Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<ul>
<li>The EV market offers bright long term prospects supported by technological progress and government incentives, particularly in China.</li>
<li>In the short term, surging raw material costs and supply bottlenecks are significant risks and could take longer to resolve than many suspect.</li>
<li>We believe the high-end performance segment and low-end mini/city vehicle segments are most suitable for rapid EV penetration.</li>
</ul>


The EV market offers bright long term prospects supported by technological progress and government incentives, particularly in China.
In the short term, surging raw material costs and supply bottlenecks are significant risks and could take longer to resolve than many suspect.
We believe the high-end performance segment and low-end mini/city vehicle segments are most suitable for rapid EV penetration.


SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

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<ul>
<li>
Investors can now gain exposure to a wider range of Hong Kong stocks via SGX-listed Warrants and DLCs with recent new listings. Warrants and DLCs offer 3 to 5 times leverage and allow investors to participate in the price performance of an underlying stock at a fraction of the underlying stock price. 
	 </li>
	<li>
Issued by Societe Generale, the 5x Long and Short DLCs on BYD, AliHealth &amp; Ping An Health will start trading on 15 October. The DLCs offer a fixed leverage of 5 times of the daily performance of the underlying stock i.e. a 1% move in the underlying stock generally translates into a 5% move in the DLC on a close-to-close basis.   
	 </li>
	<li>Issued by Macquarie Bank, Call and Put Warrants on BYD, Meituan and other prominent Hong Kong stocks started trading on 5 October. The warrants offer approx. 3-5 times leverage on the underlying stock performance and are generally priced below $0.20 per unit. </li>
</ul>
 

Daily Leverage Certificates (“DLCs”) and Structured warrants (“Warrants”) are financial instruments issued by a third-party financial institution, usually investment banks, and are traded in the SGX securities market. DLCs and Warrants offer investors an alternative instrument to participate in the price performance of an underlying asset at a fraction of the underlying asset price. Any failure of the issuer or guarantor to perform obligations when due (e.g. issuer becomes insolvent), may result in the loss of an entire investment. BYD, AliHealth and Ping An Health posted strong YTD returns 
BYD company (BYD), Alibaba Health Information Technology (AliHealth) and Ping An Healthcare and Technology Company (Ping An Health) listed on the Stock Exchange of Hong Kong have had a strong performance in 2020 thus far, posting year-to-date (YTD) price return of +215%, +137% and +72% respectively as of 9 October. These stocks have outperformed the Hang Seng Index (HSI) by a wide margin as the benchmark index continued to remain in negative territory with a YTD price return of -14%.
</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-10/Capture_6.PNG' alt='YTD Price Returns' />
 </figure>
 <div class='content-caption'>YTD Price Returns</div>
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China’s economy has continued to show signs of a sustained reboot in 2H20. Policies have continued to support small business the main source of employment throughout the economy. In the 2020 year-to-date, China small-cap Indices have outpaced its large-cap Indices, with the smaller cap indices generating more than double the price returns of the former. China Industrial production for the first eight months of 2020 grew 0.4% from the same period in 2019 and current consensus estimates are for 5% GDP YoY growth in 3Q20, is scheduled for release on 19 October. BYD riding the electric vehicle trend 
BYD is a major Chinese automotive and battery manufacturer with 25% of the company owned by Warren Buffett’s Berkshire Hathaway. The automobile business and related products account for roughly half of BYD’s revenue. The company is also one of China’s major electric vehicle battery manufacturers and has a joint venture with Toyota to develop and design battery-electric cars. 
Based on their 2020 interim report, BYD reported revenue of RMB58,028 million, down 2% YoY and profit attributable to owners of the parent of RMB1,662 million, up 14% YoY. BYD shared 3 key highlights in the report:

 

<ol>
<li>The launch of new technologies and products has kick-started a growth cycle for our new energy vehicle business;</li>
	<li>The business scale of glass and ceramic doubled year-on-year while the new intelligent product business saw a rapid year-on-year grow; and</li>
	<li>The successful introduction of strategic investors for BYD semiconductor accelerated the execution of market-oriented strategy.</li>
</ol>
 

