纸黄金计划

紙黃金計劃

Paper Gold Scheme

《证券及期货(集体投资计划)公告》订明任何有关購买黃金而具有某些指明特点的安排为「纸黄金计划」。该等计划被视为集体投资计划並受到证券及期货条例(「证券及期货条例」)(香港法例第571章)第IV部规管。

何謂纸黄金计划?

纸黄金计划是本行提供予市场上有興趣透过预设合约条款來进行买入及卖出纸黄金的投资者的一项投资工具,而当中並不涉及黃金实货交收。

本计划有哪种计值货币可供选择?

您可就纸黄金计划选择的计值货币为港元及人民币。您可选择以港元或人民币或同时以上述两种货币买入或卖出本计划的单位。

客户是否须开立本计划下的任何账户?

您投资纸黄金计划將透过纸黄金计划下的非计息账户进行。因此,您须开立纸黄金计划下的非计息账户,以买入或卖出纸黄金计划的单位。

纸黄金计划下提供两类分別以港元及人民币计值的非计息账户供您选择。您可选择开立其中一个账户或同时开立两个账户。账户名稱分別为:

  • 纸黄金计划— 为以港元计值的账户,指定用作以港元进行的交易
  • 人民币纸黄金计划 — 为以人民币计值的账户,指定用作以人民币进行的交易

此外,您须开立一个港元账户或人民币账户(视乎您开立的非计息账户的计值货币而定)作为结算账户,以從中扣除及存入依据您买入或卖出纸黄金计划的单位数目计算的相关款额。

会否有黃金实货交收?

纸黄金计划並不涉及黃金实货交收。您並无任何实金的任何权利、拥有权及管有权。在纸黄金计划下的账户內的单位为名义上的分配。纸黄金计划的单位价格乃參照參考资产的价格计算(並因应本行的利润 比率而厘定)。

是否有任何担保或抵押品?

您所投资的资金不获任何担保。本计划並无以本行任何资产或任何抵押品作担保。

本计划受哪些法律规管?

本计划受中华人民共和国(「中国」)香港特別行政区(「香港特区」)的法例规管。

本计划有哪些主要特点?

产品类別:纸黄金
户口类別:非计息户口
货币单位:以港元或人民币计值。
账户名稱:两类非计息账户为:
1.纸黄金计划— 为以港元计值的账户,指定用作以港元进行的交易
2.人民币纸黄金计划 — 为以人民币计值的账户,指定用作以人民币进行的交易
您可视乎您就投资纸黄金计划所選取的货币,选择开立其中一个账户或同时开立两个账户。
报价单位:本计划的一个单位
报价单位机制:以港元投资本计划的一个单位相等于以本行所报的外幣現货电汇汇率由美元换算为港元后的每盎司本地伦敦金价格。以人民币投资本计划的一个单位相等于以本行所报离岸人民币兑美元現货电汇汇率由美元换算为人民币后的每盎司本地伦敦金价格。
參考资产:本地伦敦金(是伦敦金银市场的黃金国際交易及结算基準。其为不受地域限制的環球场外黃金交易市场,由交易商以每盎司美元报价。黃金之成色不少于99.5%。)
户口运作机制:您投资本计划將会透过本计划下的非计息户口进行。所买入或卖出的本计划之单位將于该非计息户口中存入或扣除。
定价机制:若您有意向本行买入本计划的一个单位,則本计划的每单位价格(不论以港元或人民币投资)是指买入价。相反,若您有意向本行卖出本计划的一个单位,則本计划的每单位价格(不论以港元或人民币投资)是指卖出价。本行的利润 比率不会超过不时所报的本计划的每单位买入价及卖出价的1%。
最低交易数量:最低交易数量是一个单位(或其倍数遞增)
费用及收费:本行于进行交易时不会收取手续费用或收费。本行的利润 比率不会超过不时所报的本计划的每单位买入价及卖出价的1%。本行可能于最少30个曆日前发出書面通知更改或施加额外费用及收费。
交易方式:透过本行的分行及网上银行。发出本计划的买卖指令前,您可透过本行的分行柜位及网上银行获取本计划的现行价格资料。
交易时间:分行:
星期一至四,上午九时至下午五时;
星期五,上午九时至下午五时半
网上银行:
星期一上午八时至星期六上午三时三十分

 

情況分析

  • 以港元投资本计划的假设范例

以下假设范例僅作说明之用,並适用于以港元投资本计划的情況。此等范例並不代表所有可能潜在收益或亏损情境的完整分析,且不得被视为是本计划參考资产的实际表現的指标。您作出投资決定时不应依赖此等范例。

情境1 – 參考资产价格上升(收益情況)

假设您按每单位12,000港元的价格买入本计划的10个单位。其后,參考资产价格上升。您按每单位13,000港元的价格卖出所有单位。买入单位及卖出单位会分別以存入及支取方式反映于您的账户中。

已实现利润

=每单位(13,000港元 – 12,000港元) x 10个单位
=10,000港元

情境2 – 參考资产价格下跌(亏损情況)

假设您按每单位13,000港元的价格买入本计划的10个单位。其后,參考资产价格下跌。您按每单位12,000港元的价格卖出所有单位。买入单位及卖出单位会分別以存入及支取方式反映于您的账户中。

已实现亏损

=每单位(12,000港元 – 13,000港元) x 10个单位
=损失 10,000港元

情況3 – 參考资产价格为零(最坏情境)

假设您按每单位13,000港元的价格买入本计划的10个单位。其后,參考资产价格下跌至每单位为零。在该情況下,损失 全数投资金额。

情況4 – 本行无力偿债或未能履行其责任(无力偿债或未能履行其责任情況)

假设本行无力偿债或未能履行其于本计划下的责任,您僅可以本行的无抵押債权人身份提出索偿。在最坏情況下,您可能损失 全数投资金额。

 

  • 以人民币投资本计划的假设范例

以下假设范例僅作说明之用,並适用于以人民币投资本计划的情況。此等范例並不代表所有可能潜在收益或亏损情境的完整分析,且不得被视为是本计划參考资产的实际表現的指标。您作出投资決定时不应依赖此等范例。

 

情境1 – 參考资产价格上升(收益情況)

假设您按每单位离岸人民币12,000元的价格买入本计划的10个单位。其后,參考资产价格上升。您按每单位离岸人民币13,000元的价格卖出所有单位。买入单位及卖出单位会分別以存入及支取方式反映于您的账户中。

