This section contains the terms of use of this website ('Terms'). By accessing this website and any of its pages, you are agreeing to these Terms.

This structured product is a not-collateralised. The standard warrants ('Standard Warrants'), inline warrants (‘Inline Warrants’) and/or callable bull/bear contracts ('CBBCs') are non-collateralised structured products involving derivatives (‘Structured Products’) and are complex products. Investors should exercise caution in relation to them. Do not invest in them unless you fully understand and are willing to assume the risks associated with them. The price of the Structured Products may fall in value as rapidly as it may rise and investors may sustain a total or substantial loss of their investment. Prospective investors should ensure that they understand the nature and risks and seek professional advice where applicable.

Trading structured products with United States (US) underlying index may be exposed to additional risks, including:

The US underlying index level is calculated and published during the trading hours of the respective index exchange. The US index futures contracts are traded on the respective index futures exchange. The trading days and hours of the index exchange and the index futures exchange (based on Hong Kong time) are different from that of the Stock Exchange of Hong Kong. In assessing the price of the structured products, you should be aware of the differences in the time zone and the actual trading days and hours of the relevant exchanges in Hong Kong and the United States. For example, the underlying index level may be volatile during a period which the Stock Exchange of Hong Kong is not open for trading of the structured products.

There may be less publicly available information about the US underlying index than those about Hong Kong indices and some of that information may not be available in Chinese. If you do not understand any such information, you should obtain independent advice.

The US underlying index level may be subject to political, economic, financial and social factors that apply in those geographical regions (such as the United States), which may differ favourably or unfavourably from those factors that apply to Hong Kong. Moreover, foreign economies may also differ favourably or unfavourably from the Hong Kong economy in important respects such as, including but not limited to, growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency.

As the trading price of the constituent stocks comprising the US underlying index is quoted in United States Dollars (“US$”) but the structured products will be settled in Hong Kong Dollars (“HK$”), there will be an exchange rate risk when we convert US$ into HK$ in the calculation of the cash settlement amount.

The valuation date could be postponed if such day is not the day on which the index futures contracts expire on the respective index futures exchange. Such postponement will in turn result in a delay for settlement of the structured products accordingly.

The index compiler may publish the index level at a time when one or more shares comprising the index are not trading. In such case, the index level may be calculated by the index compiler by reference to the remaining shares comprising the index. This may have an unforeseen adverse impact on the value of your investment.

You rely on creditworthiness of the Structured Products’ issuer. The product is subject to both the actual and perceived measures of the credit worthiness of its issuer and there is no assurance of protection against a default by its issuer in respect of its payment obligations. If the issuer is insolvent or defaults, investors may not recover part or all of the amount due (if any).

Unless otherwise stated, the information on this website, which is established, operated and/or maintained by or on behalf of The Hongkong and Shanghai Banking Corporation Limited (the 'Bank' or ’HSBC’), has been prepared for the supply of financial, market or other information and data ('Information') to residents of Hong Kong ('HK Residents'). Information contained in this website must not be relied or acted upon by persons who are not HK Residents. If you are not a HK Resident and access this website, you may be in breach of laws applicable to you. The Bank and all HSBC Group companies expressly disclaim all and any responsibility if you access this website and are not a HK Resident. 'HSBC Group company' means HSBC Holdings plc and any subsidiary or affiliate thereof.

Market information contained in these pages are not intended to provide professional advice nor is HSBC, in providing such market information, intended to be advising on securities (as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong Special Administrative Region ('HKSAR')). As such, market information should not be relied upon in that regard. Persons accessing these pages are advised to obtain appropriate professional advice where necessary. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. HSBC Group companies and/or their affiliates assume no fiduciary responsibility or liability for any consequences, financial or otherwise, arising from the subscription or purchase of Structured Products and/or other investments or products mentioned herein.

Market information is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any Structured Products and/or other investments or products. Unless governing law permits otherwise, you must contact a member of an HSBC Group companies in your home jurisdiction if you wish to use HSBC Group companies’ services in effecting a transaction in any investments mentioned on this site.