Click <a href="https://www.byd.com/sitesresources/common/tools/generic/web/viewer.html?file=%2Fsites%2FSatellite%2FBYD%20PDF%20Viewer%3Fblobcol%3Durldata%26blobheader%3Dapplication%252Fpdf%26blobkey%3Did%26blobtable%3DMungoBlobs%26blobwhere%3D1541999596040%26ssbinary%3Dtrue">here</a> to read more. AliHealth and Ping An Health transforming China’s health care system 
The Covid-19 crisis has accelerated China’s health care transformation into one where health care will be delivered in a seamless online to offline experience. Companies such as AliHealth and Ping An Health are leading this transformation using technology and innovation to deliver special Covid-19 services to people such as allowing them to consult with doctors online and sharing of updates on the virus situation. With China’s huge mobile internet user base, their fast adoption of technology and surge in healthcare demand from Covid-19, digital innovations will be a key driver in transforming China’s health care ecosystem. Alibaba Health Information Technology 
As the healthcare flagship of Alibaba Group, AliHealth, has the vision of “facilitating medicine through big data  and using the Internet to change the face of healthcare to provide fair, affordable and accessible medical and healthcare services to 1 billion people”. The Group operates across 5 business segments – Pharmaceutical E-commerce Platform Business, Pharmaceutical Direct Business, Internet Healthcare Business, Consumer Healthcare Business and Tracking and Digital Health Business.   
For the latest financial year ended March 31, 2020, AliHealth reported revenue of RMB9,596.5 million, representing a significant year-on-year growth of 88.3%, mainly attributable to the rapid growth of the pharmaceutical direct business and the pharmaceutical e-commerce platform business during the year. The Group reported a loss for the year at RMB15.7 million, which represented a significant decreased of RMB76.1 million or 82.9% from a loss of RMB91.8 million for the preceding year. Click <a href="https://ir.alihealth.cn/en/reports.php">here</a> to read more. Ping An Healthcare and Technology Company 
As the healthcare flagship of Ping An Group, Ping An Health, has the mission to “build the largest healthcare ecosystem in the world and promote healthy living empowered by technology. Ping An Group recently unveiled their Health Care Ecosystem Strategy with the aim to establish strong technological competition entry barriers by building a closed loop ecosystem of health care services. Click <a href="http://www.pingan.cn/en/common/news/article/1600915457852.shtml">here</a> for the news release. 
According to their 2020 interim report, Ping An Health reported 1H 2020 revenue of RMB2,747 million, up 21% YoY, with the increase attributable to the 107% YoY revenue increase in the company’s online medical services business segment. Overall the company report a net loss of RMB213 million, which narrowed by 21% YoY. Click <a href="http://www.pagd.net/investorPage/investorData/20?lang=EN_US">here</a> to read more. Specifications of New DLCs on BYD, AliHealth and Ping An Health 
Long DLCs are for investors who have a bullish view of the underlying asset (i.e. the investor takes the view that the price of the underlying asset will go up). A summary of the terms is tabled below.

