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The materials and information on this website are provided for information and discussion purposes only and are not intended as an offer, invitation, inducement, advice, recommendation or solicitation for the purchase or sale of any security or financial instrument (including warrants, callable bull/bear contracts or other structured products listed on The Stock Exchange of Hong Kong Limited described in the Website (as defined below) (“Structured Products”) , or to enter into a transaction involving any financial instrument or trading strategy, or as an official confirmation or official valuation of any transaction mentioned herein. Any pricing information provided is indicative only and does not reflect a level where J.P. Morgan is prepared to execute a trade. Nothing contained herein shall form the basis of any contract or commitment whatsoever. Neither this website nor any material on this Website shall be construed as an advertisement, inducement or representation of any kind or form whatsoever. The materials on this Website do not take into account the particular needs of any specific user.
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Structured Products are non-collateralised products. If the Issuer and its guarantor are insolvent or default, investors may not recover part or all of the amount due. The warrants and callable bull/bear contracts are structured products which involve derivatives. 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 loss of their principal invested. Callable bull/bear contracts have a mandatory call feature and may be terminated early, in such case, (i) an investor of category N callable bull/bear contracts will not receive any cash payment; (ii) the residual value for category R callable bull/bear contracts may be zero. It is not possible to predict whether the secondary market for the Structured Products will be liquid or illiquid. J.P. Morgan Broking (Hong Kong) Limited is the market-maker and liquidity provider of warrants, callable bull/bear contracts and/or traded options; and may be the only liquidity provider for the Structured Products. Any opinions, forecasts or estimates herein constitute a judgment as of the date the information is published, and there can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. You are cautioned that actual results may differ materially from those set forth in any forward-looking statements. Past performance is also not indicative of future results. J.P. Morgan is not the advisor or trustee of investors and will not be responsible to decide whether investing in such financial instrument is legal or suitable for potential investors.
You should therefore conduct risk assessment for yourself and ensure that you understand the nature and risks of the Structured Products and should, where necessary, consult your own legal, tax, accounting, financial and other professional advisers to ensure that any decision to invest in the Structured Products is suitable with regard to your specific circumstances and financial position.
Before investing in the Structured Products, you should carefully review and understand the terms and conditions of the Structured Products, together with the financial statements and other information of the Issuer, as set out in our base listing document (including any addendum), and the relevant launch announcement and supplemental listing document.
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J.P. Morgan Group may take proprietary positions and may have long or short positions or other interests in the Structured Products and may effect transactions or make markets in the Structured Products at any time in the open market or otherwise, in each case whether as principal, agent or as market maker. J.P. Morgan Group may also be involved in other financial, investment and professional activities such as providing advice or loans to, or participating in the underwriting or restructuring of the obligations of, the underlying companies of the Structured Products, which may on occasion give rise to interests or a conflict of interests in respect of the securities or Structured Products which are the subject of this Website.
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Any valuations are derived from proprietary models based upon well-recognized financial principles and reasonable estimates about relevant future market conditions. Valuations based on other models or different assumptions may yield different results. J.P. Morgan expressly disclaims any responsibility for (i) the accuracy of the models or estimates used in deriving the valuations, (ii) any errors or omissions in computing or disseminating the valuations and (iii) any reliance on or uses to which the valuations are put. Note that in performing the calculations of the present value of all future cash flows for some instruments, it may have been necessary to make estimates about future market conditions. In these cases our calculations have been performed using J.P. Morgan’s best reasonable estimates of the relevant future market conditions, in accordance with our internal policies and models.
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There are numerous tax issues related to investing. You may want to consult with your tax advisor concerning your particular situation prior to making any investment. The information presented on this Website is not intended to supply tax, legal, or investment advice, and may not be accurate for all persons or, all kinds of Structured Products, securities or transactions.
The presentation of certain tax considerations relevant to the purchase, ownership and disposition of Structured Products is of a general nature only and does not address every potential tax consequence of an investment in derivative securities under all applicable laws. The summaries presented are based on treaties, laws, regulations, rulings and decisions in effect at the date of this writing, all of which are subject to change.
In particular, the precise tax treatment of an investor needs to be determined for each issue with reference to the full terms of the specific instrument. Such terms are specified in the relevant disclosure and are subject to the applicable tax law and practice at the relevant time. Investors should consult their own tax advisors on the tax consequences of the purchase, ownership, exercise and disposition of the Structured Products derivative securities.
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Non-collateralised Structured Products
牛熊證普遍提供相對高的實際槓桿，以恒指牛熊證為例，收回價距離恒指約2%至3%的貼價產品，實際槓桿倍數可達30至40倍，加上敏感度高，對進取投資者來說或相對吸引。牛熊證受引伸波幅及時間值損耗影響較輕微，產品結構相對簡單，部份投資者或認為相較窩輪較易理解。
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