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  • 2025-01-09 (Thu)   |   18:25
    HKD6B Southbound Trading Net Inflow to TENCENT
    There was HKD6 billion, HKD815.5 million and HKD477.5 million Southbound Trading net inflow to TENCENT (00700.HK), XIAOMI-W (01810.HK) and SMIC (00981.HK).

    There was HKD693.5 million Southbound Trading net outflow from MEITUAN-W (03690.HK).

    For Southbound Trading of Shanghai-Hong Kong Stock Connect, TENCENT (00700.HK) was the most active stock with highest net inflow of HKD4 billion, while MEITUAN-W (03690.HK) was the most active stock with highest net outflow of HKD455 million.

    For Southbound Trading of Shenzhen-Hong Kong Stock Connect, TENCENT (00700.HK) was the most active stock with highest net inflow of HKD2 billion, while MEITUAN-W (03690.HK) was the most active stock with highest net outflow of HKD238.5 million.

    At close, Southbound Trading net outflow totaled HKD0 , representing 40.33% of the total transaction amount of HKD52.06 billion.
    ~




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    Underlyings mentioned in the news article: 700, 1810, 981, 3690, 80700, 81810, 83690
  • 2025-01-09 (Thu)   |   14:25
    LENOVO GROUP (00992.HK) Unveils New Legion Go S Gaming Handheld PCs
    LENOVO GROUP (00992.HK) has unveiled two brand-new Legion Go S gaming handheld PCs. The Legion Go S gaming handheld runs on the Windows system and features an 8-inch WUXGA 16:10 120Hz PureSight touchscreen.

    In terms of processor configuration, the gaming handheld provides players with two options. The first is the AMD Z2 Go processor custom-made by LENOVO GROUP to meet regular gaming needs and ensures stability. The second is the AMD Ryzen Z1 Extreme processor paired with up to 32GB of 7500MHz LPDDR5X RAM and a 3-cell 55.5Whr battery to provide stronger computational support for running large games and handling multi-tasks.

    In addition, LENOVO GROUP also launched the Legion Go S (SteamOS) gaming handheld. As the world's first officially licensed product of its kind, this gaming handheld combines the hardware performance of the Legion Go S with the SteamOS operating system.

    LENOVO GROUP last printed at $9.85, up 3.36%, on a volume of 30.8152 million shares, involving $302 million.
    ~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-09 (Thu)   |   12:45
    BOCOMI Ratings & TPs on CN Internet (Table)
    Stocks│Investment Ratings│Target Prices
    Baidu (BIDU.US) │Buy │ US$102
    iQIYI (IQ.US) │Buy │ US$2.9
    Bilibili (BILI.US) │Buy │ US$25
    KUAISHOU-W (01024.HK)│Buy│HK$54
    Tencent Music (TME.US) │Buy │ US$14

    NETEASE MUSIC (09899.HK)│Buy│HK$120
    Hello Group (MOMO.US) │ Neutral │ US$7.4
    JOYY (YY.US)│Neutral│US$38
    CHINA LIT (00772.HK)│Neutral│HK$29
    Pinduoduo (PDD.US) | Buy | US$144

    JD.com (JD.US) │Buy │ US$56
    Alibaba (BABA.US) | Buy | US$111
    EAST BUY (01797.HK)│Neutral│HK$14.9
    KINGSOFT (03888.HK)│Buy│HK$33
    TENCENT (00700.HK) │Buy│HK$513

    NETDRAGON (00777.HK)│Buy│HK$14
    NetEase (NTES.US) │Buy │ US$113
    MEITUAN-W (03690.HK) │ Buy │ HK$226
    TUHU-W (09690.HK)│Buy│HK$24
    JD LOGISTICS (02618.HK) │Buy │ HK$18

    SF INTRA-CITY (09699.HK)│Buy│HK$13.5
    Dada (DADA.US) │ Neutral │ HK$1.4
    HUITONGDA NET (09878.HK)│Neutral│HK$21
    YEAHKA (09923.HK) │Neutral│HK$13
    TONGCHENGTRAVEL (00780.HK) │ Buy │ HK$24
    TRIP.COM-S (09961.HK)│Buy│HK$605
    ~



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  • 2025-01-09 (Thu)   |   12:44
    BOCOMI Expects CN 1Q May Boost Sales of Home Appliances/ Digital Products to RMB150B+, National Subsidy May Drive Steady GMV Growth of E-commerce Platforms
    Yesterday (8th), China's National Development and Reform Commission (NDRC) and Ministry of Finance (MOF) issued the Notice on Strengthening and Expanding the Implementation of Large-scale Equipment Renewal and Consumer Goods Trade-in Policy in 2025, in which the consumer goods market will be expanded from 8 major categories of home appliances to 12 categories in 2024, with addition of microwave ovens, water purifiers, dishwashers, rice cookers and air conditioners, according to BOCOMI's research report.

    The broker estimated that, based on the proportion of online platforms contributing to 60%+ of the national subsidy, Tmall/ JD-SW (09618.HK) channels will account for 35-40% each, while Tmall/ JD-SW's 4Q24 home appliance sales were boosted by the national subsidy by about RMB42.4 billion/ RMB48.5 billion respectively, accounting for about 10%/ 7% of the platform 3C home appliance transaction scale in the quarter.

