戶協議書」的條款。

8.2

受第8.4條指明按照客戶款項規則或客戶證券規則或其他法例(視乎何者適用)由客戶就條款或附

加條件續期或當作已被續期所制約下，自本協議書生效之日起計有效，客戶款項常設授權、客戶

證券常設授權或其他的常設授權的有效期為十二個月(並一貫地於年終十二月三十一日屆滿)。

8.3

客戶可以發出書面通知予本公司交收部(該地址列明於帳戶開戶表格內或本公司為此目的以書面

方式通知的其他地址)以分別撤回客戶款項常設授權及客戶證券常設授權。該等通知之生效日期

為本公司真正收到該等通知後14日起計。

8.4

客戶明白本公司若在客戶款項常設授權、客戶證券常設授權或其他的常設授權的有效期屆滿14

日之前，向客戶發出書面通知，提醒客戶有關的常設授權即將屆滿，而客戶沒有在該等常設等授

權屆滿前反對該等常設授權續期，客戶款項常設授權、客戶證券常設授權或其他的常設授權應當

作在不需要客戶的書面同意下按持續的基準已被續期。相關授權被視為續期後，公司會於到期後

一星期內提供確認續期通知予客戶。

此部分適用客戶於本公司開立任何保證金客戶帳戶，包括客戶向本公司申請及本公司同意提供之信貸安排。如適用，

此部分為構成本協議書之補充內容。

保證金客戶協議書

本保證金客戶協議書由以下雙方於帳戶開戶表格所列之日期簽訂：

甲、佳富達證券有限公司(“本公司”)為證券及期貨事務監察委員會（「證監會」）註冊的證券交易商

(CE 編號：AHC207)以及香港聯合交易所有限公司（「聯交所」）的交易參與者；其主要辦事處設於

香港金鐘道89號力寶中心第一座27樓2705-06室；及

乙、客戶為其資料詳情列於帳戶開戶表格中 (“客戶”) 。

鑒於：

(1) 當證券經紀向客戶就代表客戶進行之證券買賣提供信貸安排，而證券經紀為客戶開立以記錄該等買賣

之帳戶，稱為保證金證券買賣帳戶(下稱“保證金帳戶”)；

(2) 客戶欲於本公司開立一個或多個保證金帳戶，用以進行證券買賣；及

(3) 本公司同意開立及維持該(等)保證金帳戶，並以客戶之代理人身份，根據本協議書之條款，進行證券買

賣。

本協議書訂定客戶於本公司開立保證金客戶帳戶，並以該帳戶進行交易時所必須遵守之條款。現雙方協議如

下：

帳戶

1.1

本公司將會對客戶戶口的有關資料予以保密，但本公司仍可提供該等資料予聯交所及/或證監會以遵守它們

的規定或應其要求。

1.2

本協議書所附之帳戶開戶表格內所載資料，或以其他方法由客戶或客戶代表向本公司提供之有關資料皆為完

整，真實及正確。本公司有權倚賴此等資料，直至收到客戶書面通知有任何變更為止。

1.3

客戶授權本公司進行對客戶之信用諮詢或查證，以確定客戶之財政狀況及投資目標。

1.4

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(私隱)條例》。本公司有關個人資料使

用的政策和應用載於本協議書的個人資料收集政策聲明中。客戶確認已完全明白及接受載於該聲明內的條

款。

法例及規則

2.1

所有交易須根據適用於本公司的一切法例、規則、監管指示、附例、慣例、慣用法的規定而進行。這方面的

規定包括聯交所及中央結算公司的規則。本公司根據該等法例、規則及指示而採取的所有行動均對客戶具有

約束力。

交易

3.1

客戶須就所有交易支付本公司通知客戶的佣金和收費，繳付聯交所或結算所的相關徵費、印花稅、銀行費用、

過戶費、到期的利息及代名人或託管人費用。本公司可以從戶口中扣除該等佣金、收費、徵費及稅項。

3.2

除非另有協議，客戶同意當本公司代客戶進行一宗買入或賣出的交易時，客戶將在到期交收日，就買入的股

票付款予本公司，或記帳入客戶的帳戶，或收到本公司的款項時，送交賣出的股票，就情況而定。除非另有

協議，客戶同意當客戶在到期交收日不能如上文所述支付款項或送交股票時，授權本公司：

(i) 若為買入交易，轉讓或賣出任何該等買入的股票，以償還客戶對本公司的責任；或

(ii) 若為賣出交易，借入及/或買入該等沽出的股票，以償還客戶對本公司的責任；

現客戶確認，客戶將就客戶未能如上文所述在到期交收日達成客戶的責任，向本公司負責任何有關的損失，

成本，費用及開支。

3.3

若本公司代表客戶購入證劵，而由於賣方經紀未能於交收日內進行交收而須從公開市場上購買證劵，本公司

須負擔該等公開市場購入所涉及之差價及有關之支出。

融資安排

4.1

本公司同意應客戶要求授予客戶信用限額或信用融資(以本公司就持有抵押品市值的不時議定的百份率)。

4.2

客戶須應本公司之要求(不管以口頭或書面)，以現金、股票或其他與本公司議定之價值支付按金或保證金，

支付之數額及時間會以本公司不時全權所決定或以任何交易所之規則所規定。

4.3

如客戶未能於本公司要求之限期前繳付按金或保證金，或任何本協議書規定須付予本公司之款項，或未有遵

行本協議書任何條款，在不影響本公司可能享有的任何其他權利的情況下，本公司有權無須通知客戶而結束

保證金帳戶，並處置任何或一切為或代表客戶持有之證劵，將出售所得款項及任何現金按金，用以清償一切

未付還本公司之餘數，而清償後之餘款須退還予客戶。

4.4

本公司有絕對酌情權不向客戶提供融資或終止融資。於下列情況發生時，本公司將終止向客戶提供任何融資：

(i) 客戶未能履行本協議書之條款；