<table class="table table-striped"><tbody>
<tr>
<td>
			Counter name
			</td>
			<td>
			Code
			</td>
			<td>
			Underlying stock 
			</td>
			<td>
			Type
			</td>
			<td>
			Leverage 
			</td>
			<td>
			Issue Price (S$)
			</td>
			<td>
			Expiry Date
			</td>
		</tr>
<tr>
<td>
			DLC SG5xLong AliHealth
			</td>
			<td>
			DXZW
			</td>
			<td>
			0241.HK
			</td>
			<td>
			LONG
			</td>
			<td>
			5x
			</td>
			<td>
			0.50
			</td>
			<td>
			12 Oct 2023
			</td>
		</tr>
<tr>
<td>
			DLC SG5xShort AliHealth
			</td>
			<td>
			DYMW
			</td>
			<td>
			0241.HK
			</td>
			<td>
			SHORT
			</td>
			<td>
			-5x
			</td>
			<td>
			0.50
			</td>
			<td>
			12 Oct 2023
			</td>
		</tr>
<tr>
<td>
			DLC SG5xLong PAHealth
			</td>
			<td>
			DOPW
			</td>
			<td>
			1833.HK
			</td>
			<td>
			LONG
			</td>
			<td>
			5x
			</td>
			<td>
			0.50
			</td>
			<td>
			12 Oct 2023
			</td>
		</tr>
<tr>
<td>
			DLC SG5xShort PAHealth
			</td>
			<td>
			DQQW
			</td>
			<td>
			1833.HK
			</td>
			<td>
			SHORT
			</td>
			<td>
			-5x
			</td>
			<td>
			0.50
			</td>
			<td>
			12 Oct 2023
			</td>
		</tr>
<tr>
<td>
			DLC SG5xLong BYD
			</td>
			<td>
			DINW
			</td>
			<td>
			1211.HK
			</td>
			<td>
			LONG
			</td>
			<td>
			5x
			</td>
			<td>
			0.50
			</td>
			<td>
			12 Oct 2023
			</td>
		</tr>
<tr>
<td>
			DLC SG5xShort BYD
			</td>
			<td>
			DFYW
			</td>
			<td>
			1211.HK
			</td>
			<td>
			SHORT
			</td>
			<td>
			-5x
			</td>
			<td>
			0.50
			</td>
			<td>
			12 Oct 2023
			</td>
		</tr>
</tbody></table>
 Source: SGX

 

Investors are advised to read the issuer documents found on SGX website <a href="https://www.sgx.com/securities/company-announcements?value=SG%20ISSUER&amp;type=company">here</a> or the issuer’s DLC website <a href="DLC.socgen.com">here</a> for the full details of the DLCs including the product features (e.g. compounding effect and airbag mechanism) and the risks before investing in the DLCs.
</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-10/Capture%201_0.PNG' alt='SG Active Trading Tournament 2020' />
 </figure>
 <div class='content-caption'>SG Active Trading Tournament 2020</div>
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Specifications of New Warrants on Meituan, BYD, Geely and Sunny 
Call warrants are for investors who have a bullish view of the underlying asset (i.e. the investor takes the view that the price of the underlying asset will go up). A summary of the warrant terms is tabled below.

<table class="table table-striped"><tbody>
<tr>
<td>
			Counter name
			</td>
			<td>
			Code
			</td>
			<td>
			Underlying Stock
			</td>
			<td>
			Type
			</td>
			<td>
			Exercise Price (HK$)
			</td>
			<td>
			Expiry Date
			</td>
		</tr>
<tr>
<td>
			Meituan MB eCW210405
			</td>
			<td>
			JAOW
			</td>
			<td>
			3690.HK
			</td>
			<td>
			CALL
			</td>
			<td>
			300
			</td>
			<td>
			05 Apr 21
			</td>
		</tr>
<tr>
<td>
			Meituan MB ePW210405
			</td>
			<td>
			YLAW
			</td>
			<td>
			3690.HK
			</td>
			<td>
			PUT
			</td>
			<td>
			200
			</td>
			<td>
			05 Apr 21
			</td>
		</tr>
<tr>
<td>
			BYD MB eCW210405
			</td>
			<td>
			VHUW
			</td>
			<td>
			1211.HK
			</td>
			<td>
			CALL
			</td>
			<td>
			140
			</td>
			<td>
			05 Apr 21
			</td>
		</tr>
<tr>
<td>
			BYD MB ePW210405
			</td>
			<td>
			RUQW
			</td>
			<td>
			1211.HK
			</td>
			<td>
			PUT
			</td>
			<td>
			98
			</td>
			<td>
			05 Apr 21
			</td>
		</tr>
<tr>
<td>
			Geely MB eCW210405
			</td>
			<td>
			RQUW
			</td>
			<td>
			0175.HK
			</td>
			<td>
			CALL
			</td>
			<td>
			18
			</td>
			<td>
			05 Apr 21
			</td>
		</tr>
<tr>
<td>
			Geely MB ePW210405
			</td>
			<td>
			XZ4W
			</td>
			<td>
			0175.HK
			</td>
			<td>
			PUT
			</td>
			<td>
			12
			</td>
			<td>
			05 Apr 21
			</td>
		</tr>
<tr>
<td>
			Sunny MB eCW210405
			</td>
			<td>
			9T9W
			</td>
			<td>
			2382.HK
			</td>
			<td>
			CALL
			</td>
			<td>
			140
			</td>
			<td>
			05 Apr 21
			</td>
		</tr>
<tr>
<td>
			Sunny MB ePW210405
			</td>
			<td>
			PDGW
			</td>
			<td>
			2382.HK
			</td>
			<td>
			PUT
			</td>
			<td>
			100
			</td>
			<td>
			05 Apr 21
			</td>
		</tr>
</tbody></table>
 Source: SGX