已实现利润

=每单位(离岸人民币13,000元 – 离岸人民币12,000元) x 10个单位
=离岸人民币 10,000元

 

情境2 – 參考资产价格下跌(亏损情況)

假设您按每单位离岸人民币13,000元的价格买入本计划的10个单位。其后,參考资产价格下跌。您按每单位离岸人民币12,000元的价格卖出所有单位。买入单位及卖出单位会分別以存入及支取方式反映于您的账户中。

已实现亏损

=每单位(离岸人民币12,000元 – 离岸人民币13,000元) x 10个单位
=损失 离岸人民币10,000元

 

情境3 – 參考资产价格为零(最坏情況)

假设您按每单位离岸人民币13,000元的价格买入本计划的10个单位。其后,參考资产价格下跌至每单位为零。在该情況下,您损失 全数投资金额。

情境4 – 本行无力偿债或未能履行其责任(无力偿债或未能履行其责任情況)

假设本行无力偿债或未能履行其于本计划下的责任,您僅可以本行的无抵押債权人身份提出索偿。在最坏情況下,您可能损失 全数投资金额。

情境5 –人民币兑美元升值(有关情境说明汇率对投资价值的影响)

以人民币投资本计划的单位价格以人民币计值,但以人民币投资本计划的參考资产則以美元计值。以人民币投资本计划的一个单位相等于以本行所报离岸人民币兑美元現货电汇汇率由美元换算为人民币后的每盎司參考资产价格。以人民币投资本计划的价值將会受(i)參考资产的价格波动及(ii)离岸人民币兑美元汇率波动的影响(即可升亦可跌)。以下假设范例將会说明有关情況:

T日:

參考资产的价格(每盎司)=1,700美元
美元兑离岸人民币汇率=1美元:离岸人民币6.30元
以人民币投资本计划的单位价格=1,700美元 x离岸人民币6.30元
=每单位离岸人民币10,710 元

  于T日以人民币投资本计划的一个单位的价值为离岸人民币10,710元

 T+1日:

个案1 –人民币兑美元升值5%,而參考资产的价格维持不变

參考资产的价格(每盎司)=1,700美元
美元兑离岸人民币汇率=1美元:离岸人民币6.00元
以人民币投资本计划的单位价格=1,700美元 x 离岸人民币6.00元
=每单位离岸人民币10,200元

于T+1日以人民币投资本计划的一个单位的价值为离岸人民币10,200元

按此情境,因人民币波动产生的投资亏损將为如下:
于T+1日的价值–于T日的价值?
=每单位(离岸人民币10,200元–离岸人民币10,710元)x 1个单位
=损失 离岸人民币510元(即较T日少离岸人民币510元)

 

个案2 –人民币兑美元升值5%,而參考资产的价格增加2%

參考资产的价格(每盎司)=1,734美元
美元兑离岸人民币汇率=1美元:离岸人民币6.00元
以人民币投资本计划的单位价格=1,734美元 x 离岸人民币6.00元
=每单位离岸人民币10,404元

于T+1日以人民币投资本计划的一个单位的价值为离岸人民币10,404元

按此情境,因人民币波动产生的投资亏损將为如下:
于T+1日的价值–于T日的价值?
=每单位(离岸人民币10,404元–离岸人民币10,710元)x 1个单位
=损失 离岸人民币306元(即较T日少离岸人民币306元)

个案3 –人民币兑美元升值5%,而參考资产的价格增加6%

參考资产的价格(每盎司)=1,802美元
美元兑离岸人民币汇率=1美元:离岸人民币6.00元
以人民币投资本计划的单位价格=1,802美元 x 离岸人民币6.00元
=每单位离岸人民币10,812元

于T+1日以人民币投资本计划的一个单位的价值为离岸人民币10,812元

按此情境,因人民币波动产生的投资收益將为如下:
于T+1日的价值–于T日的价值?
=每单位(离岸人民币10,812元–离岸人民币10,710元)x 1个单位
=离岸人民币102元(即较T日多离岸人民币102元)

 

本计划有哪些主要风险?