(ii) 本公司認為客戶的財政狀況出現或已出現重大的不利變化，或任何可能會影響客戶解除在協議書之下的

責任或履行客戶在協議書之下的義務的人士的財務狀況發生了重大不利變化；

(iii) 提供墊支將會令有關適用的信用限額被超支；或

(iv) 根據《證券及期貨(客戶證券)規則》規定而給予本公司的客戶授權被撤回或不再被續期。

當融資被終止時，客戶所欠的任何未清還債務應立即向本公司清還。

常設授權

5.1

客戶款項常設授權涵蓋本公司為客戶在香港收取或持有並存放於一個或多個獨立帳戶內的款項(包括因持有

並非屬於本公司的款項而產生之任何利息)（下稱“款項”）。

5.2

客戶授權本公司：

i) 組合或合併本公司並包括本公司所維持的任何或全部獨立帳戶，此等組合或合併可以個別地或與其他

帳戶聯合進行，本公司可將該等獨立帳戶內任何數額之款項作出轉移，以解除客戶對本公司的義務或法

律責任，不論此等義務和法律責任是確實或或然的、原有或附帶的、有抵押或無抵押的、共同或分別的；

及

ii) 從本公司於任何時候維持的任何獨立帳戶之間來回調動任何數額之款項。

5.3

客戶證券常設授權是有關處置客戶之證券或抵押品，詳列於第 5.4 至5.10 條：

5.4

客戶授權本公司：

(i) 依據證券借貸協議運用任何客戶的證券或抵押品；

(ii) 將任何客戶的證券抵押品存放於認可財務機構，作為該機構向本公司提供財務通融之抵押品；

(iii) 將任何客戶的證券抵押品存於任何其他的認可結算所或任何其他獲發牌或獲註冊進行證券交易的中介

人，作為解除本公司在交收上的義務和清償本公司在交收上的法律責任的抵押品；

(iv) 如本公司在進行證券交易及本公司獲發牌或獲註冊進行的任何其他受規管活動的過程中向客戶提供財

務通融，即可按照上述第(i)、第(ii)、及/或第(iii) 條所述運用或存放任何客戶的證券抵押品。

5.5

客戶確認並同意本公司可以不向客戶發出任何通知而採取上述客戶授權。

5.6

客戶同時確認：

(i) 此賦予本公司之客戶款項常設授權並不影響本公司可享有有關處理該等獨立帳戶內款項的其他授權或

權利；及

(ii) 客戶證券常設授權不影響本公司或本公司的有聯繫實體處置客戶之證券或抵押品的權利，以解除由客

戶或代客戶對本公司、本公司之有聯繫實體或第三者所負的責任，

5.7

客戶明白客戶的證券可能受制於第三者之權利，本公司須全數抵償該等權利後，方可將客戶的證券退回客戶。

5.8

受第5.10條指明按照客戶款項規則或客戶證券規則由客戶就條款或附加條件續期或當作已被續期所制約下，

自本保證金協議書生效之日起計有效，客戶款項常設授權及客戶證券常設授權的有效期為十二個月(並一貫

地於年終十二月三十一日屆滿)。

5.9

客戶可以發出書面通知予本公司交收部(該地址列明於帳戶開戶表格內或本公司為此目的以書面方式通知的

其他地址)以分別撤回客戶款項常設授權及客戶證券常設授權。該等通知之生效日期為本公司真正收到該等

通知後14日起計。

5.10

客戶明白本公司若在客戶款項常設授權及客戶證券常設授權的有效期屆滿14日之前，向客戶發出書面通知，

提醒客戶有關的常設授權即將屆滿，而客戶沒有在該等常設授權屆滿前反對該等常設授權續期，客戶款項常

設授權及客戶證券常設授權應當作在不需要客戶的書面同意下按持續的基準被續期。相關授權被視為續期

後，公司會於到期後一星期內提供確認續期通知予客戶。

利息

6.1

本公司有權隨時徵收而客戶則同意隨時向本公司支付就任何不足額或本公司因其他原因而應收的任何金錢

或資金並按本公司不時通知客戶的利率及其它條款所計算的利息，相關利息於每月月底計算及繳付，或於本

公司追討時繳付。

6.2

代客戶保管的現金須依照適用法例不時的規定，存放在持牌銀行所開立的客戶信託帳戶內（此等現金不包括

本公司就交易取得，而且須為交收而轉付或轉付予客戶的現金）。本公司無須就獲支付或收取關於保證金帳

戶的金錢或資金(不論是作存款或其他所述用途)而支付利息。本公司有權為其本身利益而保留就該等金錢或

資金而賺取或收取的任何利息或其他已變現收入或增值。

證券的保管

7.1

客戶寄存於本公司處而未以客戶姓名註冊之證劵，若產生股息或其他的派發或利益，本公司須根據代表客戶

持有之有關證券數額，按比例將該等利益存入客戶戶口內(或協議向客戶支付有關款項)。

7.2

有關任何寄存於本公司處而未以客戶姓名註冊之證券，若本公司須承受任何損失，則根據代表客戶持有之有

關證券數目或數額，按比例在客戶之保證金戶口內扣除(或協議由客戶支付有關款項)。

7.3

沒有客戶事前書面同意，本公司不得將客戶任何證券作為本公司取得貸款或墊支之抵押品寄存；或無論為任

何目的，將證券借出或放棄其持有權。

風險披露聲明

8.1

本公司要求客戶閱讀載於協議書的“風險披露聲明書”。

一般規定

9.1

若本公司未能履行《證券及期貨條例》所規定之責任，以致客戶蒙受金錢上之損失，客戶明白根據《證券及

期貨條例》而成立之投資者賠償基金，索償權利僅限於該條例所規定之範圍。

9.2

客戶承諾償付本公司及其職員，僱員及代理人任何因客戶違背其在本協議書之責任而引致或涉及之任何損

失，費用，索償，責任或開支；包括本公司於收取欠款或因結束保證金戶口而在合理及需要之情況下引起之

任何費用。

