Disclosures and Disclaimers for Recipients of Communications Material
Approved for distribution in Hong Kong by Instinet Pacific Limited ("IPL"), which is authorized and regulated by the Securities and Futures Commission of Hong Kong ("SFC").
This material has been prepared and distributed by the Sales and/or Trading department(s) of IPL. This material has not been reviewed by any regulatory authority in any jurisdiction.
This material is not investment research as defined by the applicable rules in Hong Kong. This material is made available to you by IPL and/or its affiliates (collectively, "Instinet Group"), as the case may be. This is not investment research under the applicable rules in Hong Kong. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual investors. It is intended for professional and institutional investors only. This material is: (i) for your private information only, and we are not soliciting any action based upon it; (ii) not to be construed as an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such offer or solicitation would be illegal; and (iii) is based upon information that we consider reliable. While all reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, no representation, warranty or undertaking, expressed or implied, is made and no responsibility or liability is accepted by the Instinet Group and/or its directors, officers and employees as to the accuracy, completeness, merchantability or fitness for a particular purpose of the information contained herein or any other information provided by any other person in connection with the information described herein or their distribution or for the results obtained from the use of this information.
Instinet Group and/or its directors, officers and employees do not accept any liability whatsoever for any loss or damage (including, without limitation, direct, indirect or consequential loss or loss of profits or loss of opportunity) suffered by you or any third party in connection with the use of this material or its content. It is being provided to you because you have requested a copy and it is not intended for investors who are unfamiliar with the relevant markets or who are unwilling or unable to bear the risks associated with the investment. You should refrain from entering into any transaction unless you fully understand all the risks involved and you have independently determined that the investment is suitable for you. We are not your designated investment adviser. If you are in doubt as to any aspect of this material, you should consult a stockbroker or another licensed securities dealer, a bank manager, a solicitor, an accountant or other professional advisers. Any prices, yields and opinions expressed are current opinions as of the date appearing on this material only and are subject to change without notice.
If this material contains one or more trading ideas, such views are based on the current market conditions, factors or trends, and are subject to change without notice. They may differ from, or be inconsistent with, the views of other personnel within Instinet Group or other general market information, commentary or research.
Derivative investments require investors to assess several characteristics and risk factors that may not be present in other types of transactions. You should consider the specific return and risk profile of a particular derivative investment before effecting, or agreeing to effect, any transaction. In reaching a determination as to the appropriateness of any proposed transaction, clients should undertake a thorough independent review of the legal, regulatory, credit, tax, accounting and economic consequences of such action.
The information presented has been obtained from or based upon sources believed by the trader or sales person to be reliable, but none of Instinet Group or its employees, the trader or sales person represents or warrants its accuracy or completeness and is not responsible for losses or damages arising out of errors, omissions or changes in market factors. The Instinet Group’s, officers, directors and employees, including persons, without limitation, involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy or sell, the securities, or in options, futures or other derivatives based thereon, of companies mentioned herein, or related securities or in options, futures or other derivative instruments based thereon. The Instinet Group may buy and sell certain securities of companies mentioned herein, as agent for its clients or as principal in certain circumstances such as to deal with error trades.
IPL manages conflicts identified through the following: their Chinese Wall, confidentiality and independence policies, maintenance of Restricted List, personal account dealing rules, policies and procedures for managing conflicts of interest and disclosure to clients via client documentation.
This material is not a research report. It does not contain an analysis or information sufficient upon which to base an investment decision with respect to any security or trading strategy. The person(s) who prepared this material is not a research analyst.
If this material references a research report, you are directed to the referenced report for the complete information and important disclosures. Investment research products are produced by Instinet Group. IPL also distributes research products prepared by Nomura Group ("Nomura"). IPL is an affiliate of Nomura. Nomura research products are subject to the disclosures, disclaimers and other statements set out therein. Nomura research products are available to subscribers through http://www.nomuranow.com/research. IPL’s clients that are not subscribers to Nomura research may receive the research after it has been made available to subscribers. Please contact your IPL sales representative if you need assistance with accessing research.
Complete copies of any research reports prepared by Nomura that are referenced in this material, and related disclosures, are available at http://www.nomuranow.com/research. These reports may contain dated information and are made available for historical purposes only. They should not be relied upon in substitution for the exercise of independent judgment, are intended for your use only, and may not be transmitted to other parties. Contact your Instinet sales representative if you need any assistance with accessing the reports.
IPL also distributes material prepared by Nomura which is not research, including but limited to trading commentary from Nomura Idea Hub. Such material is subject to the disclosures, disclaimers and other statements set out therein. If such material references a research report, you are directed to the referenced report for the complete information and important disclosures. IPL’s clients may receive the material prepared by Nomura after it has been made available to Nomura’s clients.
No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) redistributed without our prior express consent. Further information on any of the securities mentioned herein may be obtained upon request. If this publication has been distributed by electronic transmission, such as e-mail, then such transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this publication, which may arise as a result of electronic transmission. If verification is required, please request a hard-copy version.