Notice to Clients

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1.       Fee

Please refer to《Fee Schedules》of Partners Capital Securities Limited (the "Company").

 

2.       Fund Deposit & Withdrawal

Client can submit the fund deposit and withdrawal instructions to us via iweb. Please keep the proof of deposit for at least one month.

 

3.       Orders Placed during Pre-opening Session

During the period from 9:00am to 9:30am of Pre-opening Session, if you want to place an At-auction Limit Order (ALO) for participating the opening price auction, you should select "ALO" as the "Order Type" for your order, or you may place an At-auction Order (AO) by calling our Customers Service Hotline at(852) 2157-5400. All At-auction Limit Orders placed after 9:30am will be rejected. Orders of other types placed during Pre-opening Session will be sent to the market only after the securities market opens.

 

4.      Housekeeping Period

Due to the housekeeping of the trading system during 4:30pm - 6:00pm on each trading day, orders placed during the day shall be cleared from the "Order Status" page while the filled amount and quantity will not be included by the account position and stock holding until the process completed.

 

5.       Rights of the Company and Your Obligations

After inputting your orders, you are obliged to check the actual statuses of those orders on the Order Status Page. The word "pending" displayed in the status column means the order is still waiting for the feedback signal from the AMS trading system of the Exchange. The "rejected" status means the order has already been rejected by the AMS trading system and you are required to input the order again.

At any time after receiving your purchase orders, the Company has the absolute right, but not an obligation, to hold the full or partial or none of transaction amount with the related transaction fees ("total transaction amount") in your designated settlement account maintained with the Company. You are still solely responsible to perform your own personal financial management with your settlement bank account and none of any party should depend on or take reference to the fund holding action of the Company while performing his/her own financial management. Under all circumstances, the Company has the absolute right to or not to hold fund for any one of your securities purchases.

For any account conducts no dealing transactions, deposit/withdraw fund records or deposit/withdraw securities records within 24 months, the account will be set as "Inactive account". To re-activate an inactive account, the account holder may be required to fill in the "Account Re-activation Form" and provides supporting documents. For detail arrangement, please kindly contact our staff.

The Company has the absolute explanation right of this "Notice to Clients". Should you have any question about it, please call our Customer Service Hotline at (852) 2157-5400.

 

TERMS AND CONDITIONS

1. Risk

Risk of Securities Trading
The prices of securities fluctuate, sometimes dramatically.  The price of a security may move up or down, and may become valueless.  It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities.
 
 
Risk of Trading Growth Enterprise Market Stocks 
Growth Enterprise Market (“GEM”) stocks involve a high investment risk.  In particular, companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability.  GEM stocks may be very volatile and illiquid.  You should make the decision to invest only after due and careful consideration.  The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors.  Current information on GEM stocks may only be found on the internet website operated by The Stock Exchange of Hong Kong Limited.  GEM companies are usually not required to issue paid announcements in gazetted newspapers.  You should seek independent professional advice if you are uncertain of or have not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks.
 
Risk of Margin Trading 
The risk of loss in financing a transaction by deposit of collateral is significant.  You may sustain losses in excess of your cash and any other assets deposited as collateral with licensed or registered person. You may be called upon at short notice to make additional margin deposits or interest payments.  If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated without your consent.  Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account.  You should therefore carefully consider whether such a financing arrangement is suitable in light of your own financial position and investment objectives.
 
Risk of Product Denominated in Renminbi (RMB)
1.    Exchange Risk
    As RMB products are traded and settled in RMB, they are exposed to exchange rate risk. Even if the RMB/HKD exchange rate remains steady and the price if the RMB products you are trading does not change, you may not receive the same amount of HKD when you sell the products due to the spread between buying and selling RMB .RMB products are not an investment instrument for you to use to speculate an investments of the RMB/HKD exchange rate. 
 
2.    Liquidity Risk
    You should pay attention to the liquidity risk associated with the RMB products.  In particular, if such products do not have an active secondary market and their prices have large bid/offer spreads.
 
3.    Devaluation Risk
There is no assurance that RMB will not be subject to devaluation.  You must subscribe for RMB denominated product and will receive realization proceeds in RMB.  If you convert your investment moneys in Hong Kong Dollars or other currencies into RMB in order to invest in the product, you will suffer losses in case of RMB devaluation, if you convert realization proceeds back into Hong Kong Dollars or other currencies.
 
Risk of Exchange-Traded Derivative Products 
(A)    General Risk
1.    Issuer Default Risk
    In the event that an exchange-traded derivative product issuer becomes insolvent and defaults on its issued products, you will be considered as unsecured creditors and will have no preferential claims to any assets held by the issuer.  You should therefore pay close attention to the financial strength and credit worthiness of exchange-traded derivative product issues.
 