9.3

客戶同意，如在帳戶開戶表格中提供的資料有重要變更，客戶將以書面通知本公司。倘本公司的業務有重大

變更，並且可能影響本公司為客戶提供的服務及/或本協議書內的資料有重要變更，本公司亦將會通知客戶。

9.4

客戶確認已詳閱、明白及同意本保證金客戶協議書和客戶協議書之條款及條件之中/英文本，其中內容亦全部

以客戶明白之語言，向其解釋清楚。

此部分適用於客戶開立任何電子證券交易帳戶以使用由本公司提供之電子證券交易服務，如適用，此部分被視為構成本

協議書之補充內容。

電子證券交易服務協議書

本電子證券交易協議書由以下雙方於帳戶開戶表格所列之日期簽訂：

甲、佳富達證券有限公司(“本公司”)為證券及期貨事務監察委員會（「證監會」）註冊的證券交易商(CE 編

號：AHC207)以及香港聯合交易所有限公司（「聯交所」）的交易參與者；其主要辦事處設於香港金鐘

道89號力寶中心第一座27樓2705-06室；及

乙、客戶為其資料詳情列於帳戶開戶表格中 (“客戶”) 。

鑒於：

(1) 本公司同意以客戶之名義開立電子證券交易帳戶(“電子證券交易帳戶”)及透過本公司所提供的電子證

券交易服務操作此帳戶，以進行證券買賣；及

(2) 客戶同意須根據協議書之條款及條件之規限下操作此電子證券交易帳戶。

電子證券交易服務

1.1

客戶明瞭電子證券交易服務為一項透過互聯網絡運作之設施，令客戶可以發出指示，以及發出或獲取有關任

何指示之其他資訊。

1.2

客戶為電子證券交易帳戶下電子證券交易服務之唯一獲授權用戶。客戶須對私人密碼之保密及使用負責。客

戶承認及同意，客戶須對使用私人密碼透過有關之電子證券交易服務而輸入之一切由本公司所接受的指示負

全責。本公司之董事、高級人員、僱員或代理人，無須對客戶或因客戶而引致提出索償之任何其他人士就處

理或遺失任何指示所引致之任何索償而負責。

1.3

客戶承認電子證券交易服務為本公司專有。客戶保證及承諾客戶不得及不可試圖竄改、修改、解構、反向設

計及/或以任何方式改動，以及不得或不可試圖未經許可而試圖聯連接互聯網絡證券交易服務之任何部份。客

戶同意，倘客戶在任何時間違反本保證及承諾，或本公司在任何時間有理由懷疑客戶已違反本保証及承諾，

則本公司可對客戶採取法律行動。客戶承諾倘客戶知悉任何其他人士作出本段所述之任何行動者，須立即通

知本公司。如客戶未能履行此項責任，客戶將不得要求本公司負責，並須對本公司因此而產生之直接或間接

損失及費用作出全數賠償。

1.4

客戶承認有關之電子證券交易服務所提供之實時報價服務及即時短訊覆盤(當已發出的指示成交後收到之確

認短訊)，乃由本公司不時委聘的第三者提供。客戶同意本公司無須就客戶或任何其他人士因未能發出即時短

訊及/或依賴有關之電子證券交易服務而讓客戶獲取之任何證券之報價所蒙受之損失負責。

客戶須知

2.1

客戶享用此項電子證券交易服務時無須繳交任何月費或年費(不包括由第三者提供之報價服務)。惟本公司保

留徵收服務費用之權利。

2.2

就所有交易，客戶同意應交付有關佣金和收費予本公司和繳付聯交所徵收的適用徵費，並繳納所有有關的印

花稅。本公司可以從電子證券交易帳戶中扣除該等佣金、其他收費、徵費及稅項。

指示

3.1

客戶透過佳富達提供之電子交易設施向本公司發出指示，本公司在認為合理切實可行範圍內，根據該等指示

出售及/或購入證券，惟本公司可自行酌情決定接納或拒絕任何指示。

3.2

客戶理解，各參與證券交易所或協會宣稱其擁有向各方所發佈或提供之一切市場數據的專有權益。客戶理解，

概無一方擔保市場數據或任何其他市場資料之及時性、先後次序、準確性或完整性。因本公司或任何發佈數

據一方之任何合理行動，或任何不可抗力事件或任何本公司不能控制或任何發佈數據一方不能合理控制之任

何其他原因而造成有關任何數據、資料或訊息或其傳送或交付出現偏差、錯誤、延誤或遺漏，或此等數據、

訊息或資料不能履行或遭受干擾，本公司或任何發佈數據一方均無須負責。

3.3

客戶承認及同意，本公司有決定權不執行任何指示，尤其是，但不限於，倘出現以下情況(如適用)：

(1) (i) 帳戶內並無足夠即兌款項，及/或 ii)帳戶內並無足夠證券以供有關交易結算之用；及/或

(2) 有關指示所須之款額與執行所有其他尚未完成之指示所須款額之總和令帳戶之所須款額超出每日客戶

與本公司先前議定的投資金額。

3.4

客戶承認及同意鑑於可能出現未能預計之電子網路或流動通網絡或其他電訊網絡交通擠塞及其他理由，乃一

個本質上不可靠之通訊媒介，而該不可靠性在本公司控制範圍以外。客戶承認，鑑於該不可靠性，電子證券

交易服務負責在傳送及接收指示及其他資訊方面可能有所延遲、技術上的差誤及或傳送不完整，而導致指示

被延遲執行及/或不完整地執行及/或指示執行時之市場價格有別於指示發出時之價格。客戶進一步承認及同

意任何通訊均有被誤解或出現錯誤或傳送不完整或黑客侵入之風險，而該等風險須全部由客戶承擔。客戶承

認及同意在發出指示後未必可取消該項指示。

即時短訊覆盤服務：

4.1

(i) 假如客戶使用即時短訊覆盤服務，則本第4條將適用於客戶。各帳戶或服務亦受不時適用於該帳戶及服

務的條款及條件所規限。如短訊覆盤服務的條款及條件與規管客戶有關帳戶及服務的條款及條件有抵

觸，概以本第4條為準。

