Terms and conditions

Terms of Use

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.


Important Risk Warning

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:


(i)Risks relating to difference in trading days and hours

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.


(ii)Less public information about the US underlying index and such information may not be available in Chinese

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.


(iii)Political and economic risks relating to the US underlying index

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.


(iv)Exchange rate risks

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.


(v)Possible delay in settlement

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.


(vi)Publication of US index level when component shares are not trading

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.


Issuer's Risk

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).


Information/Access

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.


No professional advice, advising on securities or fiduciary relationship

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.


No offer

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.


Prices and valuation

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.


Disclosure of interests

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).


Liability

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.


Historical data/Potential for loss/Liquidity

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.


Base Listing Document and Launch Announcement and Supplemental Listing Document

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.


No verification

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

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


Promotion programmes with brokers

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.


Use of software or materials

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.


Privacy

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


Amendments

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.


Copyright and Trademarks

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.


No Warranties

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.


Linked Websites

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

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.


Transmitting over the internet

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.


Downloading

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.


Accessibility

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.


Governing law and jurisdiction

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.


Inconsistencies

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

Security

Security is a top priority for us. Both you and we play an important role in safeguarding against fraud. This section outlines what you need to do and what we will do to help maintain security when using this site.


What we will do

We try to protect your personal data against unauthorised or accidental access or processing. We do this by:

  • implementing appropriate physical, electronic and internal processes to safeguard and secure your personal data,
  • using 128-bit Transport Layer Security ("TLS") encryption technology, which is an industry standard for encryption over the internet to protect data, in the secure area of this site. When you provide sensitive information such as credit card details, it will be automatically converted into codes before being securely dispatched over the internet,
  • protecting our web servers behind "firewalls" and our systems are monitored to try to prevent any unauthorised access,
  • using the secure email facility if we need to send personal data to you by email. We won't send your personal data by ordinary email,
  • taking all practical steps to ensure that personal data will not be kept longer than necessary and we comply with all laws and regulations in the Hong Kong Special Administrative Region concerning the retention of personal data.

What you need to do

Keep your account details and security details secure.

This means taking steps like:

  • using the secure email facility on this website for general enquiries.

Keep your device on which you access the site secure.

This means taking steps like:

  • installing the latest anti-virus and anti-spyware software on your device that you use to access this site, and keeping it updated. When installing protection, always use a reputable brand from a mainstream supplier,
  • ensuring the operating system running on your device and the security update is up to date,


Use of Cookies

We may record your visit to this site for analysing the number of visitors to this site, general usage patterns and your personal usage patterns and improving your experience. We may gather some of this information through the use of "cookies".

What is a cookie?

Cookies are small bits of information that are automatically stored on your web browser in your computer, mobile phone or other device for accessing the internet that can be retrieved by this site. We will be able to access the information stored on the cookies and record how you use this site.

Why do you use cookies?

Cookies are useful because they allow us to recognise your device and they store information about your use of this site which enables us to provide more useful features to you, to tailor the content of our website to suit your interests and, where permitted by your marketing preferences, provide you with promotional materials or direct marketing based on your usage patterns.

What if I don't want you to do this?

Most browsers are initially set to accept cookies. If you prefer, you can set your browser to disable cookies - you can do this through your browser setting (your browser's 'help' function should tell you how to do this).

If you accept cookies during your use of this site, you will be acknowledging that your information is being collected, stored, accessed and used as outlined above.

Will you provide data obtained via cookies to anyone else?

We may work with third parties to research certain usage and activities on this site on our behalf. These third party agencies include Doubleclick, Yahoo!, Facebook, Nielsen//NetRatings and Adobe.

They use technologies such as cookies, spotlight monitoring (this manages tagging which is used for example, to track which advertisement users clicked on to take them to a site) and web beacons (these are used to monitor the behaviour of the user, for example whether they scroll down a page) to collect information for this research. They use the information collected through such technologies (i) to find out more about users of this site, including user demographics and behaviour and usage patterns, (ii) for more accurate reporting and (iii) to improve the effectiveness of our marketing. They aggregate the information collected and then share it with us.

As part of the information that we share with them, we may share your advertising identifier and "installation event" (which means the data in relation to when you first install or use this site). No personally identifiable information about you is collected or shared by third party agencies with us as a result of this research.
Should you wish to disable the cookies associated with such technologies, you may change the setting on your browser. However, you may not be able to enter certain parts of this site, including HSBC Internet Banking.

To find out more about the use of cookies and the information-collecting practices and opt-out procedures of third party agencies, including Doubleclick, Yahoo!, Facebook, Nielsen//NetRatings and Adobe, please visit:

Yahoo!'s website https://www.verizonmedia.com/policies/us/en/verizonmedia/privacy/index.html
Facebook's website https://www.facebook.com/legal/FB_Work_Cookies
Nielsen//NetRatings website http://www.nielsen-online.com/privacy.jsp?section=leg_scs
Adobe's website https://www.adobe.com/hk_en/privacy/policy.html
Doubleclick's website https://policies.google.com/technologies/ads

All of these links are external to HSBC and so we're not responsible for the content of these links, which will open in new windows.


