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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.
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Base Listing Document and Launch Announcement and Supplemental Listing Document
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3. 牛熊證實戰:買賣恒指牛熊證該怎樣選擇產品?
買賣恒指牛熊證該怎樣選擇產品?
買賣恒指牛熊證,經常會面對我該選什麼收回價的牛熊證的問題,這其實與您的投資目標,以及當時市場的波幅有很大關係。坊間不少投資者僅以當天恒指牛熊證的成交金額是否活躍作為選證指標,這可能揀選了不合自己投資目標的產品。投資者應先評估自己是否能承受強制收回及大幅虧損風險。
選擇恒指牛熊證時,收回價距離、判斷未來裂口風險的機會、持有時間、預期市場波幅、產品的流動性及買賣差價,比單純追求高槓桿更重要。以下是一些不同投資目標下的選證考量及技巧。
短線買賣:
如果您只是短線捕捉波幅,那麼您可能會較著重產品能提供多少槓桿比率;它的換股比率,以及市場的短期技術支持位,如坊間常用的十天及二十天線等移動平均線水平。
因為產品的槓桿比率及兌換比率,會影響您是否有足夠空間可以在日內獲利。
因此,您的選證流程可循以下方向:
1.考慮近期恒指的日內波動幅度
2.入場前估算恒指當日的技術支持及阻力位
3.選擇收回價較配合當時市場波幅的產品,如日內波幅較低,可選較高槓桿的產品;反之則選較低槓桿產品
4.在日內技術支持/阻力位內以牛熊證作區間部署
5.由於短線投資者多以捕捉日內波幅為主,故大多會選即市跳動敏感度較高的恒指牛熊證,而投資者可以恒指牛熊證的兌換比率決定產品是否「敏感」,場內現時大部份恒指牛熊證的兌換比率為10000:1,即恒指期貨變動約10點,恒指牛熊證的價格即會跳動0.001港元(一格);如您買入的恒指牛熊證之兌換比率為20000:1,則恒指期貨變動約20點,恒指牛熊證的價格即會跳動0.001港元,縱然其面值因兌換比率較高而較便宜。
6.短線投資者可用我們的牛熊證快速搜尋工具,找到我們提供的較貼價及敏感度較高之牛熊證產品(包括恒指)。
總的而言,投資者可先看當日波幅與支持阻力,再按自己可承受的收回風險去選收回價,最後才檢視槓桿與敏感度作調整;不要只追最高槓桿及大成交產品。
當然,就算投資者做足上述事項,也不代表可完全避開產品被收回,因為日內技術支持/阻力位也未必一定不會被觸及,特別是敏感度較高的恒指牛熊證,大多是槓桿比率較高及近收回價的產品,在最壞情況下,投資者仍有可能損失所有本金,所以短線投資者還是要留意控制投資的金額,以及在入市前訂定止蝕策略。
中線部署
相對而言,如果您是中線部署,希望以牛熊證的槓桿,放大投入在市場內的資產金額,您可能較關心如何確保牛熊證在持有期內不會因市場短期波動而被強制收回。如是,您可能會選擇一些在長期技術支持位/阻力位以下/以上才會被收回的牛熊證,當成是以槓桿方式買入指數,但不用如買賣期指般面對補倉風險,並以恒指牛熊證的收回價作為既定的止蝕位置。
因此,您的選證流程可以循以下方向:
1.考慮市場稍後會否因政經事件而出現大型裂口
2.估算市場的中期技術支持/阻力,例如參考一些較長期的移動平均線水平
3. 選擇收回價在中期技術支持/阻力以外區域,相對不易在無重大消息下會被收回的恒指牛熊證。
4. 如市場突然出現較大波幅或將有一些大型事件可能導致市場出現波動,則投資者屆時可考慮是否需要換馬或先行平倉觀望。
如市場突然出現一些重大利好/利淡的消息,中期的技術支持/阻力位也有機會被突破,而導致部署了相反方向的投資者,面對其牛熊證被收回的風險。因此,以技術支持/阻力位以外區域的收回價作中線部署,僅是降低大市在區間上落時牛熊證被收回的機會,但投資者還是要考慮符合自己風險承受能力的投資金額,在入市前訂定止蝕或換馬策略,並需明瞭在最壞情況下,投資者仍有可能損失所有本金。
長線部署
如果投者準備持有牛熊證一段較長時間,部署一個較長的投資周期,他們可能不會經常買賣,但可因應市場當時水平,選擇一些較深入價內的牛證或熊證,目標純粹為獲取一些槓桿效果(牛證),或是為投資組合買保險(熊證)。在此前題下,投資者的重點該是要考慮買多遠收回距離的牛熊證,例如投資者如果只需要3-5倍槓桿的牛熊證產品,便不好選市場上交投活躍的恒指牛熊證產品,而是改為因應所需槓桿比率,配置合適收回價的恒指牛熊證。您甚至可選擇距離恒指現價數千點差距的恒指牛熊證,純粹以此工具獲取一些槓桿效果,又或是在一段時間內為投資組合作對沖。
在一般市況下,選擇極遠收回距離的恒指牛熊證,被強制收回而損失全數本金的機會較低。可是,投資者一旦看錯方向,就算牛熊證沒有被收回,但它的價格還是會下跌,而且其槓桿比率在逆市時會一直增加。因此,投資者買入後不宜只長期持倉,應不時檢討是否需要換馬到其他收回價而槓桿比率與投資目標相約的牛熊證上,以維持原來的槓桿比率目標。最後,在極端的市況下,買收回距離較遠的牛熊證,也不等於不會有收回風險,畢竟牛熊證屬槓桿產品,投資者應控制投入的資金,並在了解最壞情況下才投資這種產品。
如何運用我們的工具選擇產品?
投資者因應不同的投資目標,可以選擇我們不同收回價的恒指牛熊證產品,在「牛熊證圖表搜尋」中,您可以配合移動平均線,以收回價或槓桿比率作出發點,找出適合自己的產品。
Check point:
在選擇恒指牛熊證產品時,哪個不應是最主要的考慮因素?