(ii) 客戶同意接受經由本公司向客戶的流動電話或客戶通知本公司且本公司接受的其他通訊設備發出的訊

息。當客戶發出的買賣指示在聯交所被全部執行，且客戶已登記即時短訊覆盤服務，客戶會收到本公

司以短訊發出的通知。

(iii) 即時短訊覆盤服務的類别將由本公司不時決定。

(iv) 為獲取短訊服務，客戶須持有所須的裝置及擁有電訊公司的相關服務。相關裝置的成本、電訊公司所

收取的費用，以及與本短訊服務有關的其他費用，概由客戶承擔。吾等可以對客戶登記在短訊服務的

設備數目作出限制，並對不同的顧客可訂出不同的限制。

(v) 客戶須就任何資料的改變盡快通知本公司，該等資料包括客戶的設備及聯系詳情。除非本公司收到客

戶更改資料的通知，客戶授權本公司可根據持有的客戶資料向客戶提供短訊服務。透過短訊服務給予

客戶的通訊，一經發出，即視為客戶已收妥。

(vi) 本公司可以變更短訊服務的範圍或運作、發送訊息的類型，以及使用的裝置類型和電訊公司，而無須

發出通知或作出責任承擔。吾等亦可以暫停或撤銷短訊服務，無須發出通知或作出責任承擔。

(vii) 在不影響本公司的“個人資料收集政策聲明”的原則下，客戶授權本公司，就與短訊服務有關的各方

面而言，可將客戶的資料披露予本公司的附屬成員、電訊公司及其代理人(香港或海外)。

(viii) 短訊服務所提供的訊息僅供客戶參考，其內容並不構成證據。本公司會按照有關帳戶的條件及條款將

有關的正式通知及結單發予客戶。同時，透過短訊服務所發出的訊息非為要約。

(ix) 在沒有故意的不當行為的情況下，本公司不會就發送訊息過程中的任何遺漏或延誤，或任何發送訊息

内容的任何錯誤、誤發、訛誤或遭截取負責。本公司亦不會就任何非本公司可控制的事件負責(包括但

不限任何軟件、設備或系統的錯誤、失靈或故障)。客戶明白電訊公司並非本公司的代理人，它們並不

會承擔涉及該短訊服務的任何責任。

其他

5.1

客戶同意，本公司及其董事、高級職員、僱員及代理人，無須為任何延遲或未履行本公司於本協議書所載之

義務，或於本公司之董事、高級職員、僱員及代理人不能絕對控制之任何情況下，包括但不限於政府管制、

交易所或市場裁決、暫停交易、電子或機械設備或通訊連繫失靈、電話或其他互連系統故障、電力供應故

障、未經許可的存取、盜竊、戰爭(不論已宣戰與否)、惡劣天氣、地震及罷工所直接或間接造成之損失負上

責任。

5.2

客戶同意及確認在不依賴本公司所提供之任何資料及/或建議之情況下，客戶就每一項交易獨立作出判斷及

決定。本公司無須就任何其董事、高級職員、僱員及代理人所提供之任何資料或建議(不論該等建議是否應客

戶之要求而提供)負上責任。

5.3

本電子證券交易協議書之任何一方可隨時於5個營業日前以書面通知對方終止本電子證券交易協議書，惟於

本公司以書面通知客戶(該通知不能不合理地不予發出)，本公司確定客戶電子證券交易帳戶中並沒有欠款而

接納客戶之終止通知之前，本電子證券交易協議書不得被視作被客戶終止。該通知不會影響本公司於收到該

書面通知前代表客戶所訂立之任何交易，亦不會減損收到該通知前本公司或客戶之任何權利、權力或責任。

5.4

本電子證券交易協議書受香港特別行政區法律管轄，並且可以根據香港特別行政區法律執行。本公司可就有

關更改事先給予客戶不少於一星期之書面通知下修改本電子證券交易協議書的條款。茲並提醒客戶擁有按第

5.3條下終止本電子證券交易協議書的權利。

5.5

客戶確認通過電子證券交易服務系統遞交予客戶之通告及其他通訊，將在其發出時視作當面交付予客戶。

5.6

客戶發出之任何指示將會在本公司就客戶發出指示後向客戶發出有關該項指示之確認訊息後方被視為有效

及確定無疑的電子紀錄。

5.7

客戶確認客戶及/或其代表人已詳閱、明白及同意本電子證券交易協議書之條款和客戶協議書之條款及條件

並已經客戶明白之語言向客戶作出解釋說明。

客戶聲明

6.1

客戶同意在任何情況下，除非由於本公司之嚴重疏忽或故意失誤所致(視屬何情況而定)，否則本公司不會就

此電子交易服務負任何責任，包括但不限於：

(i) 在客戶之通訊設備傳送及/或接收資料出現失敗或延誤；

(ii) 處理客戶就此服務而作出之要求或提示及/或應客戶之要求或指示作出回覆時出現失敗或延誤；

(iii) 該等要求或回覆(或泛指該等資料或有關傳送)之任何錯誤或不正確；或

(iv) 任何超逾本公司合理控制範圍內所引致之後果。

6.2

客戶進一步承認及同意，作為發出指示而使用電子證券交易服務之一項附帶條件，倘出現以下情況，客戶有

基本責任須立即致電客戶之帳戶經紀或本公司之客戶服務熱線通知本公司：

(i) 有關帳戶之指示已透過服務發出，但客戶在本公司所指定之時間內尚未接獲有關該項指示之確認或有關

該項乃錯誤指示之信息；

(ii) 客戶已接獲客戶並無發出指示之交易之確認(不論以複印文本、電子或口頭方式)或任何相類抵觸者；或

(iii) 客戶知悉私人密碼出現任何未經許可之使用情況。

如客戶未能履行此項責任，客戶將不得要求本公司負責，並須對本公司因此而產生之直接或間接損失及費用

作出全數賠償。

6.3

客戶明白及承認除非經過司法程序證實有錯失，否則本公司收到客戶發出之任何指示及發出給客戶之任何回

覆之記錄均屬有約束力及確定無疑。

6.4

客戶聲明本協議書內所提供之資料均屬真實、完整及正確，本協議書內之聲明及陳述均為準確。(除本公司收