2.    Uncollateralized Product Risk
    Since exchange-traded derivative products are not asset backed, in the event of issuer bankruptcy, you can lose your entire investment.
 
3.    Gearing Risk
    Exchange-traded derivative products such as warrants and callable bull/bear contracts are leveraged and can change in value rapidly according to the gearing ratio relative to the underlying assets.  You should be aware that the value of an exchange-traded derivative products may fall to zero resulting in a total loss of the initial investment.
 
4.    Limited Life
    Most of the exchange-traded derivative product issuer has an expiry date after which the products may become worthless.  You should be aware of the expiry time horizon and choose a product with an appropriate lifespan for your trading strategy.
 
5.    Extraordinary Price Movements
    The price of an exchange-traded derivative product may not match its theoretical price due to outside factors such as market supply and demand.  As a result, actual traded prices can be higher or lower than the theoretical price.
 
(B)    Additional Risk of Trading Warrant 
1.    The value of a warrant is likely to decrease over time.  In the worst case, the warrants may expire with no value.  Therefore, it should not be viewed as long-term investments.
 
2.    Certain events (including, without limitation, a right issue, bonus issue or cash distribution by the issuer, a subdivision or consolidation of the underlying shares and a restructuring event of the issuer) may entitle the issuer to adjust the terms and conditions of the warrants.
 
3.    The value of the warrants may not correlate with the movements of the underlying index level and is affected by implied volatility of underlying asset price, the time remaining to expiry, interest rates, and the expected dividend on the underlying assets.
 
4.    The liquidity provider may be the only market participant for the warrants.  There may not be a secondary market or the secondary market is limited and it may be difficult for you to realize the value in the warrants prior to expiry.
 
(C)    Additional Risk of Callable Bull/Bear Contracts (“CBBC”)
1.    A CBBC has a fixed expiry date and closely tracks the performance of an underlying asset (for example, a share, index, commodity or currency).  When trading CBBCs you should be aware of their intraday “knockout” or mandatory call feature.  A CBBC will cease trading when the underlying asset value equals the mandatory call price/level as stated in the listing documents.  You will ony be entitled to the residual value of the terminated CBBC as calculated by the product issuer in accordance with the listing documents.  You should also note that the residual value can be zero.
 
2.    When the underlying asset is trading close to the call price, the price of a CBBC may be more volatile with wider spreads and uncertain liquidity.  CBBC may be called at any time and trading will terminate as a result.  Once it is called, the contract cannot be revived and you will not benefit even if the underlying asset bounces back to a favorable position.  Any trades executed after this mandatory call event will not be recognized and will be cancelled.
 
3.    You should be aware that CBBC is a complex leveraged investment which may not be suitable for all people.  With its gearing feature, it may magnify potential returns and potential losses as well.  In the worst-scenario, you may lose all of your investments.
 
4.    Although CBBC has liquidity providers, there is no assurance that you will be able to buy or sell CBBC at your target prices any time you wish.
 
5.    The issue price of a CBBC includes funding costs, which are gradually reduced over time as the CBBC moves towards expiry.  In the event that a CBBC is called, you will lose the funding costs for the remaining period of the CBBC.
 
Risk of Trading Exchange Traded Funds (ETFs)
1.    Tracking Error Risk
    ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities.  You are exposed to the political, economic, currency and other risks related to the ETFs’ underlying index/assets they are tracking.  There may be tracking errors (i.e. disparity in the performance between an ETF and its underlying index/assets), due to, for instance, failure of the tracking strategy, currency differences, fees and expenses.  You must be prepared to bear the risk of loss and volatility associated with the underlying index/assets.
 
2.    Counterparties Risk
    Where an ETF invests in derivatives (i.e. synthetic ETF) to replicate the underlying index/assets performance, you are exposed to the credit risk of the counterparties who issued the derivatives, in addition to the risks associated with the underlying index/assets.  Further, potential contagion and concentration risks of the derivative issuers should be taken into account (e.g. since derivative issuers are predominantly international financial institutions, the failure of one derivative counterparty of a synthetic ETF may have a “knock-on” effect on other derivative counterparties of the synthetic ETF).  Some synthetic ETFs have collateral to reduce the counterparty risk, but there may be a risk that the market value of the collateral has fallen substantially when the synthetic ETF seeks to realize the collateral.
 
3.    Discount or Premium Risk
    Where the index/assets that the ETF tracks is subject to restricted access, the efficiency in unit creation or redemption to keep the price of the ETF in line with its net asset value (NAV) may be disrupted, causing the ETF to trade at a higher premium or discount to its NAV.  If you would buy an ETF at a premium or sell when the market price is at a discount to NAV, you may sustain losses.
 
