纸贵金属计划

紙貴金屬計劃

Precious Metal Services

何谓本纸贵金属计划?

本纸贵金属计划是本行提供予市场上有兴趣买入及/或卖出纸贵金属的投资者的一项投资工具,而當中並不涉及任何贵金属实货交收。

客戶就本纸贵金属计划选择哪种计值货币?

您可选择的计值货币为美元或人民币。您应注意,您僅可以买入纸贵金属的单位的相同计值货币卖出该单位的纸贵金属。

您如何在本纸贵金属计划下进行交易?

您须开立非计息账户「纸贵金属计划账户」,並开立储蓄账户,作为与本行就本纸贵金属计划下的任何买卖交易的結算账户。本行在本纸贵金属计划下提供九类纸贵金属计划账户:

纸贵金属计划账户名称计值币种纸贵金属计划类型
外币纸白银计划(盎司)以美元计值账户指定用作以每盎司报价单位机制进行的交易,其参考资产为白银。
人民币纸白银计划(盎司)以人民币计值账户指定用作以每盎司报价单位机制进行的交易,其参考资产为白银。
人民币纸白银计划(克)以人民币计值账户指定用作以每克报价单位机制进行的交易,其参考资产为白银。
外币纸铂金计划(盎司)以美元计值账户指定用作以每盎司报价单位机制进行的交易,其参考资产为铂金。
人民币纸铂金计划(盎司)以人民币计值账户指定用作以每盎司报价单位机制进行的交易,其参考资产为铂金。
人民币纸铂金计划(克)以人民币计值账户指定用作以每克报价单位机制进行的交易,其参考资产为铂金。
外币纸钯金计划(盎司)以美元计值账户指定用作以每盎司报价单位机制进行的交易,其参考资产为钯金。
人民币纸钯金计划(盎司)以人民币计值账户指定用作以每盎司报价单位机制进行的交易,其参考资产为钯金。
人民币纸钯金计划(克)以人民币计值账户指定用作以每克报价单位机制进行的交易,其参考资产为钯金。

买入或卖出任何纸贵金属单位將存入相应的纸贵金属计划账户或從中扣除。本行应收您的款项或本行应付您的款项,乃依據您在本纸贵金属计划项下买入或卖出的单位数目而定。纸贵金属的每个单位买入价及卖出价,乃參照有关参考资产的现行市价计算(並因应计值货币的现行汇率及本行的利润率而厘定)。因此,本行应收的相关款额將自您以与您买入或卖出相关纸贵金属的计值货币相同的货币的指定結算账户中扣除,或本行应付的相关款额將存入该账户。

会否有贵金属实货交收?

本纸贵金属计划並不涉及任何贵金属实货交收。您並无任何贵金属实货的任何权利、擁有权及管有权。在本纸贵金属计划下的任何纸贵金属计划账户內的单位为名義上的分配。纸贵金属的每个单位买入价或卖出价,乃參照相应参考资产的现行市价计算,並因应计值货币的现行汇率及本行的利润率而厘定。

在厘定以人民币计值的纸贵金属的买入价或卖出价時,将会就美元/人民币汇率应用离岸人民币汇率。

是否有任何担保或抵押品?

您所投资的资金不设任何担保。本纸贵金属计划並无以本行任何资产或任何抵押品作担保。

本纸贵金属计划受哪些法律規管?

本纸贵金属计划受中華人民共和国(「中国」)香港特別行政区(「香港特区」)的法例規管。

本纸贵金属计划有哪些主要特點?

产品名称:纸贵金属计划
产品类別:与对应参考资产掛的纸白银、纸铂金及纸钯金(各为一种「纸贵金属」)
戶口类別:非计息戶口
账户名称:纸贵金属计划账户
账户運作机制:您投资本纸贵金属计划将会透过非计息账户进行。所买入的任何纸贵金属的单位將存入该非计息账户,而所卖出的该相应纸贵金属的单位將自该非计息账户扣除。本行在本纸贵金属计划下提供九类纸贵金属计划账户:

外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
人民币纸白银计划(盎司) - 该账户指定用作以人民币计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
人民币纸白银计划(克) - 该账户指定用作以人民币计值並以每克报价单位机制进行的交易,其参考资产为白银。
外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
外币纸铂金计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为铂金。
外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
人民币纸铂金计划(盎司) - 该账户指定用作以人民币计值並以每盎司报价单位机制进行的交易,其参考资产为铂金。
外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
人民币纸铂金计划(克) - 该账户指定用作以人民币计值並以每克报价单位机制进行的交易,其参考资产为铂金。
外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
外币纸钯金计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为钯金。
外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
人民币纸钯金计划(盎司) - 该账户指定用作以人民币计值並以每盎司报价单位机制进行的交易,其参考资产为钯金。
人民币纸钯金计划(克) - 该账户指定用作以人民币计值並以每克报价单位机制进行的交易,其参考资产为钯金。
计值货币:任何纸贵金属的每个单位的买入价及卖出价可以人民币或美元计值。在厘定以人民币计值的纸贵金属的买入价或卖出价時,将会就美元/人民币汇率应用离岸人民币汇率。
参考资产:您可选择以下任何贵金属作为本纸贵金属计划下的参考资产:
外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
白银 – 伦敦金银市场協会(London Bullion Market Association)(「伦敦金银市场協会」)指定的本地伦敦银,以每盎司美元报价。白银之成色不得少于99.9%。
铂金 – 伦敦铂钯市场(London Platinum *~* Palladium Market)(「伦敦铂钯市场」)指定的铂金,以每盎司美元报价。铂金之成色不得少于99.95%。
钯金 – 伦敦铂钯市场指定的钯金,以每盎司美元报价。钯金之成色不得少于99.95%。
白银、铂金及钯金均为重要的工业商品。各参考资产的价格隨市场供求自由浮动,因应政治和經濟環境而迅速变化,並由公开市场厘定。
报价单位:就每种纸贵金属而言,有关纸贵金属的一个单位 。
报价单位机制:就每种纸贵金属而言,有关纸贵金属的一个单位相等于以下相应参考资产的指定数量:
以人民币计值的纸贵金属 – 若有关纸贵金属的计值货币为人民币,则纸贵金属將按每个报价单位基准报价,每个报价单位分別相等于(i)一盎司相应参考资产,或(ii)一克相应参考资产。您在买入及/或卖出以人民币计值的有关纸贵金属時可选择按每盎司或每克基准作为报价单位机制。
各参考资产目前由伦敦金银市场協会或伦敦铂钯市场(视情况而定)僅以每盎司基准报价。一盎司与一克的换算比率为:
1盎司=31.1035克
若您选择採用每克报价单位机制买入或卖出以人民币计值的纸贵金属,则您须將该纸贵金属的每个单位价格由克换算为相应的盎司数量,以比較该纸贵金属的价格与伦敦金银市场協会或伦敦铂钯市场(视情况而定)所報的相应参考资产价格。以非人民币计值的纸贵金属 – 若有关纸贵金属的计值货币並非人民币,则该纸贵金属將僅以相等于一盎司相应参考资产的每个报价单位基准报价。
外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。
以非人民币计值的纸贵金属 – 若有关纸贵金属的计值货币並非人民币,则该纸贵金属將僅以相等于一盎司相应参考资产的每个报价单位基准报价。
定价机制:就每种纸贵金属而言,若您有意向本行买入一个单位的有关纸贵金属,则该纸贵金属的每个单位价格是指「买入价」。相反,若您有意向本行卖出一个单位的有关纸贵金属,则该纸贵金属的每个单位价格是指「卖出价」。 每种纸贵金属的每个单位买入价或卖出价,乃參照相应参考资产的现行市价计算,並因应计值货币的现行汇率及本行的利润率而厘定。在厘定以人民币计值的纸贵金属的买入价或卖出价時,将会就美元/人民币汇率应用离岸人民币汇率。
最低交易数量:就每种以人民币计值並按每克基准作为报价单位机制的纸贵金属而言,最低交易数量是有关纸贵金属(或其倍数遞增)的一个单位。
就每种以人民币计值並按每盎司基准作为报价单位机制的纸贵金属而言,最低交易数量是有关纸贵金属的一个单位的十分之一,即0.1(或其倍数遞增)。
就每种以美元计值的纸贵金属而言,最低交易数量是有关纸贵金属的一个单位的十分之一,即0.1(或其倍数遞增)。
費用及收費:本纸贵金属计划下的任何交易均不会收取手續費用或收費。本行的利润率包含在每种纸贵金属的每个单位买入价或卖出价內。本行可能于最少30个曆日前发出書面通知更改或徵收额外費用及收費。
交易方式:透过本行的電子银行平台。发出本纸贵金属计划的买卖指令前,您可透过本行的電子银行获取纸贵金属的现行价格资料。
交易時間:電子银行: 星期一上午八時至星期六上午三時三十分 本行可不時更改交易時間。