Market information is obtained from sources believed to be reliable but which has not been independently verified. No guarantee, representation or warranty is made and no responsibility or liability as to its accuracy or completeness is accepted. Please note that any prices or levels contained in these pages are indicative and may vary in accordance with changes in market conditions. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this market information. Expressions of opinion are those of HSBC only and HSBC maintains the right to delete or modify information on this website without prior notice.

HSBC Group companies and/or their officers, directors and employees may own or have positions in any securities mentioned on this site (or in any related investment) and may from time to time add to or dispose of any such securities (or investment). HSBC may sell securities to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies. Brokerage fees may be earned by members of the HSBC Group companies in respect of any business transacted by them in all or any of the Structured Products, securities and/or instruments referred to on this site.

HSBC Group companies may act as market maker or have assumed an underwriting commitment in the Structured Products and other securities discussed on this site (or in any related investment).

You further undertake to unconditionally and irrevocably indemnify and keep indemnified all HSBC Group companies against all actions, claims, demands, liabilities, losses, damages, costs (including on a solicitor client basis) and expenses of whatever nature and howsoever occurring arising directly or indirectly from or in connection with any breach by you of these Terms and/or any undertakings given by you.

Illustration of performance or data of past performance of any Structured Products and/or other investments whether contained in this website or otherwise is not indicative of and does not represent a guarantee of any future performance. Inline warrant is newly introduced to the market and there are no similar products currently listed on the Hong Kong Stock Exchange for comparison.

Investors are warned that the prices of the Structured Products may fall in value as rapidly as it may rise and holders may sustain a total or substantial loss of their investment. CBBCs have a mandatory call feature and may therefore be subject to early termination, upon which (i) investors in category N CBBCs will lose all of their investments in the CBBCs; and (ii) the residual value of category R CBBCs may be zero. Inline warrants carry exotic features, and their terms and pricing may be more complicated than standard derivative warrants. Maximum potential payoff is fixed and capped. Price movement of the inline warrants may be disproportionate or opposite to the price movement of the underlying asset.

You should ensure you understand the nature of the Structured Products and carefully study the full details and risk factors set out in the Base Listing Document and the relevant Launch Announcement and Supplemental Listing Document and, where necessary, seek professional advice before you invest in the Structured Products. The Base Listing Document and the relevant Launch Announcement and Supplemental Listing Document may be obtained during usual business hours on any weekday (Saturdays, Sundays and holidays excepted) at the offices of HSBC at HSBC Main Building, 1 Queen's Road Central, Hong Kong. Before purchasing the Structured Products you should ensure that you fully understand the potential risks and rewards and independently determine that they are appropriate for you given your objectives, experience, financial and operational resources and other relevant circumstances. Investors should note that HSBC issues or holds the above-mentioned Structured Products, and HSBC acting through its appointed liquidity provider may be the only market participant in the Structured Products and therefore the secondary market for the Structured Products may be limited. HSBC is not the ultimate holding company of the group to which HSBC belongs and with which the name of HSBC is identified. The ultimate holding company of the group to which HSBC belongs is HSBC Holdings plc.

Please also read the disclaimer for Structured Products with indices or exchange-traded funds as the underlying asset, contained in the relevant Launch Announcement and Supplemental Listing Documents.

Structured Products are offered solely on the basis of the terms and conditions and the information contained in the relevant Base Listing Document, the relevant Launch Announcement and Supplemental Listing Document and any supplement to it produced by the relevant issuer. The offering of Structured Products and other products and investments described on this site may, in certain jurisdictions, be restricted by law. Potential investors must inform themselves of and observe all such restrictions.

The information contained herein is derived from sources we believe to be reliable, but which we have not independently verified. HSBC makes no representation or warranty (express or implied) of any nature nor accepts responsibility of any kind with respect to the completeness, timeliness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this website. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of any information in this website. Any examples given are for the purposes of illustration only.

No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this website.

In respect of the Structured Products, HSBC or any of its affiliates may from time to time implement promotion programmes with a selected number of brokers or banks within a selected period of time. Under such programmes, retail investors may be offered a partial or total commission rebate or other forms of incentives in connection with certain Structured Products issued by HSBC.

