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.
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
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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
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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 Opens in a new window. 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.
認股證的換股比率大小有何影響
認股證的換股比率大小,會影響其價格及槓桿高低嗎?
根據港交所《主板上市規則》第15A章修訂,自 2026年7月1日 起,股份認股證可採用的換股比率範圍有所擴闊。除原有的 1、5、10、50、100 及 500 外,亦包括 2、8、20、80、200、800、1,000 及其後為 500 倍數的換股比率。
更多換股比率選擇,令發行商在符合最低發行價要求下,可設計更多不同條款的認股證,包括掛鈎更多不同相關資產、行使價及到期日的產品,從而增加市場上的產品選擇。不過,不同的換股比率,對認股證的價格升跌及槓桿高低有影響嗎?
換股比率越小,不影響實際槓桿只影響面值與跳動敏感度
坊間一直有個說法,就是換股比率越小的認股證,其實際槓桿比率會越高,這實際上是誤解,但也不難理解為何市場會有這印象。 其實換股比率的大小,主要影響認股證的面值,以及價格變動一個價位時所反映的報價敏感度。簡單來說,在其他條件相同下,一張價值十元的鈔票若分成五份,每份便值兩元;若分成十份,每份便值一元。換股比率越大,則認股證的價格面值越低,在其他條款相同下,並不影響它提供的實際槓桿比率。
對投資者而言,較直接的影響是窩輪面值高低不同,而這亦會影響產品跳動一個價位時所需的相關資產變幅。不過,為何坊間會有換股比率較大的認股證,其實際槓桿似乎較低的印象呢?主因是當認股證的換股比率增加,其面值較低時,其理論價格要上升/下跌一個價位,相關資產通常需要出現較大的價格變幅。以下可用一個較極端的例子說明。
假設兩隻認股證的相關資產、行使價、到期日及其他定價因素相同,只是換股比率不同。若其中一隻面值為 0.010 港元,其價格升一個價位至 0.011 港元,理論升幅為 10%;若另一隻換股比率較小、面值較高,價格由 0.100 港元升至 0.101 港元,理論升幅則僅為 1%。因此,在相關資產只出現較小升幅時,面值較高的認股證價格可能已跳升一格,而面值較低、換股比率較大的認股證,報價則可能仍停留在原來水平。這不代表該認股證不升,而是相關資產需要更大變幅,才足以令其理論報價上調一個價位。
選認股證宜留意換股比率以外更多要素
至於應選擇換股比率較大還是較小的認股證,並無一概而論的準則。一般而言,若投資者投放的金額較少,較重視較低面值產品,或許會留意換股比率較大的認股證;若較重視報價對相關資產變動的跳動敏感度,則可留意換股比率較小的產品。不過,換股比率只是其中一項因素,投資者亦應同時考慮發行商的買賣差價、流動性、到期日、引伸波幅等技術因素。
滙豐認股證及牛熊證網站提供跳動敏感度數據
滙豐認股證及牛熊證網站的認股證搜尋器提供「變動一個價位所需相關資產理論變幅」等數據。投資者可透過認股證搜尋器,查看相關資產價格需變動多少,認股證理論價值才會變動一個價位。在現時市場有更多不同換股比率產品可供選擇下,這類數據有助投資者更清楚比較不同產品的報價敏感度而非單看面值高低選擇產品。值得注意的是,兩隻產品掛鈎同一相關資產,不同的行使價、到期日、引伸波幅、及買賣差價,往往對實際交易表現亦有明顯影響。因此,投資者不宜單憑換股比率判斷產品是否較「抵買」或較適合自己,應將重點放回認股證的行使價、到期日及引伸波幅三大要素上。
Check point:
以下哪一項是換股比率對認股證價格的影響?