情況分析

以下假设范例仅作说明之用。A分节的情况乃基于以美元为计值货币的投资,而B分节的情况乃基于以人民币为计值货币的投资。此等范例并不代表所有可能潜在收益或亏损情况的完整分析,且不得被视为是有关参考资产的实际或未来表现的指标,或您于本纸贵金属计划下的投资的可能收益或亏损。下列情况并无计及您应付的任何费用或收费。您作出投资决定时不应依赖此等范例。

外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。

以美元为计值货币的投资的假设范例

以下情況乃基于(i)以美元为计值货币及(ii)以白银为相应参考资产的投资。

情況1 – 纸白银单位价格上升(收益情況)

假设投资者按每个单位31美元的价格买入100个单位的纸白银。其后,纸白银单位价格上升。投资者按每单位33美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投资者的纸贵金属计划账户中。

您收取按以下方式计算的已实现利润
=每单位(33美元 – 31美元) x 100个单位
=200美元

情況2 – 纸白银单位价格下跌(亏损情況)

假设投资者按每单位33美元的价格买入100个单位的纸白银。其后,纸白银单位价格下跌。投资者按每单位31美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投资者的纸贵金属计划账户中。

您蒙受按以下方式计算的已实现亏损
=每单位(31美元 – 33美元) x 100个单位
=损失200美元

情況3 – 纸白银单位价格跌至零(最坏情況)

假设投资者按每单位33美元的价格买入100个单位的纸白银。其后,纸白银单位价格跌至每单位为零。在该情況下,您损失其全数投资金额。

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纸贵金属计划下的责任,投资者僅可以本行的无抵押债权人身份提出索偿。在最坏情況下,您可能损失全数投资金额。

外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。

以人民币为计值货币的投资的假设范例

以下情況乃基于(i)以人民币为计值货币、(ii)以白银为相应参考资产,及(iii)按每克基准作为报价单位机制的投资。

情況1 – 纸白银单位价格上升(收益情況)

假设投资者按每单位(按每克基准)人民币6.5元的价格买入100个单位(按每克基准)的纸白银。其后,纸白银单位价格上升。投资者按每单位(按每克基准)人民币7.5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投资者的纸贵金属计划账户中。

您收取按以下方式计算的已实现利润
=每单位*(人民币7.5元 – 人民币6.5元) x 100个单位
=人民币100元

情況2 – 纸白银单位价格下跌(亏损情況)

假设投资者按每单位(按每克基准)人民币7.5元的价格买入100个单位(按每克基准)的纸白银。其后,纸白银单位价格下跌。投资者按每单位(按每克基准)人民币6.5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投资者的纸贵金属计划账户中。

您蒙受按以下方式计算的已实现亏损
=每单位*(人民币6.5元 – 人民币7.5元) x 100个单位
=损失人民币100元

情況3 – 纸白银单位价格跌至零(最坏情況)

假设投资者按每单位(按每克基准)人民币6.5元的价格买入100个单位(按每克基准)的纸白银。其后,纸白银单位价格跌至每单位(按每克基准)为零。在该情況下,投资者损失其全数投资金额。

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纸贵金属计划下的责任,投资者僅可以本行的无抵押债权人身份提出索偿。在最坏情況下,投资者可能损失全数投资金额。

情況5 –說明现行汇率和对应参考资产的市价对纸白银的单位价格的影响

您应注意,在国际贵金属市场,对应参考资产(即白银)的市价慣常以美元报价,而纸白银的单位价格则以人民币报价。因此,纸白银的单位价格將受下列各项影响:(i)白银市价,(ii)于記錄单位价格時,美元兑离岸人民币的现行汇率,及(iii)本行的利润率。

以下范例說明白银市价和美元兑离岸人民币的现行汇率对纸白银的单位价格的影响。請注意以下范例並无计及本行的利润率。

假设于第1日,投资者按每单位(按每克基准)人民币6.08元的价格买入100个单位(按每克基准)的纸白银,则按以下方式计算:

外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。

白银市价(按每盎司基准报价):30.00美元

于第1日的美元/人民币汇率:6.30

纸白银的单位价格(按每克基准)*:30.00美元 / 31.1035 x 6.30 = 人民币6.08元(计至2个小数位)

个案A –离岸人民币兑美元升值5%,而白银的市价维持不变

假设于第2日,投资者按人民币5.79元(按每克基准)出售全部单位,则按以下方式计算:

外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。

白银市价(按每盎司基准报价):30.00美元

于第2日的美元/人民币汇率:6.00

纸白银的单位价格(按每克基准)*:30.00美元 / 31.1035 x 6.00 = 人民币5.79元(计至2个小数位)

您蒙受按以下方式计算的已实现亏损
=每单位*(人民币5.79元 – 人民币6.08元) x 100个单位
=损失人民币29.00元

个案B –离岸人民币兑美元升值5%,而白银的市价增加2%

假设于第2日,投资者按人民币5.90元(按每克基准)出售全部单位,则按以下方式计算:

外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。

白银市价(按每盎司基准报价):30.60美元

于第2日的美元/人民币汇率:6.00

纸白银的单位价格(按每克基准)*:30.60美元 / 31.1035 x 6.00 = 人民币5.90元(计至2个小数位)

您蒙受按以下方式计算的已实现亏损
=每单位*(人民币5.90元 – 人民币6.08元) x 100个单位
=损失人民币18.00元

个案C –离岸人民币兑美元升值5%,而白银的市价增加7%

假设于第2日,投资者按人民币6.19元(按每克基准)出售全部单位,则按以下方式计算:

外币纸白银计划(盎司) - 该账户指定用作以美元计值並以每盎司报价单位机制进行的交易,其参考资产为白银。

白银市价(按每盎司基准报价):32.10美元

于第2日的美元/人民币汇率:6.00

纸白银的单位价格(按每克基准)*:32.10美元 / 31.1035 x 6.00 = 人民币6.19元(计至2个小数位)

您收取按以下方式计算的已实现利润
=每单位*(人民币6.19元 – 人民币6.08元) x 100个单位
=人民币11.00元

* 报价单位按每克本地伦敦银基准报价。一盎司与一克的换算比率为:1盎司=31.1035克。

本计划有哪些主要风险?

