General Risks Disclosure for Sustainable & Responsible Investments & Equities
可持續責任投資及股票投資的一般風險披露
Investors should note that investing in equities involves risks, which include, but are not limited to, the following:
Full principal is at risk.
SUSTAINABLE & RESPONSIBLE INVESTMENTS
Sustainable and Environmental criteria limit the investments available compared to the complete investment universe. SRI portfolios can be concentrated in specific industry groups and will not be considered diversified portfolios. Such industry concentration could have a material effect on the performance of the portfolio if the particular industry sector in which the portfolio is invested does not perform well or falls out of favor. Non-diversified portfolios may experience greater volatility than diversified portfolios. The risks of investing in a non-diversified portfolio may also be greater than the risks of investing in a diversified portfolio. Other than seeking investment returns, SRI main objective is to generate value add in social and environmental factor and this could mean that it may result in lower or higher returns than an investment strategy that does not include such criteria; as a result performance could be affected. Set aside, Sustainable and Responsible Investments comport the same risks as any other investment within the same asset classes. Your investments should take into account the overall structure of your portfolio, your risk appetite, your level of understanding of financial markets and your investment objectives and other personal circumstances.
RISK OF INVESTING IN EQUITIES AND/OR EQUITY SECURITIES
The performance of equities and/or equity securities depends upon factors which are difficult to predict, such factors include the possibility of sudden or prolonged market declines and risks associated with individual companies. The prices of equities and/or equity securities fluctuate, sometimes dramatically, in response to certain events, including but not limited to, those directly affecting the companies; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency fluctuations. The prices of equities and/or equity securities 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 equities and/or equity securities.
RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS IN HONG KONG
Growth Enterprise Market (GEM) stocks in Hong Kong involve a high investment risk. In particular, companies may be listed 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 gazette 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 CLIENTS ASSETS RECEIVED OR HELD OUTSIDE HONG KONG
Client assets received or held by the licensed or registered person outside Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the Securities and Futures Ordinance (Cap. 571) and rules made thereunder. Consequently, such client assets may not enjoy the same protection as that conferred on client assets received or held in Hong Kong.
RISK OF MARGIN TRADING
The risk of loss in financing a transaction by deposit of collaterals is significant. You may sustain losses in excess of your cash and any other assets deposited as collateral with the licensed or registered person. Market conditions may make it impossible to execute contingent orders, such as “stop-loss” or “stop-limit” orders. You may be called upon at short notice to make 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 TRADING NASDAQ-AMEX SECURITIES AT THE STOCK EXCHANGE OF HONG KONG LIMITED
The securities under the Nasdaq-Amex Pilot Program (“PP”) are aimed at sophisticated investors. You should consult the licensed or registered person and become familiarised with the PP before trading in the PP securities. You should be aware that the PP securities are not regulated as a primary or secondary listing on the Main Board or the GEM of the Stock Exchange of Hong Kong Limited.
CONFLICTS OF INTEREST
Various potential and actual conflicts of interest may arise from the overall investment activities or the roles of the parties involved in any investment product or transaction, their investment professionals and/or their affiliates. In particular, the counterparty / issuer / provider or its related entities or affiliates can offer or manage other investments which interests may be different to the interest of your investments in that investment product or transaction; or for cases where the product counterparty or issuer is BNP Paribas or its related entity or affiliate, BNP Paribas may also act as distributor, guarantor, calculation agent and/or arranger of the same product.
FRENCH SECURITIES
Income and gains from certain French securities and real estate paid to residents of the countries on the list of Non Cooperative States and Territories (“NCST”) issued by the French Government, in some cases, may be taxable at a rate of 75%. On 6 January 2020, France updated its NCST list to include American Samoa, Anguilla, the Bahamas, the British Virgin Islands, Fiji, Guam, Oman, Panama, Samoa, Seychelles, Trinidad and Tobago, the US Virgin Islands and Vanuatu. There are therefore important implications for you if you own French securities or real estate through an entity (including a company, trust, foundation or similar arrangement) incorporated in a NCST or if you are resident in a NCST. The information provided above does not constitute or include legal or tax recommendations or advice. We are not your legal or tax advisor. You should refer to your own legal and tax advisor for further information and fuller explanation and advice on any questions you may have.
ETFs
The principal objective of an ETF is to track the performance of an underlying index, or a group of assets such as commodities instead of an index, as the case may be.
The performance of units in an ETF is unpredictable. It depends on financial, political, economic and other events as well as the ETF’s earnings, market position, risk situation, shareholder structure and distribution policy.