    Compared to 2024 subsidy ratio of RMB50 billion/ 20% for home appliances, it is estimated that the sales of home appliances and digital products may be boosted to over RMB150 billion in 1Q25, compared to 1Q24 retail sales of consumers' communication equipment and home appliances of RMB383.2 billion.

    BOCOMI expected the revenue growth range of China's e-commerce platforms to be 8-14% this year, with BABA-W (09988.HK)'s Taobao Tmall Group (TTG) revenue expected to accelerate growth on the back of resumed GMV growth and higher monetization rate, while JD-SWs monetization rate will remain stable.

    The broker was concerned about the impact of the sustained China trade-in subsidy policy on the traditional electronic category.
    ~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-08 (Wed)   |   18:25
    HKD8.5B Southbound Trading Net Inflow to TENCENT
    There was HKD8.5 billion, HKD1.9 billion and HKD497.7 million Southbound Trading net inflow to TENCENT (00700.HK), TRACKER FUND (02800.HK) and CHINA MOBILE (00941.HK).

    There was HKD778.6 million Southbound Trading net outflow from MEITUAN-W (03690.HK).

    For Southbound Trading of Shanghai-Hong Kong Stock Connect, TENCENT (00700.HK) was the most active stock with highest net inflow of HKD5.3 billion, while MEITUAN-W (03690.HK) was the most active stock with highest net outflow of HKD648 million.

    For Southbound Trading of Shenzhen-Hong Kong Stock Connect, TENCENT (00700.HK) was the most active stock with highest net inflow of HKD3.2 billion, while SUNNY OPTICAL (02382.HK) was the most active stock with highest net outflow of HKD265.2 million.

    At close, Southbound Trading net outflow totaled HKD0 , representing 41.20% of the total transaction amount of HKD69.38 billion.
    ~




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    Underlyings mentioned in the news article: 700, 2800, 941, 3690, 2382, 80700, 80941, 83690
  • 2025-01-08 (Wed)   |   16:30
    Top 5 Gainers among ETFs; FI CSOP BTC (07376.HK) Surges 6.3% Topping Chart
    FI CSOP BTC (07376.HK) closed at HK$4.958,up 6.3%.

    FI2CSOPNASDAQ (07568.HK) closed at HK$4.994,up 3.1%.

    FI2CAMNDQ100 (07522.HK) closed at HK$0.756,up 3.0%.

    XI2CSOPHSTECH (07552.HK) closed at HK$3.396,up 2.2%.

    F GX OIL (03097.HK) closed at HK$5.43,up 2.0%
    ~



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  • 2025-01-08 (Wed)   |   11:59
    UBS Trims BUD APAC (01876.HK) TP to $8.2, Cuts Earning Forecast
    UBS axed its 2024-26 net profit forecast for BUD APAC (01876.HK) by 11-16% as the group's profit in China was tepid and the business had downside risks. The broker expected the group's 4Q24 performance in China to mirror a similar trend to 3Q24, under the impact of lower sales volume and deleveraging, resulting in an expected drop in 4Q24 EBITDA of about 20%. However, the group's valuation is already at rock bottom and the recent earnings performance is believed to have been priced in.

    Potentially improving restaurant spending in 2025 due to consumption stimuli and strategy execution could underpin BUD APAC’s sales volume recovery in China. The broker maintained a Buy rating on the stock, believing that its strong cash flow can sustain a stable dividend throughout 2024. The target price was trimmed from $11.72 to $8.2.
    ~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-08 (Wed)   |   11:35
    Nomura: TENCENT Listed as Military Firm by US; Reputational Risk May Be Worth Monitoring
    TENCENT (00700.HK) has been listed by the US Department of Defense (DoD) as a company believed to be collaborating with the Chinese military. Nomura has released a research report predicting that being included in the list is unlikely to have any direct impact on TENCENT's business or operations.

    As the list only affects companies with business dealings with the US DoD, being listed will prevent TENCENT from obtaining commercial contracts with the US DoD, which means there will be no influence on its business. Nomura suggested that more attention should be paid to the company's reputational risk.

    Nomura currently rates TENCENT at Buy with a target price of $500.
    ~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-08 (Wed)   |   11:22
    Jiyue Auto Sets up After-Sales Maintenance & User Communication Task Force w/ Team Size of 50
    Jiyue Auto under Geely Holding and BIDU-SW (09888.HK) announced the formation of an after-sales maintenance team aimed at providing comprehensive services to car owners and safeguarding their rights.

    An after-sales maintenance and user communication task force has been established with a team size of 50. With strong support from major shareholders Baidu and Geely, all tasks are proceeding smoothly and orderly.
    ~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-08 (Wed)   |   11:21
    PwC Foresees HK Govt Deficit at $94.8B, Fiscal Reserves to Drop to $639.8B This FY End, Equivalent to 10Mths Expenditure Hitting New Low
    PricewaterhouseCoopers (PwC) said that the overall meager property transactions in Hong Kong in 2024 influenced the government's revenue from land sales and stamp duty. Based on the latest projection, the revenue from land sales will be around $8 billion, which is 76% below the government's original estimate of $33 billion; stamp duty is foreseen to generate $58 billion of revenue, which is 18% below the original estimate of $71 billion; and revenue from profits tax and salaries tax will amount to $247.6 billion, which is 10% below the original estimate of $275.6 billion.

