香港結構性產品免責聲明

風險警告

結構性產品為無抵押產品。如發行人或擔保人無力償債或違約,投資者可能無法收回部份或全部應收款項。

進入

如閣下使用本網站及其中的資料及資訊(「資料」),將受限於以下免責聲明。

該等資料由摩根士丹利亞洲有限公司(「Morgan Stanley」)提供,該公司受香港證券及期貨事務監察委員會監管。

本網站描述的資料及金融產品僅針對香港居民及僅為彼等而設。在其他國家下載本網站任何資料可能屬於違法,倘若 閣下自本網站下載的任何資訊違反 閣下現正居住國家的任何法律,Morgan Stanley及其聯屬機構(統稱「Morgan Stanley集團」)概不承擔任何責任。

在香港以外地區的人士,切勿使用、依賴或按本網站的資料行事。

使用條款

本網站若干部份或頁面可能載有獨立條款及條件以及免責聲明,乃附加於該等條款及條件或免責聲明。如有抵觸,附加條款及條件或免責聲明將規限該等部份或頁面。

並無要約/建議/受信關係

本網站上的資料僅供參考,不擬作為購買或出售任何在香港聯合交易所有限公司上市的金融產品(包括認股權證及可贖回牛熊證(「結構性產品」))的要約、邀請、誘導、建議、推薦或招攬。

本網站或本網站的任何資料均不應被詮釋為任何種類或形式的廣告、誘導或聲明。

本網站的資料未有考慮到任何特定個人的投資目標、財務狀況及具體需要。

Morgan Stanley集團概不對結構性產品的任何投資承擔任何受信責任或義務。閣下應自行評估結構性產品,並在進行任何投資之前衡量風險。

這些資料不擬向任何人提供法律、稅務、會計或財務建議,因此不應依賴作此等用途。

結構性產品的風險因素

本結構性產品為無抵押產品。倘發行人及擔保人無力償債或違約,投資者可能無法收回部份或全部應收款項。認股權證及可贖回牛熊證為涉及衍生工具的結構性産品。除非閣下完全了解並願意承擔相關風險,否則切勿投資該等產品。

可贖回牛熊證設有強制贖回機制,並可能會提早終止,在該等情況下,(i)N類可贖回牛熊證的投資者將不會獲發任何現金金額;(ii)R類可贖回牛熊證的剩餘價格可能為零。結構性產品的價格可急升亦可急跌,投資者或會損失所投資的所有本金。無法預測結構性產品於第二交易市場的流通性。Morgan Stanley Hong Kong Securities Limited或其聯屬機構可能為結構性產品的唯一流通量提供者。本網站的任何意見、預測或估計僅代表發佈資料當日的判斷,無法保證未來業績或事件將與任何該等意見、預測或估計一致。閣下應注意實際結果可能與前瞻性陳述所載者有重大差別。過往表現並非將來表現的指標。

因此,閣下應確保已明白結構性産品的性質及風險,並應(如適用)諮詢閣下的法律、稅務、會計、財務及其他專業顧問,以確保投資於結構性産品的任何決定適合閣下的具體情況及財務狀況。

就每次發行的結構性產品而言,閣下應仔細審閱及了解載於我們的基本上市文件(包括任何增編)及相關補充上市文件中結構性産品的條款及條件以及發行人及擔保人的財務及其他資料,有關文件可於Morgan Stanley辦事處(地址為香港九龍柯士甸道西1 號環球貿易廣場46樓)索取。

衝突披露

我們的其他業務可能會產生利益衝突,或會影響到我們的結構性產品。

Morgan Stanley集團可能會跟涉及我們的結構性產品或其證券相關的任何公司或任何信託或基金的受託人或經理進行交易(不論是為其自營賬戶(包括對沖)或為其管理下的賬戶或其他),以及為彼等提供投資銀行及其他服務,亦可能與相關公司的主要股東進行交易。該等交易可能對相關資產的價格或水平產生正面或負面影響,進而對結構性產品的價值及/或市價產生影響。

Morgan Stanley集團的若干高級職員可能會擔任結構性產品相關的任何公司的董事。我們就相關證券或相關結構性產品進行的主要交易活動(包括對沖結構性產品)可能會影響結構性產品的價值及/或市價。Morgan Stanley集團或會發行其他可能影響結構性產品價值及/或市價的競爭性金融產品。閣下亦應注意,Morgan Stanley集團就結構性產品所扮演的不同角色或會產生潛在的利益衝突,而每個角色的經濟利益可能不利於閣下在我們的結構性產品的權益。Morgan Stanley集團並無義務避免有關利益衝突。