汇率风险阁下以人民币投资本计划须承受汇率风险。以人民币计值的本计划的单位价格乃參照黃金/參考资产的价格计算(並因应本行的利润 比率而厘定)。由于參考资产以美元计值,即使黃金/參考资产的价格上升,若人民币兑美元升值升幅(以百分比计)超过黃金/參考资产价格的增幅,則阁下仍可能产生亏损。人民币汇率乃以离岸人民币兑美元現货电汇汇率为基準。在兑换美元为人民币(反之亦然)的货币兑换过程中,人民币兑美元的价值会出現波动。
非保本阁下于本计划下的投资为非保本的。在最坏情況下,阁下可能损失 全数投资金额。
非定期存款阁下于本计划下的投资並不是定期存款。
並非一个计息账户用作投资本计划的账户並不是一个计息账户,亦不提供任何收益或利息。
非受保障存款阁下于本计划下的投资並非受保障存款,並且不受香港之存款保障计划保障。
无黃金实货交收本计划並不涉及黃金实货交收。阁下並无任何实金的任何权利、拥有权及管有权。在本计划下的账户內的单位为名义上的分配。本计划的单位价格乃參照參考资产的价格计算(並因应本行的利润 比率而厘定)。
无抵押品本计划並无以本行任何资产或任何抵押品作担保。
有別于投资黃金投资本计划有別于投资黃金。黃金的价格变动未必反映于本计划的价格变动。
价格波动本计划的每单位买入价及卖出价,乃參照參考资产的价格计算 (並因应本行的利润 比率而厘定)。阁下应明瞭,參考资产的供求会引致參考资产的价格变动,從而令本计划的买入及卖出单位价格波动且可升亦可跌。
市场风险受宏观经济因素(包括但不限于利率、通胀、经济增長及地缘政治局势紧张等)转变的影响,參考资产的价格可升亦可跌。本计划的每单位买入价及卖出价,乃參照參考资产的价格计算(並因应本行的利润 比率而厘定)。因此,阁下投资本计划须承受市场风险。
本行的信贷风险阁下投资本计划须承受本行的信贷风险。本行財務狀況的重大不利变动可能损害或影响本行履行其于本计划下的责任。
本行的无力偿债风险概无保证阁下可就本行未能履行其付款義務获得保障。倘阁下投资本计划,阁下所依赖的是本行而非其他人士的信譽。倘本行无力偿债或未能履行其于本计划下的责任,阁下僅可以本行的无抵押債权人身份提出索偿。在最坏情況下,阁下可能损失 全数投资金额。
提早终止风险本行可按真诚及商业上合理的方式于最少30个历日前向阁下发出通知以终止本计划。在该情況下,如阁下未能于终止日前售回阁下的本计划的单位予本行,本行就该项终止而应付阁下的款项,將为本行于终止日就阁下的本计划的单位所报的现行价格,有关款额可能大幅少于阁下于本计划的投资金额。
抵销权及留置权本行有权將阁下在本行开设的本计划下的账户內的任何进账结余合并或汇集,以抵销阁下欠下本行的任何负债。按本行的「综合条款及条件 ─ 投资产品」(可不时修订)所载之有关约束本计划下的账户之条款及条件,除本行可享有的任何留置权外,本行可于任何时间及毋须預先通知下,將阁下在本计划下的账户內任何进賬价值用以解除阁下欠下本行的任何債務。「综合条款及条件 ─ 投资产品」副本可于本行的香港各分行索取。
利益冲突本行及本行各附属公司和聯属公司就本计划所担当的不同角色可能产生潜在及实际利益冲突。尽管本行于各个角色的经济利益可能对阁下在本计划下的权益不利,本行已就其不同业務范疇设置必要的監管信息屏障,亦已制定政策及程序以減低及管理上述利益冲突,以遵守适用法律及法规,並确保本行的交易或买卖按公平原则进行。
人民币货币风险人民币目前并非可自由兑换货币,并受外汇管制政策及限制所规限。阁下在以人民币购买本计划的单位前,须确保阁下以人民币计值的指定结算账户内拥有足够的人民币。倘阁下的人民币结算账户内的人民币金额不足,阁下或须将非人民币货币兑换为人民币。概无保证人民币将不会贬值,若投资者将另一种货币兑换为人民币从而以人民币投资本计划的单位,且随后将人民币赎回所得款项兑换回该货币,投资者或会蒙受损失 。人民币是中国唯一的法定货币。虽然在岸人民币与离岸人民币为相同货币,但其于不同及分开的市场上买卖。由于两个市场独立运作,而彼此间的流动受到严紧限制,因此,在岸人民币及离岸人民币按不同汇率买卖,且未必会出现相同方向的变动。在计算以人民币投资本计划的单位价格时,将应用离岸人民币汇率。另请注意,离岸人民币汇率可能会较中国在岸人民币市场的汇率出现溢价或折让,且可能会存在重大买卖差价。因此,计算得出的阁下的单位/投资价值将出现波动。
 

重要声明

以上风险披露声明不能披露所有涉及的风险。投资前应先阅读有关产品发售文件、财务报表及相关的风险声明,并应就本身的财务状况及需要、投资目标及经验,详细考虑并决定该投资是否切合本身特定的投资需要及承受风险的能力。您应于进行交易或投资前寻求独立的财务及专业意见,方可作出有关投资决定。此宣传文件所载资料并非亦不应被视为投资建议,亦不构成招揽任何人投资于本文所述之任何产品。此宣传文件由中国工商银行(亚洲)有限公司(「本行」)刊发,内容未经证券及期货事务监察委员会审阅。

 

《證券及期貨(集體投資計劃)公告》訂明任何有關購買黃金而具有某些指明特點的安排為「紙黃金計劃」。該等計劃被視為集體投資計劃並受到證券及期貨條例(「證券及期貨條例」)(香港法例第571章)第IV部規管。

何謂紙黃金計劃?

紙黃金計劃是本行提供予市場上有興趣透過預設合約條款來進行買入及賣出紙黃金的投資者的一項投資工具,而當中並不涉及黃金實貨交收。

本計劃有哪種計值貨幣可供選擇?

您可就紙黃金計劃選擇的計值貨幣為港元及人民幣。您可選擇以港元或人民幣或同時以上述兩種貨幣買入或賣出本計劃的單位。

客戶是否須開立本計劃下的任何賬戶?

您投資紙黃金計劃將透過紙黃金計劃下的非計息賬戶進行。因此,您須開立紙黃金計劃下的非計息賬戶,以買入或賣出紙黃金計劃的單位。

紙黃金計劃下提供兩類分別以港元及人民幣計值的非計息賬戶供您選擇。您可選擇開立其中一個賬戶或同時開立兩個賬戶。賬戶名稱分別為:

  • 紙黃金計劃— 為以港元計值的賬戶,指定用作以港元進行的交易
  • 人民幣紙黃金計劃 — 為以人民幣計值的賬戶,指定用作以人民幣進行的交易

此外,您須開立一個港元賬戶或人民幣賬戶(視乎您開立的非計息賬戶的計值貨幣而定)作為結算賬戶,以從中扣除及存入依據您買入或賣出紙黃金計劃的單位數目計算的相關款額。

會否有黃金實貨交收?

紙黃金計劃並不涉及黃金實貨交收。您並無任何實金的任何權利、擁有權及管有權。在紙黃金計劃下的賬戶內的單位為名義上的分配。紙黃金計劃的單位價格乃參照參考資產的價格計算(並因應本行的利潤 比率而釐定)。

是否有任何擔保或抵押品?

您所投資的資金不獲任何擔保。本計劃並無以本行任何資產或任何抵押品作擔保。

本計劃受哪些法律規管?

本計劃受中華人民共和國(「中國」)香港特別行政區(「香港特區」)的法例規管。

本計劃有哪些主要特點?