非保本阁下于本纸贵金属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纸贵金属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纸贵金属计划的账户並不是一个计息账户,亦无任何收益或利息。
非受保障存款阁下于本纸贵金属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所保障。
无任何贵金属实货交收本纸贵金属计划并不涉及任何贵金属实货交收。阁下并无任何贵金属实货的任何权利、拥有权及管有权。在本纸贵金属计划下的账户内的任何纸贵金属单位为名义上的分配。任何纸贵金属每个单位的买入价或卖出价,乃参照有关参考资产的现行市价计算,并因应计值货币的现行汇率及本行的利润率而厘定。
无抵押品本纸贵金属计划並无以本行任何资产或任何抵押品作担保。
有別于投资任何贵金属投资本纸贵金属计划有别于投资任何贵金属。有关贵金属的市价变动未必会导致阁下于本纸贵金属计划的投资的市值相应变动。
贵金属价格波动纸贵金属的每个单位的买入价或卖出价,乃参照有关参考资产的现行市价计算,并因应计值货币现行汇率及本行的利润率而厘定。有关参考资产的现行市价会因多个无法预测的因素而大幅波动,包括但不限于利率变动、通胀、经济增长及地缘政治局势紧张等。阁下投资本纸贵金属计划须承受市场风险 。
汇率风险若计值货币并非阁下的本国货币,则阁下在将其换算为本国货币时须进一步承受汇率风险。
投资风险投资涉及风险且本纸贵金属计划下有关参考资产的现行市价或会波动。阁下于本纸贵金属计划的投资的价值可升亦可跌,有时更会出现显著升跌幅,甚至变成毫无价值。在最坏情况下,阁下可能损失全数投资金额。
本纸贵金属计划並无于任何证券交易所上市本纸贵金属计划並无于任何证券交易所上市 。
与以人民币计值的纸贵金属有关的风险
汇率风险阁下于以人民币计值的纸贵金属的投资须承受汇率风险。在国际贵金属市场,本纸贵金属计划下的相关参考资产的市价惯常以美元报价。若阁下选择以人民币作为计值货币,则阁下投资本纸贵金属计划将承受美元与离岸人民币间的现行汇率波动风险。例如,倘离岸人民币兑美元升值升幅(以百分比计)超过相关参考资产市价的增幅,则阁下于本纸贵金属计划下的投资或会蒙受损失。若人民币并非阁下的本国货币,则阁下在将其换算为本国货币时须进一步承受汇率风险。阁下于以人民币计值的纸贵金属的投资或会因汇率波动而取得收益或蒙受损失 。
与人民币有关的风险若纸贵金属的计值货币为人民币,阁下应注意,人民币兑其他外币的价值会出现波动,并将受(其中包括)中国政府的管制措施(例如,中国政府规管香港及中国的人民币与外币的兑换)的影响,这可能对阁下于本纸贵金属计划下的投资产生不利影响。阁下亦应注意,人民币目前不可自由兑换,目前在香港经银行兑换人民币受若干限制。尤其是,香港居民兑换人民币设有每日兑换限额。若阁下为香港居民,并有意将其他货币兑换为人民币/将人民币兑换为其他货币,且金额超过该每日兑换限额,则阁下应在考虑每日准许兑换的最高人民币金额后预留充裕时间,以便能够兑换金额超过该每日兑换限额的人民币 。
概无保证人民币兑美元或阁下的本国货币将不会贬值。若阁下将另一种货币兑换为人民币从而投资以人民币计值的纸贵金属,且随后将人民币套现所得款项兑换回该货币,阁下或会蒙受损失 。
此外,在厘定以人民币计值的纸贵金属的买入价或卖出价时,将会就美元/人民币汇率应用离岸人民币现货电汇汇率。阁下应注意,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目前按不同汇率买卖,且未必会出现相同方向或幅度的变动。离岸人民币汇率可能会较在岸人民币汇率出现溢价或折让,且可能会存在重大买卖差价。因此,阁下的相关以人民币计值的账户贵金属的单位及阁下的投资价值或会相应出现波动 。
有关各参考资产的风险
与商品市场有关的风险阁下可选择白银、铂金或钯金作为本纸贵金属计划的参考资产。各参考资产是实物商品且供应有限。商品市场一般较其他市场承受更大的风险,包括潜在的重大法律风险。有关参考资产的价格波动较大。有关参考资产的价格变动受(其中包括)利率、汇率、通胀、不断转变的市场供求关系、政府的财政、货币及外汇管制计划与政策以及国际政治、军事及经济事件与政策的影响。
与以白银为参考资产有关的风险由于白银被投资者用作对冲通胀或外汇风险,故白银在投资市场及工业市场上均面对波动风险,而白银的整体需求中有相对较高比例乃用作工业用途。此情况或会导致白银价格波动有别于黄金等其他贵金属,该等贵金属的整体需求中有较高比例乃用作投资用途 。
与以铂金或钯金为参考资产有关的风险铂金及钯金的出产国数目远少于白银的出产国数目,而南非及俄罗斯是铂金及钯金的主要出产国。该等国家为新兴市场,因此其生产中断风险高于具规模的市场。例如,全球或区域性的政治、经济或财政事件及状况,尤其是战争、恐怖行动、征用和可能导致为铂金及钯金主要生产国的该等新兴市场国家的供应中断的其他活动。若实物铂金或钯金出现短缺,则会对相关铂金或钯金市场的流动性造成重大不利影响,并因而影响铂金或钯金的价格 。
有关本行的风险
本行的信贷风险阁下投资本纸贵金属计划须承受本行的信贷风险。概无保证阁下可就本行未能履行其付款义务获得保障。倘阁下投资本纸贵金属计划,阁下所依赖的是本行而非其他人士的信誉。倘本行无力偿债或未能履行其于本纸贵金属计划下的责任,阁下仅可以本行的无抵押债权人身份提出索偿。在最坏情况下,阁下可能损失全数投资金额 。
提早終止风险>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或于发生若干事件(如发生阁下违约的事件)时终止本纸贵金属计划。在该情况下,阁下将收取本行基于当前情况真诚厘定的款项,有关款额可能远少于阁下于本纸贵金属计划的原本投资金额 。
与本行的对沖活动有关的风险>本行可能会订立对冲交易,该等交易一般涉及与市场上各对冲对手方设立有关参考资产的长及/或短仓。如对冲交易规模庞大,该等活动或会对有关参考资产现行市价造成不利影响,从而影响参照有关参考资产现行市价计算的纸贵金属价格。阁下于纸贵金属的投资的价值可升亦可跌 。
抵销权及留置权本行有权将阁下在本纸贵金属计划下的账户内的任何进账结余合并或汇集,以抵销阁下结欠本行的任何负债。按规管本纸贵金属计划下的账户之条款及条件,本行可随时及毋须预先通知下,将阁下账户内的进账纸贵金属价值(由本行厘定)用以解除阁下结欠本行的任何债务 。
利益冲突本行及本行各附属公司和联属公司就本纸贵金属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纸贵金属计划下的权益不利,本行已就其不同业务范畴设置必要的监管信息屏障,亦已制定政策及程序以减低及管理上述利益冲突,以遵守适用法律及法规,并确保本行的交易或买卖按公平原则进行 。

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。


何謂本紙貴金屬計劃?

本紙貴金屬計劃是本行提供予市場上有興趣買入及/或賣出紙貴金屬的投資者的一項投資工具,而當中並不涉及任何貴金屬實貨交收。

客戶就本紙貴金屬計劃選擇哪種計值貨幣?

您可選擇的計值貨幣為美元或人民幣。您應注意,您僅可以買入紙貴金屬的單位的相同計值貨幣賣出該單位的紙貴金屬。

您如何在本紙貴金屬計劃下進行交易?

您須開立非計息賬戶「紙貴金屬計劃賬戶」,並開立儲蓄賬戶,作為與本行就本紙貴金屬計劃下的任何買賣交易的結算賬戶。本行在本紙貴金屬計劃下提供九類紙貴金屬計劃賬戶:

紙貴金屬計劃賬戶名稱計值幣種紙貴金屬計劃類型
外幣紙白銀計劃(盎司)以美元計值賬戶指定用作以每盎司報價單位機制進行的交易,其參考資產為白銀。
人民幣紙白銀計劃(盎司)以人民幣計值賬戶指定用作以每盎司報價單位機制進行的交易,其參考資產為白銀。
人民幣紙白銀計劃(克)以人民幣計值賬戶指定用作以每克報價單位機制進行的交易,其參考資產為白銀。
外幣紙鉑金計劃(盎司)以美元計值賬戶指定用作以每盎司報價單位機制進行的交易,其參考資產為鉑金。
人民幣紙鉑金計劃(盎司)以人民幣計值賬戶指定用作以每盎司報價單位機制進行的交易,其參考資產為鉑金。
人民幣紙鉑金計劃(克)以人民幣計值賬戶指定用作以每克報價單位機制進行的交易,其參考資產為鉑金。
外幣紙鈀金計劃(盎司)以美元計值賬戶指定用作以每盎司報價單位機制進行的交易,其參考資產為鈀金。
人民幣紙鈀金計劃(盎司)以人民幣計值賬戶指定用作以每盎司報價單位機制進行的交易,其參考資產為鈀金。
人民幣紙鈀金計劃(克)以人民幣計值賬戶指定用作以每克報價單位機制進行的交易,其參考資產為鈀金。

買入或賣出任何紙貴金屬單位將存入相應的紙貴金屬計劃賬戶或從中扣除。本行應收您的款項或本行應付您的款項,乃依據您在本紙貴金屬計劃項下買入或賣出的單位數目而定。紙貴金屬的每個單位買入價及賣出價,乃參照有關參考資產的現行市價計算(並因應計值貨幣的現行匯率及本行的利潤率而釐定)。因此,本行應收的相關款額將自您以與您買入或賣出相關紙貴金屬的計值貨幣相同的貨幣的指定結算賬戶中扣除,或本行應付的相關款額將存入該賬戶。

會否有貴金屬實貨交收?

本紙貴金屬計劃並不涉及任何貴金屬實貨交收。您並無任何貴金屬實貨的任何權利、擁有權及管有權。在本紙貴金屬計劃下的任何紙貴金屬計劃賬戶內的單位為名義上的分配。紙貴金屬的每個單位買入價或賣出價,乃參照相應參考資產的現行市價計算,並因應計值貨幣的現行匯率及本行的利潤率而釐定。

在釐定以人民幣計值的紙貴金屬的買入價或賣出價時,將會就美元/人民幣匯率應用離岸人民幣匯率。

是否有任何擔保或抵押品?

您所投資的資金不設任何擔保。本紙貴金屬計劃並無以本行任何資產或任何抵押品作擔保。

本紙貴金屬計劃受哪些法律規管?

本紙貴金屬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。

本紙貴金屬計劃有哪些主要特點?