Marketing Promotions

Occasionally we may collect personal information from visitors to this site and those individuals that participate in a contest or promotion (online or over the telephone,or at one of our branches). Such information is only collected from individuals who voluntarily provide us with their personal information. We may use this information to advise them of products, services and other marketing materials, which we think, may be of interest to them. We may also invite visitors to this site to participate in market research and surveys and other similar activities.

You can choose to receive marketing and other promotional materials by email. If you do receive email or promotional direct mailings, you will always have an opportunity to opt-out.

If at any time you would like us to cease sending you direct mailings, please contact our representatives by calling (852)2822 1849 or emailing warrants@hsbc.com.hk. We will then, at no cost to you, act on your request within 30 days and ensure that you are not included in future direct marketing promotions.

If we do ask you to provide personal information, we will always specify the purpose for which such personal information is collected and ensure that it is only used for the purpose specified at the time of collection.


Privacy Notice

https://www.hsbc.com.hk/misc/data-privacy-notice/

You may be subject to an earlier version of this privacy notice (known as Notice to Customers relating to the Personal Data (Privacy) Ordinance. This link will open in a new window) if you have not consented to subsequent changes to the earlier notice.

IMPORTANT: By accessing this site and any of its pages you are agreeing to the terms set out above. Thank you for choosing HSBC.

Yahoo! is trademark and/or registered trademarks of Yahoo! Inc. in the U.S.
Facebook is a registered trademark of Facebook Inc. in the United States and other countries/regions.
Nielsen and Netratings are trademarks of The Nielsen Company (US), LLC. registered in the US.
"Adobe" is either registered trademark or trademark of Adobe Systems Incorporated in the United States and/or other countries/regions.
Doubleclick is a trademark of Google Inc.


More about our website


Note: In case of discrepancies between the English and Chinese versions, the English version shall apply and prevail.

IMPORTANT: By accessing this web site and any of its pages you are agreeing to the terms set out above. Thank you for choosing HSBC.

Hyperlink Policy

'Our Hyperlink Policy'

Hyperlinks from HSBC to Websites outside the HSBC Group

There may be cases on our website when the HSBC Group ("HSBC") provides hyperlinks to other locations or websites on the Internet. These hyperlinks lead to websites published or operated by third parties who are not affiliated with or in any way related to HSBC. They have been included in our website to enhance your user experience and are presented for information purposes only. We endeavor to select reputable websites and sources of information for your convenience.

However, by providing hyperlinks to an external website or webpage, HSBC shall not be deemed to endorse, recommend, approve, guarantee or introduce any third parties or the services/ products they provide on their websites, or to have any form of cooperation with such third parties and websites unless otherwise stated by HSBC.

We are not in any way responsible for the content of any externally linked website or webpage. You use or follow these links at your own risk and HSBC is not responsible for any damages or losses incurred or suffered by you arising out of or in connection with your use of the link. HSBC is not a party to any contractual arrangements entered into between you and the provider of the external website unless otherwise expressly specified or agreed to by HSBC.

Any links to websites that contain downloadable software are provided for your convenience only. Again we are not responsible for any difficulties you may encounter in downloading the software or for any consequences from your doing so. Please remember that the use of any software downloaded from the Internet may be governed by a licence agreement and your failure to observe the terms of such licence agreement may result in an infringement of intellectual property rights of the relevant software provider which we are not in any way responsible.

Please be mindful that when you click on a link and leave our website you will be subject to the terms of use and privacy policies of the other website that you are going to visit.


Hyperlinks from HSBC to Other HSBC Group Websites

We may also include hyperlinks to other HSBC Group websites for your convenience. The products and services offered on these websites may be limited to persons located or residing in only that particular jurisdiction. In addition, the content on these linked websites may not be intended for persons located or residing in jurisdictions that restrict the distribution of such content. The terms and conditions governing the use of the website of each HSBC Group entity may differ and you should consult and carefully read the applicable terms and conditions before using the website.


Hyperlinks from External Websites to our HSBC Websites

You must always obtain the prior written approval of HSBC before creating a hyperlink in any form from a third party website to any HSBC website. HSBC may or may not give such approval at its absolute discretion. In normal circumstances, we may only approve a hyperlink which displays plainly our name or website address. Any use or display of our logos, trade names and trademarks as a hyperlink will not be approved unless in very exceptional circumstances and may be subject to a fee as HSBC may determine at its absolute discretion.