產品類別:紙黃金
戶口類別:非計息戶口
貨幣單位:以港元或人民幣計值。
賬戶名稱:兩類非計息賬戶為:
1.紙黃金計劃— 為以港元計值的賬戶,指定用作以港元進行的交易
2.人民幣紙黃金計劃 — 為以人民幣計值的賬戶,指定用作以人民幣進行的交易
您可視乎您就投資紙黃金計劃所選取的貨幣,選擇開立其中一個賬戶或同時開立兩個賬戶。
報價單位:本計劃的一個單位
報價單位機制:以港元投資本計劃的一個單位相等於以本行所報的外幣現貨電匯匯率由美元換算為港元後的每盎司本地倫敦金價格。以人民幣投資本計劃的一個單位相等於以本行所報離岸人民幣兌美元現貨電匯匯率由美元換算為人民幣後的每盎司本地倫敦金價格。
參考資產:本地倫敦金(是倫敦金銀市場的黃金國際交易及結算基準。其為不受地域限制的環球場外黃金交易市場,由交易商以每盎司美元報價。黃金之成色不少於99.5%。)
戶口運作機制:您投資本計劃將會透過本計劃下的非計息戶口進行。所買入或賣出的本計劃之單位將於該非計息戶口中存入或扣除。
定價機制:若您有意向本行買入本計劃的一個單位,則本計劃的每單位價格(不論以港元或人民幣投資)是指買入價。相反,若您有意向本行賣出本計劃的一個單位,則本計劃的每單位價格(不論以港元或人民幣投資)是指賣出價。本行的利潤 比率不會超過不時所報的本計劃的每單位買入價及賣出價的1%。
最低交易數量:最低交易數量是一個單位(或其倍數遞增)
費用及收費:本行於進行交易時不會收取手續費用或收費。本行的利潤 比率不會超過不時所報的本計劃的每單位買入價及賣出價的1%。本行可能於最少30個曆日前發出書面通知更改或施加額外費用及收費。
交易方式:透過本行的分行及網上銀行。發出本計劃的買賣指令前,您可透過本行的分行櫃位及網上銀行獲取本計劃的現行價格資料。
交易時間:分行:
星期一至四,上午九時至下午五時;
星期五,上午九時至下午五時半
網上銀行:
星期一上午八時至星期六上午三時三十分

 

情況分析

  • 以港元投資本計劃的假設範例

以下假設範例僅作說明之用,並適用於以港元投資本計劃的情況。此等範例並不代表所有可能潛在收益或虧損 情境的完整分析,且不得被視為是本計劃參考資產的實際表現的指標。您作出投資決定時不應依賴此等範例。

情境1 – 參考資產價格上升(收益情況)

假設您按每單位12,000港元的價格買入本計劃的10個單位。其後,參考資產價格上升。您按每單位13,000港元的價格賣出所有單位。買入單位及賣出單位會分別以存入及支取方式反映於您的賬戶中。

已實現利潤

=每單位(13,000港元 – 12,000港元) x 10個單位
=10,000港元

情境2 – 參考資產價格下跌(虧損 情況)

假設您按每單位13,000港元的價格買入本計劃的10個單位。其後,參考資產價格下跌。您按每單位12,000港元的價格賣出所有單位。買入單位及賣出單位會分別以存入及支取方式反映於您的賬戶中。

已實現虧損

=每單位(12,000港元 – 13,000港元) x 10個單位
=損失 10,000港元

情況3 – 參考資產價格為零(最壞情境)

假設您按每單位13,000港元的價格買入本計劃的10個單位。其後,參考資產價格下跌至每單位為零。在該情況下,損失 全數投資金額。

情況4 – 本行無力償債或未能履行其責任(無力償債或未能履行其責任情況)

假設本行無力償債或未能履行其於本計劃下的責任,您僅可以本行的無抵押債權人身份提出索償。在最壞情況下,您可能損失 全數投資金額。

 

  • 以人民幣投資本計劃的假設範例

以下假設範例僅作說明之用,並適用於以人民幣投資本計劃的情況。此等範例並不代表所有可能潛在收益或虧損 情境的完整分析,且不得被視為是本計劃參考資產的實際表現的指標。您作出投資決定時不應依賴此等範例。

 

情境1 – 參考資產價格上升(收益情況)

假設您按每單位離岸人民幣12,000元的價格買入本計劃的10個單位。其後,參考資產價格上升。您按每單位離岸人民幣13,000元的價格賣出所有單位。買入單位及賣出單位會分別以存入及支取方式反映於您的賬戶中。

已實現利潤

=每單位(離岸人民幣13,000元 – 離岸人民幣12,000元) x 10個單位
=離岸人民幣 10,000元

 

情境2 – 參考資產價格下跌(虧損 情況)

假設您按每單位離岸人民幣13,000元的價格買入本計劃的10個單位。其後,參考資產價格下跌。您按每單位離岸人民幣12,000元的價格賣出所有單位。買入單位及賣出單位會分別以存入及支取方式反映於您的賬戶中。

已實現虧損

=每單位(離岸人民幣12,000元 – 離岸人民幣13,000元) x 10個單位
=損失 離岸人民幣10,000元

 

情境3 – 參考資產價格為零(最壞情況)

假設您按每單位離岸人民幣13,000元的價格買入本計劃的10個單位。其後,參考資產價格下跌至每單位為零。在該情況下,您損失 全數投資金額。

情境4 – 本行無力償債或未能履行其責任(無力償債或未能履行其責任情況)

假設本行無力償債或未能履行其於本計劃下的責任,您僅可以本行的無抵押債權人身份提出索償。在最壞情況下,您可能損失 全數投資金額。

情境5 –人民幣兌美元升值(有關情境說明匯率對投資價值的影響)

以人民幣投資本計劃的單位價格以人民幣計值,但以人民幣投資本計劃的參考資產則以美元計值。以人民幣投資本計劃的一個單位相等於以本行所報離岸人民幣兌美元現貨電匯匯率由美元換算為人民幣後的每盎司參考資產價格。以人民幣投資本計劃的價值將會受(i)參考資產的價格波動及(ii)離岸人民幣兌美元匯率波動的影響(即可升亦可跌)。以下假設範例將會說明有關情況:

T日:

參考資產的價格(每盎司)=1,700美元
美元兌離岸人民幣匯率=1美元:離岸人民幣6.30元
以人民幣投資本計劃的單位價格=1,700美元 x離岸人民幣6.30元
=每單位離岸人民幣10,710 元

  於T日以人民幣投資本計劃的一個單位的價值為離岸人民幣10,710元

 T+1日:

個案1 –人民幣兌美元升值5%,而參考資產的價格維持不變

參考資產的價格(每盎司)=1,700美元
美元兌離岸人民幣匯率=1美元:離岸人民幣6.00元
以人民幣投資本計劃的單位價格=1,700美元 x 離岸人民幣6.00元
=每單位離岸人民幣10,200元