產品名稱:紙貴金屬計劃
產品類別:與對應參考資產掛的紙白銀、紙鉑金及紙鈀金(各為一種「紙貴金屬」)
戶口類別:非計息戶口
賬戶名稱:紙貴金屬計劃賬戶
賬戶運作機制:您投資本紙貴金屬計劃將會透過非計息賬戶進行。所買入的任何紙貴金屬的單位將存入該非計息賬戶,而所賣出的該相應紙貴金屬的單位將自該非計息賬戶扣除。本行在本紙貴金屬計劃下提供九類紙貴金屬計劃賬戶:

外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
人民幣紙白銀計劃(盎司) - 該賬戶指定用作以人民幣計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
人民幣紙白銀計劃(克) - 該賬戶指定用作以人民幣計值並以每克報價單位機制進行的交易,其參考資產為白銀。
外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
外幣紙鉑金計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為鉑金。
外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
人民幣紙鉑金計劃(盎司) - 該賬戶指定用作以人民幣計值並以每盎司報價單位機制進行的交易,其參考資產為鉑金。
外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
人民幣紙鉑金計劃(克) - 該賬戶指定用作以人民幣計值並以每克報價單位機制進行的交易,其參考資產為鉑金。
外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
外幣紙鈀金計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為鈀金。
外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
人民幣紙鈀金計劃(盎司) - 該賬戶指定用作以人民幣計值並以每盎司報價單位機制進行的交易,其參考資產為鈀金。
人民幣紙鈀金計劃(克) - 該賬戶指定用作以人民幣計值並以每克報價單位機制進行的交易,其參考資產為鈀金。
計值貨幣:任何紙貴金屬的每個單位的買入價及賣出價可以人民幣或美元計值。在釐定以人民幣計值的紙貴金屬的買入價或賣出價時,將會就美元/人民幣匯率應用離岸人民幣匯率。
參考資產:您可選擇以下任何貴金屬作為本紙貴金屬計劃下的參考資產:
外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
白銀 – 倫敦金銀市場協會(London Bullion Market Association)(「倫敦金銀市場協會」)指定的本地倫敦銀,以每盎司美元報價。白銀之成色不得少於99.9%。
鉑金 – 倫敦鉑鈀市場(London Platinum *~* Palladium Market)(「倫敦鉑鈀市場」)指定的鉑金,以每盎司美元報價。鉑金之成色不得少於99.95%。
鈀金 – 倫敦鉑鈀市場指定的鈀金,以每盎司美元報價。鈀金之成色不得少於99.95%。
白銀、鉑金及鈀金均為重要的工業商品。各參考資產的價格隨市場供求自由浮動,因應政治和經濟環境而迅速變化,並由公開市場釐定。
報價單位:就每種紙貴金屬而言,有關紙貴金屬的一個單位 。
報價單位機制:就每種紙貴金屬而言,有關紙貴金屬的一個單位相等於以下相應參考資產的指定數量:
以人民幣計值的紙貴金屬 – 若有關紙貴金屬的計值貨幣為人民幣,則紙貴金屬將按每個報價單位基準報價,每個報價單位分別相等於(i)一盎司相應參考資產,或(ii)一克相應參考資產。您在買入及/或賣出以人民幣計值的有關紙貴金屬時可選擇按每盎司或每克基準作為報價單位機制。
各參考資產目前由倫敦金銀市場協會或倫敦鉑鈀市場(視情況而定)僅以每盎司基準報價。一盎司與一克的換算比率為:
1盎司=31.1035克
若您選擇採用每克報價單位機制買入或賣出以人民幣計值的紙貴金屬,則您須將該紙貴金屬的每個單位價格由克換算為相應的盎司數量,以比較該紙貴金屬的價格與倫敦金銀市場協會或倫敦鉑鈀市場(視情況而定)所報的相應參考資產價格。以非人民幣計值的紙貴金屬 – 若有關紙貴金屬的計值貨幣並非人民幣,則該紙貴金屬將僅以相等於一盎司相應參考資產的每個報價單位基準報價。
外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。
以非人民幣計值的紙貴金屬 – 若有關紙貴金屬的計值貨幣並非人民幣,則該紙貴金屬將僅以相等於一盎司相應參考資產的每個報價單位基準報價。
定價機制:就每種紙貴金屬而言,若您有意向本行買入一個單位的有關紙貴金屬,則該紙貴金屬的每個單位價格是指「買入價」。相反,若您有意向本行賣出一個單位的有關紙貴金屬,則該紙貴金屬的每個單位價格是指「賣出價」。 每種紙貴金屬的每個單位買入價或賣出價,乃參照相應參考資產的現行市價計算,並因應計值貨幣的現行匯率及本行的利潤率而釐定。在釐定以人民幣計值的紙貴金屬的買入價或賣出價時,將會就美元/人民幣匯率應用離岸人民幣匯率。
最低交易數量:就每種以人民幣計值並按每克基準作為報價單位機制的紙貴金屬而言,最低交易數量是有關紙貴金屬(或其倍數遞增)的一個單位。
就每種以人民幣計值並按每盎司基準作為報價單位機制的紙貴金屬而言,最低交易數量是有關紙貴金屬的一個單位的十分之一,即0.1(或其倍數遞增)。
就每種以美元計值的紙貴金屬而言,最低交易數量是有關紙貴金屬的一個單位的十分之一,即0.1(或其倍數遞增)。
費用及收費:本紙貴金屬計劃下的任何交易均不會收取手續費用或收費。本行的利潤率包含在每種紙貴金屬的每個單位買入價或賣出價內。本行可能於最少30個曆日前發出書面通知更改或徵收額外費用及收費。
交易方式:透過本行的電子銀行平台。發出本紙貴金屬計劃的買賣指令前,您可透過本行的電子銀行獲取紙貴金屬的現行價格資料。
交易時間:電子銀行: 星期一上午八時至星期六上午三時三十分 本行可不時更改交易時間。

情況分析

以下假設範例僅作說明之用。A分節的情況乃基於以美元為計值貨幣的投資,而B分節的情況乃基於以人民幣為計值貨幣的投資。此等範例並不代表所有可能潛在收益或虧損情況的完整分析,且不得被視為是有關參考資產的實際或未來表現的指標,或您於本紙貴金屬計劃下的投資的可能收益或虧損。下列情況並無計及您應付的任何費用或收費。您作出投資決定時不應依賴此等範例。

外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。

以美元為計值貨幣的投資的假設範例

以下情況乃基於(i)以美元為計值貨幣及(ii)以白銀為相應參考資產的投資。

情況1 – 紙白銀單位價格上升(收益情況)

假設投資者按每個單位31美元的價格買入100個單位的紙白銀。其後,紙白銀單位價格上升。投資者按每單位33美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投資者的紙貴金屬計劃賬戶中。

您收取按以下方式計算的已實現利潤
=每單位(33美元 – 31美元) x 100個單位
=200美元

情況2 – 紙白銀單位價格下跌(虧損情況)

假設投資者按每單位33美元的價格買入100個單位的紙白銀。其後,紙白銀單位價格下跌。投資者按每單位31美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投資者的紙貴金屬計劃賬戶中。

您蒙受按以下方式計算的已實現虧損
=每單位(31美元 – 33美元) x 100個單位
=損失200美元

情況3 – 紙白銀單位價格跌至零(最壞情況)

假設投資者按每單位33美元的價格買入100個單位的紙白銀。其後,紙白銀單位價格跌至每單位為零。在該情況下,您損失其全數投資金額。

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紙貴金屬計劃下的責任,投資者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。

外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。

以人民幣為計值貨幣的投資的假設範例

以下情況乃基於(i)以人民幣為計值貨幣、(ii)以白銀為相應參考資產,及(iii)按每克基準作為報價單位機制的投資。

情況1 – 紙白銀單位價格上升(收益情況)

假設投資者按每單位(按每克基準)人民幣6.5元的價格買入100個單位(按每克基準)的紙白銀。其後,紙白銀單位價格上升。投資者按每單位(按每克基準)人民幣7.5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投資者的紙貴金屬計劃賬戶中。

您收取按以下方式計算的已實現利潤
=每單位*(人民幣7.5元 – 人民幣6.5元) x 100個單位
=人民幣100元

情況2 – 紙白銀單位價格下跌(虧損情況)

假設投資者按每單位(按每克基準)人民幣7.5元的價格買入100個單位(按每克基準)的紙白銀。其後,紙白銀單位價格下跌。投資者按每單位(按每克基準)人民幣6.5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投資者的紙貴金屬計劃賬戶中。

您蒙受按以下方式計算的已實現虧損
=每單位*(人民幣6.5元 – 人民幣7.5元) x 100個單位
=損失人民幣100元

情況3 – 紙白銀單位價格跌至零(最壞情況)

假設投資者按每單位(按每克基準)人民幣6.5元的價格買入100個單位(按每克基準)的紙白銀。其後,紙白銀單位價格跌至每單位(按每克基準)為零。在該情況下,投資者損失其全數投資金額。

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紙貴金屬計劃下的責任,投資者僅可以本行的無抵押債權人身份提出索償。在最壞情況下,投資者可能損失全數投資金額。

情況5 –說明現行匯率和對應參考資產的市價對紙白銀的單位價格的影響

您應注意,在國際貴金屬市場,對應參考資產(即白銀)的市價慣常以美元報價,而紙白銀的單位價格則以人民幣報價。因此,紙白銀的單位價格將受下列各項影響:(i)白銀市價,(ii)於記錄單位價格時,美元兌離岸人民幣的現行匯率,及(iii)本行的利潤率。