    The above macro-economic factors obviously affected Hong Kong's fiscal reserves. PwC forecast that the fiscal reserves will fall to $639.8 billion by March 31, 2025, equivalent to about ten months of government expenditure. This is the lowest level of fiscal reserves ever logged by the HKSAR government, with the highest level being 28 months.
    ~



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    Underlyings mentioned in the news article: 700, 1810, 80700, 81810
  • 2025-01-08 (Wed)   |   11:01
    MOC: CN Backs Participation of Different Brands & Models of Handsets & Other Products in Trade-in Subsidy
    The relevant person in charge of the Ministry of Commerce (MOC) said at the State Council's regular policy briefing that the implementation of new subsidies for the purchases of smartphones and other products adheres to the principle of convenience, fairness and security, and will minimize the number of steps for consumers to take while ensuring the safety of their funds.

    The subsidy will be provided to eligible products of different brands and models, and will be available to both domestic and foreign-invested enterprises, state-owned and private enterprises, large enterprises and small and medium-sized enterprises, and online platforms and offline physical enterprises, the person added.

    Li Gang, Director General of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce, said at the meeting that more than 2.9 million vehicles were scrapped and replaced in 2024, and more than 3.7 million vehicles replaced, resulting in automobile sales of more than RMB920 billion; more than 36 million consumers purchased more than 56 million units of eight major types of household electrical appliances, leading to sales of more than RMB240 billion; the “New Look” campaign for home decoration and kitchen and sanitary appliances prompted sales of nearly 60 million pieces of related products, with sales amounting to approximately RMB120 billion; and over 1.38 million electric bicycles were traded in, driving sales of new vehicles amounting to more than RMB3.7 billion.
    ~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-08 (Wed)   |   10:16
    CN NDRC Expands Subsidies for Home Appliance Trade-Ins to 12 Categories; New Subsidies Launched for Digital Products Like Handsets
    Zhao Chenxin, Vice Chairman of China's National Development and Reform Commission (NDRC), said at the State Council's regular policy briefing that the number of home appliance categories eligible for trade-in subsidies has increased from 8 in 2024 to 12, with a maximum subsidy of 20% of the sales price per item.

    Considering the actual needs of households, the subsidy limit for air conditioner purchases per consumer has also been lifted from one to three units. Meanwhile, new subsidies for purchasing digital products like handsets will be implemented in response to public expectations.
    ~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-07 (Tue)   |   18:25
    HKD14B Southbound Trading Net Inflow to TENCENT
    There was HKD14 billion, HKD730.4 million and HKD442.5 million Southbound Trading net inflow to TENCENT (00700.HK), SMIC (00981.HK) and CHINA MOBILE (00941.HK).

    There was HKD3.2 billion, HKD860.1 million and HKD772.6 million Southbound Trading net outflow from TRACKER FUND (02800.HK), HSCEI ETF (02828.HK) and MEITUAN-W (03690.HK).

    For Southbound Trading of Shanghai-Hong Kong Stock Connect, TENCENT (00700.HK) was the most active stock with highest net inflow of HKD9.9 billion, while TRACKER FUND (02800.HK) was the most active stock with highest net outflow of HKD1.1 billion.

    For Southbound Trading of Shenzhen-Hong Kong Stock Connect, TENCENT (00700.HK) was the most active stock with highest net inflow of HKD4.1 billion, while TRACKER FUND (02800.HK) was the most active stock with highest net outflow of HKD2.1 billion.

    At close, Southbound Trading net outflow totaled HKD0 , representing 45.14% of the total transaction amount of HKD92.86 billion.
    ~




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    Underlyings mentioned in the news article: 700, 981, 941, 2800, 2828, 3690, 80700, 80941, 83690
  • 2025-01-07 (Tue)   |   18:00
    Inflation Rate YoY Flash for Dec in Euro Area is 2.4%, higher than the previous value of 2.2%. The forecast was 2.4%.
    Inflation Rate YoY Flash for Dec in Euro Area is 2.4%, higher than the previous value of 2.2%. The forecast was 2.4%.~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-07 (Tue)   |   16:22
    HSI Closes Down 240 pts as TENCENT Dips 7%+; SMIC Mounts 5%+
    The HSI slipped 240 points or 1.2% to close at 19,447. The HSCEI lost 85 points or 1.2% to close at 7,049. The HSTECH dropped 40 points or 0.9% to close at 4,354. Total market turnover for the day amounted to $205.71 billion.

    Tencent Holding (TCEHY.US)'s ADRs eroded nearly 7.8%, while TENCENT (00700.HK) dipped 7.3% to $379.6, with a turnover of $54.765 billion, even though the company asserted that the inclusion in the US' military list will not affect its business. SENSETIME-W (00020.HK), also added to the list, closed flat at $1.33. Shipper COSCO SHIP HOLD (01919.HK) shed 3.3%, while its peers OOIL (00316.HK) and SITC (01308.HK) waned 2.3% and 2.8%.