In case of the transaction that is linked to the performance of an ETF, you should also note that the value of an interest in the ETF will generally decline in line with the decline of any securities which comprise the benchmark portfolio or the value of any benchmark index linked to the relevant ETF. Investment in the transaction linked to an ETF involves risks similar to those of investing in the equity securities traded on an exchange that comprise the benchmark portfolio or index to which the ETF is linked, such as market fluctuations caused by, amongst other things, economic and political developments, changes in interest rates and currency rates and market liquidity. Whilst the net asset value of units in an ETF will reflect the market value of the ETF’s portfolio, trading prices of the units in an ETF on the stock exchange may be lower or higher than the net asset value per unit. Although the investment strategy of an ETF is typically designed to replicate the movements in the benchmark index or the underlying asset pool to which the ETF is linked, there may be divergence between the performance of the ETF and the performance of the benchmark index or portfolio that the ETF is designed to track due to certain tracking errors as a result of a number of factors (or combination thereof). These contributing factors may include, but are not limited to, any failure of the tracking strategy, fees and expenses that are deducted from the ETF’s returns, currency differences in the constituents that comprise the index or the underlying asset pool which the ETF is designed to track. In particular, where the benchmark index or market that the ETF tracks is subject to restricted market access, for instance, an emerging market index, the efficiency in the unit creation or redemption of units/interests in the ETF to keep the price of the ETF in line with its net asset value may be impeded or disrupted due to the lack of liquidity in its constituents, causing the ETF to trade at a higher premium or discount to its net asset value.
There is no guarantee of the repayment of principal or that investment objective of the ETF will be met.