到客戶以書面通知作出更改)，本公司有權完全依賴該聲明及陳述，及有關資料作任何用途。客戶授權本公司

在任何時間聯絡任何人，包括客戶之銀行、經紀或任何信貸代理，以查證本協議書內所提供之資料。客戶確

認閱覽及明白所有互聯網絡股票買賣服務的條款及所有上述的條款並同意遵守。倘多於一人簽署或同意受此

條款約束，則其按此條款所須負責的責任乃屬聯同及個別承擔者。又按文義所需，單數詞當包括複數詞。根

據此條款發給其中任何一人的通告，應被視為對其全部人的有效通知。

風險披露聲明

證券交易的風險

證券價格有時可能會非常波動。證券價格可升可跌，甚至變成毫無價值。買賣證券未必一定能夠賺取利潤、

反而可能會招致損失。

主板證券風險

1. 產品認識及承擔風險的能力：

在買賣任何證券前，投資者應細閱發行商網站、香港交易所公司網站或披露易網站

(http://www.hkex.com.hk/index_c.htm or (http://www.hkexnews.hk/index_c.htm) 所載的最新招股書/上市文

件、財務報表、公告及其他資料，了解產品的特色及涉及的風險因素。除非產品適合自己的投資目標、

財務資源及承受風險能力，否則投資者不宜隨便買賣證券。

2. 價格及流通量風險：

任何證券的價格都可升可跌，買賣證券必然存在損失的風險。此外，證券價格或會因為各種市場因素

而波動，投資者面對的風險亦可能會因應種種因素而有別，例如其輸入買賣盤的種類（如：賣空盤、

市價盤或競價盤）、交易的融資方式（如：保證金融資）、所涉及證券產品的性質（如：是否涉及槓桿

或有固定到期日）等等。證券的流通量也可能會波動，若成交量大跌，投資者未必能及時以合意的價

格買入或賣出證券。

3. 交易對手風險：

部分證券(如結構性產品及交易所買賣基金)在產品設計或管理又或流通量提供上會牽涉到金融中介

人，投資這些產品的人士因而尚要面對交易對手風險。

買賣創業板股份的風險

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。

投資者只應在審慎及仔細考慮後，才作出有關的投資決定。創業板市場的較高風險性質及其他特點，意味著

這個市場較適合專業及其他熟悉投資技巧的投資者。

現時有關創業板股份的資料只可以在香港聯合交易所有限公司所操作的互聯網網站上找到。創業板上市公司

一般毋須在憲報指定的報章刊登付費公告。

假如投資者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。

人民幣計價證券交易的風險

人民幣證券受匯率波動影響，而匯率波動可能產生機會或風險。閣下如將人民幣兌換為港幣或其他外幣時，

可能因人民幣匯率波動影響而招致損失。目前人民幣並非完全可自由兌換，而通過銀行進行人民幣兌換亦受

每日限額限制及不時適用的其他限制。投資者必須留意不時適用的有關兌換的限制及其變動。如閣下需兌換

人民幣的金額超過每日限額，須預留時間以備兌換。任何與人民幣交易有關的人民幣兌換將由本公司以主事

人的身份按市場當時通行匯率而決定之匯率進行。

投資海外發行人證券的風險

由於海外發行人是受其所屬司法權區的不同法例約束，如閣下投資於海外發行人於香港上市的證券，所衍生

的稅務責任或可能因稅制不同而與投資於香港發行人的證券有所不同(如交易稅、資本收益稅及股息稅等)。

投資者應諮詢稅務顧問按其自身情況，就購買、持有、處置或買賣海外發行人證券所適用的稅務責任，以遵

守適用的法律及法規。

行使及買賣供股權益的風險

若投資者要行使及買賣供股權益，應留意有關的期限及其他時間表。未被行使的供股權益在到期時將沒有任

何價值。但若投資者決定不行使供股權益並在市場上轉讓這項權利，應留意認購期內設有指定的買賣期，在

此之後供股權益將會變得毫無價值。若投資者決定放棄供股權益，其持股比例將會因公司增發新股而被攤薄。

買賣交易所買賣基金的風險

(i) 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。

(ii) 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。）

(iii) 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。

(iv) 外匯風險

若投資者所買賣結構性產品的相關資產並非以港幣為單位，則要面對外匯風險。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。

(v) 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。

(vi) 交易所買賣基金的不同複製策略所涉及對手風險

(1) 完全複製及選擇具代表性樣本策略

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。

(2) 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(total return swaps)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。