    Semiconductor equipment maker ASMPT (00522.HK) advanced 5.1%, while semiconductor stocks SMIC (00981.HK) and HUA HONG SEMI (01347.HK) mounted 5.1% and 3%. XIAOMI-W (01810.HK) slumped 5.9% to $34.15 at close.

    For other techs, BABA-W (09988.HK), MEITUAN-W (03690.HK), JD-SW (09618.HK) and BIDU-SW (09888.HK) slid 0.4-1.3%, while KUAISHOU-W (01024.HK), BILIBILI-W (09626.HK) and NTES-S (09999.HK) added less than 1%. WEIMOB INC (02013.HK), NETEASE MUSIC (09899.HK), MEITU (01357.HK) and Q TECH (01478.HK) cascaded 2.6-3.2%, while EAST BUY (01797.HK) swelled 7.5%. YEAHKA (09923.HK) dived 10.2% on a 9% discount to a top-up share placement, raising $189 million.
    ~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-07 (Tue)   |   16:14
    CN Last Dec FX Reserves Drop to US$3.2T, Below Forecast; Gold Overweighted for 2Mths
    The People's Bank of China (PBOC) announced that foreign exchange reserves at the end of December 2024 shrank to US$3.2 trillion from approximately US$3.27 trillion at the end of November 2024, lower than the expected US$3.25 trillion.

    At the end of December 2024, there were 73.29 million ounces of gold in official reserve assets, an overweight of gold for the second consecutive month. At the end of November 2024, the gold reserve was reported to be 72.96 million ounces.
    ~



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    Underlyings mentioned in the news article: 700, 1024, 9898, 80700, 81024
  • 2025-01-07 (Tue)   |   15:01
    Tmall Store Opening Report in 2024: New Stores Spike 83% YoY
    Tmall released its 2024 annual report on merchants store openings, which showed that Tmall's new merchants saw a YoY growth of 83% in 2024. Within one year of being on Tmall, 32 brands charted transaction volumes of over RMB100 million; 733 brands had annual transaction volumes of over RMB10 million; and 1,600 brands had annual transaction volumes of over RMB5 million.

    By geographical regions, Tmall opened stores in 2024, and the Pearl River Delta continued to lead in brand entrepreneurial vitality. Guangzhou ranked first in brand entrepreneurship in 2024. Among the new Tmall stores in 2024, more than 12,000 were registered in Guangzhou. Shenzhen, Jinhua, Quanzhou, Xuzhou, Wenzhou, Zhengzhou, Dongguan, Xiamen and Foshan, in addition to Guangzhou, were among the top ten cities with the most Tmall stores in 2024.
    ~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-07 (Tue)   |   14:36
    Citi: 1H25 Top Picks TENCENT, Trip.com, MEITUAN-W, JD.com for CN Internet
    Citi released a Pan-Asia Internet industry report, stating that the valuation of China's Internet sector is reasonable and the quality of growth is continuously improving. However, the broker also viewed that it should be closely related to the pace of macro and consumption recovery in mainland China.

    The broker's top picks for China's Internet sector in 1H25 are TENCENT (00700.HK), Trip.com (TCOM.US), MEITUAN-W (03690.HK) and JD.com (JD.US), Full Truck Alliance (YMM.US) and 37 INTERACTIVE ENTERTAINMENT (002555.SZ) were rated Buy, with target prices of HKD573, USD78, HKD203, USD51, USD15 and RMB20, respectively.

    The broker expected five major trends in China's Internet sector. The first is the opportunities and challenges brought about by AI, the adoption and monetization of AI applications, the growth of cloud computing, the growing opportunities for AI search and the threat to existing advertising formats; the second is overseas strategy; the third is consumption behavior; the fourth is content quality and innovation is the key to supporting monetization and user engagement; and the fifth is shareholder returns, with the pace of buybacks likely to be slower than 2024.
    ~



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    Underlyings mentioned in the news article: 700, 80700
  • 2025-01-07 (Tue)   |   09:58
    Citi: CATL (300750.SZ) US Mkt Biz Limited to Licensing Battery Tech to Auto OEMs
    CATL (300750.SZ) was added to the US Department of Defense's list of companies cooperating with Chinese military, according to a research report made by Citi Research.

    The inclusion on the Section 1260H list will not involve an immediate ban, Reuters said. However, it is a potential warning to US companies about the risks of conducting business with CATL.

    CATL's presence in the US market is limited to licensing its battery technology to auto OEMs, including Ford Motor Company (F.US) and Tesla (TSLA.US), Citi Research added.

    In accordance with the filing of US Department of Defense, entities which are included on the list can request a reconsideration of this decision to be removed from the list.
    ~



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    Underlyings mentioned in the news article: 20, 700, 1810, 80020, 80700, 81810
  • 2025-01-07 (Tue)   |   08:18
    CAAM: CN Auto Export Value Drops by 7.8% YoY in Nov 2024
    The export volume of autos reached 549,000 units in November 2024, down 6.2% MoM and up 4.8% YoY, according to the latest figures released by the China Association of Automobile Manufacturers (CAAM).

    The export value amounted to US$90.7 billion, down 15.1% MoM and 7.8% YoY. Despite the sustained YoY growth in export volume, there was a YoY and MoM decline in export value, indicating a downtrend in export prices.
    ~



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    Underlyings mentioned in the news article: 700, 80700

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There are two types of cookie - session cookies and persistent cookies.