 

Investors are advised to read the issuer documents found on SGX website <a href="https://www.sgx.com/securities/company-announcements?value=MACQUARIE%20BANK%20LIMITED&amp;type=company">here</a> or the issuer’s warrant website <a href="https://www.warrants.com.sg/home">here</a> for the full details of the warrants including the product features and the risks before investing in them. 
Investors should note these Warrants/DLCs will track the moves in the underlying shares trading in Hong Kong, hence the market-making hours for these instruments will follow the stock’s trading hours on Hong Kong Stock Exchange from 9.30am to 4pm, with a break from 12-1pm.
</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-10/Capture%202_0.PNG' alt='Leverage your trading returns' />
 </figure>
 <div class='content-caption'>Leverage your trading returns</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>Specified Investment Products 
Structured Warrants and Daily Leverage Certificates are for investors who are willing to accept the risk of substantial losses up to the principal investment amount, possibly within a very short timeframe. Investors should also have sufficient understanding of the product and should possess either a high level of knowledge or sufficient trading experience to properly evaluate and assess the product structure, associated risks, valuation, costs and expected returns. All investors need to be Specified Investment Products (SIP) qualified to invest in these instruments.</body></html>





Investors can now gain exposure to a wider range of Hong Kong stocks via SGX-listed Warrants and DLCs with recent new listings. Warrants and DLCs offer 3 to 5 times leverage and allow investors to participate in the price performance of an underlying stock at a fraction of the underlying stock price. 
	 
	
Issued by Societe Generale, the 5x Long and Short DLCs on BYD, AliHealth &amp; Ping An Health will start trading on 15 October. The DLCs offer a fixed leverage of 5 times of the daily performance of the underlying stock i.e. a 1% move in the underlying stock generally translates into a 5% move in the DLC on a close-to-close basis.   
	 
	Issued by Macquarie Bank, Call and Put Warrants on BYD, Meituan and other prominent Hong Kong stocks started trading on 5 October. The warrants offer approx. 3-5 times leverage on the underlying stock performance and are generally priced below $0.20 per unit. 

 

Daily Leverage Certificates (“DLCs”) and Structured warrants (“Warrants”) are financial instruments issued by a third-party financial institution, usually investment banks, and are traded in the SGX securities market. DLCs and Warrants offer investors an alternative instrument to participate in the price performance of an underlying asset at a fraction of the underlying asset price. Any failure of the issuer or guarantor to perform obligations when due (e.g. issuer becomes insolvent), may result in the loss of an entire investment.  BYD, AliHealth and Ping An Health posted strong YTD returns  
BYD company (BYD), Alibaba Health Information Technology (AliHealth) and Ping An Healthcare and Technology Company (Ping An Health) listed on the Stock Exchange of Hong Kong have had a strong performance in 2020 thus far, posting year-to-date (YTD) price return of +215%, +137% and +72% respectively as of 9 October. These stocks have outperformed the Hang Seng Index (HSI) by a wide margin as the benchmark index continued to remain in negative territory with a YTD price return of -14%.



