China's Bullish 2025 Targets

Disclaimers and Disclosures

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This material does not provide individually tailored investment advice. This material has been prepared for and is intended for general circulation. The contents of this material does not take into account the specific investment objectives, investment experience, financial situation, or particular needs of any particular person. You should independently evaluate the contents of this material, and consider the suitability of any product discussed in this material, taking into account your own specific investment objectives, investment experience, financial situation and particular needs. If in doubt about the contents of this material or the suitability of any product discussed in this material, you should obtain independent financial advice from your own financial or other professional advisers, taking into account your specific investment objectives, investment experience, financial situation and particular needs, before making a commitment to purchase any product.

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Analyst Declaration

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Conflict of Interest Declaration

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If this material pertains to an offer, it may only be offered (i) in Hong Kong, to qualified Private Banking Customers and Professional Investors (as defined under the Securities and Futures Ordinance); (ii) in Singapore, to Accredited Investors (as defined under the Securities and Futures Act 2001); and (iii) in the Dubai International Financial Center, to Professional Clients (as defined under the Dubai Financial Services Authority rules). No other persons may act on the contents of the material.  

Other Disclosures

Singapore

Where this material relates to structured deposits, this clause applies:

The product is a structured deposit. Structured deposits are not insured by the Singapore Deposit Insurance Corporation. Unlike traditional deposits, structured deposits have an investment element and returns may vary. You may wish to seek independent advice from a financial adviser before making a commitment to purchase this product. In the event that you choose not to seek independent advice from a financial adviser, you should carefully consider whether this product is suitable for you.

Where this material relates to dual currency investments, this clause applies:

The product is a dual currency investment. A dual currency investment product (“DCI”) is a derivative product or structured product with derivatives embedded in it. A DCI involves a currency option which confers on the deposit-taking institution the right to repay the principal sum at maturity in either the base or alternate currency. Part or all of the interest earned on this investment represents the premium on this option.

By purchasing this DCI, you are giving the issuer of this product the right to repay you at a future date in an alternate currency that is different from the currency in which your initial investment was made, regardless of whether you wish to be repaid in this currency at that time. DCIs are subject to foreign exchange fluctuations which may affect the return of your investment. Exchange controls may also be applicable to the currencies your investment is linked to. You may incur a loss on your principal sum in comparison with the base amount initially invested. You may wish to seek advice from a financial adviser before making a commitment to purchase this product. In the event that you choose not to seek advice from a financial adviser, you should carefully consider whether this product is suitable for you.

Hong Kong

This document has not been delivered for registration to the Registrar of Companies in Hong Kong and its contents have not been reviewed by any regulatory authority in Hong Kong. Accordingly: (i) the shares/notes may not be offered or sold in Hong Kong by means of any document other than to persons who are "Professional Investors" within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and the Securities and Futures (Professional Investor) Rules made thereunder or in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance; and (ii) no person may issue any invitation, advertisement or other document relating to the shares/notes whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the shares/notes which are or are intended to be disposed of only to persons outside Hong Kong or only to "Professional Investors" within the meaning of the Securities and Futures Ordinance and the Securities and Futures (Professional Investor) Rules made thereunder.

The product may involve derivatives. Do not invest in it unless you fully understand and are willing to assume the risks associated with it. If you have any doubt, you should seek independent professional financial, tax and/or legal advice as you deem necessary.

Where this material relates to a Complex Product, this clause applies:

Warning Statement and Information about Complex Product

(Applicable to accounts managed by Hong Kong Relationship Manager)

• Investor should exercise caution in relation to Complex Products;
• Investor should take note that the past performance of a Complex Product is not indicative of future performance;
• All Complex Products offered by the Bank are only available to Professional Investors (except for derivative fund without loss absorption features which have been authorized by the Hong Kong Securities and Futures Commission (“SFC”) and listed derivatives); and
• All Complex Products are not principal protected.