Session cookies are used, for example, to maintain security on a site and to pass information that has been entered to other pages on the site to prevent further input of the same information. Persistent cookies are used to enable browsing habits to be tracked each time the site that sent the cookie is visited. The information that may be gathered includes date and time of visits, pages viewed, time spent at the site and the site visited just before and just after the J.P. Morgan Website.

We use cookies for your security if we require you to use a password when logging on to our Website. We also collect aggregated information for statistical and evaluation purposes.

Cookies can be disabled, generally through changing the internet software browser settings. It may also be possible to change the settings to enable acceptance of specific cookies. If cookies are disabled it may mean that not all services of a site, or indeed any, might be available.

If you provide any personal data to J.P. Morgan through this site, the collected personal data may be processed by J.P. Morgan or any member of the JPMorgan Chase & Co group of companies and their affiliates and agents (including companies based in countries where data protection laws might not exist or be of a lower standard that the EU) for the purposes of aiding in the operation, designing and/or marketing of present and future products and services of J.P. Morgan and/or any other company within the J.P. Morgan group structure (the “Group”).

Website Users’ Privacy

J.P. Morgan is wholly committed to protecting client privacy and will take all reasonable steps to ensure that your personal data is kept secure against unauthorised access, loss, disclosure or destruction. Your personal data, save as expressly provided, will only be used in ways which you have consented to.

If you wish, you may also have a copy of the personal data held in relation to you. We may, as allowed by law, charge you a fee for this. Please read our privacy policy to understand how your personal information will be treated when you use this Website.

Hyperlinks

The Website also contains links to websites controlled or offered by third parties. J.P. Morgan has not reviewed, and hereby disclaims responsibility (in negligence or otherwise) for, any loss howsoever arising from any use of the information, or materials, products or services posted or offered or privacy practices at any of the sites linked to this Website. Without prejudice to the generality of the foregoing and the maximum extent permitted by laws in Hong Kong, we will not be liable to anyone for any interruption, inaccuracy, error or omission, regardless of cause, in the information on the third party websites or for any kind of damages arising in connection therewith.

By creating a link to a third party website, J.P. Morgan does not endorse or recommend any products or services offered on that website, nor is J.P. Morgan liable for any failure of products or services offered or advertised at those sites. Such third party may have a privacy policy different from our privacy policy and the third party website may provide less security than this Website. Please review the terms and conditions, the relevant disclaimers and privacy policy that those third party websites may contain.

Information provided by third parties

J.P. Morgan has not reviewed, and hereby disclaims responsibility for, any information or materials which is provided by Reuters Limited or any third party and made available through this website. Such content is the intellectual property of Reuters Limited or such third party who provided the information and any copying, re-publication or re-distribution of such content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters or such third party information provider. Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. Reuters, Reuters Dotted Logo and the Sphere Logo are trademarks and registered trademarks of the Reuters Group of companies around the world. For additional information on other Reuters Services please visit the Reuters public website - http://www.reuters.com.

Any content or materials provided by AASTOCKS.com Limited (AASTOCKS.com) is for information purpose only and J.P. Morgan has not reviewed or validated such content or materials, and disclaims responsibility for any content or materials provided by AASTOCKS.com and made available through this website. Such content or materials cannot be copied, stored, downloaded, transmitted, reproduced, disseminated or transferred in any manner or form, and may not be edited in any way. J.P. Morgan shall not be liable for any errors or delays in such content, or for any actions taken in reliance thereon.

Nasdaq®, Nasdaq-100 Index®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by J.P. Morgan Securities (Asia Pacific) Limited. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).

The Dow Jones Industrial Average® Index and the S&P 500® Index are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and have been licensed for use by J.P. Morgan Securities (Asia Pacific) Limited (“J.P. Morgan”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by J.P. Morgan. The products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones Industrial Average® Index and the S&P 500® Index.

License

J.P. Morgan hereby grants to you a non-transferable, non-exclusive license to use, for your internal purposes only, any applications contained on the Website (the ‘System’) in connection with obtaining certain reports and services from J.P. Morgan and/or the Group and otherwise conducting business with J.P. Morgan and/or the Group. You agree not to transfer, sublicense, rent, assign, time-share, lease, convey, copy, translate, convert to another programming language, decompile, disassemble, modify or change the System for any purpose. You agree to hold in trust for J.P. Morgan and not disclose to any other party, or allow any other party to inspect, copy or use the System or any information contained in, related to, transmitted to or from, or derived from the System (collectively, the ‘Data’). You consent to and authorize J.P. Morgan to transmit certain confidential Data by means of the System. You acknowledge that the System and Data shall remain the sole property of J.P. Morgan and title and full ownership rights in the System and Data are reserved to and shall remain with J.P. Morgan. Your use of the System, including without limitation any communications with J.P. Morgan, instructions, orders or other transactions conducted by means of the System shall be subject to all of these terms and conditions and disclaimers as well as the applicable law and regulation.

In the event of an error or failure of a System, as your sole and exclusive remedy and in lieu of any other remedy hereunder at J.P. Morgan’s option, J.P. Morgan may elect to provide an error correction, bug fix, or replacement of the System, but any such error correction, bug fix, or replacement shall be provided under the same terms and conditions set forth under these terms and conditions, this Agreement including the warranty disclaimers and limitations of liability.