      
    
    YTD Price Returns


China’s economy has continued to show signs of a sustained reboot in 2H20. Policies have continued to support small business the main source of employment throughout the economy. In the 2020 year-to-date, China small-cap Indices have outpaced its large-cap Indices, with the smaller cap indices generating more than double the price returns of the former. China Industrial production for the first eight months of 2020 grew 0.4% from the same period in 2019 and current consensus estimates are for 5% GDP YoY growth in 3Q20, is scheduled for release on 19 October.  BYD riding the electric vehicle trend  
BYD is a major Chinese automotive and battery manufacturer with 25% of the company owned by Warren Buffett’s Berkshire Hathaway. The automobile business and related products account for roughly half of BYD’s revenue. The company is also one of China’s major electric vehicle battery manufacturers and has a joint venture with Toyota to develop and design battery-electric cars.  
Based on their 2020 interim report, BYD reported revenue of RMB58,028 million, down 2% YoY and profit attributable to owners of the parent of RMB1,662 million, up 14% YoY. BYD shared 3 key highlights in the report:

 


The launch of new technologies and products has kick-started a growth cycle for our new energy vehicle business;
	The business scale of glass and ceramic doubled year-on-year while the new intelligent product business saw a rapid year-on-year grow; and
	The successful introduction of strategic investors for BYD semiconductor accelerated the execution of market-oriented strategy.

 

Click here to read more.  AliHealth and Ping An Health transforming China’s health care system  
The Covid-19 crisis has accelerated China’s health care transformation into one where health care will be delivered in a seamless online to offline experience. Companies such as AliHealth and Ping An Health are leading this transformation using technology and innovation to deliver special Covid-19 services to people such as allowing them to consult with doctors online and sharing of updates on the virus situation. With China’s huge mobile internet user base, their fast adoption of technology and surge in healthcare demand from Covid-19, digital innovations will be a key driver in transforming China’s health care ecosystem.  Alibaba Health Information Technology   
As the healthcare flagship of Alibaba Group, AliHealth, has the vision of “facilitating medicine through big data  and using the Internet to change the face of healthcare to provide fair, affordable and accessible medical and healthcare services to 1 billion people”. The Group operates across 5 business segments – Pharmaceutical E-commerce Platform Business, Pharmaceutical Direct Business, Internet Healthcare Business, Consumer Healthcare Business and Tracking and Digital Health Business.    
For the latest financial year ended March 31, 2020, AliHealth reported revenue of RMB9,596.5 million, representing a significant year-on-year growth of 88.3%, mainly attributable to the rapid growth of the pharmaceutical direct business and the pharmaceutical e-commerce platform business during the year. The Group reported a loss for the year at RMB15.7 million, which represented a significant decreased of RMB76.1 million or 82.9% from a loss of RMB91.8 million for the preceding year. Click here to read more.  Ping An Healthcare and Technology Company  
As the healthcare flagship of Ping An Group, Ping An Health, has the mission to “build the largest healthcare ecosystem in the world and promote healthy living empowered by technology. Ping An Group recently unveiled their Health Care Ecosystem Strategy with the aim to establish strong technological competition entry barriers by building a closed loop ecosystem of health care services. Click here for the news release.  
According to their 2020 interim report, Ping An Health reported 1H 2020 revenue of RMB2,747 million, up 21% YoY, with the increase attributable to the 107% YoY revenue increase in the company’s online medical services business segment. Overall the company report a net loss of RMB213 million, which narrowed by 21% YoY. Click here to read more.  Specifications of New DLCs on BYD, AliHealth and Ping An Health   
Long DLCs are for investors who have a bullish view of the underlying asset (i.e. the investor takes the view that the price of the underlying asset will go up). A summary of the terms is tabled below.