評論

所有 Morgan Stanley 的評論乃由 Morgan Stanley 編撰,僅供參考用途。有關評論並不構成任何購買或出售任何金融産品的要約及招攬,亦不應詮釋為 Morgan Stanley 就訂立任何上述交易所作協議。本網站所載的任何意見、預測或估計乃為發佈該評論當日的判斷,概不保證未來業績或事件將與任何該等意見、預測或估計一致。閣下應注意實際結果可能與前瞻性陳述所載者有重大差別。過往表現並非將來表現的指標。

並無核查

本網站的資料的依據為Morgan Stanley認為可靠的公開來源所取得的資訊。然而,我們並無核查有關資料,而有關資料可能並不完整或準確。本網站提供的資料所載的意見、估計及其他資訊可在未經事先通知的情況下更改或撤回。我們並無任何責任更新或保持本網站資訊有效。

第三方提供的資訊
Morgan Stanley集團或其董事、高級職員及僱員(「關聯人士」)或任何資訊服務供應商或第三方概不就本網站任何資訊或資料的真實性、準確性、完整性、充足程度或合理性,亦不就任何目的或用途的任何該等資訊或資料的質量、合適性、及時性、並無侵權或所有權作出任何形式的明確或隱含的聲明或保證。一切該等保證在法律豁免的範圍下獲明文的豁免。

免責聲明
本網站刊發的任何指示性報價、披露資料或其他分析,乃按反映真誠決定的假設及參數而編製,並不構成Morgan Stanley集團的投資建議。所採用的假設及參數並非可合理選擇的唯一假設及參數,因此,概不保證有關報價、披露或分析的準確性、合理性或完整性。概不就未來可達致任何指標性回報或表現作出任何聲明或保證。有關資訊並不構成Morgan Stanley的投資意見,並僅供參考用途。閣下須就使用自本網站取得的任何資料或因使用有關資料而導致的任何結果承擔一切風險。

定價分析工具
本網站所載的定價分析工具或其他定價模型僅供參考用途。該等工具或模型乃基於若干公認的財務原則運作,且以可能在未有通知的情況下變更的若干假設及現行市況為依據。基於其他模型或不同假設得出的價格或價值可能產生不同結果。Morgan Stanley 集團明確表示,概不就(i)用於計算價格或價值的模型或估計的準確性;(ii)計算或發佈價格或價值時出現的任何錯誤或遺漏;及(iii)所得出價格或價值的用途而承擔任何責任。因此,所得出的任何價值僅屬指示性質,不應依賴本網站提供或自本網站取得的資訊。

有關指數的資料
除上述免責聲明外,載於有關上市或發售文件內有關與結構性産品相關的各種指數的免責聲明及責任限制均適用於本網站的使用,且應納入本免責聲明內。

語言

本網站(包括此等及任何其他條款與條件或其中的部分內容)可從英語翻譯成任何其他語言(包括繁體中文及簡體中文),僅作指引之用。如有抵觸,概以英文版本爲准。

規管法律及司法管轄權

此等條款及條件受香港法例管轄,並按其詮釋,而不論有否任何法律條文的抵觸。因本條款及條件引起或與之相關的任何訴訟或程序的唯一及專屬司法管轄權屬於位處香港的合適法院。

Risk Warning

Structured Products are non-collateralised products. If the issuer or guarantor is insolvent or defaults, investors may not recover part or all of the amount due.

Access

Access to, and the materials and information (“Materials”) on, this website are subject to the following disclaimer.

The Materials are produced by Morgan Stanley Asia Limited (“Morgan Stanley”), which is regulated by the Securities and Futures Commission of Hong Kong.

The Materials and financial products described on this website are only directed at and intended for residents of Hong Kong. It may be illegal to download any information from this website in other countries, and Morgan Stanley and its affiliates (together, “Morgan Stanley Group”) disclaim all responsibility if you download any information from this website in breach of any law of the country in which you are residing.

The Materials from this website must not be used, relied or acted upon by persons outside Hong Kong.

Terms of Use

Certain sections or pages on this website may contain separate terms and conditions or disclaimers, which are in addition to these terms and conditions and disclaimers. In the event of a conflict, the additional terms and conditions or disclaimers will govern for those sections or pages.

No offer / advice / fiduciary relationship

The Materials on this website are provided for information purposes only and are not intended as an offer, invitation, inducement, advice, recommendation or solicitation for the purchase or sale of any financial products (including warrants and callable bull/bear contracts) listed on The Stock Exchange of Hong Kong Limited, “Structured Products”).

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 investment objectives, financial situation and particular needs of any specific individual.

The Morgan Stanley Group assumes no fiduciary responsibility or liability with respect to any investment in Structured Products. You should make your own appraisal of the Structured Products and assess the risk before any investment.

The Materials are not intended to provide legal, tax, accounting or financial advice to any person and should not be relied upon as such.