結構性產品交易的風險

遵照上市規則規定的詳情，在聯交所上市的衍生權證(「權證」)、牛熊證(「牛熊證」)及其他結構性產品(權

證、牛熊證及其他結構性產品)統稱「結構性產品」。

結構性產品之發行人有時可能是唯一在有關股票交易所提供買賣報價的一方。結構性產品的價格可急升，亦

可急跌，而投資者可能會蒙受其全部投資的損失。

結構性產品須承擔多項風險，包括但不限於以下所列：

(i) 發行商失責風險：

倘若結構性產品發行商破產而未能履行其對所發行證券的責任，投資者只被視為無抵押債權人，對發行商

任何資產均無優先索償權。因此，投資者須特別留意結構性產品發行商的財力及信用。

(ii) 特殊價格移動：

結構性產品的價格或會因為外來因素(如市場供求)而有別於其理論價，因此實際成交價可以高過亦可以低

過理論價。

(iii) 流通量風險：

聯交所規定所有結構性產品發行商要為每一隻個別產品委任一名流通量提供者。流通量提供者的職責在

為產品提供兩邊開盤方便買賣。若有流通量提供者失責或停止履行職責，有關產品的投資者或就不能進行

買賣，直至有新的流通量提供者委任出來止。

(iv) 非抵押產品風險：

非抵押結構性產品並沒有資產擔保。倘若發行商破產，投資者可以損失其全數投資。要確定產品是否非抵

押，投資者須細閱上市文件。

(v) 槓桿風險：

結構性產品如衍生權證及牛熊證均是槓桿產品，其價值可按相對相關資產的槓桿比率而快速改變。投資者

須留意，結構性產品的價值可以跌至零，屆時當初投資的資金將會盡失。

(vi) 有效期的考慮：

結構性產品設有到期日，到期後的產品即一文不值。投資者須留意產品的到期時間，確保所選產品尚餘的

有效期能配合其交易策略。於到期時，若現金結算款為零或負數，投資者將損失其投資價值。

(vii) 外匯風險：

若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。

故此，投資者應確保了解結構性產品的性質，及在投資結構性產品前仔細研究基本上市文件及任何發行結構

性產品的有關補充上市文件內所列的風險因素，及在投資結構性產品前，（如需要）尋求專業意見。

投資者需要清楚了解有關產品在市況極度惡劣或面臨破產的情況下，構成一般無抵押合約的責任。

買賣牛熊證的額外風險

1. 強制收回風險

投資者買賣牛熊證，須留意牛熊證可以即日「取消」或強制收回的特色。若牛熊證的相關資產值等同上市

文件所述的強制收回價/水平，牛熊證即時停止買賣。屆時，投資者只能收回已停止買賣的牛熊證由產品

發行商按上市文件所述計算出來的剩餘價值 (注意：剩餘價值可以是零)。

2. 融資成本

牛熊證的發行價已包括融資成本。融資成本會隨牛熊證接近到期日而逐漸減少。牛熊證的年期愈長，總融

資成本愈高。若一天牛熊證被收回，投資者即損失牛熊證整個有效期的融資成本。融資成本的計算程式載

於牛熊證的上市文件。

買賣衍生權證的額外風險

1. 時間損耗風險

假若其他情況不變，衍生權證愈接近到期日，價值會愈低，因此不能視為長線投資。

2. 波幅風險

衍生權證的價格可隨相關資產價格的引伸波幅而升跌，投資者須注意相關資產的波幅。

場外交易的風險

1. 投資者必須了解場外 (「Over-the-Counter」) 交易的性質、交易設施及投資者可承擔的風險程度，才可進

行交易。如有疑問投資者應尋求獨立的專業意見。

2. 進行場外交易須承擔風險，包括交易對手風險、證券最終未能在交易所上市的風險、流通性較低及波幅

較高。相關交易並不保證能夠結算，投資者須承擔投資者及/或投資者的交易對手無法結算所招致的任何

虧損或開支。

3. 在場外交易的證券價格，可能與其在交易所上市後於正規市場時間內的開市或交易價格出現重大差距。

場外交易市場顯示的證券價格可能無法反映相同證券於其他同時運作的自動化交易系統交易的價格。

4. 場外交易市場不受交易所監管，亦不獲投資者賠償基金保障。直至相關交易於該證券上市後正式記錄於

交易所的交易系統，方受到有關監管及保障。

投資美國交易所上市或場外交易證券或美國衍生工具的風險

投資者在投資任何受美國法律監管市場的證券或證券相類的工具前，應先瞭解適用於該等交易的美國規例。

美國法律通常適用於美國市場交易，不論客戶所屬的國家法律是否適用。

有眾多(但此非指全部)股票，債券及期權均在美國證券交易所掛牌及交易。納斯達克以往是交易商之間的場

外交易市場，現亦已成為一家美國交易所。就在交易所上市的股票，債券及期權而言，每家交易所會發出補

充美國證券交易委員會規例的規例，以保障在該交易所進行買賣證券的個人及機構。

交易商可以繼續利用交易所掛牌或非交易所掛牌的工具進行場外交易。就未有在交易所掛牌的證券，其交易

可以透過在場外電子交易板或載有代理（非真正的）交易商報價之交易商之間的“粉紅價單”進行。這些交

易設施是在納斯達克以外設置。

證券期權受美國證券交易委員會及該期權掛牌的證券交易所之規例管轄。期貨合約或商品例如小麥或黃金的

期權受美國商品期貨交易委員會之規例管轄。商業期權例如房地產期權則不受美國證券交易委員會或美國商

品期貨交易委員會之規則限制。

無論閣下意欲投資在美國交易所掛牌的證券、場外交易證券或衍生工具（如期權或期貨），客戶應瞭解擬進

行交易之市場的有關監管規例。投資於該等衍生工具會傾使風險增加及衍生工具市場的性質傾使風險進一步

增加。

場外電子交易板的莊家不能使用電子媒介與其他交易商溝通以執行交易。他們必須以手動方式與市場溝通，

即使用標準電話線與其他交易商溝通以執行交易，此舉可能會引致延遲與市場溝通。若在同時交易量增加，

可引致場外電子交易板的證券價格波幅擴大及遲誤延長執行時間。投資者在市場落盤時應加倍審慎，並完全

了解有關外電子交易板交易的風險。市場數據如報價，交易量及市場大小可能或未必與納斯達克或掛牌證券

預期般一樣保持現況更新。

因參與場外證券市場的莊家數目可能較少，該證券的流通量可能大幅較在市場掛牌證券的流通量低。因此，

投資者的指示可能只獲部分執行，甚至全部不獲執行。此外，市場落盤所收到的價格可能與輸入買賣盤時的

報價有明顯的不同。當某一證券的股份交易減少，可引致賣出/買入價的差距增加及造成價格波動。在某些情

況下，未必能在合理時間內為場外證券平倉。

場外交易證券的發行商並無責任向投資者提供資訊、與證券交易委員會維持登記或向投資者提供定期報告。

在香港聯合交易所有限公司買賣納斯達克－美國證券交易所證券的風險

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。投資者在買賣該項試驗計劃的證券之前，應先諮詢有關持牌人或註冊人的意見和熟悉該項試驗計劃。投