Although the ETF is traded on stock exchange, investors should be aware that there may be no liquid trading market for the units of the ETF. There can be no assurance that active trading markets for units of the ETF will continue to develop, nor is there a certain basis for predicting the actual price levels at, or sizes in, which units may trade.
OTHER RISKS
THIS DOCUMENT CANNOT DISCLOSE ALL POSSIBLE RISKS OF THE PRODUCT. Before investing, you must satisfy yourself that you fully understand the product and the risks of investment. Investors should not invest in the product based on this document alone. Investor should refer to the relevant base prospectus and/or termsheet and/or offering document(s) for details, in particular the risk disclosure statements. Relevant base prospectus and/or termsheet and/or offering document(s)are available upon request.
The product is not equivalent and should not be treated as a substitute for a term deposit. It is not a protected deposit and is not protected or insured under the Deposit Protection Scheme in Hong Kong and the Deposit Insurance Scheme in Singapore.
可持續責任投資及股票投資的一般風險披露
投資者應注意，投資股市涉及風險，包括但不限於以下風險：
可能損失全部本金
可持續責任投資相關風險
可持續與環境準則限制了可投資範圍，並非完整的投資範疇。可持續責任投資產品組合可能主要集中於特定的行業組合，不會被當作多元投資組合。如果投資組合投資的某個特定行業板塊表現不佳或失寵，這種行業集中度可能對投資組合表現產生重大影響。非多元投資組合可能比多元投資組合經歷更大的波動性。投資非多元投資組合的風險亦比投資多元投資組合的風險高。可持續責任投資的主要目標是真正產生社會與環境因素增值，而非尋求投資回報。這可能就意味著導致它比不含這些準則的投資策略所得回報更低或更高；因此表現可能會受影響。此外，可持續責任投資與同一資產類別的任何其他投資具有相同的風險。您的投資應考慮您的投資組合的整體結構、您的承險意欲、您對金融市場的瞭解程度、您的投資目標及其他個人情況。
投資於股票和/或股本證券的風險
股票和/或股本證券的表現取決於難以預測的因素，這些因素包括市場突然或長期下跌的可能性以及與個別公司有關的風險。股票和/或股本證券的價格會因某些事件而波動，有時波幅很大，這些事件包括但不限於：直接影響公司的事件、影響整體經濟的情況、整體市場變動、地方/區域/環球政治、社會或經濟不穩定、以及匯率波動。股票和/或股本證券的價格可能上升或下降，並且可能變得無價值。因買賣股票和/股本證券而造成損失與獲利回吐的可能性一樣。
買賣香港創業板股票的風險
香港創業板股票涉及高投資風險。具體而言，在創業板上市的公司可能既無盈利記錄，亦無義務預測未來的盈利能力。創業板股票可能非常不穩定並缺乏流動性。
閣下作出投資決定前應經充分且仔細考慮。創業板風險取向更高以及其其他特征意味著，該市場更適合專業投資者與其他熟悉投資技巧的投資者。
現時有關創業板股票的資料，只能在香港聯合交易所有限公司官網上找到。創業板公司通常無須在憲報刊登收費公告。如果閣下不確定或不理解本風險披露陳述的任何方面或買賣創業板股票的性質及所涉及的風險，應尋求獨立的專業意見。
在香港以外地方收取或持有客戶資產的風險
由香港境外持牌或登記人士接收或持有客戶資產須受相關海外司法管轄區的適用法律及法規，而這些法律及法規可能有別於《證券及期貨條例》（香港法例第571章）及據此制定的規則。因此，該等客戶資產可能無法享有在香港接收或持有的客戶資產相同之保障。
保證金買賣的風險
藉存放抵押品而為交易取得融資的虧損風險極大。閣下所蒙受的虧蝕可能會超過閣下存放於有關持牌人或註冊人作為抵押品的現金及任何其他財產。市場情況可能使備用交易指示，例如「止蝕」或「限價」指示，無法執行。閣下可能會被要求在短時間內存入額外的保證金款額或繳付利息。假如閣下未能在制定的時間內支付所需的保證金款額或利息，閣下的抵押品可能會在未經閣下同意下被出售。此外，閣下將要為閣下的賬戶內因此而出現的任何短欠數額及需繳付的利息負責。因此閣下應根據本身的財政狀況及投資目標，仔細考慮這種融資安排是否適合閣下。
在香港聯合交易所有限公司買賣納斯達克—美國證券交易所證券的風險