Materials on this site are protected by copyright. No part of these materials may be modified, reproduced, stored in a retrieval system, transmitted, copied, distributed or used in any other way for commercial or public purposes without the HSBC's prior written consent.

If you wish to use any software or materials made available on this site the following restrictions apply:

• you may only use the software and materials as strictly necessary for the intended business purpose of the customers whom you represent;
• you undertake not to alter, reverse engineer, copy (other than to the extent necessary for the permitted use), publish or impart to any third party any such software or materials;
• you may only use such software or materials subject to any disclaimers or other restrictions on use or on liability, or any other warranties or terms that appear on or are supplied with any such software or materials.

None of HSBC or any member of the HSBC Group companies or any information provider of Structured Products represents that the software or materials or the market information is free from virus or other destructive features which may adversely affect your hardware, software or equipment.

HSBC respects your privacy. Please refer to HSBC's Privacy Principles on this site.

HSBC may revise these terms and conditions and/or introduce additional terms and conditions at any time and from time to time. Any revision and/or addition to these terms and conditions shall be binding on you if you continue to use this site on or after the effective date of variation.

The Bank and other parties own the trademarks, logos and service marks displayed on this website. These may not be used without the written permission of the Bank or the party owning these.

Materials on this site are protected by copyright. No part of these materials may be modified, reproduced, stored in a retrieval system, transmitted, copied, distributed or used in any other way for commercial or public purposes without the Bank's prior written consent.

Whilst every care has been taken in preparing the information materials contained in this website, such information and materials are provided "as is" without warranty of any kind, either express or implied. In particular, no warranty regarding non-infringement, security, accuracy, fitness for a purpose or freedom from computer viruses is given in connection with such information and materials.

The Bank or any other member of HSBC Group companies is not responsible for the contents available on or the set-up of any other websites linked to this site. Access to and use of such other websites is at the user's own risk and subject to any terms and conditions applicable to such access/use. By providing hyperlinks to other websites, the Bank shall not be deemed to endorse, recommend, approve, guarantee or introduce any third parties or the service/products they provide on their website, or have any form of cooperation with such third parties and websites. The Bank is not a party to any contractual arrangements entered into between you and the provider of the external website(s) unless otherwise expressly specified or agreed to by the Bank.

Please also refer to HSBC's Hyperlink Policy on this site.

Email messages sent to the Bank over the internet cannot be guaranteed to be completely secure. The Bank is not responsible for any damages incurred by users if they send a message to the Bank, or if the Bank sends a message to them at their request, over the internet. The Bank is not responsible in any way for direct, indirect, special or consequential damages arising out of the use of this website.

Due to the nature of the internet, transactions may be subject to interruption, transmission blackout, delayed transmission and incorrect data transmission. The Bank is not liable for malfunctions in communications facilities not under its control that may affect the accuracy or timeliness of messages and transactions you send.

HSBC does not represent or warrant that the site will be available and meet your requirements, that access will not be interrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties. HSBC makes no representations or warranties regarding the accuracy, functionality or performance of any third party software that may be used in connection with the site.

HSBC aims to provide a website that is accessible to people with different needs. However, it is not always possible to do so in all areas of the website.

Users of the NVDA screen reader in connection with the Chinese sections of the website may experience difficulties where numbers are not announced correctly; specifically, the decimal point is ignored e.g. two point five zero is announced as two five zero. This is a known issue with using NVDA screen readers with Chinese websites and is outside of our control.

To solve the abovementioned issue, please follow the steps to open the NVDA Symbol Pronunciation dialog. In the Symbols listview, locate the item named Decimal Point, then move to the Replacement edit field and enter a suitable description or character, e.g. ‘decimal point’. Thereafter NVDA should announce the symbol correctly.

These terms and conditions shall be governed by and construed in accordance with the laws of the HKSAR.

By accessing these webpages, you are deemed to submit to the non-exclusive jurisdiction of the courts of the HKSAR; however, these terms and conditions may be enforced in the courts of any competent jurisdiction.

The English language version of these Terms shall prevail over the version in any other language to the extent of any inconsistency.