Investors shall consider the following Risk Factors when investing in renminbi products:

投資人民幣產品時，投資者須考慮以下風險因素：

Currency Risk 貨幣風險：
An investor is subject to the risk of renminbi depreciation if he/she intends to convert any renminbi-denominated redemption / sale proceeds into another currency, as renminbi is a restricted currency and subject to exchange controls.

假如你將贖回或出售產品所得的人民幣轉換成其他貨幣，你須承受人民幣貶值的風險，因為人民幣是受到轉換限制及外匯管制的貨幣。

Currency Conversion 貨幣換算：
In any event that currency conversion is required, CPY shall determine a rate of exchange to be the prevailing market rate of exchange between the relevant currencies. For any transactions closed out or otherwise liquidated, CPY shall debit or credit the relevant accounts in the currency in which the relevant accounts are denominated at a rate of exchange determined by CPY to be the prevailing market rate of exchange between the relevant currencies. Any risks, costs, profits and/or losses arising as a result of fluctuations in the exchange rates between the relevant currencies shall be entirely binding on the Client.

每當需要貨幣換算時，京華山一將全權決定有關貨幣之間的通行市場匯率。每當需將投資產品平倉或以其他方式拋售時，京華山一將以有關帳戶的貨幣單位扣除或記入京華山一全權決定之有關的通行市場匯率換算的款項。有關貨幣之間匯率波動所產生的風險、費用及匯兌盈虧，將全由客戶承擔。

Liquidity Risk 流通風險：
Renminbi products are subject to liquidity risk as renminbi products are a new type of product and there may not be regular trading or an active secondary market. Therefore you may not be able to sell your investment in the product on a timely basis, or you may have to sell the product at a deep discount to its value. In addition, you shall also find out whether the renminbi product is subject to any lock-up period or heavy penalty or charges for early surrender or termination of the product.

由於人民幣產品是一項新產品，因此可能沒有一般的交易活動或活躍的二手市場。因此，你或不能即時出售有關產品，又或可能要以極低價出售。此外，你亦應了解該產品是否設有最短投資期，以及提早贖回或終止的罰款或收費。

Investment / Market Risk 投資風險／市場風險：
Like any investments, renminbi products are subject to investment risk and may not be principal protected i.e. the assets that the products invest in or referenced to may fall as well as rise, resulting in gains or losses to the product.

跟所有投資一樣，人民幣產品須面對投資風險，並且可能不保本。即產品內的投資或相關資產的價格可升可跌，而導致產品可能賺取收益或招致損失。

Issuer / Counterparty Credit Risk 發行人／交易對手信貸風險：
Renminbi products are subject to the credit and insolvency risks of their issuers. You shall consider carefully the creditworthiness of the issuers before investing. Furthermore, as a renminbi product may invest in derivative instruments, counterparty risk may also arise as the default by the derivative issuers may adversely affect the performance of the renminbi products and result in substantial losses.

人民幣產品須面對發行人的信貸風險及無力償債風險。你應該仔細考慮發行人的信用程度，再作出投資決定。由於人民幣產品亦可能投資於衍生工具，你亦須承受衍生工具發行人違約的風險。這些風險可能對產品的回報有負面影響，更可能構成重大損失。

Depending on the nature of the renminbi product and its investment objective, there may be other risk factors specific to the product which you shall consider. Before making an investment decision, always read the risk factors as set out in the offering documents and seek independent professional advice where necessary.

視乎該人民幣產品的性質及投資目標，你可能須承受其他風險。作出投資決定前，切記細讀銷售文件內的風險因素，如有需要，應諮詢獨立專業意見。