按照納斯達克—美國證券交易所試驗計劃（「試驗計劃」）掛牌買賣的證券是為熟悉投資技巧的投資者而設的。閣下在買賣該項試驗計劃的證券之前，應先咨詢有關持牌人或註冊人的意見並熟悉該項試驗計劃。閣下應知悉，按照該項試驗計劃掛牌買賣的證券並非以香港聯合交易所有限公司的主板或創業板作第一或第二上市的證券類別加以監管。
利益衝突
任何投資產品或交易所涉及各方、其投資專業人士和/或其聯營公司的整體投資活動或角色，可能會導致各種潛在和實際利益衝突。具體而言，交易對手/發行人/提供商或其相關實體或聯營公司可能提供或管理其他投資，其利益可能與閣下在該投資產品或交易中的投資利益有所不同；或當產品交易對手或發行人是法國巴黎銀行或其相關實體或聯營公司時，法國巴黎銀行亦可能是同一產品的分銷商、擔保人、計算代理人及/或安排人。
有關法國證券的風險
在某些情況下，法國政府可能會向非合作國家和地區(NCST)名單上國家的居民從部分法國證券和房地產所獲之收入及所得收益徵收75%的稅。法國於2020年1月6日更新之NCST名單如下，包括美属萨摩亚、安圭拉、巴哈马、英属维尔京群岛、斐济、关岛、阿曼、巴拿马、萨摩亚、塞舌尔、特立尼达和多巴哥、美属维尔京群岛和瓦努阿图。因此，如果閣下透過在NCST注冊的實體（包括公司、信託、基金會或類似安排）持有法國證券或房地產，或閣下為NCST居民，該規定則會對閣下構成重大影響。上述資料並不構成或包括法律或稅務方面的建議或意見。我們不提供法律或稅務顧問服務。如果閣下有任何法律及/或稅務方面的疑問，應咨詢閣下的法律及稅務顧問以獲取更多資訊及更全面的解釋和意見。
與ETF相關風險
ETF的主要目的是追蹤相關指數或一組資産（比如商品而非指數）的表現（視情況而定）。
ETF各單位表現無法預測，並取决於金融、政治、經濟和其他事件以及ETF的盈利、市場地位、風險狀況、股東架構和派息政策。
當交易與ETF的表現相連時，閣下須注意，基準投資組合的任何成份證券或相關ETF的任何相關基準指數的價值下跌，該等ETF的權益價值一般將跟隨下跌。投資於ETF相關交易的風險，與投資於交易所上市並組成該ETF的基準投資組合或相關指數的股本證券相近，例如因經濟和政治發展、利率和匯率變動、市場流動性以及其他因素所引起的市場波動。
ETF各單位的資産淨值將反映ETF投資組合的市值，但證券交易所的ETF所有單位的交易價格可能低於或高於每個單位的資産淨值。儘管ETF的投資策略往往旨在複製與ETF相連的基準指數或者相關資産組合的走勢，但基於多項因素（或結合有關因素）所引起的若干追蹤誤差，ETF可能與其追蹤的基準指數或投資組合表現分歧。上述因素可能包括但不限於：追蹤策略失敗、從該ETF回報扣除的費用和開支，以及該ETF與其追蹤的基準指數或投資組合的成份證券具有貨幣差異。尤其，當該ETF追蹤的基準指數或市場的進出受到限制，例如新興市場指數，由於成份證券欠缺流動性，為維持ETF價格與其資産淨值一致而進行的單位增設或單位/權益贖回效率可能會受阻，導致該ETF 以較資産淨值存在溢價或折讓的價格進行交易。本金償還或ETF之投資目標達成與否概無保證。
儘管ETF於證券交易所交易，但投資者須注意，ETF各單位或無流動的交易市場。ETF各單位是否有不斷發展的活躍交易市場概無保證，亦無特定的基礎來預測各單位可能以何種實際價格水平或規模來進行交易。
其他風險
本文件未能披露本產品的所有可能風險。在投資前，閣下須充分了解本產品及投資的風險。閣下不應僅依據本文件即對本產品進行投資。閣下應參閱相關基本發行章程和/或條款清單和/或發行文件，以知詳情，特別是風險披露聲明。相關基本發行章程和/或條款清單和/或發行文件可根據要求予以提供。本產品並不等同於定期存款，且不應被視為定期存款之替代產品。本產品並不屬於受保障存款、及不受香港存款保障計劃及新加坡Deposit Insurance Scheme 保障或保險。
可持续责任投资及股票投资的一般风险披露
投资者应注意，投资股市涉及风险，包括但不限于以下风险：
可能损失全部本金
可持续责任投资相关风险
可持续与环境准则限制了可投资范围，并非完整的投资范畴。可持续责任投资产品组合可能主要集中于特定的行业组合，不会被当作多元投资组合。如果投资组合投资的某个特定行业板块表现不佳或失宠，这种行业集中度可能对投资组合表现产生重大影响。非多元投资组合可能比多元投资组合经历更大的波动性。投资非多元投资组合的风险亦比投资多元投资组合的风险高。可持续责任投资的主要目标是真正产生社会与环境因素增值，而非寻求投资回报。这可能就意味着导致它比不含这些准则的投资策略所得回报更低或更高；因此表现可能会受影响。此外，可持续责任投资与同一资产类别的任何其他投资具有相同的风险。您的投资应考虑您的投资组合的整体结构、您的承险意欲、您对金融市场的了解程度、您的投资目标及其他个人情况。
投资于股票和/或股本证券的风险
股票和/或股本证券的表现取决于难以预测的因素，这些因素包括市场突然或长期下跌的可能性以及与个别公司有关的风险。股票和/或股本证券的价格会因某些事件而波动，有时波幅很大，这些事件包括但不限于：直接影响公司的事件、影响整体经济的情况、整体市场变动、地方/区域/环球政治、社会或经济不稳定、以及汇率波动。股票和/或股本证券的价格可能上升或下降，并且可能变得无价值。因买卖股票和/股本证券而造成损失与获利回吐的可能性一样。
买卖香港创业板股票的风险
香港创业板股票涉及高投资风险。具体而言，在创业板上市的公司可能既无盈利记录，亦无义务预测未来的盈利能力。创业板股票可能非常不稳定并缺乏流动性。
阁下作出投资决定前应经充分且仔细考虑。创业板风险取向更高以及其其他特征意味着，该市场更适合专业投资者与其他熟悉投资技巧的投资者。