以下範例說明白銀市價和美元兌離岸人民幣的現行匯率對紙白銀的單位價格的影響。請注意以下範例並無計及本行的利潤率。

假設於第1日,投資者按每單位(按每克基準)人民幣6.08元的價格買入100個單位(按每克基準)的紙白銀,則按以下方式計算:

外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。

白銀市價(按每盎司基準報價):30.00美元

於第1日的美元/人民幣匯率:6.30

紙白銀的單位價格(按每克基準)*:30.00美元 / 31.1035 x 6.30 = 人民幣6.08元(計至2個小數位)

個案A –離岸人民幣兌美元升值5%,而白銀的市價維持不變

假設於第2日,投資者按人民幣5.79元(按每克基準)出售全部單位,則按以下方式計算:

外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。

白銀市價(按每盎司基準報價):30.00美元

於第2日的美元/人民幣匯率:6.00

紙白銀的單位價格(按每克基準)*:30.00美元 / 31.1035 x 6.00 = 人民幣5.79元(計至2個小數位)

您蒙受按以下方式計算的已實現虧損
=每單位*(人民幣5.79元 – 人民幣6.08元) x 100個單位
=損失人民幣29.00元

個案B –離岸人民幣兌美元升值5%,而白銀的市價增加2%

假設於第2日,投資者按人民幣5.90元(按每克基準)出售全部單位,則按以下方式計算:

外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。

白銀市價(按每盎司基準報價):30.60美元

於第2日的美元/人民幣匯率:6.00

紙白銀的單位價格(按每克基準)*:30.60美元 / 31.1035 x 6.00 = 人民幣5.90元(計至2個小數位)

您蒙受按以下方式計算的已實現虧損
=每單位*(人民幣5.90元 – 人民幣6.08元) x 100個單位
=損失人民幣18.00元

個案C –離岸人民幣兌美元升值5%,而白銀的市價增加7%

假設於第2日,投資者按人民幣6.19元(按每克基準)出售全部單位,則按以下方式計算:

外幣紙白銀計劃(盎司) - 該賬戶指定用作以美元計值並以每盎司報價單位機制進行的交易,其參考資產為白銀。

白銀市價(按每盎司基準報價):32.10美元

於第2日的美元/人民幣匯率:6.00

紙白銀的單位價格(按每克基準)*:32.10美元 / 31.1035 x 6.00 = 人民幣6.19元(計至2個小數位)

您收取按以下方式計算的已實現利潤
=每單位*(人民幣6.19元 – 人民幣6.08元) x 100個單位
=人民幣11.00元

* 報價單位按每克本地倫敦銀基準報價。一盎司與一克的換算比率為:1盎司=31.1035克。

本計劃有哪些主要風險?

非保本閣下於本紙貴金屬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紙貴金屬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紙貴金屬計劃的賬戶並不是一個計息賬戶,亦無任何收益或利息。
非受保障存款閣下於本紙貴金屬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所保障。
無任何貴金屬實貨交收本紙貴金屬計劃並不涉及任何貴金屬實貨交收。閣下並無任何貴金屬實貨的任何權利、擁有權及管有權。在本紙貴金屬計劃下的賬戶內的任何紙貴金屬單位為名義上的分配。任何紙貴金屬每個單位的買入價或賣出價,乃參照有關參考資產的現行市價計算,並因應計值貨幣的現行匯率及本行的利潤率而釐定。
無抵押品本紙貴金屬計劃並無以本行任何資產或任何抵押品作擔保。
有別於投資任何貴金屬投資本紙貴金屬計劃有別於投資任何貴金屬。有關貴金屬的市價變動未必會導致閣下於本紙貴金屬計劃的投資的市值相應變動。
貴金屬價格波動紙貴金屬的每個單位的買入價或賣出價,乃參照有關參考資產的現行市價計算,並因應計值貨幣現行匯率及本行的利潤率而釐定。有關參考資產的現行市價會因多個無法預測的因素而大幅波動,包括但不限於利率變動、通脹、經濟增長及地緣政治局勢緊張等。閣下投資本紙貴金屬計劃須承受市場風險 。
匯率風險若計值貨幣並非閣下的本國貨幣,則閣下在將其換算為本國貨幣時須進一步承受匯率風險。
投資風險投資涉及風險且本紙貴金屬計劃下有關參考資產的現行市價或會波動。閣下於本紙貴金屬計劃的投資的價值可升亦可跌,有時更會出現顯著升跌幅,甚至變成毫無價值。在最壞情況下,閣下可能損失全數投資金額
本紙貴金屬計劃並無於任何證券交易所上市本紙貴金屬計劃並無於任何證券交易所上市 。
與以人民幣計值的紙貴金屬有關的風險
匯率風險閣下於以人民幣計值的紙貴金屬的投資須承受匯率風險。在國際貴金屬市場,本紙貴金屬計劃下的相關參考資產的市價慣常以美元報價。若閣下選擇以人民幣作為計值貨幣,則閣下投資本紙貴金屬計劃將承受美元與離岸人民幣間的現行匯率波動風險。例如,倘離岸人民幣兌美元升值升幅(以百分比計)超過相關參考資產市價的增幅,則閣下於本紙貴金屬計劃下的投資或會蒙受損失。若人民幣並非閣下的本國貨幣,則閣下在將其換算為本國貨幣時須進一步承受匯率風險。閣下於以人民幣計值的紙貴金屬的投資或會因匯率波動而取得收益或蒙受損失 。
與人民幣有關的風險若紙貴金屬的計值貨幣為人民幣,閣下應注意,人民幣兌其他外幣的價值會出現波動,並將受(其中包括)中國政府的管制措施(例如,中國政府規管香港及中國的人民幣與外幣的兌換)的影響,這可能對閣下於本紙貴金屬計劃下的投資產生不利影響。閣下亦應注意,人民幣目前不可自由兌換,目前在香港經銀行兌換人民幣受若干限制。尤其是,香港居民兌換人民幣設有每日兌換限額。若閣下為香港居民,並有意將其他貨幣兌換為人民幣/將人民幣兌換為其他貨幣,且金額超過該每日兌換限額,則閣下應在考慮每日准許兌換的最高人民幣金額後預留充裕時間,以便能夠兌換金額超過該每日兌換限額的人民幣 。
概無保證人民幣兌美元或閣下的本國貨幣將不會貶值。若閣下將另一種貨幣兌換為人民幣從而投資以人民幣計值的紙貴金屬,且隨後將人民幣套現所得款項兌換回該貨幣,閣下或會蒙受損失 。
此外,在釐定以人民幣計值的紙貴金屬的買入價或賣出價時,將會就美元/人民幣匯率應用離岸人民幣現貨電匯匯率。閣下應注意,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目前按不同匯率買賣,且未必會出現相同方向或幅度的變動。離岸人民幣匯率可能會較在岸人民幣匯率出現溢價或折讓,且可能會存在重大買賣差價。因此,閣下的相關以人民幣計值的賬戶貴金屬的單位及閣下的投資價值或會相應出現波動 。
有關各參考資產的風險
與商品市場有關的風險閣下可選擇白銀、鉑金或鈀金作為本紙貴金屬計劃的參考資產。各參考資產是實物商品且供應有限。商品市場一般較其他市場承受更大的風險,包括潛在的重大法律風險。有關參考資產的價格波動較大。有關參考資產的價格變動受(其中包括)利率、匯率、通脹、不斷轉變的市場供求關係、政府的財政、貨幣及外匯管制計劃與政策以及國際政治、軍事及經濟事件與政策的影響。
與以白銀為參考資產有關的風險由於白銀被投資者用作對沖通脹或外匯風險,故白銀在投資市場及工業市場上均面對波動風險,而白銀的整體需求中有相對較高比例乃用作工業用途。此情況或會導致白銀價格波動有別於黃金等其他貴金屬,該等貴金屬的整體需求中有較高比例乃用作投資用途 。
與以鉑金或鈀金為參考資產有關的風險鉑金及鈀金的出產國數目遠少於白銀的出產國數目,而南非及俄羅斯是鉑金及鈀金的主要出產國。該等國家為新興市場,因此其生產中斷風險高於具規模的市場。例如,全球或區域性的政治、經濟或財政事件及狀況,尤其是戰爭、恐怖行動、徵用和可能導致為鉑金及鈀金主要生產國的該等新興市場國家的供應中斷的其他活動。若實物鉑金或鈀金出現短缺,則會對相關鉑金或鈀金市場的流動性造成重大不利影響,並因而影響鉑金或鈀金的價格 。
有關本行的風險
本行的信貸風險閣下投資本紙貴金屬計劃須承受本行的信貸風險。概無保證閣下可就本行未能履行其付款義務獲得保障。倘閣下投資本紙貴金屬計劃,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紙貴金屬計劃下的責任,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或於發生若干事件(如發生閣下違約的事件)時終止本紙貴金屬計劃。在該情況下,閣下將收取本行基於當前情況真誠釐定的款項,有關款額可能遠少於閣下於本紙貴金屬計劃的原本投資金額 。
與本行的對沖活動有關的風險>本行可能會訂立對沖交易,該等交易一般涉及與市場上各對沖對手方設立有關參考資產的長及/或短倉。如對沖交易規模龐大,該等活動或會對有關參考資產現行市價造成不利影響,從而影響參照有關參考資產現行市價計算的紙貴金屬價格。閣下於紙貴金屬的投資的價值可升亦可跌 。
抵銷權及留置權本行有權將閣下在本紙貴金屬計劃下的賬戶內的任何進賬結餘合併或彙集,以抵銷閣下結欠本行的任何負債。按規管本紙貴金屬計劃下的賬戶之條款及條件,本行可隨時及毋須預先通知下,將閣下賬戶內的進賬紙貴金屬價值(由本行釐定)用以解除閣下結欠本行的任何債務 。
利益衝突本行及本行各附屬公司和聯屬公司就本紙貴金屬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紙貴金屬計劃下的權益不利,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 。

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。


What is this Paper Precious Metal Scheme?

