Risk Warning


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.


The Client also acknowledges that there are risks in leaving Securities in the custody of JS Futures Limited  or in authorising JS Futures Limited  to lend the client’s Securities to or deposit them with certain third parties (e.g. as collateral for loans or advances made to JS Futures Limited ) under the Securities and Futures Ordinance and related rules. The Client understands that this is allowed only if he consents in writing, which consent must specify the period for which it is current and cannot exceed 12 months if he is not a professional investor. The Client also understands that he is not required by any law to sign these authorities.





客户还承认证券不在 晋商期貨有限公司 的保管之下或授权晋商期貨有限公司借贷客户的证券或存放于特定第三方(比如抵押贷款或支付给晋商期貨有限公司的预付款)均存在风险,遵循证券和期货条例以及相关规则。客户了解仅在其书面同意时才许可这些行为,如果客户不是专业的投资者,同意书必须注明当前的期限且不超过12个月。客户还了解法律不要求其签署这些授权。



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.


The Client 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. GEM Companies are usually not required to issue paid announcements in gazetted newspapers.


The Client should seek independent professional advice if the Client is uncertain of or has not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks.




创业板市场( GEM )股票涉及高投资风险。特别是,公司可能在创业板市场上市,既没有盈利能力的记录,也没有预测未来的盈利能力。创业板股份可能非常波动及流通性很低。









The Securities under the Nasdaq-Amex Pilot Program (“PP”) are aimed at sophisticated investors. The Client should consult a licensed or registered person and become familiarised with the PP before trading in the PP Securities. The Client should be aware that the PP Securities are not regulated as a primary or secondary listing on the Main Board or GEM of the Stock Exchange.



纳斯达克试点项目( PP” )的证券是针对精明能干的投资者。客户应咨询持牌人或注册人的建议,并在交易 PP 证券之前熟悉 PP 。客户应知晓 PP 证券并不是在主板或联交所的创业板市场第一或第二上市。



The risk of loss in financing a transaction by deposit of collateral is significant. The Client may sustain losses in excess of the Client's cash and any other assets deposited as collateral with JS Futures Limited . Market conditions may make it impossible to execute contingent orders, such as "stop-loss" or "stop-limit" orders. The Client may be called upon at short notice to make additional margin us or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, the Client's collateral may be liquidated without the Client's consent. Moreover, the Client will remain liable for any resulting deficit in the Client's account and interest charged on the Client's account. The Client should therefore carefully consider whether such a financing arrangement is suitable in light of the Client's own financial position and investment objectives.






There is risk if the Client provides JS Futures Limited  with an authority that allows it to apply the Client's Securities or Securities collateral pursuant to a Securities borrowing and lending agreement, repledge the Client’s Securities collateral for financial accommodation or deposit the Client’s Securities collateral as collateral for the discharge and satisfaction of its settlement obligations and liabilities.

If the Client’s Securities or Securities collateral are received or held by JS Futures Limited  in Hong Kong, the above arrangement is allowed only if the Client consents in writing. Moreover, unless the Client is a professional investor, the Client’s authority must specify the period for which it is current and be limited to not more than 12 months. If the Client is a professional investor, these restrictions do not apply.


Additionally, the Client’s authority may be deemed to be renewed (i.e. without the Client’s written consent) if JS Futures Limited  issues the Client a reminder at least 14 days prior to the expiry of the authority, and the Client does not object to such deemed renewal before the expiry date of the Client’s then existing authority.


The Client is not required by any law to sign these authorities. But an authority may be required by JS Futures Limited , for example, to facilitate margin lending to the Client or to allow the Client's Securities or Securities collateral to be lent to or deposited as collateral with third parties. JS Futures Limited  should explain to the Client the purposes for which one of these authorities is to be used.


If the Client signs one of these authorities and the Client's Securities or Securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on the Client' Securities or Securities collateral. Although JS Futures Limited  is responsible to the Client for the Client's Securities or Securities collateral lent or deposited under the Client’s authority, a default by it could result in the loss of the Client’s Securities and Securities collateral.


A cash account not involving Securities borrowing and lending is available from JS Futures Limited . If the Client does not require margin facilities or does not wish the Client's Securities or Securities collateral to be lent or pledged, the Client should not sign the above authorities and ask to open this type of cash account.












