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.
(vii) Occurrence of Mandatory Call Event for US Index CBBCs outside trading hours
US Index CBBCs linked to overseas underlying assets may be called outside the Stock Exchange’s trading hours. In such cases, the US Index CBBCs will be suspended from trading on the Stock Exchange in the next trading session or soon after the issuer has notified the Stock Exchange about the occurrence of the Mandatory Call Event. There will be no automatic suspension of the US Index CBBCs by the trading systems of the Stock Exchange’s securities market upon the occurrence of a Mandatory Call Event. For Category R US Index CBBCs, valuation of the residual value will be determined on the valuation day according to the terms and conditions as set out in accordance with the relevant listing documents.
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.
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Amendments
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Transmitting over the internet
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Governing law and jurisdiction
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Inconsistencies
The English language version of these Terms shall prevail over the version in any other language to the extent of any inconsistency.
3. 認股證五步曲：實戰部署心法
認股證（窩輪）作為一種具槓桿的投資工具，因其靈活性和潛在回報，吸引了眾多投資者留意，亦令港交所成為全世界上市結構性工具交易額最高的交易所 (資料來源: 2024 World Federation of Exchanges)。然而，如何在眾多產品中選擇配合自己投資策略的窩輪，並在實戰中有效部署，對於初學者甚至有經驗的投資者來說，都是一個挑戰。為了幫助大家更好地掌握窩輪投資的技巧，我們總結了一套「窩輪五步曲」，讓投資者能夠有序進行分析和選擇，從而提升投資效率。
第一步：建立看法，及確定價外程度
無論是選擇認購證（CALL）還是認沽證（PUT），第一步是要對市場有一個明確的看法。投資者選擇的資產是什麼？是看好還是看淡？只有對特定資產有清晰的判斷，才能進一步尋找相關的窩輪產品。 在確定方向後，投資者需要考慮行使價與現價的距離，也就是價外程度。較價外窩輪（行使價高於現價的認購證或低於現價的認沽證）通常具有更高的槓桿效應，但未能到價的風險也更高；而貼價窩輪（行使價接近現價的輪證）則槓桿效應較低，因為到價的機會相對較高，適合風險承受能力較低的投資者。而價內窩輪（行使價低於現價的認購證或高於現價的認沽證）則會因為內在值的存在而帶來較高的輪價, 有可能令實際槓桿減低, 故投資者一般選擇價外的條款作部署。
第二步：選擇長身或短身條款，預測何時到價
窩輪的年期長短直接影響其槓桿效果和時間值損耗。短身窩輪（到期前的剩餘時間較短）通常具有更高的槓桿效應，適合對市場走勢有明確短期預測的投資者；而長身窩輪（到期前的剩餘時間較長）則提供更長的部署時間，適合對市場有較中線或長線看法，又或希望降低每天時間值損耗的部署。 此外，投資者需要評估目標資產在窩輪到期前是否有可能達到行使價。例如，如果你認為某隻股票在短期內會快速上漲(下跌)，那麼可以選擇短身價外的認購證(認沽證)，以減低投入本金及提升回報，但留意如果現實跟想法不同，即是相關資產而要更多時間才出現上落，又或是看錯方向，這種「末日輪」之價值便有機會在短時間內明顯下跌；如果你認為股價需要較長時間才能達到行使價，那麼長身窩輪可能是更好的選擇。
第三步：分析引伸波幅的水平及穩定性
引伸波幅是影響窩輪價格的重要因素之一，反映了市場對未來波動性的預期。引伸波幅越高，窩輪定價亦較高，故在選擇窩輪時，在條款相若下，可考慮引伸波幅定價較低的產品。另外，不同個股窩輪的引伸波幅定價亦有差異，較高的引伸波幅反映了市場對該正股未來波動性預期亦較高，投資者可自行衡量投資風險及回報。投資者可以通過發行商的網站查詢相關數據，瀏覽各產品的引伸波幅定價。同時，若投資者希望減低引伸波幅對輪價的影響，可考慮選擇較長到期日，又或是較貼價的窩輪。此外，引伸波幅的變化本身也可能成為投資者的交易機會。一般而言，投資者可以遵循「低買高賣」的原則：當引伸波幅處於較低水平時買入窩輪，若市場波動性預期上升，導致引伸波幅上升，窩輪的價格可能因此受益。然而，若投資者在引伸波幅處於高水平時買入窩輪，而後市場波動性預期下降，導致引伸波幅下跌，窩輪的價格可能因此受到負面影響。因此，投資者在選擇窩輪時，不僅需要考慮引伸波幅的水平，還需評估其未來可能的變化趨勢，以降低因引伸波幅波動而帶來的風險。
第四步：檢查街貨量，避免供求失衡
街貨量是指市場上已被投資者持有的窩輪數量。街貨量過高的窩輪，其價格可能會較受到市場供求的影響，導致價格受額外市場因素影響。因此，在選擇窩輪時，投資者應避免選擇街貨量過高的產品，以免因市場供求失衡而影響投資回報。投資者可以通過發行商的網站查詢街貨量數據，選擇街貨量偏低的產品，從而降低供求因素對輪價的影響。值得一提，如果投資者見不到發行商提供報價，特別在此情況下，如果見不到發行商提供賣盤，不妨馬上在開市時，直接致電發行商查詢。
第五步：檢查輪價，避免輪價太近一仙
過低的輪價（例如接近一仙的窩輪）雖然看似便宜，但須留意發行商於理論值低於一仙的時候, 或未能提供流動性。另外, 這類窩輪通常是價外程度較高或即將到期的產品，其行使機會相對貼價或尚有一定年期之產品較低，若到期時結算價尚未高於行使價(此為認購證，若是認沽證則是低於行使價), 投資者可能損失全部本金。
實戰應用 - 如何選擇窩輪：假設你看好騰訊未來的走勢，並預期其波幅將上升或保持穩定。首先，你需要選擇一隻騰訊相關的認購證，並確定其行使價和年期。例如，選擇行使價稍價外的窩輪，可以平衡槓桿效果與風險。接著，檢查該窩輪的引伸波幅於同類型條款的騰訊認購證是否偏低，以及過往波幅是否相對穩定，並避免選擇街貨量過高的產品以減低供求因素對其價格之影響。最後, 確定該窩輪是否太價外或太短身，以至輪價接近一仙。
Check point:
以下哪一項是影響窩輪價格的主要因素之一？