This Paper Precious Metal Scheme is an investment instrument made available by the Bank to the market for investors who are interested in buying and/ or selling paper precious metal without involving in any physical delivery of any precious metal.

What are your choices of the Denomination Currency of this Paper Precious Metal Scheme?

The Denomination Currency at your choice can be USD or Renminbi (“RMB”). You should note that you can only sell the unit(s) of a Paper Precious Metal in the same Denomination Currency that you purchase such unit(s) of Paper Precious Metal.

How do you conduct a transaction under this Paper Precious Metal Scheme?

You need to open a non-interest bearing account, namely “Paper Precious Metal Scheme Account”, and open a saving account as the settlement account with the Bank for any buy or sell transaction under this Paper Precious Metal Scheme. We offer 9 types of Paper Precious Metal Scheme Accounts under this Paper Precious Metal Scheme:

Account Name of Paper Precious Metal SchemeDenomination CurrencyType of Paper Precious Metal Scheme
Multi-Currency Paper Silver Scheme (Ounce)USD denominated transactionsDesignated for the Reference Asset is silver, with the Quotation Unit Mechanism on a per ounce basis.
Renminbi Paper Silver Scheme (Ounce)RMB denominated transactionsDesignated for the Reference Asset is silver, with the Quotation Unit Mechanism on a per ounce basis.
Renminbi Paper Silver Scheme (Gram)RMB denominated transactionsDesignated for the Reference Asset is silver, with the Quotation Unit Mechanism on a per gram basis.
Multi-Currency Paper Platinum Scheme (Ounce)USD denominated transactionsDesignated for the Reference Asset is platinum, with the Quotation Unit Mechanism on a per ounce basis.
Renminbi Paper Platinum Scheme (Ounce)RMB denominated transactionsDesignated for the Reference Asset is platinum, with the Quotation Unit Mechanism on a per ounce basis.
Renminbi Paper Platinum Scheme (Gram)RMB denominated transactionsDesignated for the Reference Asset is platinum, with the Quotation Unit Mechanism on a per gram basis.
Multi-Currency Paper Palladium Scheme (Ounce)USD denominated transactionsDesignated for the Reference Asset is palladium, with the Quotation Unit Mechanism on a per ounce basis.
Renminbi Paper Palladium Scheme (Ounce)RMB denominated transactionsDesignated for the Reference Asset is palladium, with the Quotation Unit Mechanism on a per ounce basis.
Renminbi Paper Palladium Scheme (Gram)RMB denominated transactionsDesignated for the Reference Asset is palladium, with the Quotation Unit Mechanism on a per gram basis.

The purchase or sale of units of any Paper Precious Metal will be credited to or debited from the corresponding Paper Precious Metal Scheme Account. The amount receivable by the Bank from you or the amount payable by the Bank to you is based on the number of units you bought or sold under this Paper Precious Metal Scheme. The buying and selling prices per unit of a Paper Precious Metal are calculated by reference to the prevailing market price of the relevant Reference Asset (and are subject to the prevailing exchange rate of the Denomination Currency and the Bank’s profit margins). As such, the relevant amount receivable or payable by the Bank (as the case may be) will be debited from, or credited to, your designated settlement account denominated in the same currency as the Denomination Currency of the relevant Paper Precious Metal you bought or sold.

Is there any physical delivery of the precious metal?

This Paper Precious Metal Scheme does not involve physical delivery of any precious metal. You do not have any rights, ownership or possession of any physical precious metal. The allocation of units in any Paper Precious Metal Scheme Account under this Paper Precious Metal Scheme is notional. The buying or selling price per unit of a Paper Precious Metal is calculated by reference to the prevailing market price of the corresponding Reference Asset and is subject to the prevailing exchange rate of the Denomination Currency and the Bank’s profit margins.

In determining the buying or selling price for RMB denominated Paper Precious Metals, the offshore RMB exchange rate will be applied in respect of the USD/RMB exchange rate.

Is there any guarantee or collateral?

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

What is the governing law of this Paper Precious Metal Scheme?

This Paper Precious Metal 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 Precious Metal Scheme?

Product Name:Paper Precious Metal Scheme
Product Type:Paper Silver, Paper Platinum and Paper Palladium (each a “Paper Precious Metal”) linked to a corresponding Reference Asset
Account Type:A non-interest bearing account
Account Name:Paper Precious Metal Scheme Account
Account Mechanism:

Your investments in this Paper Precious Metal Scheme will be conducted through a non-interest bearing account. The purchase of units of any Paper Precious Metal will be credited to, while the sale of units of such corresponding Paper Precious Metal will be debited to, this non-interest bearing account. We offer 9 types of Paper Precious Metal Scheme Accounts under this Paper Precious Metal Scheme:

  • Multi-Currency Paper Silver Scheme (Ounce) – This account is designated for USD denominated transactions where the Reference Asset is silver, with the Quotation Unit Mechanism on a per ounce basis.
  • Renminbi Paper Silver Scheme (Ounce) – This account is designated for RMB denominated transactions where the Reference Asset is silver, with the Quotation Unit Mechanism on a per ounce basis.
  • Renminbi Paper Silver Scheme (Gram) – This account is designated for RMB denominated transactions where the Reference Asset is silver, with the Quotation Unit Mechanism on a per gram basis.
  • Multi-Currency Paper Platinum Scheme (Ounce) – This account is designated for USD denominated transactions where the Reference Asset is platinum, with the Quotation Unit Mechanism on a per ounce basis.
  • Renminbi Paper Platinum Scheme (Ounce) – This account is designated for RMB denominated transactions where the Reference Asset is platinum, with the Quotation Unit Mechanism on a per ounce basis.
  • Renminbi Paper Platinum Scheme (Gram) – This account is designated for RMB denominated transactions where the Reference Asset is platinum, with the Quotation Unit Mechanism on a per gram basis.
  • Multi-Currency Paper Palladium Scheme (Ounce) – This account is designated for USD denominated transactions where the Reference Asset is palladium, with the Quotation Unit Mechanism on a per ounce basis.
  • Renminbi Paper Palladium Scheme (Ounce) – This account is designated for RMB denominated transactions where the Reference Asset is palladium, with the Quotation Unit Mechanism on a per ounce basis.
  • Renminbi Paper Palladium Scheme (Gram) – This account is designated for RMB denominated transactions where the Reference Asset is palladium, with the Quotation Unit Mechanism on a per gram basis.
Denomination Currency:
Buying and selling prices per unit of any of the Paper Precious Metal can be denominated in RMB or USD. In determining the buying or selling price for RMB denominated Paper Precious Metal, the offshore RMB exchange rate will be applied in respect of the USD/RMB exchange rate.
Reference Asset:You may choose any of the following precious metals as a Reference Asset under this Paper Precious Metal Scheme:
  • Silver - Loco London Silver as specified by the LBMA, which is quoted in USD per ounce. The fineness must not be less than 99.9%.
  • Platinum – Platinum as specified by the LPPM, which is quoted in USD per ounce. The fineness must not be less than 99.95%.
  • Palladium - Palladium as specified by the LPPM, which is quoted in USD per ounce. The fineness must not be less than 99.95%.
Quotation Unit:In respect of each Paper Precious Metal, one unit of the relevant Paper Precious Metal.
Quotation Unit Mechanism:In respect of each Paper Precious Metal, one unit of the relevant Paper Precious Metal is equal to a specified quantity of the corresponding Reference Asset as follows:
  • RMB denominated Paper Precious Metal - If the Denomination Currency of the relevant Paper Precious Metal is RMB, the Paper Precious Metal will be quoted on a per Quotation Unit basis as equal to (i) one ounce of the corresponding Reference Asset, or (ii) one gram of the corresponding Reference Asset respectively. You may elect for the Quotation Unit Mechanism on a per ounce or per gram basis in your purchase and/or sale of the relevant RMB denominated Paper Precious Metal.
 
