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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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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
買賣差價（Bid-Ask Spread）是指認股證買入價與賣出價之間的差距。這個差價會直接影響投資者的實際回報，尤其在流通性較低或市場波動時更為明顯。
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