风险披露

Risk Warning

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.

 

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.

 

证券交易的风险

有时,证券价格大幅波动。证券价格上下波动并且可能变得毫无价值。如此,可能在买卖证券是遭受损失而不是赚取利润。

 

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。

 

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.

 

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.

 

 

创业板市场股票交易的风险

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。

 

客户应仅在谨慎仔细考虑后作出投资决定。创业板市场存在的较大风险和其他特征意味着这个市场更适于专业的其他老精明能干的投资者。

 

只能从联交所的网站上查看创业板市场股票的近期信息。创业板市场公司通常不需要在公共报纸发布付费公告。

 

如果客户不确定或未能立即风险披露声明或创业板市场股票交易的性质和涉及的风险,请寻求独立的专业建议。

 

RISK OF TRADING NASDAQ-AMEX SECURITIES AT THE STOCK EXCHANGE

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.

 

纳斯达克证券交易所证券交易的风险

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。

 

RISK OF MARGIN TRADING

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.

 


保证金交易的风险

保证金抵押交易的损失风险非常大。客户蒙受损失超过客户的现金和抵押在晋商期貨有限公司作为保证金的其他证券。市场条件可能无法执行或有指令,比如“止损”或“停止限价”指令。客户可能在短时间内被要求提供额外保证金或支付利息。如果未在规定期限支付保证金或利息,客户的抵押品可被清算而无需获得客户同意。此外,客户还应承担客户账户及其账户产生的利息亏损。因此,客户需要谨慎考虑融通资金安排是否适于客户自身的财务状况和投资目标。

 

RISK OF PROVIDING AN AUTHORITY TO REPLEDGE YOUR SECURITIES COLLATERAL ETC.

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.

 

 

授权质押证券抵押品等的风险

如果客户向晋商期貨有限公司授权允许晋商期貨有限公司使用客户的证券或证券抵押品,根据证券借贷协议,再抵押客户的证券抵押品用于财政融通或将客户的证券抵押品作为保证金以免除并圆满履行职责义务,会存在风险。

 

如果晋商期貨有限公司在香港收到或持有客户的证券或证券抵押品,仅在获得客户书面同意时可进行上述安排。此外,除非客户是专业投资者,客户授权必须说明当前期限,且不得超过12个月。如果客户是专业投资者,这些限制条件不使用。

 

此外,如果晋商期貨有限公司在授权到期之日前14天内向客户发出提醒通知,客户的授权被视为可延续(即无需客户的书面同意),客户并不反对客户现有授权到期日之前对授权的延续。

 

法律未要求客户签署这些授权。但是晋商期貨有限公司要求授权为了借贷保证金给客户或允许将客户的证券或证券抵押品出街或质押作为第三方的抵押品。晋商期貨有限公司应向客户解释其中一项授权的目的。

 

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。

 

可从晋商期貨有限公司获取涉及证券借贷的现金账户。如果客户不需要保证金或不希望借贷或质押客户的证券或证券抵押品,客户不得签署上述授权或要求开设此类型现金账户。

 

RISK DISCLOSURE STATEMENT AND DISCLAIMERS FOR OPTIONS TRADING

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.

期权交易的风险披露声明和免责声明

本项简要声明并未披露期权/期货合同交易的所有风险及其他重要方面。鉴于有关风险,客户在开始进行此类交易之前,已经明晰其将达成的期权/期货合约(合约关系)的性质及其所将面临的风险程度。期货/期权合约不适于多数人士。客户应根据经验、目的、财力和其他相关状况仔细考虑交易是否适合于您自己。


1. RISK OF TRADING FUTURES AND OPTIONS

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

期货/期权合约交易可涉及极大投资亏损的风险。在某些情况下,客户所蒙受的损失可能会超过已存入的保证金金额。即使客户设定了或有指令,例如“止损”或“停止限价”指令,也未必能够避免损失。市场情况可能使该等指示无法执行。客户可能在短时间内被要求存入额外的保证金。客户未能在指定的时间内提供所需保证金金额,客户可能会被强制平仓。然而,承担客户账户及其账户产生的利息亏损。因此,客户需要谨慎考虑融通资金安排是否适于客户自身的财务状况和投资目标。如果客户进行期权交易,客户应知晓执行和到期程序,以及执行或到期后客户的权利和义务。

 

2. FUTURES CONTRACTS

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

下达某些旨在将损失控制在特定金额的指令(例如当地法律许可的“止损”指令或者“停止限价”指令)有可能并不见效,因为市场情形也许致使上述指令难以执行。一些符合仓位策略(如“价差”和“多空套做”)或许与单纯“做多”或“做空”存在相同的风险。”

 