Risk factors for Structured Products

This Structured Product is a non-collateralised product. If the issuer or the guarantor is insolvent or defaults, 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.

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. 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. It is not possible to predict whether the secondary market for the Structured Products will be liquid or illiquid. Morgan Stanley Hong Kong Securities Limited or its affiliates 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.

You should therefore ensure that you understand the nature and risks of the Structured Products and should, where applicable, 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.

In respect of each issue of the Structured Products, you should carefully review and understand the terms and conditions of the Structured Products, together with the financial and other information of the issuer and guarantor, as set out in our base listing document (including any addendum), and the relevant supplemental listing document, which documents may be obtained from the office of Morgan Stanley at Level 46, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.

Conflict disclosure

There could be conflicts of interest arising out of our other activities which may affect our Structured Products.

Morgan Stanley Group may engage in transactions (whether for their proprietary accounts, including hedging, or trading for accounts under management or otherwise) involving, as well as provide investment banking and other services to, any company, or any trustee or manager of a trust or a fund underlying our structured products or their securities and may enter into transactions with the substantial shareholders of the underlying company. Those transactions may have a positive or negative impact on the price or level of the underlying asset and in turn the value and/or market price of our Structured Products.

Morgan Stanley Group may have officers who serve as directors of any of the companies underlying our Structured Products. Our principal trading activities (which include hedging of our structured products) in the underlying securities or related Structured Products may affect the value and/or market price of our Structured Products. Morgan Stanley Group may issue other competing financial products which may affect the value and/or market price of our Structured Products. You should also note that potential conflicts of interest may arise from the different roles played by Morgan Stanley Group in connection with our Structured Products and the economic interests in each role may be adverse to your interests in our Structured Products. Morgan Stanley Group owes no duty to you to avoid such conflicts.

Commentary

All Morgan Stanley commentary is written by Morgan Stanley for reference purposes. They do not constitute any offer, solicitation for purchase or sale of any financial instruments, nor shall they be construed as an agreement by Morgan Stanley to enter into any transaction mentioned. Any opinions, forecasts or estimates in this website 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.

No verification

The Materials on this website are based on information obtained from sources considered by Morgan Stanley to be reliable. However, we have not verified the Materials, which may not be complete or accurate. Opinions, estimates and other information contained in the Materials available on this website may be changed or withdrawn without notice. We are not under any obligation to update or keep current the information on this website.

Information provided by third parties
None of Morgan Stanley Group or their respective directors, officers and employees [("Related Parties")], or any information service provider or third party, makes any representation or warranty, express or implied, of any kind as to the truth, accuracy, completeness, adequacy or reasonableness of any information or any of the Materials on this website or as to the quality, fitness, timeliness, non-infringement, or title of any such information or Material for any purpose or use. All such warranties are expressly excluded to the fullest extent that such warranties may be excluded by law.

Disclaimer of liability
Any indicative price quotations, disclosure materials or other analysis published on the website have been prepared on assumptions and parameters that reflect good faith determinations and do not constitute investment advice by Morgan Stanley Group. The assumptions and parameters used are not the only ones which could have reasonably been selected, and accordingly, no guarantee is given in respect of the accuracy, reasonableness or completeness of such quotations, disclosure or analysis. No representation or warranty is made that any indicative return or performance will be achieved in the future. Such information does not constitute investment advice by Morgan Stanley and is for information purposes only. You bear all risk from any use or results of using any information obtained from the Website.

Pricing analytical tools
Any pricing analytical tools or other pricing models included in this website is for reference only. Such tools or models work according to certain well recognised financial principles, and are based on certain assumptions and current market conditions which are subject to change without notice. Prices or values based on other models or different assumptions may yield different results. Morgan Stanley Group expressly disclaims any responsibility for (a) the accuracy of the models or estimates used in deriving the prices or values; any (b) any errors or omissions in computing or disseminating the prices or values, and (c) any uses to which the prices or values are generated. Accordingly, any value obtained is purely indicative and no reliance should be placed on the information provided or obtained herein.

Information About Indices
In addition to the above disclaimers, the disclaimers and limitations of liability in relation to the various indices associated with the structured products and set forth in the relevant listing or offering documents shall apply to the use of this website and shall be incorporated into these disclaimers.

Language

This website, including these and any other terms and conditions, or parts thereof, may be translated from English into any other language (including traditional and simplified Chinese) for guidance purposes only. In the event of any conflict, the English version shall prevail.

Governing law and jurisdiction

These terms and conditions shall be governed by and construed in accordance with the laws of Hong Kong, without regard to conflicts of laws provisions. Sole and exclusive jurisdiction for any action or proceeding arising out of or related to these terms and conditions shall be in an appropriate court located in Hong Kong.