於T+1日以人民幣投資本計劃的一個單位的價值為離岸人民幣10,200元

按此情境,因人民幣波動產生的投資虧損 將為如下:
於T+1日的價值–於T日的價值?
=每單位(離岸人民幣10,200元–離岸人民幣10,710元)x 1個單位
=損失 離岸人民幣510元(即較T日少離岸人民幣510元)

 

個案2 –人民幣兌美元升值5%,而參考資產的價格增加2%

參考資產的價格(每盎司)=1,734美元
美元兌離岸人民幣匯率=1美元:離岸人民幣6.00元
以人民幣投資本計劃的單位價格=1,734美元 x 離岸人民幣6.00元
=每單位離岸人民幣10,404元

於T+1日以人民幣投資本計劃的一個單位的價值為離岸人民幣10,404元

按此情境,因人民幣波動產生的投資虧損 將為如下:
於T+1日的價值–於T日的價值?
=每單位(離岸人民幣10,404元–離岸人民幣10,710元)x 1個單位
=損失 離岸人民幣306元(即較T日少離岸人民幣306元)

個案3 –人民幣兌美元升值5%,而參考資產的價格增加6%

參考資產的價格(每盎司)=1,802美元
美元兌離岸人民幣匯率=1美元:離岸人民幣6.00元
以人民幣投資本計劃的單位價格=1,802美元 x 離岸人民幣6.00元
=每單位離岸人民幣10,812元

於T+1日以人民幣投資本計劃的一個單位的價值為離岸人民幣10,812元

按此情境,因人民幣波動產生的投資收益將為如下:
於T+1日的價值–於T日的價值?
=每單位(離岸人民幣10,812元–離岸人民幣10,710元)x 1個單位
=離岸人民幣102元(即較T日多離岸人民幣102元)

 

本計劃有哪些主要風險?

匯率風險閣下以人民幣投資本計劃須承受匯率風險。以人民幣計值的本計劃的單位價格乃參照黃金/參考資產的價格計算(並因應本行的利潤 比率而釐定)。由於參考資產以美元計值,即使黃金/參考資產的價格上升,若人民幣兌美元升值升幅(以百分比計)超過黃金/參考資產價格的增幅,則閣下仍可能產生虧損 。人民幣匯率乃以離岸人民幣兌美元現貨電匯匯率為基準。在兌換美元為人民幣(反之亦然)的貨幣兌換過程中,人民幣兌美元的價值會出現波動。
非保本閣下於本計劃下的投資為非保本的。在最壞情況下,閣下可能損失 全數投資金額。
非定期存款閣下於本計劃下的投資並不是定期存款。
並非一個計息賬戶用作投資本計劃的賬戶並不是一個計息賬戶,亦不提供任何收益或利息。
非受保障存款閣下於本計劃下的投資並非受保障存款,並且不受香港之存款保障計劃保障。
無黃金實貨交收本計劃並不涉及黃金實貨交收。閣下並無任何實金的任何權利、擁有權及管有權。在本計劃下的賬戶內的單位為名義上的分配。本計劃的單位價格乃參照參考資產的價格計算(並因應本行的利潤 比率而釐定)。
無抵押品本計劃並無以本行任何資產或任何抵押品作擔保。
有別於投資黃金投資本計劃有別於投資黃金。黃金的價格變動未必反映於本計劃的價格變動。
價格波動本計劃的每單位買入價及賣出價,乃參照參考資產的價格計算 (並因應本行的利潤 比率而釐定)。閣下應明瞭,參考資產的供求會引致參考資產的價格變動,從而令本計劃的買入及賣出單位價格波動且可升亦可跌。
市場風險受宏觀經濟因素(包括但不限於利率、通脹、經濟增長及地緣政治局勢緊張等)轉變的影響,參考資產的價格可升亦可跌。本計劃的每單位買入價及賣出價,乃參照參考資產的價格計算(並因應本行的利潤 比率而釐定)。因此,閣下投資本計劃須承受市場風險。
本行的信貸風險閣下投資本計劃須承受本行的信貸風險。本行財務狀況的重大不利變動可能損害或影響本行履行其於本計劃下的責任。
本行的無力償債風險概無保證閣下可就本行未能履行其付款義務獲得保障。倘閣下投資本計劃,閣下所依賴的是本行而非其他人士的信譽。倘本行無力償債或未能履行其於本計劃下的責任,閣下僅可以本行的無抵押債權人身份提出索償。在最壞情況下,閣下可能損失 全數投資金額。
提早終止風險本行可按真誠及商業上合理的方式於最少30個曆日前向閣下發出通知以終止本計劃。在該情況下,如閣下未能於終止日前售回閣下的本計劃的單位予本行,本行就該項終止而應付閣下的款項,將為本行於終止日就閣下的本計劃的單位所報的現行價格,有關款額可能大幅少於閣下於本計劃的投資金額。
抵銷權及留置權本行有權將閣下在本行開設的本計劃下的賬戶內的任何進賬結餘合併或彙集,以抵銷閣下欠下本行的任何負債。按本行的「綜合條款及條件 ─ 投資產品」(可不時修訂)所載之有關約束本計劃下的賬戶之條款及條件,除本行可享有的任何留置權外,本行可於任何時間及毋須預先通知下,將閣下在本計劃下的賬戶內任何進賬價值用以解除閣下欠下本行的任何債務。「綜合條款及條件 ─ 投資產品」副本可於本行的香港各分行索取。
利益衝突本行及本行各附屬公司和聯屬公司就本計劃所擔當的不同角色可能產生潛在及實際利益衝突。儘管本行於各個角色的經濟利益可能對閣下在本計劃下的權益不利,本行已就其不同業務範疇設置必要的監管信息屏障,亦已制定政策及程序以減低及管理上述利益衝突,以遵守適用法律及法規,並確保本行的交易或買賣按公平原則進行。
人民幣貨幣風險人民幣目前並非可自由兌換貨幣,並受外匯管制政策及限制所規限。閣下在以人民幣購買本計劃的單位前,須確保閣下以人民幣計值的指定結算賬戶內擁有足夠的人民幣。倘閣下的人民幣結算賬戶內的人民幣金額不足,閣下或須將非人民幣貨幣兌換為人民幣。概無保證人民幣將不會貶值,若投資者將另一種貨幣兌換為人民幣從而以人民幣投資本計劃的單位,且隨後將人民幣贖回所得款項兌換回該貨幣,投資者或會蒙受損失 。人民幣是中國唯一的法定貨幣。雖然在岸人民幣與離岸人民幣為相同貨幣,但其於不同及分開的市場上買賣。由於兩個市場獨立運作,而彼此間的流動受到嚴緊限制,因此,在岸人民幣及離岸人民幣按不同匯率買賣,且未必會出現相同方向的變動。在計算以人民幣投資本計劃的單位價格時,將應用離岸人民幣匯率。另請注意,離岸人民幣匯率可能會較中國在岸人民幣市場的匯率出現溢價或折讓,且可能會存在重大買賣差價。因此,計算得出的閣下的單位/投資價值將出現波動。
 

