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The document published on this webpage (the “Document”) is written and compiled by Hang Seng Investment Services Limited (“HSIS”) or Hang Seng Bank Limited(“HASE”), and has been issued by HASE to its customers publicly, and now Hang Seng Bank (China) Limited (“HACN”) is permitted by HASE to distribute the Document to its customers.

The information contained in the Document is for market update purpose only. Nothing herein shall constitute or be regarded as offers or solicitation of offers to buy or sell any financial products/services. The document is not intended to provide investment advice and should not be relied upon in that regard. HASE, HSIS and HACN are not intended to suggest or solicit any investor to take any action based on this Document.

The opinions contained in the Document may not necessarily represent the view of HASE, HSIS and HACN. The research analyst(s) who prepared this report certifies(y) that the views expressed herein accurately reflect the research analyst’s personal views about the markets / investment outlook / economic environment. The analyst(s)’s opinions may be indicative only and has not been independently verified and no guarantee, representation, warranty or undertaking, express or implied is made as to the fairness, accuracy, completeness or correctness of any information, projections or opinions contained in the Document or the basis upon which any such projections or opinions have been based and no responsibility or liability is accepted in relation to the use of or reliance on any information, projections or opinions whatsoever contained in the Document. Investors must make their own assessment of the relevance, accuracy and adequacy of the information and opinions contained in the Document and make such independent investigations as they may consider necessary or appropriate for the purpose of such assessment.

The investments mentioned in the Document may not be suitable for all investors. Investors must make investment decisions based on their own investment experiences, objectives, financial position and particular needs and consult their own professional advisers where necessary.

Investment involves risk. Investors should note that value of investments can go down as well as up and past performance is not necessarily indicative of future performance. The Document does not purport to identify all the risks that may be involved in the foreign exchange contracts, securities or other investments referred to in the Document.

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