			Counter name
			
			
			Code
			
			
			Underlying stock 
			
			
			Type
			
			
			Leverage 
			
			
			Issue Price (S$)
			
			
			Expiry Date
			
		


			DLC SG5xLong AliHealth
			
			
			DXZW
			
			
			0241.HK
			
			
			LONG
			
			
			5x
			
			
			0.50
			
			
			12 Oct 2023
			
		


			DLC SG5xShort AliHealth
			
			
			DYMW
			
			
			0241.HK
			
			
			SHORT
			
			
			-5x
			
			
			0.50
			
			
			12 Oct 2023
			
		


			DLC SG5xLong PAHealth
			
			
			DOPW
			
			
			1833.HK
			
			
			LONG
			
			
			5x
			
			
			0.50
			
			
			12 Oct 2023
			
		


			DLC SG5xShort PAHealth
			
			
			DQQW
			
			
			1833.HK
			
			
			SHORT
			
			
			-5x
			
			
			0.50
			
			
			12 Oct 2023
			
		


			DLC SG5xLong BYD
			
			
			DINW
			
			
			1211.HK
			
			
			LONG
			
			
			5x
			
			
			0.50
			
			
			12 Oct 2023
			
		


			DLC SG5xShort BYD
			
			
			DFYW
			
			
			1211.HK
			
			
			SHORT
			
			
			-5x
			
			
			0.50
			
			
			12 Oct 2023
			
		

 Source: SGX

 

Investors are advised to read the issuer documents found on SGX website here or the issuer’s DLC website here for the full details of the DLCs including the product features (e.g. compounding effect and airbag mechanism) and the risks before investing in the DLCs.



      
    
    SG Active Trading Tournament 2020


Specifications of New Warrants on Meituan, BYD, Geely and Sunny  
Call warrants are for investors who have a bullish view of the underlying asset (i.e. the investor takes the view that the price of the underlying asset will go up). A summary of the warrant terms is tabled below.




			Counter name
			
			
			Code
			
			
			Underlying Stock
			
			
			Type
			
			
			Exercise Price (HK$)
			
			
			Expiry Date
			
		


			Meituan MB eCW210405
			
			
			JAOW
			
			
			3690.HK
			
			
			CALL
			
			
			300
			
			
			05 Apr 21
			
		


			Meituan MB ePW210405
			
			
			YLAW
			
			
			3690.HK
			
			
			PUT
			
			
			200
			
			
			05 Apr 21
			
		


			BYD MB eCW210405
			
			
			VHUW
			
			
			1211.HK
			
			
			CALL
			
			
			140
			
			
			05 Apr 21
			
		


			BYD MB ePW210405
			
			
			RUQW
			
			
			1211.HK
			
			
			PUT
			
			
			98
			
			
			05 Apr 21
			
		


			Geely MB eCW210405
			
			
			RQUW
			
			
			0175.HK
			
			
			CALL
			
			
			18
			
			
			05 Apr 21
			
		


			Geely MB ePW210405
			
			
			XZ4W
			
			
			0175.HK
			
			
			PUT
			
			
			12
			
			
			05 Apr 21
			
		


			Sunny MB eCW210405
			
			
			9T9W
			
			
			2382.HK
			
			
			CALL
			
			
			140
			
			
			05 Apr 21
			
		


			Sunny MB ePW210405
			
			
			PDGW
			
			
			2382.HK
			
			
			PUT
			
			
			100
			
			
			05 Apr 21
			
		

 Source: SGX

 

Investors are advised to read the issuer documents found on SGX website here or the issuer’s warrant website here for the full details of the warrants including the product features and the risks before investing in them.  
Investors should note these Warrants/DLCs will track the moves in the underlying shares trading in Hong Kong, hence the market-making hours for these instruments will follow the stock’s trading hours on Hong Kong Stock Exchange from 9.30am to 4pm, with a break from 12-1pm.



      
    
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Specified Investment Products   
Structured Warrants and Daily Leverage Certificates are for investors who are willing to accept the risk of substantial losses up to the principal investment amount, possibly within a very short timeframe. Investors should also have sufficient understanding of the product and should possess either a high level of knowledge or sufficient trading experience to properly evaluate and assess the product structure, associated risks, valuation, costs and expected returns. All investors need to be Specified Investment Products (SIP) qualified to invest in these instruments.


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