Where this material relates to a Complex Product – funds and ETFs, this clause applies additionally:

• For Complex Products where offering documents or information provided by the issuer have not been reviewed by the SFC, investors should exercise caution in relation to the offer and take note that such offering documents have not been reviewed by the SFC;
• For Complex Products described as having been authorised by the SFC, investors should take note that the authorisation does not amount to an official recommendation and that the SFC’s authorisation is not a recommendation or endorsement of that Complex Product nor does it guarantee the commercial merits of that Complex Product or its performance.

Where this material relates to a Complex Product (Options and its variants, Swap and its variants, Accumulator and its variants, Reverse Accumulator and its variants, Forwards), this clause applies additionally: 

• Investor may incur losses which exceed the amount invested.

Where this material relates to a Loss Absorption Product, this clause applies:

Warning Statement and Information about Loss Absorption Products

(Applicable to accounts managed by Hong Kong Relationship Manager)

Before you invest in any Loss Absorption Product (as defined by the Hong Kong Monetary Authority), please read and ensure that you understand the features of a Loss Absorption Product, which may generally have the following features:

• The product is subject to the risk of being written down or converted to ordinary shares (as the case may be);
• The contingent write-down or conversion may happen upon certain circumstances (e.g. at the point of non-viability or the capital ratio falls to a specified level), and the product may potentially result in a substantial loss;
• The product is a high risk transaction and a Complex Product, as the circumstances in which the product may be required to bear loss are difficult to predict and ex ante assessments of the quantum of loss will also be highly uncertain;
• The product is targeted at professional investors only and is generally not suitable for retail clients;
• The credit ranking of the product is usually subordinated. In the event of liquidation or insolvency of the issuer, investors would only be entitled to be paid after other senior creditors are paid and this may result in a substantial loss of the amount invested.

Where this material relates to a certificate of deposit, this clause applies:

It is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.

Where this material relates to a structured deposit, this clause applies:

It is not a protected deposit and is not protected by the Deposit Protection Scheme in Hong Kong.

Where this material relates to a structured product, this clause applies:

This is a structured product which involves derivatives. Do not invest in it unless you fully understand and are willing to assume the risks associated with it. If you are in any doubt about the risks involved in the product, you may clarify with the intermediary or seek independent professional advice.

Dubai International Financial Center

Where this material relates to structured products and bonds, this clause applies:

The Distributor represents and agrees that it has not offered and will not offer the product to any person in the Dubai International Financial Centre unless such offer is an “Exempt Offer” in accordance with the Market Rules of the Dubai Financial Services Authority (the “DFSA”).

The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers.

The DFSA has not approved the Information Memorandum or taken steps to verify the information set out in it, and has no responsibility for it.

The product to which this document relates may be illiquid and/or subject to restrictions in respect of their resale. Prospective purchasers of the products offered should conduct their own due diligence on the products.

Please make sure that you understand the contents of the relevant offering documents (including but not limited to the Information Memorandum or Offering Circular) and the terms set out in this document. If you do not understand the contents of the relevant offering documents and the terms set out in this document, you should consult an authorised financial adviser as you deem necessary, before you decide whether or not to invest.

Where this material relates to a fund, this clause applies:

This Fund is not subject to any form of regulation or approval by the Dubai Financial Services Authority (“DFSA”). The DFSA has no responsibility for reviewing or verifying any Prospectus or other documents in connection with this Fund. Accordingly, the DFSA has not approved the Prospectus or any other associated documents nor taken any steps to verify the information set out in the Prospectus, and has no responsibility for it. The Units to which this Fund relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the Units. If you do not understand the contents of this document you should consult an authorized financial adviser. Please note that this offer is intended for only Professional Clients and is not directed at Retail Clients.

These are also available for inspection, during normal business hours, at the following location:

Bank of Singapore

Office 30-34 Level 28

Central Park Tower

DIFC, Dubai

U.A.E

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