重要聲明

以上風險披露聲明不能披露所有涉及的風險。投資前應先閱讀有關產品發售文件、財務報表及相關的風險聲明,並應就本身的財務狀況及需要、投資目標及經驗,詳細考慮並決定該投資是否切合本身特定的投資需要及承受風險的能力。您應於進行交易或投資前尋求獨立的財務及專業意見,方可作出有關投資決定。此宣傳文件所載資料並非亦不應被視為投資建議,亦不構成招攬任何人投資於本文所述之任何產品。此宣傳文件由中國工商銀行(亞洲)有限公司(「本行」)刊發,內容未經證券及期貨事務監察委員會審閱。

 

Securities and Futures (Collective Investment Schemes) Notice prescribes the arrangements for the purchase of gold with certain specified characteristics as “paper gold schemes”. Such schemes are to be regarded as collective investment schemes and are subject to the regime under Part IV of the Securities and Futures Ordinance (“SFO”) (Cap. 571, Laws of Hong Kong).

What is this Paper Gold Scheme?

This Paper Gold Scheme is an investment instrument made available by the Bank to the market for investors who are interested in buying and selling paper gold by a pre-set contractual term without involving in any physical delivery of gold.

What are the choices of the currency denomination of the Scheme?

Currency denomination of the Scheme at your choice can be Hong Kong Dollar (“HKD”) and Renminbi (“RMB”). You can choose to buy or sell units of the Scheme either in HKD or RMB or in both currencies.

Do I need to open any account under the Scheme?

Your investments in the Scheme will be conducted through a non-interest bearing account under the Scheme. Therefore, you need to open a non-interest bearing account under the Scheme for the purchase or the sale of units of the Scheme.

Two types of such non-interest bearing accounts under the Scheme denominated in HKD and RMB respectively at your choice. You can choose to open either one account or both accounts. The respective account names are:

  • Paper Gold Scheme This is a HKD-denominated account designated for transactions in HKD
  • Renminbi Paper Gold Scheme This is an RMB-denominated account designated for transactions in RMB

Besides, you need to open a HKD account or RMB account (depending on the currency denomination of the non-interest bearing account you open with), as the settlement account for the debit and credit of the relevant amount based on the number of units you bought or sold of the Scheme.

Is there any physical delivery of gold?

The Scheme does not involve physical delivery of gold. You do not have any rights, ownership and possession of any physical gold. The allocation of units in the account under the Scheme is notional. The unit prices of the Scheme are calculated with reference to the prices of the reference asset (and are subject to the Bank’s profit margins).

Is there any guarantee or collateral?

There is NO guarantee on the capital invested by you. The Scheme is NOT secured on any assets or any collateral of the Bank.

What is the governing law of the Scheme?

The Scheme is governed by the laws of Hong Kong Special Administrative Region (“HKSAR”) of the People’s Republic of China (“PRC”).

What are the key features of this Paper Gold Scheme?

Product Type:Paper Gold
Account Type:A non-interest bearing account
Currency Denomination:a HKD or RMB-denominated
Account Name:There are two types of these non-interest bearing accounts, namely:
  • Paper Gold Scheme - This is a HKD-denominated account designated for transactions in HKD
  • Renminbi Paper Gold Scheme - This is an RMB-denominated account designated for transactions in RMB
You can choose to open either one or both accounts, depending on your preference to the currency choice for investing in the Scheme.
Quotation Unit:One unit of the Scheme
Quotation Unit Mechanism:One unit of the Scheme in HKD is equal to Loco London Gold price per ounce after converting USD into HKD using spot telegraphic transfer foreign currency exchange rate quoted by the Bank. One unit of the Scheme in RMB is equal to Loco London Gold price per ounce after converting USD into RMB using spot telegraphic transfer CNH rate against USD quoted by the Bank.
Reference Asset:Loco London Gold (It represents the basis for international trading and settlement in gold of London bullion market. It is a global over-the-counter gold trading without geographical constraint, which is a quotation made by dealers based on USD per ounce. The fineness is not less than 99.5%.)
Account Mechanism:Your investments in the Scheme will be conducted through a non-interest bearing account under the Scheme. The purchase of units of the Scheme will be credited to, while the sale of units of the Scheme will be debited to, this non-interest bearing account denominated in the same currency as the currency denomination of units of the Scheme you bought or sold. RMB is currently not freely convertible. You should note that if you buy any unit of the Scheme in RMB, you can only sell such unit in RMB. Likewise, if you buy any Scheme unit in HKD, you can only sell such unit in HKD.
Pricing Mechanism:Price per unit of the Scheme (whether in HKD or RMB) is referred to as a buying price if you would like to buy one unit of the Scheme from the Bank. Conversely, price per unit of the Scheme (whether in HKD or RMB) is referred to as a selling price if you would like to sell one unit of the Scheme to the Bank. The Bank’s profit margins would not exceed 1% of buying and selling prices per unit of the Scheme from time to time.
Minimum Transaction Amount:Minimum transaction amount is one unit (with multiples thereof for each increment)
Fees and Charges:There are no handling fees or charges of the Bank at the time of transaction. The Bank’s profit margins would not exceed 1% of buying and selling prices per unit of the Scheme from time to time. The Bank may vary or impose further fees and charges by giving at least 30 calendar days’ prior written notice.
Trading Means:Through the Bank’s branches and internet banking. Before placing buy and sell orders of the Scheme, you can obtain information on the prevailing prices of the Scheme through the Bank’s branch counters and internet banking.
Trading Time:Branches:
Monday – Thursday, 9:00am to 5:00pm;
Friday, 9:00am to 5:30pm
Internet Banking:
Monday 8:00am to Saturday 3:30am

Scenario Analysis

  • Hypothetical Examples of the Scheme in HKD

The following hypothetical examples are for illustrative purposes only and apply to the Scheme in HKD. They do not reflect a complete analysis of all possible potential gain or loss scenarios and must not be relied on as an indication of the actual performance of the reference asset of the Scheme. You should not rely on these examples when making an investment decision.