Each Reference Asset is currently quoted by LBMA or LPPM (as the case may be) on a per ounce basis only. The ratio of one ounce to one gram is:

1 ounce = 31.1035 gram

If you elect to purchase or sell a RMB denominated Paper Precious Metal using the Quotation Unit Mechanism on a per gram basis, you need to convert the price per unit of such Paper Precious Metal from gram to the corresponding quantity of ounce to compare the price of such Paper Precious Metal with the price of the corresponding Reference Asset quoted on LBMA or LPPM (as the case may be).

  • Non-RMB denominated Paper Precious Metal - If the Denomination Currency of the relevant Paper Precious Metal is not RMB, such Paper Precious Metal will only be quoted on a per Quotation Unit basis as equal to one ounce of the corresponding Reference Asset.
 
Pricing Mechanism:In respect of each Paper Precious Metal, the price per unit of the relevant Paper Precious Metal is referred to as a “buying price” if you would like to buy one unit of such Paper Precious Metal from the Bank. Conversely, the price per unit of such Paper Precious Metal is referred to as a “selling price” if you would like to sell one unit of such Paper Precious Metal to the Bank.
The buying or selling price per unit of each Paper Precious Metal is calculated by reference to the prevailing market price of the corresponding Reference Asset and is subject to the prevailing exchange rate of the Denomination Currency and the Bank’s profit margins. In determining the buying or selling price for RMB denominated Paper Precious Metal, the offshore RMB exchange rate will be applied in respect of the USD/RMB exchange rate.
Minimum Transaction Amount:

In respect of each RMB denominated Paper Precious Metal with the Quotation Unit Mechanism on a per gram basis, the minimum transaction amount is one unit of the relevant Paper Precious Metal (with multiples thereof for each increment).

In respect of each RMB denominated Paper Precious Metal with the Quotation Unit Mechanism on a per ounce basis, the minimum transaction amount is one tenth (ie. 0.1) of a unit of the relevant Paper Precious Metal (with multiples thereof for each increment).

In respect of each USD denominated Paper Precious Metal, the minimum transaction amount is one tenth (ie. 0.1) of a unit of the relevant Paper Precious Metal (with multiples thereof for each increment).
Fees and Charges:
There are no handling fees or charges for any transaction placed under this Paper Precious Metal Scheme. The Bank’s profit margins are embedded in the buying or selling price per unit of each Paper Precious Metal. 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 e-banking platform. Before placing buy and sell orders under this Paper Precious Metal Scheme, you can obtain information on the prevailing prices of the Paper Precious Metal through the Bank’s e-banking.
Trading Time:E-Banking:
Monday 8:00am to Saturday 3:30am
The Bank may change the trading time from time to time.

Scenario Analysis

  • Hypothetical Examples for an investment with USD as the Denomination Currency

The following scenarios are based on an investment with (i) USD as the Denomination Currency and (ii) Silver as the corresponding Reference Asset.

Scenario 1 – Unit Price of Paper Silver rises (Gain scenario)

Assuming the investor bought 100 units of the Paper Silver at USD 31 per unit. Later, the unit price of the Paper Silver rose. The investor sold all the units at USD 33 per unit. The purchase of units was reflected as a credit while the sale of units was reflected as a debit respectively in the investor’s Paper Precious Metal Scheme Account.

You received a realised profit calculated as follows:
=
 (USD 33 – USD 31) per unit x 100 units
=
USD 200

Scenario 2 – Unit Price of Paper Silver falls (Loss scenario)

Assuming the investor bought 100 units of the Paper Silver at USD 33 per unit. Later, the unit price of the Paper Silver fell. The investor sold all the units at USD 31 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 Paper Precious Metal Scheme Account.

You suffered a realised loss calculated as follows:
=
(USD31 – USD 33) per unit x 100 units
=
Loss USD 200

Scenario 3 – Unit Price of Paper Silver drops to zero (Worst case scenario)

Assuming the investor bought 100 units of the Paper Silver at USD 33 per unit. Later, the unit price of the Paper Silver dropped to zero per unit. In this scenario, the investor suffered a total loss of his/her 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 this Paper Precious Metal Scheme, the investor can only claim as the Bank’s unsecured creditor. In the worst case scenario, the investor may lose his/her entire investment.

  • Hypothetical Examples for an investment with RMB as the Denomination Currency

The following scenarios are based on an investment with (i) RMB as the Denomination Currency, (ii) Silver as the corresponding Reference Asset, and (iii) the Quotation Unit Mechanism on a per gram basis.

Scenario 1 – Unit Price of Paper Silver rises (Gain scenario)

Assuming the investor bought 100 units (on a per gram basis) of the Paper Silver at RMB 6.5 per unit (on a per gram basis). Later, the unit price of the Paper Silver rose. The investor sold all the units at RMB 7.5 per unit (on a per gram basis). The purchase of units was reflected as a credit while the sale of units was reflected as a debit respectively in the investor’s Paper Precious Metal Scheme Account.

You received a realised profit calculated as follows:
=
(RMB 7.5 – RMB 6.5) per unit* x 100 units
=
RMB 100

Scenario 2 – Unit Price of Paper Silver falls (Loss scenario)

Assuming the investor bought 100 units (on a per gram basis) of the Paper Silver at RMB 7.5 per unit (on a per gram basis). Later, the unit price of the Paper Silver fell. The investor sold all the units at RMB 6.5 per unit (on a per gram basis). The purchase of units was reflected as a credit while the sale of units was reflected as a debit respectively in investor’s Paper Precious Metal Scheme Account.

You suffered a realised loss calculated as follows:
=
(RMB 6.5 – RMB 7.5) per unit* x 100 units
=
Loss RMB 100

Scenario 3 – Unit Price of Paper Silver drops to zero (Worst case scenario)

Assuming the investor bought 100 units (on a per gram basis) of the Paper Silver at RMB 6.5 per unit (on a per gram basis). Later, the unit price of the Paper Silver dropped to zero per unit (on a per gram basis). In this scenario, the investor suffered a total loss of his/her 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 this Paper Precious Metal Scheme, the investor can only claim as the Bank’s unsecured creditor. In the worst case scenario, the investor may lose his/her entire investment.

Scenario 5 – Illustration of how the Unit Price of the Paper Silver is affected by the prevailing exchange rate and the market price of the corresponding Reference Asset

You should note that the market price of the corresponding Reference Asset (i.e. Silver) is customarily quoted in USD in the international bullion market, while the unit price of the Paper Silver is quoted in RMB. Accordingly, the unit price of the Paper Silver will be affected by (i) the market price of Silver, (ii) the prevailing exchange rate between USD and offshore RMB at the time the unit price is recorded and (iii) the Bank’s profit margins.

The following examples illustrate how the unit price of the Paper Silver will be affected by the market price of Silver and the prevailing exchange rate between USD and offshore RMB. Please note that the following examples do not take into account the Bank’s profit margins.

Assuming that on Day 1, the investor bought 100 units (on a per gram basis) of the Paper Silver at RMB 6.08 per unit (on a per gram basis) which is calculated as follows:

  • Market price of Silver (quoted on a per ounce basis): USD 30.00
  • USD/RMB exchange rate on Day 1: 6.30
  • Unit price of the Paper Silver (on a per gram basis)*: USD 30.00 / 31.1035 x 6.30 = RMB 6.08 (2 decimal places)

Case A – Offshore RMB appreciates against USD by 5% while the market price of Silver remain unchanged

Assuming that on Day 2, the investor sold all the units at RMB 5.79 (on a per gram basis), which is calculated as follows:

  • Market price of Silver (quoted on a per ounce basis): USD 30.00
  • USD/RMB exchange rate on Day 2: 6.00
  • Unit price of the Paper Silver (on a per gram basis)*: USD 30.00 / 31.1035 x 6.00 = RMB 5.79 (2 decimal places)
You suffered a realised loss calculated as follows:
=
(RMB 5.79 – RMB 6.08) per unit* x 100 units
=
Loss RMB29.00

Case B – Offshore RMB appreciates against USD by 5% while the market price of Silver rises by 2%

Assuming that on Day 2, the investor sold all the units at RMB 5.90 (on a per gram basis), which is calculated as follows:

  • Market price of Silver (quoted on a per ounce basis): USD 30.60
  • USD/RMB exchange rate on Day 2: 6.00
  • Unit price of the Paper Silver (on a per gram basis)*: USD 30.60 / 31.1035 x 6.00 = RMB 5.90 (2 decimal places)
You suffered a realised loss calculated as follows:
=
(RMB 5.90 – RMB 6.08) per unit* x 100 units
=
Loss RMB18.00

 

Case C – Offshore RMB appreciates against USD by 5% while the market price of Silver rises by 7%

Assuming that on Day 2, the investor sold all the units at RMB 6.19 (on a per gram basis), which is calculated as follows:

  • Market price of Silver (quoted on a per ounce basis): USD 32.10
  • USD/RMB exchange rate on Day 2: 6.00
  • Unit price of the Paper Silver (on a per gram basis)*: USD 32.10 / 31.1035 x 6.00 = RMB 6.19 (2 decimal places)
The investor received a realised profit calculated as follows:
=
(RMB 6.19 – RMB 6.08) per unit* x 100 units
=
RMB 11.00

* Quotation Unit is quoted based on a per gram of Loco London Silver basis. The ratio of one ounce to one gram is: 1 ounce = 31.1035 gram.

