General Risks Disclosure for Structured Products
結構性產品的一般風險披露

CREDIT RISK

Investors assume the credit risk of the issue and/or guarantor (if applicable). The issuer’s/guarantor’s credit rating reflects the independent opinion of the relevant rating agencies, and is not a guarantee of the issuer's/guarantor’s  credit quality. And the credit rating is not a recommendation, is not necessarily an indication of liquidity or volatility, and may be downgraded if the credit quality of the relevant entity or asset or obligation declines.

LIQUIDITY RISK

It may be difficult to sell the product prior to maturity. There may be limited secondary market for this product. Investors must be prepared to hold the product up to maturity.

MARKET DISRUPTION

Markets may become disrupted. Local market disruptions can have a global effect. Market disruption can adversely affect the performance of the product.

MARK-TO-MARKET RISK  

The market value of the product is expected to fluctuate significantly according to various factors including but not limited to the financial, political, economic and other events as well as level of the performance of the underlying, option, interest rates and time remaining to maturity. Investors seeking to sell the product prior to maturity may be subject to the prevailing market value quoted by the issuer which may be substantially less than the original purchase price. 

INTEREST RATE RISK

This product may carry interest rate risk. Changes in interest rates will impact the performance of the product. Interest rates tend to change suddenly and unpredictably.

FOREIGN EXCHANGE RISK

This product may carry foreign exchange risk. Changes in the values between your home currency and the product currency, and changes in the values between the product currency and the underlying reference asset’s currency may impact the performance of the product and your return. Foreign exchange rates may change suddenly and unpredictably.

NO DIRECT CLAIM AND NO INVESTMENT IN UNDERLYING ASSETS

You have no claim to the underlying assets. Unless the product gives a right to receive underlying assets, you have no interest or right in the underlying assets referenced. Buying the product is not the same as a direct investment in the underlying assets. The market value of this product may not reflect movements in the price of the underlying assets.

SETTLEMENTS

Payments and deliveries may be interrupted. There is a risk of failure or delay in payments or deliveries by the Issuer, the custodian, clearing system or other third party paying agents or intermediaries.

CONFLICTS OF INTEREST

Various potential and actual conflicts of interest may arise from the overall investment activities or the roles of the parties involved in any investment product or transaction, their investment professionals and/or their affiliates. In particular, the counterparty / issuer / provider or its related entities or affiliates can offer or manage other investments which interests may be different to the interest of your investments in that investment product or transaction; or for cases where the product counterparty or issuer is BNP Paribas or its related entity or affiliate, BNP Paribas may also act as distributor, guarantor, calculation agent and/or arranger of the same product.

LEVERAGE RISK  

Leveraged investment with the use of some form of credit may increase the risk significantly. A relatively small price movement could have a proportionally larger impact on the mark to market value of the transaction and could affect the margin requirements for your account. Failure to meet the margin requirement may result in forceful unwind of the trade and may therefore lead to significant loss of the investment.

RE-INVESTMENT RISK

Investors may be exposed to the risk that the investment proceeds from the product may have to be reinvested at a lower potential interest rate or into a product with less attractive terms due to market changes.

RISKS ASSOCIATED WITH STRUCTURED PRODUCTS THAT INVEST IN OR ARE LINKED TO BONDS WITH LOSS-ABSORPTION FEATURES

Structured products that invest mainly in, or whose returns are closely linked to the performance of, bonds or debt instruments (i.e. underlyings) with features of contingent write-down or conversion to ordinary shares on the occurrence of (1) when a financial institution is near or at the point of non-viability (PONV); or (2) when the capital ratio of a financial institution falls to a specified level, are considered as loss absorption products and would be subject to additional risks. 

Investors should take note that such underlyings are subject to the risk of being written down or converted to ordinary shares (as the case may be). For Tier 1/Tier 2/Tier 3 bonds as underlyings, the loss absorption mechanism is triggered at the PONV, whereas for Coco bonds as underlyings, the loss absorption mechanism is triggered with a mechanical trigger as specified in the prospectus or at PONV. 