现时有关创业板股票的资料，只能在香港联合交易所有限公司官网上找到。创业板公司通常无须在宪报刊登收费公告。如果阁下不确定或不理解本风险披露陈述的任何方面或买卖创业板股票的性质及所涉及的风险，应寻求独立的专业意见。
在香港以外地方收取或持有客户资产的风险
由香港境外持牌或登记人士接收或持有客户资产须受相关海外司法管辖区的适用法律及法规，而这些法律及法规可能有别于《证券及期货条例》（香港法例第571章）及据此制定的规则。因此，该等客户资产可能无法享有在香港接收或持有的客户资产相同之保障。
保证金买卖的风险
藉存放抵押品而为交易取得融资的亏损风险极大。阁下所蒙受的亏蚀可能会超过阁下存放于有关持牌人或注册人作为抵押品的现金及任何其他财产。市场情况可能使备用交易指示，例如“止蚀”或“限价”指示，无法执行。阁下可能会被要求在短时间内存入额外的保证金款额或缴付利息。假如阁下未能在制定的时间内支付所需的保证金款额或利息，阁下的抵押品可能会在未经阁下同意下被出售。此外，阁下将要为阁下的账户内因此而出现的任何短欠数额及需缴付的利息负责。因此阁下应根据本身的财政状况及投资目标，仔细考虑这种融资安排是否适合阁下。
在香港联合交易所有限公司买卖纳斯达克—美国证券交易所证券的风险
按照纳斯达克—美国证券交易所试验计划（“试验计划”）挂牌买卖的证券是为熟悉投资技巧的投资者而设的。阁下在买卖该项试验计划的证券之前，应先咨询有关持牌人或注册人的意见并熟悉该项试验计划。阁下应知悉，按照该项试验计划挂牌买卖的证券并非以香港联合交易所有限公司的主板或创业板作第一或第二上市的证券类别加以监管。
利益冲突
任何投资产品或交易所涉及各方、其投资专业人士和/或其联营公司的整体投资活动或角色，可能会导致各种潜在和实际利益冲突。具体而言，交易对手/发行人/提供商或其相关实体或联营公司可能提供或管理其他投资，其利益可能与阁下在该投资产品或交易中的投资利益有所不同；或当产品交易对手或发行人是法国巴黎银行或其相关实体或联营公司时，法国巴黎银行亦可能是同一产品的分销商、担保人、计算代理人及/或安排人。
有关法国证券的风险
在某些情况下，法国政府可能会向非合作国家和地区(NCST)名单上国家的居民从部分法国证券和房地产所获之收入及所得收益征收75%的税。法国于2020年1月6日更新之NCST名单如下，包括美属萨摩亚、安圭拉、巴哈马、英属维尔京群岛、斐济、关岛、阿曼、巴拿马、萨摩亚、塞舌尔、特立尼达和多巴哥、美属维尔京群岛和瓦努阿图。因此，如果阁下透过在NCST注册的实体（包括公司、信托、基金会或类似安排）持有法国证券或房地产，或阁下为NCST居民，该规定则会对阁下构成重大影响。上述资料并不构成或包括法律或税务方面的建议或意见。我们不提供法律或税务顾问服务。如果阁下有任何法律及/或税务方面的疑问，应咨询阁下的法律及税务顾问以获取更多资讯及更全面的解释和意见。
与ETF相关风险
ETF的主要目的是追踪相关指数或一组资产（比如商品而非指数）的表现（视情况而定）。
ETF各单位表现无法预测，并取决于金融、政治、经济和其他事件以及ETF的盈利、市场地位、风险状况、股东架构和派息政策。
当交易与ETF的表现相连时，阁下须注意，基准投资组合的任何成份证券或相关ETF的任何相关基准指数的价值下跌，该等ETF的权益价值一般将跟随下跌。投资于ETF相关交易的风险，与投资于交易所上市并组成该ETF的基准投资组合或相关指数的股本证券相近，例如因经济和政治发展、利率和汇率变动、市场流动性以及其他因素所引起的市场波动。
ETF各单位的资产净值将反映ETF投资组合的市值，但证券交易所的ETF所有单位的交易价格可能低于或高于每个单位的资产净值。尽管ETF的投资策略往往旨在复制与ETF相连的基准指数或者相关资产组合的走势，但基于多项因素（或结合有关因素）所引起的若干追踪误差，ETF可能与其追踪的基准指数或投资组合表现分歧。上述因素可能包括但不限于：追踪策略失败、从该ETF回报扣除的费用和开支，以及该ETF与其追踪的基准指数或投资组合的成份证券具有货币差异。尤其，当该ETF追踪的基准指数或市场的进出受到限制，例如新兴市场指数，由于成份证券欠缺流动性，为维持ETF价格与其资产净值一致而进行的单位增设或单位/权益赎回效率可能会受阻，导致该ETF 以较资产净值存在溢价或折让的价格进行交易。本金偿还或ETF之投资目标达成与否概无保证。
尽管ETF于证券交易所交易，但投资者须注意，ETF各单位或无流动的交易市场。ETF各单位是否有不断发展的活跃交易市场概无保证，亦无特定的基础来预测各单位可能以何种实际价格水平或规模来进行交易。
其他风险
本文件未能披露本产品的所有可能风险。在投资前，阁下须充分了解本产品及投资的风险。阁下不应仅依据本文件即对本产品进行投资。阁下应参阅相关基本发行章程和/或条款清单和/或发行文件，以知详情，特别是风险披露声明。相关基本发行章程和/或条款清单和/或发行文件可根据要求予以提供。本产品并不等同于定期存款，且不应被视为定期存款之替代产品。本产品并不属于受保障存款、及不受香港存款保障计划及新加坡Deposit Insurance Scheme 保障或保险。
Please note that Chinese versions are for reference only and the English version shall prevail.
請注意，中文版本僅供參考，概亦英文為準。