資者應知悉，按照該項試驗計劃掛牌買賣的證券並非以香港聯合交易所有限公司的主板或創業板作第一或第

二上市的證券類別加以監管。

在香港以外地方收取或持有的客戶資產的風險

持牌人或註冊人在香港以外地方收取或持有的客戶資產，是受到有關海外司法管轄區的適用法律及規例所監

管的。這些法律及規例與證券及期貨條例及根據該條例制訂的規則可能有所不同。因此，有關客戶資產將可

能不會享有賦予在香港收取或持有的客戶資產的相同保障。

買賣外國證券包括中國B股的風險

投資者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。投資者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)。

買賣交易所交易票據(“ETN”)的風險

ETN是一種由承銷銀行發行的無擔保、非次級債務證券，旨在為投資者提供各個市場基準的回報。ETN的回

報通常與一個市場基準或策略的表現掛鈎，並扣除適用的費用。與其他債務證券類似，ETN有到期日，且僅

以發行人信用作為支持。

投資者可以透過交易所買賣ETN或於預定到期日收取現金付款，或視乎基準指數的表現有機會直接向發行人

提早贖回ETN(須扣除適用的費用)。然而，投資者於贖回時可能受ETN的提早贖回條件限制，例如最少贖回數

量。

投資者並無保證將於到期日或發行人提早回購時可收回投資本金或任何投資回報。對於ETN，正面表現的月

份或無法抵銷其中某些極不利之月度表現。ETN發行人有權隨時按回購價值贖回ETN。若於任何時候ETN的

回購價值為零，投資者的投資則變得毫無價值。ETN可能流通性不足，投資者並無保證可隨時按其意願，以

目標價格買賣。

儘管ETF與ETN均有追蹤基準指數的特性，但ETN屬於債務證券，並不實際擁有其追蹤的任何資產，擁有的僅

是發行人向投資者分配理論上存在的基準指數所反映的回報之承諾。ETN對投資組合的多元化程度有限，投

資者須受集中於特定指數及指數成份的集中性風險。鑒於ETN屬無抵押品的債務工具，若ETN發行商發生違

約或破產，最大潛在損失可能是投資額的百分之一百及無法獲得任何利潤。

即使受追蹤的相關指數沒有變化，發行人信用評級降級亦會導致ETN的價值下跌。因此，買賣ETN的投資者

直接面臨發行人的信用風險，且在發行人宣佈破產的情況下僅擁有無擔保的破產索償權。本金金額須扣除定

期繳納的投資者費用或任何適用的費用，該等費用會對回報產生不利影響。你應注意ETN的相關資產可能以

ETN本身以外的貨幣計值的匯率風險。匯率變動可為你的投資帶來不利影響。

個別ETN可能會採用槓桿，而ETN的價值會因應其對於相關資產的槓桿比率而迅速變化。你應注意ETN的價

值可能會跌至零，你可能損失所有的投資本金。

股票掛鈎票據的風險

股票掛鈎票據是由票據/存款與期權結合而成，其回報是基於相關資產的價格表現而釐定。其最大回報通常受

限於一個預先訂定的金額。如相關資產的價格走勢與客戶的預期出現重大程度的相反，投資者可能損失全部

投資本金。大部份的股票掛鈎票據並非低風險產品。閣下需承受發行商的信貸風險，而其回報主要視乎相關

資產價格的未來走勢。股票掛鈎票據是涉及衍生工具的結構性產品。其最大回報是有上限的，但其潛在損失

可能很重大。投資者在決定投資前閱讀所有有關銷售文件，以了解股票掛鈎票據的特性及風險，均為猶其重

要。

保證金買賣的風險

藉存放抵押品而為交易取得融資的虧損風險可能極大。投資者所蒙受的虧蝕可能會超過投資者存放於有關持

牌人或註冊人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。投資者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。假如投資者未能在指定

的時間內支付所需的保證金款額或利息，投資者的抵押品可能會在未經你的同意下被出售。此外，投資者將

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，投資者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。

提供將你的證券抵押品等再質押的授權書的風險

向持牌人或註冊人提供授權書，容許其按照某份證券借貸協議使用你的證券或抵押品、將你的抵押品再質押

以取得財務通融，或將你的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。

假如你的證券或抵押品是由持牌人或註冊人在香港收取或持有的，則上述安排僅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，假如你的持牌人或註冊人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，持牌人或註冊人可能需要授權書，以便例如向你提供

保證金貸款或獲准將你的證券或抵押品借出予第三方或作為抵押品存放於第三方。有關持牌人或註冊人應向

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。雖然有關持牌人或註冊人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，但上述持牌人或註冊人的違責行為可能會導致你損失你的證券或抵押品。