如果客户签署其中一项授权,将客户的证券或证券抵押品借贷或质押给第三方,第三方拥有客户证券或证券抵押品的留置权或抵押权。尽管晋商期貨有限公司对经客户授权借贷或质押的 客户的证券或证券抵押品 负责,客户的证券或证券抵押品默认会产生损失。





This brief statement does not disclose all of the risks and other significant aspects of trading in Futures/Options Contracts. In light of the risks, the Client should undertake such transactions only if the Client understands the nature of the Futures/Options Contracts (and contractual relationships) into which the Client is entering and the extent of the Client's exposure to risk. Trading in Futures/Options Contracts is not suitable for many members of the public. The Client should carefully consider whether trading is appropriate for the Client in light of the Client's experience, objectives, financial resources and other relevant circumstances.




The risk of loss in trading Futures/Options Contracts is substantial. In some circumstances, the Client may sustain losses in excess of the Client's initial margin funds. Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily avoid loss. Market conditions may make it impossible to execute such orders. The Client may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, the Client's position may be liquidated. The Client will remain liable for any resulting deficit in the Client's account. The Client should therefore study and understand Futures/Options Contracts before the Client trades and carefully consider whether such trading is suitable in the light of the Client's own financial position and investment objectives. If the Client trades options the Client should inform itself of exercise and expiration procedures and the Client's rights and obligations upon exercise or expiry.


1.  期货和期权交易的风险




2.1 Effect of “Leverage” or “Gearing”

Transactions in Futures Contracts carry a high degree of risk. The amount of initial margin is small relative to the value of the Futures Contracts so that transactions are “leveraged” or “geared”. A relatively small market movement will have a proportionately larger impact on the funds the Client has deposited or will have to deposit: this may work against the Client as well as for the Client. The Client may sustain a total loss of initial margin funds and any additional funds deposited with JS Futures Limited  to maintain the Client's position. If the market moves against the Client's position or margin levels are increased, the Client may be called upon to pay substantial additional funds on short notice to maintain the Client's position. If the Client fails to comply with a request for additional funds within the time prescribed, the Client's position may be liquidated at a loss and the Client will be liable for any resulting deficit.


2. 期货合约

2.1 “杠杆“效应

期权合约交易具有很高的风险。相对于期权合约的价值而言,初始保证金的金额可能是比较小的,这样交易就被杠杆化了。即使市场上出现较小的波动也会对客户已经或将要存入的资金产生相对大的影响,这对客户也许有利也许不利。客户可能会为了保持仓位而在 晋商期貨有限公司 存入的初始保证金及任何追加资金上承受损失。如果市场变动对客户不利或者保证金水平提高了,客户有可能被要求在短时间内支付相当数量的追加资金以便维持仓位。如果未能在规定时间内遵守追加资金的要求,客户的仓位可能会在亏损的情况下被清盘,而客户将必须对一由此造成的亏空额负责。


2.2 Risk-reducing orders or strategies

The placing of certain orders (e.g. “stop-loss” orders, or “stop-limit” orders) which are intended to limit losses to certain amounts may not be effective because market conditions may make it impossible to execute such orders. Strategies using combinations of positions, such as “spread” and “straddle” positions may be as risky as taking simple “long” or “short” positions.


2.2 降低风险的指令或策略




3.  1 Variable degree of risk

Transactions in Options Contracts carry a high degree of risk. Purchasers and sellers of Options Contracts should familiarise themselves with the type of Options Contracts (i.e. put or call) which they contemplate trading and the associated risks. The Client should calculate the extent to which the value of the Options Contracts must increase for the Client's position to become profitable, taking into account the premium and all transaction costs.


The purchaser of Options Contracts may offset or exercise the Options Contracts or allow the Options Contracts to expire. The exercise of an Options Contract results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the Options Contracts is on a Futures Contract, the purchaser will acquire a futures position with associated liabilities for margin (see the section on Futures Contracts above). If the purchased Options Contracts expire worthless, the Client will suffer a total loss of the Client's investment which will consist of the option premium plus transaction costs. If the Client is contemplating purchasing deep-out-of-the-money Options Contracts, the Client should be aware that the chance of such Options Contracts becoming profitable ordinarily is remote.