Regardless of the triggering mechanism in respect of the underlyings, it may potentially result in substantial losses to your investment.  Please note that the priority of claims for reimbursement depends on the subordination hierarchy of the various capital and financing buffers  in respect of the underlyings, at which for example, the holders of subordinated debts are only repaid after the holders of senior debts have been fully reimbursed. Please take note that investing in underlyings with loss absorption features may potentially result in substantial losses.  Accordingly, products investing in or are linked to such underlyings are high risk and complex, as the circumstances in which such products may be required to bear losses are difficult to predict and ex ante assessments of the quantum of losses will be highly uncertain. Such products are generally not suitable for retail investors.

POSSIBLE ADJUSTMENTS TO THE TERMS AND CONDITIONS AND INVESTOR’S RIGHTS OVER COLLATERAL

Investors should note that there could be some possible adjustments to the terms and conditions of the product under certain situations, for example but not limited to extraordinary events, market disruption events, certain circumstances which may have a concentrating or diluting effect on the value of the underlying and the product, merger or insolvency of the issuer of the underlying assets, or settlement disruptions, etc. In such events, the issuer/counterparties/calculation agents may have the discretion to determine any adjustments or actions necessary, including the termination or early redemption of the product.

Investors should also note their rights over any available collaterals placed by the issuer to secure (whether wholly or partially) relevant financial obligations under the product (if applicable), and also their priority of claims to the proceeds of realization of the collaterals. Investors should pay attention to the nature of the collaterals, and whether they are held in a segregated pool of assets held by a trustee which is separated from the issuer of the product.

Please refer to the relevant Documents for details.

OTHER RISKS

THIS DOCUMENT CANNOT DISCLOSE ALL POSSIBLE RISKS OF THE PRODUCT. Investors should not invest in the product based on this document alone. Investors should note that the product is unlisted, not collateralized and that the product may not be covered and protected by the Investor Compensation Fund established under the Hong Kong Securities & Futures Ordinance. Presently, the Investor Compensation Fund covers only exchange-traded products in Hong Kong.

結構性產品的一般風險披露

信貸風險

投資者須承擔發行人及/或保證人（如適用）的信貸風險。發行人及/或保證人的信貸評級反映相關評級機構的獨立意見，並非發行人及/或保證人信貸質素的保證。信貸評級並非建議，不一定是流動性和波動性的指標，若相關實體或債務的信貸質素有所下降，其信貸評級可能會被下調。

流動性風險

投資者若在到期前出售有關産品，可能會有困難。産品的二手市場可能有限。投資者應準備持有該産品直至到期日。

市場中斷

市場可能被中斷。當地市場中斷可帶來環球影響。市場中斷可對産品表現構成負面影響。

按市價計值風險  

産品的市值可受多項因素影響而大幅波動，這些因素包括但不限於金融、政治、經濟及其他事件，以及相關資產的表現、期權、利率及剩餘年期。投資者若要在到期前出售有關産品，將受發行人當時提供的市場價值所限，而該價值可能比最初購入價格顯著較低。

利率風險

此産品可能帶有利率風險。利率的變動將影響産品的表現。利率傾向出現突然及難以預測的變動。

匯率風險

此産品可能帶有匯率風險。閣下的本國貨幣與産品貨幣之間的波動、以及産品貨幣與相關資産貨幣之間的波動，可能影響産品表現及閣下的投資回報。匯率可能出現突然及難以預測的變動。

並無直接索償權或投資於相關資産

閣下對相關資産並沒有直接索償權。除非該産品的條款賦予閣下獲取相關資産的權利，否則閣下並不享有所述相關資産的權益或權利。買入該産品與直接投資於相關資産不同。該産品的市值或未能準確反映相關資産的價格。

結算風險

付款或交付可能被中斷。發行人、托管人、結算系統或其他第三方付款代理或中介人有可能無法或延遲付款或交付。

利益衝突

某投資產品或交易參與的各方、其投資專家及其聯營公司從其整體投資活動或其參與角色中，可能産生若干潜在或實際的利益衝突。特別是交易對手/ 發行人/ 提供者、或其相關實體、或其聯營公司，可提供或管理其他投資，而其投資利益可能與閣下在有關投資產品或交易中的投資利益不同；或當法國巴黎銀行或其相關實體或聯營公司為產品之交易對手或發行人，法國巴黎銀行亦可能擔任同一產品的分銷商、擔保人、計算代理人和/或安排人。