What are the key risks in the Scheme ?

NOT principal protected.
Your investments in this Paper Precious Metal Scheme are not principal protected. In the worst case scenario, you may lose your entire investment.
NOT a time deposit.
Your investments in this Paper Precious Metal Scheme are not a time deposit.
NOT an interest-bearing account.
The account through which the investment in this Paper Precious Metal Scheme is conducted is not an interest-bearing account with neither yield nor interest.
NOT protected deposit.
Your investments in this Paper Precious Metal Scheme are not protected deposits and are not protected by the Deposit Protection Scheme in Hong Kong.
No physical delivery of any precious metal.
This Paper Precious Metal Scheme does not involve physical delivery of any precious metal. You do not have any rights, ownership and possession of any physical precious metal. The allocation of units of any Paper Precious Metal in the account under this Paper Precious Metal Scheme is notional. The buying or selling price per unit of any Paper Precious Metal is calculated by reference to the prevailing market price of the relevant Reference Asset and is subject to the prevailing exchange rate of the Denomination Currency and the Bank’s profit margins.
There is NO collateral.
This Paper Precious Metal Scheme is NOT secured on any assets or any collateral of the Bank.
Not the same as investment in any precious metal.
Investing in this Paper Precious Metal Scheme is not the same as investing in any precious metal. Changes in the market price of the relevant precious metal might not lead to corresponding change in the market value of your investments under this Paper Precious Metal Scheme.
Volatility of precious metal price.
The buying or selling price per unit of a Paper Precious Metal is calculated by reference to the prevailing market price of the relevant Reference Asset and is subject to the prevailing exchange rate of the Denomination Currency and the Bank’s profit margins. The prevailing market price of the relevant Reference Asset can be very volatile due to a variety of factors that are unpredictable, including but not limited to interest rate movement, inflation, economic growth and geopolitical tension. Your investments in this Paper Precious Metal Scheme are subject to market risk.
Exchange rate risk.
If the Denomination Currency is not your home currency, you will be further exposed to the exchange rate risk when you convert it back to your home currency.
Investment risk.
Investment involves risks and the prevailing market price of the relevant Reference Asset under this Paper Precious Metal Scheme may fluctuate. The value of your investments in this Paper Precious Metal Scheme may move up or down, sometimes dramatically, and may even become valueless. In the worst case scenario, you may lose your entire investment.
This Paper Precious Metal Scheme is not listed on any stock exchange.
This Paper Precious Metal Scheme is not listed on any stock exchange.
Risks relating to RMB denominated Paper Precious Metals
Exchange rate risk.
Your investment in the RMB denominated Paper Precious Metal is subject to the exchange rate risk. The market price of the relevant Reference Asset under this Paper Precious Metal Scheme is customarily quoted in USD in the international bullion market. If you choose RMB as the Denomination Currency, your investments in this Paper Precious Metal Scheme will be subject to the prevailing exchange rate risk between USD and offshore RMB. For instance, you may suffer a loss in your investment under this Paper Precious Metal Scheme if the offshore RMB appreciates against USD more (in percentage terms) than the increase in the market price of the relevant Reference Asset. If RMB is not your home currency, you will be further exposed to the exchange rate risk when you convert it back to your home currency. You may make a gain or loss for your investments in the RMB denominated Paper Precious Metal due to the exchange rate fluctuations.
Risk relating to RMB.If the Denomination Currency of a Paper Precious Metal is RMB, you should note that the value of RMB against other foreign currencies fluctuates and will be affected by, amongst other things, the PRC government’s control (for example, the PRC government regulates conversion between CNY and foreign currencies both in Hong Kong and the PRC), which may adversely affect your investments under this Paper Precious Metal Scheme. You should also note that RMB is currently not freely convertible and conversion of RMB through banks in Hong Kong is currently subject to certain restrictions. In particular, the conversion of RMB by a Hong Kong resident is subject to a daily conversion limit. If you are a Hong Kong resident and intend to convert an amount of RMB from/to another currency exceeding such daily conversion limit, you should allow sufficient period to enable the conversion of the amount of RMB exceeding such daily conversion limit, taking into account the maximum amount of RMB that permitted to convert on each day.
There is no guarantee that RMB will not depreciate against USD or your home currency. You may suffer a loss if you convert another currency into RMB so as to invest in any RMB denominated Paper Precious Metal and subsequently convert the realisation proceeds in RMB back into such currency.
In addition, in determining the buying or selling price for RMB denominated Paper Precious Metal, the spot telegraphic transfer offshore RMB exchange rate will be applied in respect of the USD/RMB exchange rate. You should note that although both onshore RMB and offshore RMB are the same currency, they are traded in different and separated markets. As the two markets operate independently where the flow between them is highly restricted, onshore RMB and offshore RMB are currently traded at different exchange rates and their movements may not be in the same direction or scale. The exchange rate for offshore RMB may be trading at a premium or discount to the exchange rate for onshore RMB and there may be significant bid and offer spreads. The value of your units of, and your investment in, the relevant RMB denominated Paper Precious Metal may accordingly fluctuate.
Risks relating to each Reference Asset
Risks relating to the commodity market.
You may choose Silver, Platinum or Palladium as a Reference Asset of this Paper Precious Metal Scheme. Each Reference Asset is a physical commodity and is limited in supply. Commodity markets are generally subject to greater risks than other markets, including potentially significant legal risks. The price of the relevant Reference Asset may be highly volatile. Price movements of the relevant Reference Asset are influenced by, among other thing, interest rates, exchange rates, inflation, changing market supply and demand relationships, fiscal, monetary and exchange control programmes and policies of governments, as well as international political, military and economic events and policies.
Risks relating to Silver as a Reference Asset.
Silver is exposed to movements in both the investment markets and industrial markets as it is used by investors to hedge against inflation or foreign exchange risks, and a relatively high proportion of overall demand of silver is for industrial usages. This may cause the price of Silver to fluctuate differently to other precious metals, such as gold, for which a larger proportion of overall demand is for investment purposes.
Risks relating to Platinum or Palladium as a Reference Asset.
Platinum and Palladium are produced by significantly fewer countries than Silver, with South Africa and Russia being the main production countries. These countries are emerging markets and therefore are exposed to greater risk of a disruption to production than established markets. For example, global or regional political, economic or financial events and situations, particularly war, terrorism, expropriation and other activities which might lead to disruptions to supply from these emerging market countries that are major producer countries of Platinum and Palladium. If there is a shortage of physical Platinum or Palladium, this could cause a significant adverse impact on liquidity in the underlying Platinum or Palladium market and therefore on the price of Platinum or Palladium.
Risks relating to the Bank
Credit risk of the Bank.
Your investments in this Paper Precious Metal Scheme are subject to credit 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 this Paper Precious Metal Scheme, you are relying upon the creditworthiness of the Bank and of no other person. If the Bank becomes insolvent or defaults on its obligations under this Paper Precious Metal 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 this Paper Precious Metal Scheme in good faith and in a commercially reasonable manner with at least 30 calendar days’ prior notice to you, or upon the occurrence of certain events (such as the occurrence of an event of default in respect of you). In such scenario, you will receive an amount determined by the Bank in its good faith based on the prevailing circumstances, which may be substantially less than your original investments in this Paper Precious Metal Scheme.
Risk relating to the Bank’s hedging activities.
The Bank may enter into hedging transactions, which typically involve the establishment of long and/or short positions in the relevant Reference Asset, with its respective hedging counterparties in the market. It is possible that these activities could adversely affect the prevailing market price of the relevant Reference Asset if the size of hedging transaction is substantial. As such the price of the Paper Precious Metal calculated with reference to the prevailing market price of the relevant Reference Asset will be affected as well. The value of your investments in the Paper Precious Metal may move up and down.
Set-off and Lien.
The Bank has the right to combine or consolidate any balances standing to the credit of your account under this Paper Precious Metal Scheme to set-off against any indebtedness owed by you to the Bank. Under the terms and conditions governing the account under this Paper Precious Metal Scheme, the Bank may at any time and without prior notice, apply the value (as determined by the Bank) of the Paper Precious Metal standing to the credit of your account towards discharge of any of your liabilities owed to the Bank.
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 this Paper Precious Metal Scheme. Although the Bank’s economic interests in each role may be adverse to your interests in this Paper Precious Metal 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.

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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