4.    Liquidity Risk
Trading in ETFs is also subject to liquidity risk.  Although an ETF is traded in an exchange there is no assurance that a liquid market exists for an ETF.  A higher liquidity risk is involved if a synthetic ETF involves derivatives that do not have an active secondary market.  Wider bid-offer spreads in the price of the derivatives may result in losses.
 
5.    Exchange Rate Risk
    Your trading ETFs with underlying assets not denominated in Hong Kong dollars is also exposed to exchange rate risk.  Country rate fluctuations can adversely affect the underlying asset value as well as affect the ETF price.
 
Risk of Electronic Services 
If you execute trade via electronic services system provided by us, you will be exposed to risks associated with the system thereof, including, without limitation, its failure of hardware and software.  Your instructions will not be executed as a result of the failure of the system.  In addition, instructions given or transactions conducted through the electronic services system may be subject to interruption, transmission blackout, delayed transmission or incorrect data transmission due to unpredictable traffic congestion or other reasons.  Further, communications and personal data may be intercepted by unauthorized third parties.

 

2     DISCLAIMER OF WARRANTY AND LIMITATIONS OF LIABILITY

2.1    Disclaimer of Warranty

Subscriber expressly acknowledges and agrees that the Service is provided to it on an 「as is」 basis and that its use of its Content is at its sole risk. Neither the Company,Infocastnor the Information Providers make any warranty of any kind whatsoever (save for those expressly stated in this agreement) relating to the Service including any Content furnished through the Service, express or implied, including without limitation, non-infringement of third party rights or merchantability or fitness for any particular purpose of use.

The Company, and the Information Providers endeavour to ensure the accuracy and reliability of the Content provided but do not guarantee its accuracy or reliability and accept no liability (whether in tort or contract or otherwise) for any loss or damage arising from any inaccuracies or omissions.

2.2    Limitations of Liability

2.2.1 The Company shall not be liable to Subscriber or anyone else for any direct, indirect, consequential or incidental loss, cost or damage, nor any special or punitive damage, or injury caused in whole or in part by the Company'snegligence in procuring, compiling, interpreting, editing, reporting or delivering any Content. In no event will the Company be liable to Subscriber for any direct, consequential, incidental, special or punitive damage, including any lost profits or lost savings, or for any third party claim of any nature whatsoever related to the Service or its use.

 

3.     TERM AND TERMINATION

3.1    Term

Upon clicking the 「Accept」 button at the bottom of this Agreement, it represents the Subscriber understand and agree the terms and conditions of this Agreement and Notice to Clients. The Agreement will then effective and shall continue until the termination of the Agreement.

3,2    Termination and Effect

3.2.1 The Subscriber may terminate this Agreement at any time on the giving of one month's prior notice tothe Company. The Termination Date will be one month after the next renewal day of the current subscription period. For avoidance of doubt, the Subscriber agrees that such Termination Date shall be determined and confirmed by the Company.

3.2.2 The Companymay terminate this Agreement forthwith at any time by notice to the Subscriber if the Subscriber breaches any term of this Agreement or if the Subscriber's use of or actions in connection with the Service are inappropriate in the reasonable opinion of the Company.

3.2.3 Upon the effective date of termination of this Agreement (i) all licenses and other rights and privileges granted to the Subscriber under the terms of this Agreement shall forthwith cease; and (ii) the Subscriber will not be entitled to a refund of any Fees which have been paid in advance on the termination of this Agreement.

 

4.     GENERAL

4.1    Notice

All notices provided pursuant to this Agreement shall be in writing sent by electronic mail or by post, to the subscriber. Such notice shall be deemed effective, in the case of electronic mail, on the date of transmission; and in the case of postal mail, on the date set forth on the postal mark.

4.2    Invalidity

If any term or provision in this Agreement shall in whole or in part be held to any extent to be illegal or unenforceable under any enactment or rule of law, that term or provision or part shall to that extent be deemed not to form part of this Agreement and the enforceability of the remainder of this Agreement shall not be affected.

4.3    Entire Agreement

This Agreement will be effective upon Subscriber indicating its acceptance of this Agreement by clicking on the 「Accept」 button below and this Agreement shall replace all previous agreements. This Agreement forms the entire understanding between the parties hereto and all other statements, representations and warranties in relation to the Service whether expressed or implied by statute, law or otherwise howsoever are hereby excluded.

4.4    Personal Data

Please refer to 「Personal Data Privacy Policy」 of our company website.

4.5    Governing Law and General Provisions

The validity construction and performance of this Agreement shall be governed by the laws of Hong Kong Special Administrative Region and both parties hereby submit to the non-exclusive jurisdiction of the courts of the Hong Kong Special Administrative Region.

4.6    Language

This agreement is written in both English and Chinese language. In the event of conflict, the English version shall prevail.