槓桿風險

以某種信貸形式進行的槓桿投資可能令風險大增。相對微少的價格變動可對有關交易的市價於比例上構成較大影響，並可能影響閣下戶口的保證金要求。未能符合保證金要求可能導致相關交易遭強行斬倉，因而令投資有重大損失。

再投資風險

因市場變動，投資者可能面臨需要把某産品投資所得資金以較低利率或於條款吸引力較低的産品再投資的風險。

與投資於或與具有吸收虧損特徵債券掛鉤的結構性產品相關的風險

主要投資於或其回報與債券或債券工具（即相關聯繫投資）表現有密切相關，並在（1）金融機構接近或發生無法存續事件（PONV）時；或（2）金融機構的資本率跌至某一水平時，具有應急減記或轉換成普通股特徵的結構性產品，屬於損失吸收產品。投資此等產品面臨額外風險。

投資者須注意，此等相關聯繫投資面臨被撇減或轉換成普通股（視情況而定）的風險。就相關聯繫投資為一級資本/二級資本/三級資本債券而言，損失吸收機制在發生PONV時被觸發，而就相關聯繫投資為應急可轉債而言，損失吸收機制由發行章程指定的觸發點觸發或在發生PONV時觸發。

無論相關聯繫投資的觸發機制如何，均可能導致閣下的投資蒙受重大損失。請注意，清償順序取決於相關聯繫投資不同資本結構與金融緩衝工具的從屬等級。舉例而言，次級債的債權人清償發生在高級債債權人完全受償後。請注意，投資於具有損失吸收特徵的標的可能造成重大損失。因此，投資於或與此等標的相關的產品屬於高風險及複雜，因為此類產品承擔損失的情況難以預測，而且事前對損失量的評估也非常不確定。此等產品通常不適合散戶投資者。

條款和條件可能作出的調整以及投資者對抵押品的權利

投資者須注意，在某些情況下，產品的條款及條件可能會有一些調整，例如但不限於非常事件、市場中斷事件、某些可能對標的和產品的價值構成集中或稀釋影響的情況、標的資產發行人合併或破產、或結算中斷等情況。發生此等事件時，發行人/交易對手/計算代理或可酌情決定任何必要的調整或行動，包括終止或提早贖回產品。

投資者亦須注意其對任何由發行人為擔保（無論是全部還是部分擔保）本產品項下相關的金融責任而設置的任何現有抵押品之權利（如適用），以及抵押品變現時的優先受償權。投資者還須注意抵押品的性質，以及它們是否存放在一個受託人（不同於產品發行人）所持有的獨立資產池中。

詳情請參閱相關「產品文件」。

其他風險

本文件並未能披露本產品的所有可能風險。投資者不應僅根據本文件而投資於此產品。投資者應注意，本產品未上市、無抵押，且該產品可能不受根據《香港證券及期貨條例》設立的投資者賠償基金所保障。目前，投資者賠償基金僅涵蓋在香港交易所買賣產品。

结构性产品的一般风险披露

信贷风险

投资者须承担发行人及/或保证人（如适用）的信贷风险。发行人及/或保证人的信贷评级反映相关评级机构的独立意见，并非发行人及/或保证人信贷品质的保证。信贷评级并非建议，不一定是流动性和波动性的指标，若相关实体或债务的信贷品质有所下降，其信贷评级可能会被下调。

流动性风险

投资者若在到期前出售有关产品，可能会有困难。产品的二手市场可能有限。投资者应准备持有该产品直至到期日。

市场中断

市场可能被中断。当地市场中断可带来环球影响。市场中断可对产品表现构成负面影响。

按市价计值风险  

产品的市值可受多项因素影响而大幅波动，这些因素包括但不限于金融、政治、经济及其他事件，以及相关资产的表现、期权、利率及剩余年期。投资者若要在到期前出售有关产品，将受发行人当时提供的市场价值所限，而该价值可能比最初购入价格显着较低。