Selling (“writing” or “granting”) an Options Contract generally entails considerably greater risk than purchasing Options Contracts. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavourably. The seller will also be exposed to the risk of the purchaser exercising the Options Contract and the seller will be obligated to either settle the Options Contract in cash or to acquire or deliver the underlying interest. If the Options Contract is on a Futures Contract, the seller will acquire a position in a Futures Contract with associated liabilities for margin (see the section on Futures Contracts above). If the Options Contract is “covered” by the seller holding a corresponding position in the underlying interest or a Futures Contract or another Options Contract, the risk may be reduced. If the Options Contract is not covered, the risk of loss can be unlimited.


Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the Options Contract is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time.


3. 期权合约

3.1 不同风险程度










4.1 Terms and conditions of contracts

The Client should ask JS Futures Limited  about the terms and conditions of the specific Futures/Options Contracts which the Client is trading and associated obligations (e.g. the circumstances under which the Client may become obliged to make or take delivery of the underlying interest of a Futures Contract and, in respect of Options Contracts, expiration dates and restrictions on the time for exercise). Under certain circumstances the specifications of outstanding contracts (including the exercise price of an Options Contract) may be modified by the Exchange, Futures Exchange or Clearing House to reflect changes in the underlying interest.


4. 期货和期权的其他风险

4.1 合同条款和条件

客户需要从 商金融控股有限公司 获取特定期权/期货合约的条款和条件,客户交易和相关义务(比如在什么情况下客户可执行期权合约和期货合约下潜在利益的交割,到期日期和行使时间限制)。特定情况下,联交所、期权交易所或清算所可对其余合约规范进行修改(包含期货合约的合约价)从而反应潜在利益的变更。


4.2 Suspension or restriction of trading and pricing relationships

Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets (e.g. the suspension of trading in any contract or contract month because of price limits or “circuit breakers”) may increase the risk of loss by making it difficult or impossible to effect transactions or liquidate/offset positions. If the Client has sold options, this may increase the risk of loss.


Further, normal pricing relationships between the underlying interest and the Futures Contracts, and the underlying interest and the Options Contracts may not exist. This can occur when, for example, the Futures Contract underlying the Option Contract is subject to price limits while the Option Contract is not. The absence of an underlying reference price may make it difficult to judge “fair value”.


4.2 交易及定价关系暂停或限制





4.3 Deposited cash and property

The Client should familiarise himself with the protections given to money or other property the Client deposits for domestic and foreign transactions, particularly in the event of a firm insolvency or bankruptcy. The extent to which the Client may recover the Client's money or property may be governed by specific legislation or local rules. In some jurisdictions, property which had been specifically identifiable as the Client's own will be pro-rated in the same manner as cash for purposes of distribution in the event of a shortfall.


4.3 存放的现金及财产



4.4 Commission and other charges

Before the Client begins to trade, the Client should obtain a clear explanation of all commission, fees and other charges for which the Client will be liable. These charges will affect the Client's net profit (if any) or increase the Client's loss.


4.4 佣金和其他费用



4.5 Transactions in other jurisdictions

Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose the Client to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before the Client trades the Client should enquire about any rules relevant to the Client's particular transactions. The Client's local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where the Client's transactions have been effected. The Client should ask JS Futures Limited  for details about the types of redress available in both the Client's home jurisdiction and other relevant jurisdictions before the Client starts to trade.


4.5 其他管辖区的交易




4.6 Currency risks

The profit or loss in transactions in foreign currency-denominated contracts (whether they are traded in the Client's own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency.


4.6 货币风险



4.7 Trading facilities

Electronic trading facilities are supported by computer-based component systems for the order-routing, execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. The Client's ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or JS Futures Limited . Such limits may vary: the Client should ask JS Futures Limited  for details in this respect.


4.7 交易设施



4.8 Electronic trading

Trading on an electronic trading system may differ from trading on other electronic trading systems. If the Client undertakes transactions on an electronic trading system, the Client will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that the Client's order is either not executed according to the Client's instructions or is not executed at all.


4.8 电子交易



4.9 Off-exchange transactions

In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. JS Futures Limited  may be acting as the Client's counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before the Client undertakes such transactions, the Client should familiarise himself with applicable rules and attendant risks.


4.9 场外交易