大多數持牌人或註冊人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。

借貨沽空的風險

倘客戶沽售任何並非其持有的證券(即沽空)，包括客戶為沽售而借入證券，則客戶必須通知本公司。客戶確

認並同意，除非客戶向本公司提供本公司認為必要之該等確認書、證明文件及保證，以證明客戶在沽空前確

實有可將該等證券轉交其購買人(且為即時可供行使及無條件)之權利，否則本公司將不會接納沽空指示。

借貨沽空的虧蝕風險可以極大。在若干情況下，投資者所蒙受的虧蝕可能會超過最初存入的保證金數額。投

資者可能會在短時間內被要求存入額外的保證金。假如未能在指定的時間內提供所需數額，投資者可能需要

買入戶口所沽空的部分或全部證券。然而，投資者仍然要對其帳戶內任何因此而出現的短欠數額負責。因此，

投資者在借貨沽空前應根據本身的財政狀況及投資目標，仔細考慮這種買賣是否適合。

提供代存郵件或將郵件轉交第三方的授權書的風險

假如客戶向持牌人或註冊人提供授權書，允許他人代存郵件或將郵件轉交予第三方，那麼客戶應盡早親身收

取所有關於其帳戶的成交單據及結單，並加以詳細閱讀，以確保可及時偵察到任何差異或錯誤。

使用電子證券交易服務的風險

(i) 如果客戶透過電子證券交易服務進行買賣，客戶便須承受該電子證券交易服務系統帶來的風險，包括有

關系統硬體和軟件可能會失靈的風險。系統失靈可能會導致客戶的買賣盤不能根據指示執行，甚或完全

不獲執行；

(ii) 由於未可預計的電子線路擠塞和其他原因，電子服務可能並不可靠的，及存在通過電子服務進行的交易

在傳輸和接收客戶的指示或其他資訊過程中可能會被耽誤、延遲執行客戶的指示或有關指示以有別於客

戶發出指示時的市價執行、指示在傳輸時被中斷或停頓等風險。在通訊過程中也存在誤解或錯誤的風險，

以及在發出了指示後，通常也不一定可以取消。由於此類中斷、耽誤或被第三方進入而使客戶遭受的任

何損失，本公司概不承擔責任。如果客戶不準備接受此類中斷或耽誤引致的風險，客戶不應透過電子證

券交易服務作出任何指示；及

(iii) 通過電子證券交易服務向客戶提供的市場數據和其他資訊可能是本公司從第三者獲得的。雖然本公司相

信這些數據和資訊是可靠的，但本公司或該等第三者都不會保證這些數據和資訊的準確性、完整性和即

時性。

債券交易的風險

(i) 違約風險

違約風險指債券發行商未能按合約繳付利息或本金予債券持有人。投資者須特別留意債券發行商的信貸

評級。評級較低的債券發行商或更有可能違約，而相關投資者可能會損失大部份或全部本金。

(ii) 利率風險

這是投資債券的主要風險。固定利率債券的價格會在利率下降時上升。在購買債券後，債券的價格會因應

利率的上升而下降。

(iii) 外滙風險

投資者若投資以外幣計價的債券需面對外匯風險。外幣兌換率的波動或對基礎資產的價值及相關投資的

價格造成負面影響。

(iv) 流動性風險

倘若緊急情況下於債券到期前想出售該債券，該債券的買賣或不活躍於二手市場。若債券發行商違約或終

止履行責任，客戶作爲投資者可能無法買或賣相關債券。

(v) 股票風險

如債券屬可換股債券，可能存在股票風險，並對價格及投資回報造成負面影響。

個人資料收集政策聲明：

本聲明是根據香港《個人資料（私隱）條例》（「條例」）之要求而提供予本公司的個人客戶。本聲明中所

提及的術語與客戶協議書中的術語具有相同的含義。

披露的義務：

除特別聲明外，客戶必須按開戶表格上的要求，將個人資料提供予佳富達證券有限公司（“本公司”）。假

如客戶不能提供此等資料，本公司將沒有足夠資料來為客戶開設及管理帳戶。

個人資料之使用：

2.1

個人資料的使用者：

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（每一個,「使用者」）：

(i) 本公司；

(ii) 本公司的任何董事、高級職員、僱員或代理人；

(iii) 執行客戶指示及/或從事本公司業務而由本公司授權的任何人士（例如律師、顧問、代名人、託管人等）；

(iv) 本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；

(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集團成員適用的規例所要求）；及

(vi) 任何本公司之合作夥伴或有聯繋實體，包括（但不限於）提供投資產品或服務之銀行、金融機構、中介

人、保險經紀等。

2.2

使用目的

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，強制執行擔保、抵押或其他權利和利益；

(iii) 設計或推廣予客戶新產品及服務，包括但不限於本公司的產品及/或服務，或由本公司授權或有關聯的中

介人或發行商提供的產品及/或服務；

(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）：

1. 信用調查；

2. 資料核實；及/或

3. 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書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；

(viii)任何有關於執行客戶指示或與本公司業務或交易有關連的目的。

自動交換財務帳戶資料及海外帳戶納稅法案

根據自動交換財務帳戶資料及海外帳戶納稅法案，包括本公司在內的財務機構須識別身份為須申報外國稅務

居民的帳戶持有人及若干實體帳戶持有人的控權人，並向財務機構經營所在地的當地稅務機關或直接向美國

國稅局報告其個人資料（包括但不限於其姓名、地址、稅務居住地、在該稅務管轄區的稅務編號、帳戶結餘

及收入資料）。當地稅務機關會每年定期將此等資料提供予須申報外國稅務居民的稅務居住國的稅務機關。

在不限制本私隱政策的一般性情況下，本公司可將個人資料交予香港稅務局或任何其他相關境內或境外稅務

機關，以移交至另一司法管轄區的稅務機關。本公司可能會將個人資料交予美國國稅局。

使用資料作直接促銷：

若客戶同意(包括表示不反對)，本公司將會使用及/或轉送客戶的資料給任何公司合作夥伴或有聯繋實體作

直接促銷之用。本公司不時持有的客戶的姓名、聯絡詳情、財務背景及統計資料可由本公司用於直接促銷

下列產品和服務：

(i) 金融服務和產品；

(ii) 相關優惠計劃；

(iii) 金融與投資建議；或

(iv) 本公司就前述產品或服務之業務推廣和宣傳活動。

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。

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) 詢問本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(本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。

其他

本公司對任何向客户提供之訊息及資料絕不牽涉或承擔任何義務、職責或責任。

如果客戶的資料不小心地、没有留意地或疏忽地被寄出、洩漏、發出或傳出給第三者，客戶不能要求本公司

對上述行為負責及不能向本公司採取任何的索償、訴訟或法律行動去追討客戶的任何損失或損害。

聯絡人

如客戶要求查閱和/或修正與客戶有關的個人資料，客戶可向本公司的資料保護專員/合規主任遞交其申請。

如中、英文版本有任何分歧，概以英文版本為準。