3. OPT IONS CONTRACTS

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

期权合约交易涉及高度风险。期权合约的买方和出售者应熟悉期权合约的类型(比如买进或卖出)交易和相关风险。客户应计算期权合约的价值必须增加客户仓位以盈利,考虑额外费用和所有交易成本。

 

期权合约的买方可补充或行使期权合约或允许期权合约到期。行使期权合约可进行现金结算或买方购买或提供潜在利益。如果期权合约魏期货合约,买方会获取期货仓位,附带相关保证金责任(参见上述期货合约章节)。如果购买的期权合约到期而毫无价值,客户蒙受涵盖期权额外费用外加交易成本的投资损失。如果客户考虑购买价外期权合约,客户应知晓期权合约盈利的机会非常渺茫。

 

出售(“书面”或“准予”)期权合约通常比购买期权合约的风险较大。尽管出售者收到的额外费用是固定的,出售者可保持蒙受的损失刚好超过该金额。出售者负责提供保持仓位的额外保证金,如果市场走势不佳。出售者还可能因购买者行使期权协议而承担风险,出售者有义务以现金结算期权合约或获取或提供潜在利益结算。如果期权合约是在期货合约基础上达成,出售者获取期权合约中仓位以及相关保证金责任(参见上述期货合约章节)。如果出售成持有的相应潜在利益或期货合约或其他期权合约的仓位“涵盖”期权合约,风险降低。如果未涵盖期货合约,那么损失风险不可限量。

 

特定的管辖区内的特定的交易所允许期权费用的延期支付,但是条件是购买者的保证金支付能力不能超过额外费用的金额。购买者仍然可能要承担额外费用和交易成本损失的风险。行使期权合约或合约到期时,购买者应负责此事未支付的额外费用。

 

4. ADDITIONAL RISKS COMMON TO FUTURES AND OPTIONS

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

市场状况(例如:流动性)以及、或某些市场的运作条例(例如由于价格限制、政府干预或“熔断制度”)造成的任何外币暂停交易有可能增加损失的风险,因为完成交易或平仓/对冲仓位已经变得很困难或不可能。

 

如果客户已出售期权,可能增加损失风险。此外,潜在利益和期货合约之间以及潜在利益和期权合约之间不存在正常的定价关系。比如期权合约下的期货合约遵循价格限制而期权合约不遵循。由于没有潜在参考价格,因此很难判断“公允价值”。

 


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

如果客户在本地或海外进行的交易存放款项或其他财产,客户应清楚了解该等款项或财产会获得哪些保障,特别是在有关公司清算或破产时的保障。至于能追讨多少款项或财产一事,可能需受限于具体法例规定或当地的规则。在某些司法管辖区,收回的款项或财产如有不足之数,则可认定属于你的财产将会如现金般按比例分配予你。

 

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

在开始交易之前,客户先要清楚了解必须缴付的所有佣金、费用或其他收费。这些费用将直接影响你可获得的净利润(如有)或增加你的亏损。

 

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

在其他司法管辖区的市场(包括与本地市场有正式连系的市场)进行交易,或会涉及额外的风险。根据这些市场的规例,投资者享有的保障程度可能有所不同,甚或有所下降。在进行交易前,客户应先行查明在那些司法管辖区有关你将进行的该项交易的所有规则。客户本身所在地的监管机构,对于客户已执行的交易所在地的所属司法管辖区的监管机构或市场,将不能迫使它们执行有关的规则。有鉴于此,在进行交易之前,客户应先询问晋商期貨有限公司关于本身地区所属的司法管辖区及其他有关司法管辖区可提供哪种补救措施的详情。

 

 

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

以外币计价的合同交易(无论是否在客户自己的管辖区或其他管辖区内进行交易)的收益或损失受汇率波动影响,需要将合同中的计价货币换算成其他货币。

 

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

基于计算机的组件系统支持的电子交易设施用于买卖盘传递、执行、匹配、注册或清算的交易。所有设施和系统,可能易于受到临时破坏或故障。客户恢复特定损失的能力受到系统提供商、市场、结算所和/或晋商期貨有限公司施加的责任限制。限制可变:客户应要求晋商期貨有限公司提供此方面的详情。

 

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

电子交易系统的交易可能不同于其他电子交易系统的交易。如果客户在电子交易系统上进行交易,客户可能受到系统相关风险,包含硬件和软件故障。系统故障的结果可能是由于未能根据客户指示执行客户指令或根本没有执行指令。

 


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

一些司法管辖区内,仅在受限的情况下,允许公司进行场外交易。晋商期貨有限公司作为客户的合约对方进行交易。也许难以或基本不也许结算现有仓位以估价,确定公允价值或评估风险敞口。出于这些原因,这些交易可能增加风险。场外交易监管力度不够或隶属于一个独立的监管制度。客户进行交易之前,客户应熟悉适用规则和伴随的风险。