Scenario 1 - Prices of reference asset rise (Gain scenario)

Assuming the investor bought 10 units of the Scheme at HKD 12,000 per unit. Later, prices of the reference asset rose. The investor sold all the units at HKD 13,000 per unit. The purchase of units was reflected as a credit while the sale of units was reflected as a debit respectively in investor’s account.

 

Realized profit
=
(HKD 13,000 - HKD 12,000) per unit x 10 units
=
HKD 10,000

Scenario 2 - Prices of reference asset fall (Loss scenario)

Assuming the investor bought 10 units of the Scheme at HKD 13,000 per unit. Later, prices of the reference asset fell. The investor sold all the units at HKD 12,000 per unit. The purchase of units was reflected as a credit while the sale of units was reflected as a debit respectively in investor’s account.

Realized loss
=
(HKD 12,000 - HKD 13,000) per unit x 10 units
=
Loss HKD 10,000



Scenario 3 - Prices of reference asset is zero (Worst case scenario)

Assuming the investor bought 10 units of the Scheme at HKD 13,000 per unit. Later, prices of the reference asset fell and became zero per unit. In this scenario, investor suffers a loss of entire investment amount.

Scenario 4 - The Bank becomes insolvent or defaults on its obligations (Insolvent or default scenario)

Assuming the Bank becomes insolvent or defaults on its obligations under the Scheme, investor can only claim as the Bank’s unsecured creditor. In the worst case scenario, investor may lose his/her entire investment.

 

  • Hypothetical Examples of the Scheme in RMB

The following hypothetical examples are for illustrative purposes only and apply to the Scheme in RMB. They do not reflect a complete analysis of all possible potential gain or loss scenarios and must not be relied on as an indication of the actual performance of the reference asset of the Scheme. You should not rely on these examples when making an investment decision.

Scenario 1 – Prices of the reference asset rise (Gain scenario)

Assuming the investor bought 10 units of the Scheme at CNH 12,000 per unit. Later, prices of the reference asset rose. The investor sold all the units at CNH 13,000 per unit. The purchase of units was reflected as a credit while the sale of units was reflected as a debit respectively in investor’s account.

 
Realized profit
=
 (CNH 13,000 –CNH 12,000) per unit x 10 units
=
CNH 10,000

Scenario 2 – Prices of the reference asset fall (Loss scenario)

Assuming the investor bought 10 units of the Scheme at CNH 13,000 per unit. Later, prices of the reference asset fell. The investor sold all the units at CNH 12,000 per unit. The purchase of units was reflected as a credit while the sale of units was reflected as a debit respectively in investor’s account.

Realized loss
=
(CNH 12,000 –CNH 13,000) per unit x 10 units
=
Loss CNH 10,000
 

Scenario 3 – Prices of the reference asset is zero (Worst case scenario)

Assuming the investor bought 10 units of the Scheme at CNH 13,000 per unit. Later, prices of the reference asset fell and became zero per unit. In this scenario, investor suffers a loss of entire investment amount.

Scenario 4 – The Bank becomes insolvent or defaults on its obligations (Insolvent or default scenario)

Assuming the Bank becomes insolvent or defaults on its obligations under the Scheme, investor can only claim as the Bank’s unsecured creditor. In the worst case scenario, investor may lose his/her entire investment.

Scenario 5 – RMB appreciates against USD (Scenarios to illustrate the exchange rate effect on the investment value)

Unit price of the Scheme in RMB is denominated in RMB but the reference asset of the Scheme in RMB is denominated in USD. One unit of the Scheme in RMB is equal to the price of the reference asset per ounce after converting USD into RMB using spot telegraphic transfer CNH rate against USD quoted by the Bank. The value of the investments in the Scheme in RMB will be affected by (i) the movements of the price of the reference asset and (ii) the movements of CNH rate against USD (i.e. may move up or down). This can be illustrated by following hypothetical examples:

Day T:

Price of the reference asset (per ounce)=USD1,700
USD/CNH exchange rate=USD1: CNH6.30
Unit price of the Scheme in RMB=USD1,700 x CNH6.30
=CNH10,710 per unit

The value of the investments of 1 unit in the Scheme in RMB on Day T is CNH10,710

 Day T+1:

Case 1 – RMB appreciates against USD by 5% while price of the reference asset remains unchanged

Price of the reference asset (per ounce)=USD1,700
USD/CNH exchange rate=USD1: CNH6.00
Unit price of the Scheme in RMB=USD1,700 x CNH6.00
=CNH10,200 per unit

The value of the investments of 1 unit in the Scheme in RMB on Day T+1 is CNH10,200

Under this scenario, an investment loss due to fluctuation of RMB will be as follow:

Value on Day T+1 – Value on Day T

=      (CNH10,200 – CNH10,710) per unit x 1 unit

=      Loss CNH510   (i.e. CNH510 LESS than Day T)

Case 2 – RMB appreciates against USD by 5% while price of the reference asset rises by 2%

Price of the reference asset (per ounce)=USD1,734
USD/CNH exchange rate=USD1: CNH6.00
Unit price of the Scheme in RMB=USD1,734 x CNH6.00
=CNH10,404 per unit

The value of the investments of 1 unit in the Scheme in RMB on Day T+1 is CNH10,404

Under this scenario, an investment loss due to fluctuation of RMB will be as follow:

Value on Day T+1 – Value on Day T

=      (CNH10,404 – CNH10,710) per unit x 1 unit

=      Loss CNH306   (i.e. CNH306 LESS than Day T)

Case 3 – RMB appreciates against USD by 5% while price of the reference asset rises by 6%

Price of the reference asset (per ounce)=USD1,802
USD/CNH exchange rate=USD1: CNH6.00
Unit price of the Scheme in RMB=USD1,802 x CNH6.00
=CNH10,812 per unit

The value of the investments of 1 unit in the Scheme in RMB on Day T+1 is CNH10,812 

Under this scenario, an investment gain due to fluctuation of RMB will be as follow:

Value on Day T+1 – Value on Day T

=      (CNH10,812 – CNH10,710) per unit x 1 unit

=      CNH102     (i.e. CNH102 MORE than Day T).