HSBC is not responsible for the setup of any hyperlink from a third party website to any HSBC website. Any links so set up shall not constitute any form of co-operation with, or endorsement by, HSBC of such third party website. Any link to our website shall always be an active and direct link to our website and shall be made directly to the home or front page of our website only and that no "framing" or "deep-linking" of our web page or content is allowed.

The HSBC Group is not liable for any loss or damage incurred or suffered by you or any third party arising out of or in connection with such link. For further trademarks and copyright information, please refer to the paragraph below. HSBC reserve the right to rescind any approval granted to link through a plain-text link or any other type of link, and to require the removal of any such link to any of the HSBC Group websites, at our discretion at any time.


Our Trademarks and Copyright

The content and information contained within our website or delivered to you in connection with your use of our website is the property of HSBC and any other third party (where applicable). The trademark, trade names and logos (the "Trade Marks") that are used and displayed on our website include registered and unregistered Trade Marks of ourselves and other third parties. Nothing on our website should be construed as granting any licence or right to use any Trade Marks displayed on our website. We retain all proprietary rights on our website. Users are prohibited from using the same without written permission of HSBC of such or such other parties.

The materials on this website are protected by copyright and no part of such materials may be modified, reproduced, stored in a retrieval system, transmitted (in any form or by any means), copied, distributed, used for creating derivative works or used in any other way for commercial or public purposes without the Bank's prior written consent.


No Warranties

While every care has been taken in preparing the information and materials contained in this site, such information and materials are provided to you "AS IS" without warranty of any kind either express or implied. In particular, no warranty regarding non-infringement, security, accuracy, fitness for a particular purpose or freedom from computer virus is given in conjunction with such information and materials.

IMPORTANT: By accessing this web site and any of its pages you are agreeing to the terms set out above.

Disclaimer

This information (including any indicative terms) has been issued by The Hongkong and Shanghai Banking Corporation Limited (“HSBC” or the “Issuer”) for general information purposes only. The Structured Products herein are non-collateralised products. This document does not constitute an offer or solicitation for, or advice as to any purchase or sale of Structured Products. The Issuer is not the ultimate holding company of the group to which the Issuer belongs and with which the Issuer's name is identified. The ultimate holding company of the group to which the Issuer belongs is HSBC Holdings plc. HSBC Holdings plc and its subsidiaries (the “HSBC Group”) and/or their officers, directors and employees may have long or short positions in any securities, including the underlying, mentioned in this document. HSBC Group companies may sell securities to or buy them on a principal basis and may earn brokerage fees in respect of any business transacted by them in any of the Structured Products mentioned herein. Structured products 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. Investors are warned that 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. Past performance is not indicative of future performance. This information does not disclose all relevant risks arising from and material terms in relation to the trading of Structured Product(s) mentioned herein. Suitability should be duly considered by investors before trading in such Structured Products. Investors should ensure you understand the nature of the Structured Products and carefully study the 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 the Issuer 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. HSBC Securities Brokers (Asia) Limited is the liquidity provider of the Structured Products issued by HSBC and may conduct market making activity in respect of the Structured Products mentioned herein. Investors should note that 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. 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 only 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 or the use of this website. Expressions of opinion are those of HSBC only and are subject to change without notice. In respect of the Structured Products, HSBC or any of its affiliates may from time to time implement promotion programmes, including commission rebates or other form of incentives, with a selected number of intermediaries. CBBC have a mandatory call feature and may therefore be subject to early termination, upon which (i) investors in category N CBBC will lose all of their investments in the CBBC; and (ii) the residual value of category R CBBC may be zero. Inline warrants have been newly introduced to the market and there are no similar products currently listed on the Stock Exchange of Hong Kong Limited for comparison. 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.

Please read the disclaimers in relation to the Hang Seng Index and the Hang Seng China Enterprises Index and the relevant exchange-traded funds in the relevant Launch Announcement and Supplemental Listing Documents.



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


(i)Risks relating to difference in trading days and hours

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.


(ii)Less public information about the US underlying index and such information may not be available in Chinese

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.


(iii)Political and economic risks relating to the US underlying index

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.


(iv)Exchange rate risks

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.


(v)Possible delay in settlement

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.


(vi)Publication of US index level when component shares are not trading

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.

Important Risk Warning

The structured products are not collateralized. If the issuer is insolvent or defaults, investors may not recover part or all of the amount due.

Structured products are complex products. Investors should exercise caution in relation to 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. Please also note that 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 have been newly introduced to the market and there are no similar products currently listed on the Stock Exchange of Hong Kong Limited for comparison. 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. Trading structured products with United States (US) underlying index may be exposed to additional risks, including (a) risks relating to difference in trading days and hours, (b) less public information about the index and such information may not be available in Chinese, (c) political and economic risks relating to the index regions (such as the US), (d) exchange rate risks, (e) possible delay in settlement, and (f) publication of index level when component shares are not trading. Click here for "Terms of Use".

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All data/charts are for reference purposes only.