利率风险

此产品可能带有利率风险。利率的变动将影响产品的表现。利率倾向出现突然及难以预测的变动。

汇率风险

此产品可能带有汇率风险。阁下的本国货币与产品货币之间的波动、以及产品货币与相关资产货币之间的波动，可能影响产品表现及阁下的投资回报。汇率可能出现突然及难以预测的变动。

并无直接索偿权或投资于相关资产

阁下对相关资产并没有直接索偿权。除非该产品的条款赋予阁下获取相关资产的权利，否则阁下并不享有所述相关资产的权益或权利。买入该产品与直接投资于相关资产不同。该产品的市值或未能准确反映相关资产的价格。

结算风险

付款或交付可能被中断。发行人、托管人、结算系统或其他第三方付款代理或中介人有可能无法或延迟付款或交付。

利益冲突

某投资产品或交易参与的各方、其投资专家及其联营公司从其整体投资活动或其参与角色中，可能产生若干潜在或实际的利益冲突。特别是交易对手/ 发行人/ 提供者、或其相关实体、或其联营公司，可提供或管理其他投资，而其投资利益可能与阁下在有关投资产品或交易中的投资利益不同; 或当法国巴黎银行或其相关实体或联营公司为产品之交易对手或发行人，法国巴黎银行亦可能担任同一产品的分销商、担保人、计算代理人和/或安排人。

杠杆风险

以某种信贷形式进行的杠杆投资可能令风险大增。相对微少的价格变动可对有关交易的市价于比例上构成较大影响，并可能影响阁下户口的保证金要求。未能符合保证金要求可能导致相关交易遭强行斩仓，因而令投资有重大损失。

再投资风险

因市场变动，投资者可能面临需要把某产品投资所得资金以较低利率或于条款吸引力较低的产品再投资的风险。
与投资于或与具有吸收亏损特征债券挂钩的结构性产品相关的风险

主要投资于或其回报与债券或债券工具（即相关联系投资）表现有密切相关，并在（1）金融机构接近或发生无法存续事件（PONV）时；或（2）金融机构的资本率跌至某一水平时，具有应急减记或转换成普通股特征的结构性产品，属于损失吸收产品。投资此等产品面临额外风险。

投资者须注意，此等相关联系投资面临被撇减或转换成普通股（视情况而定）的风险。就相关联系投资为一级资本/二级资本/三级资本债券而言，损失吸收机制在发生PONV时被触发，而就相关联系投资为应急可转债而言，损失吸收机制由发行章程指定的触发点触发或在发生PONV时触发。

无论相关联系投资的触发机制如何，均可能导致阁下的投资蒙受重大损失。请注意，清偿顺序取决于相关联系投资不同资本结构与金融缓冲工具的从属等级。举例而言，次级债的债权人清偿发生在高级债债权人完全受偿后。请注意，投资于具有损失吸收特征的标的可能造成重大损失。因此，投资于或与此等标的相关的产品属于高风险及复杂，因为此类产品承担损失的情况难以预测，而且事前对损失量的评估也非常不确定。此等产品通常不适合散户投资者。

条款和条件可能作出的调整以及投资者对抵押品的权利

投资者须注意，在某些情况下，产品的条款及条件可能会有一些调整，例如但不限于非常事件、市场中断事件、某些可能对标的和产品的价值构成集中或稀释影响的情况、标的资产发行人合并或破产、或结算中断等情况。发生此等事件时，发行人/交易对手/计算代理或可酌情决定任何必要的调整或行动，包括终止或提早赎回产品。

投资者亦须注意其对任何由发行人为担保（无论是全部还是部分担保）本产品项下相关的金融责任而设置的任何现有抵押品之权利（如适用），以及抵押品变当前的优先受偿权。投资者还须注意抵押品的性质，以及它们是否存放在一个受托人（不同于产品发行人）所持有的独立资产池中。

详情请参阅相关“产品文件”。

其他风险

本文件并未能披露本产品的所有可能风险。投资者不应仅根据本文件而投资于此产品。投资者应注意，本产品未上市、无抵押，且该产品可能不受根据《香港证券及期货条例》设立的投资者赔偿基金所保障。目前，投资者赔偿基金仅涵盖在香港交易所买卖产品。

Please note that Chinese versions are for reference only and the English version shall prevail.
請注意，中文版本僅供參考，概亦英文為準。