J.P.Morgan Commentary

All J.P.Morgan commentary is written by J.P.Morgan for reference purposes. They do not constitute any offer, solicitation for purchase or sale of any financial instruments, nor shall they be construed as an agreement by J.P.Morgan to enter into any transaction mentioned. Any opinions, forecasts or estimates in this Website constitute a judgment as of the date the information is published, and there can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. You are cautioned that actual results may differ materially from those set forth in any forward-looking statements. Past performance is also not indicative of future results.

Where such commentary or information reference the research report of J.P. Morgan Group, they has been prepared by personnel in the Sales and Trading Departments of J.P. Morgan Group and not by J.P. Morgan Group’s Research Department and therefore, has not been prepared in accordance with legal requirements to promote the independence of research, including but not limited to, the prohibition on the dealing ahead of the dissemination of investment research. Commentary and Information on this website do not constitute a research report and is not intended as such.

Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific Sales and Trading area from which it originates and may differ from the views or opinions expressed by other areas of J.P. Morgan Group, including the Research Department.

This website (including any commentary and information) is not and is not intended to be, a “research report”, “investment research” or “independent research” as may be defined in applicable laws and regulations worldwide.

Limitation of Liability

You agree to comply with the conditions imposed on your use of the Website, as set out in these terms of use and conditions and elsewhere in this Website (if applicable). J.P. Morgan is not liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with this Website, any hyperlinked site or your use inability to use thereof, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure. These services may be outside J.P. Morgan’s control or provided by a third party in which in case J.P. Morgan cannot take responsibility for their content, or for any delays, interruptions or errors in the provisions of these additional services.

Copyright

Certain data accessible on the Website is the intellectual property of the relevant news and information services provider or third parties that provide such data to the relevant service provider, or J.P. Morgan. The data is protected by copyright and other intellectual laws and all ownership rights remain with the information service provider or the third party or J.P. Morgan, as the case may be. All copyrights on this Website are reserved. The use of any trademarks and logos displayed on this Website is strictly prohibited unless written permission for such use is obtained from J.P. Morgan and/or, where relevant, such third party, which may own the trademarks and logos.

You may only use the data retrieved from the Website for your own personal and non-commercial purposes while accessing the Website. Such use will be in accordance with these terms and conditions of use and the requirements set out elsewhere on the Website (if any). You may not copy, distribute or redistribute the data in whole or in part, including by caching, framing or similar means or sell, resell, re-transmit or otherwise make the data retrieved from our Website available in any manner to any third party. The data is provided ‘as is.’ Neither J.P. Morgan nor any third party shall be liable to you or any third party for any loss or damage, direct, indirect or consequential, arising from (i) any inaccuracy or incompleteness in, or delays, interruptions, errors or omissions in the delivery of the data or any other information supplied to you through this Website or (ii) any decision made or action taken by you or any third party in reliance upon the data. Neither a third party nor J.P. Morgan shall be liable for loss of business revenues, lost profits or any punitive, indirect, consequential, special or similar damages whatsoever, whether in contract, tort or otherwise, even if advised of the possibility of such damages incurred by you or any third party.

Information About Indices

In addition to the above disclaimers, the disclaimers and limitations of liability in relation to the various indices associated with the structured products and set forth in the relevant listing or offering documents shall apply to the use of this website and shall be incorporated into these disclaimers. In no event shall any member of the J.P. Morgan or any third party supplying information or data on this website have liability arising from any information provided on this website concerning such indices.

No Verification

The materials on this Website are based on information obtained from public sources considered by us to be reliable. However, we have not verified the materials, which may not be complete or accurate. Opinions, estimates and other information contained in the materials available on this Website may be changed or withdrawn without notice.

We are not under any obligation to update or keep current the information on this Website. None of J.P. Morgan or its associated and connected persons and/ or affiliates, their directors, officers and/ or employees (including persons involved in the preparation or issuance of the materials on this Website) or any information provider makes any representation or warranty, express or implied, of any kind as to the truth, accuracy, completeness, adequacy or reasonableness of the materials on this Website or as to the fitness of any such material for any purpose.

Where the information consists of pricing levels, disclosure materials, valuations, other analysis published on the Website or performance data, the information and data contained therein have been prepared on assumptions and parameters that reflect good faith determinations or have been obtained from sources believed reliable. The assumptions and parameters used are not the only ones which could have reasonably been selected, and accordingly, no guarantee is given in respect of the accuracy, reasonableness or completeness of such quotations, disclosure or analysis. Data computations are not guaranteed by any information service provider, third party or us or any affiliates and may not be complete. Neither any information service provider, third party or us give any warranties, as to the accuracy, adequacy, quality or fitness, timeless, non-infringement, title, of any information for a particular purpose or use and all such warranties are expressly excluded to the fullest extent that such warranties may be excluded by law.

Any pricing analytical tools or other pricing models included in this Website is for reference only. Such tools or models work according to certain well recognized financial principles, and are base on certain assumptions and current market conditions which are subject to change without notice. Prices or values based on other models or different assumptions may yield different results. J.P.Morgan expressly disclaims any responsibility for (a) the accuracy of the models or estimates used in deriving the prices or values; any (b) any errors or omissions in computing or disseminating the prices or values, and (c) any uses to which the prices or values are generated. Accordingly, any value obtained is purely indicative and no reliance should be placed on the information provided or obtained herein.