What are the key risks in the Scheme ?

Exchange rate risk.Your investments in the Scheme in RMB are subject to exchange rate risk. Unit prices of the Scheme denominated in RMB are calculated with reference to the prices of gold / the reference asset (and are subject to the Bank’s profit margins). Since the reference asset is denominated in USD, even if the prices of gold / the reference asset rise, you may still incur losses if RMB appreciates against USD more (in percentage terms) than the increase in the prices of gold / the reference asset. The exchange rate for RMB is based on the spot telegraphic transfer offshore RMB exchange rate ("CNH rate") against USD. During the currency conversion process of converting USD into RMB or vice versa, value of RMB against USD fluctuates.
Not principal protected.
Your investments in the Scheme are not principal protected. In case of worst case scenario, you can lose your entire investment.
Not a time deposit.Your investments in the Scheme are not a time deposit.
Not an interest-bearing account.
The account through which the investment in the Scheme conducted is not an interest-bearing account with neither yield nor interest provided.
Not protected deposit.
Your investments in the Scheme are not protected deposits and are not protected by the Deposit Protection Scheme in Hong Kong.
No physical delivery of gold.The Scheme does not involve physical delivery of gold. You do not have any rights, ownership and possession of any physical gold. The allocation of units in the account under the Scheme is notional. The unit prices of the Scheme are calculated with reference to the prices of the reference asset (and are subject to the Bank’s profit margins).
There is NO collateral.
The Scheme is NOT secured on any assets or any collateral of the Bank.
Not the same as investment in gold.Investing in the Scheme is not the same as investing in gold. Price changes in gold might not reflect in price changes of the Scheme.
Volatility of price.
Buying and selling prices per unit of the Scheme are calculated with reference to the prices of the reference asset (and are subject to the Bank’s profit margins). You should recognize that the unit prices of buying and selling the Scheme are volatile due to the price changes in the reference asset resulted from demand and supply of the reference asset and may go up and down.
Market risk.
The prices of the reference asset may go up and down due to movement in macroeconomic factors which include but are not limited to interest rate, inflation, economic growth and geopolitical tension. Buying and selling prices per unit of the Scheme are calculated with reference to the prices of the reference asset (and are subject to the Bank’s profit margins), and thus, your investments in the Scheme are subject to market risk.
Credit risk of the Bank.
Your investments in the Scheme are subject to credit risk of the Bank. Material adverse changes in the financial condition of the Bank may impair or affect the ability of the Bank to meet its obligations under the Scheme.
Insolvency risk of the Bank.
There is no assurance of protection against a default by the Bank in respect of its payment obligations. If you invest in the Scheme, you are relying upon the creditworthiness of the Bank and of no other person. If the Bank becomes insolvent or default on its obligations under the Scheme, you can only claim as the Bank’s unsecured creditor. In the worst case scenario, you may lose your entire investment.
Early termination risk.The Bank may terminate the Scheme in good faith and in a commercially reasonable manner with at least 30 calendar days’ prior notice to you. In such scenario, if you could not sell your Scheme units back to the Bank before the termination date, the amount payable by the Bank back to you on such termination will be the prevailing price of your Scheme units as quoted by the Bank at the date of termination, which may be substantially less than your investments in the Scheme.
Set-off and Lien.
The Bank has the right to combine or consolidate any balances standing to the credit of your account under the Scheme with the Bank to set-off against any indebtedness owed by you to the Bank. Under the terms and conditions governing the account under the Scheme as set out in the Bank’s Master Terms and Conditions 每 Investment Products (as amended from time to time), in addition to any lien that the Bank may be entitled, at any time and without prior notice, applies the value of the Scheme standing to the credit of your account towards discharge of any of your liabilities owed to the Bank. Copies of the Master Terms and Conditions 每 Investment Products are available at the Bank’s branches in Hong Kong.
Conflicts of interest.Potential and actual conflicts of interest may arise from the different roles played by the Bank and the Bank’s subsidiaries and affiliates in connection with the Scheme. Although the Bank’s economic interests in each role may be adverse to your interests in the Scheme, the Bank sets the necessary regulatory information barriers among its different business areas as well as formulates policies and procedures for minimizing and managing such conflicts of interest, so as to comply with applicable laws and regulations, and to ensure the Bank’s transactions or dealings will be transacted at arm’s length.
RMB currency risk.The RMB is not currently a freely convertible currency and is subject to exchange control policies and restrictions. Before you purchase units of the Scheme in RMB, you should ensure there is sufficient RMB in your designated settlement account denominated in RMB. You may have to convert non-RMB currency into RMB, if you have insufficient RMB in the RMB settlement account. There is no guarantee that RMB will not depreciate and investors may suffer a loss if they convert another currency into RMB so as to invest in the units of the Scheme in RMB and subsequently convert the RMB redemption proceeds back into such currency. RMB is the only official currency of the PRC. While both onshore RMB (“CNY”) and offshore RMB (“CNH”) are the same currency, they are traded in different and separated markets. Since the two markets operate independently where the flow between them is highly restricted, CNY and CNH are traded at different rates and their movement may not be in the same direction. In calculating the price of a unit of the Scheme in RMB, the CNH rate will be applied. It should also be noted that the CNH rate may be at a premium or discount to the exchange rate for onshore RMB market in PRC and there may be significant bid and offer spreads. The value of your units / investments thus calculated will be subject to fluctuations.

Important Notice

The above risk disclosure statements cannot disclose all the risks involved. Before making investment decision, you should thoroughly study the offering documents, financial reports and relevant risk disclosure statements issued by the issuer of the investment product(s). Further you should consider your own circumstances including financial position, investment experience and objective to ensure the investment is suitable for your particular investment needs and risk tolerance capacity. You should seek independent financial and professional advice before trading or investment. This promotional material does not constitute an offer or solicitation for the purchase or sales of any investment products. This promotional material is issued by Industrial and Commercial Bank of China (Asia) Limited (the “Bank”) and the contents have not been reviewed by Securities and Futures Commission.

 

 

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