No representation or warranty is made that any indicative return or performance will be achieved in the future. Such information does not constitute investment advice by J.P. Morgan and is for information purposes only. You bear all risk from any use or results of using any information obtained from the Website. You are responsible for validating the integrity of any information received over the Internet.

Risks relating to the use of Website

Transmission for information over the Internet are not secure and may be subject to interruption, transmission delay or blackout arbitrary delays beyond our control. Information contained on this Website may be intercepted, lost, destroyed or delayed in transmission. , which may delay the provision of our services and the execution of your orders. Although we will use reasonable efforts to minimise such risk, we do not warrant that any communication available or generated from this Website is free from viruses, worms or other harmful components.

You acknowledge that neither any information service provider, third party nor J.P. Morgan will be liable to you or any third party for any losses arising from transmission. In no event will any information provider, third party or J.P. Morgan, be liable for any consequential loss including but not limited to special, incidental, direct or indirect damages resulting from delay or loss of use of the System. J.P. Morgan is not responsible for any damage to your computer, software, modem, telephone or other property resulting from your use of the System. We disclaim any liability for any tampering with your computer system by unauthorised parties. We expressly remind you of the risk of viruses, and the possibility of attacks by hackers.

Any values or prices are as of either the close of business or the time otherwise indicated on the date they are provided, are provided for information purposes only and are intended solely for your use. Prices or values may not represent (i) the actual terms at which new transactions could be entered into, (ii) the actual terms at which existing transactions could be liquidated or unwound or (iii) the calculation or estimate of an amount that would be payable following the designation of an early termination date under any agreement governing our trading relationship, and we do not warrant their completeness or accuracy.

Any valuations are derived from proprietary models based upon well-recognized financial principles and reasonable estimates about relevant future market conditions. Valuations based on other models or different assumptions may yield different results. J.P. Morgan expressly disclaims any responsibility for (i) the accuracy of the models or estimates used in deriving the valuations, (ii) any errors or omissions in computing or disseminating the valuations and (iii) any reliance on or uses to which the valuations are put. Note that in performing the calculations of the present value of all future cash flows for some instruments, it may have been necessary to make estimates about future market conditions. In these cases our calculations have been performed using J.P. Morgan’s best reasonable estimates of the relevant future market conditions, in accordance with our internal policies and models.

You acknowledge that J.P. Morgan does not give legal advice or tax advice. However, the Website may present general tax and estate planning information and principles in relation to the investments in the Structured Products. These general information and principles may not be applicable to your specific circumstances and financial position. You agree that these principles may not apply to your specific circumstances or take into account your comprehensive tax or estate planning situation.

Tax considerations

There are numerous tax issues related to investing. You may want to consult with your tax advisor concerning your particular situation prior to making any investment. The information presented on this Website is not intended to supply tax, legal, or investment advice, and may not be accurate for all persons or, all kinds of Structured Products, securities or transactions.

The presentation of certain tax considerations relevant to the purchase, ownership and disposition of Structured Products is of a general nature only and does not address every potential tax consequence of an investment in derivative securities under all applicable laws. The summaries presented are based on treaties, laws, regulations, rulings and decisions in effect at the date of this writing, all of which are subject to change.

In particular, the precise tax treatment of an investor needs to be determined for each issue with reference to the full terms of the specific instrument. Such terms are specified in the relevant disclosure and are subject to the applicable tax law and practice at the relevant time. Investors should consult their own tax advisors on the tax consequences of the purchase, ownership, exercise and disposition of the Structured Products derivative securities.

Governing law and jurisdiction

Terms in these “Disclaimers and Terms and Conditions” are governed by and will be construed in accordance with the laws of the Hong Kong Special Administrative Region of the People’s Republic of China. By clicking the “Enter Website” icon, you agree to submit to the jurisdiction of the courts of Hong Kong in respect of any matters or disputes arising under this Website.

Online Privacy Policy

Privacy Principles

Your privacy is important to us. This Online Privacy Policy explains how we collect, share, use and protect your personal information when you visit or use this and other online services offered by J.P. Morgan that link to or reference this policy (collectively, our “online services”). Please note, however, that this Online Privacy Policy is not an exclusive statement of our privacy principles across all products and services. Other privacy principles or policies may apply depending on the financial products or services you obtain from us, or the jurisdiction in which we are doing business with you. You can access many of these policies using the links at the bottom of this page.

  • We protect your information.
    We take our responsibility to protect the privacy and confidentiality of your information, including personal information, very seriously. We maintain physical, electronic and procedural safeguards that comply with applicable legal standards to secure such information from unauthorized access and use, alteration and destruction. We hold our employees accountable for complying with relevant policies, procedures, rules and regulations concerning the privacy and confidentiality of information.
  • We endeavor to collect, use and maintain client information only for appropriate purposes.
    • The types of personal information we may collect from you when you visit or use our online services include your name, email address, mailing address, telephone number(s), account numbers, limited location information (for example, a zip code to help you find a J.P. Morgan office near you), user name and password. We may also collect payment card information, Social Security numbers, driver’s license numbers (or comparable) when you provide such information while using our online services and where we believe it is reasonably required for ordinary business purposes.
    • In addition to the personal information described above, we may collect certain information about your use of our online services. For example, we may capture the IP address of the device you use to connect to the online service, the type of operating system and browser you use, and information about the site you came from, the parts of our online service you access, and the site you visit next. As explained in more detail in our Cookies Policy, we or our third-party partners may use cookies (as well as web beacons or other technologies) to collect and store this and other information about your visit to, or use of, our online services. We may later associate the usage and other information we collect online with personal information about you, as permitted or required by law.
    • We may also collect information about you from additional online and offline sources including commercially available third-party sources, such as credit reporting agencies. We may combine this information with the personal and other information we have collected about you under this Online Privacy Policy.
    • We may use the information we collect from you to help us deliver our online services; to administer, evaluate and improve our business (including developing new products and services, improving existing products and services, performing data analytics, and performing accounting, auditing and other internal functions); manage our risks; market our services and products; and to comply with and enforce applicable laws and regulations, relevant industry standards, contractual obligations and our policies. We may also use data that we collect on an aggregate or anonymous basis (such that it does not identify any individual clients) for various business purposes, where permissible under applicable laws and regulations.
  • We respect and protect your privacy even when you’re on the go.
    For your convenience, J.P. Morgan offers you the ability to access some of our products and services through mobile applications and mobile-optimized websites. When you interact with us through your mobile device, we may collect information such as unique device identifiers, your screen resolution and other device settings, information about your location, and analytical information about how you use your mobile device. We may ask your permission before collecting certain information, such as precise geolocation information.
  • We share personal information with affiliates and with others when we believe it will enhance the services and products we can provide to you or for legal and routine business reasons.
    • We share personal information among our affiliates and business units when we believe it will enhance the services we can provide, but only in circumstances where such sharing conforms to law, any applicable confidentiality agreements, and our policies and practices.
    • We may disclose information we have about you as required or permitted by law. For example, we may share information with regulatory authorities and law enforcement officials when we believe in good faith that such disclosure is necessary to comply with legal requirements. We may share information with third parties where appropriate to protect against fraud or verify or enforce our terms of use, our other rights, or other applicable policies.
    • From time to time, we enter into agreements with other companies to provide services to us, or to make services and products available to you. Under these agreements, these companies may receive your personal information, but they must safeguard this information, and they may only use it for those purposes we specify.
    • We may share your personal information with any person or entity if we have your consent to do so.
  • We may transmit, transfer or process information to, or through, any country in the world, as we deem necessary, appropriate or consistent with legal or regulatory obligations.
    As a global company, we strive to provide you with access to the highest-quality financial products and services wherever you are. To do this, we may share your personal information among members of the JPMorgan Chase & Co. family of companies or service providers that may be located outside your home country. Although the data protection laws of these countries may be less stringent than those in your own, J.P. Morgan will take appropriate steps to ensure your personal information is handled as described in this Online Privacy Policy.
  • We provide you with relevant and appropriate choices regarding the sharing of personal information.
    We may give you choices regarding the sharing of personal information with affiliates and third parties. Choices you have about the sharing of your personal information will be described in the privacy policies or notices you receive in connection with the financial products or services you obtain from us.
  • We offer you the opportunity to access and correct your information on file with us.
    Keeping your account information up-to-date is very important. You may review or update certain account information by logging in and accessing the “Client Center” section. If you cannot change the incorrect information online, or you prefer to request changes offline, please contact your J.P. Morgan representative using the contact information listed on your account statements, records or other account materials.
  • We respect your decisions about the collection of personal information related to your online activities over time and across different websites for advertising purposes.
    J.P. Morgan does not allow unaffiliated third parties to collect personal information about your online activities when you visit our online services. Nor do we use personal information collected across non-affiliated websites for the purpose of serving you advertising related to your browsing behavior. If we engage in this practice in the future, we will provide appropriate notice and choice so that you may opt out of the practice.
  • We tell you when our privacy policies and practices change.
    We may change this Online Privacy Policy from time to time. When we do, we will let you know by appropriate means such as by posting the revised policy on this page with a new “Last Updated” date. All changes will become effective when posted unless indicated otherwise.
Updates/termination

We may amend these Disclaimers and Terms and Conditions from time to time by posting the updated version on this Website, although we do not undertake to update this Website regularly. We also reserve the right to restrict, interrupt or terminate this Website. No other form of notification will be delivered to you.

Language

A Chinese translation of this website is available. In the event of any inconsistency between the English version and Chinese translation, the English version shall prevail.

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By clicking "Enter Website" below, you confirm that you are resident of Hong Kong or eligible investor at the time this Website is accessed. J.P. Morgan does not accept any responsibility whatsoever for the distribution of the information and material available to individuals or entities which provide false certification regarding their country of legal residence/ location.

Please ensure the below self-certification statement is also included:

By clicking "Enter Website" below, you confirm that you are resident of Hong Kong or eligible investor at the time this Website is accessed. J.P. Morgan does not accept any responsibility whatsoever for the distribution of the information and material available to individuals or entities which provide false certification regarding their country of legal residence/ location.