DISCLAIMER AND RISK STATEMENT (免責及風險聲明)
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任何本文件所載建議並無顧及特定的投資目的，財務狀況，以及任何具體收訊者的個別需要。本文件不應被解釋為要約或建議要約購買或出售任何證券，亦不應被視為替代收訊者作出判斷，他/她應徵詢個別的法律或財務意見。
證券價格可升可跌，甚至變成毫無價值。買賣証券未必一定能賺取利潤，反而可能會招致損失。Quam Limited乃Quam (IA) Limited的最終控股公司，與其聯營公司及／或與「Quam Group」有關連的人士或不時於本文件所提述的證券持有權益。除於本報告內所披露者外，Quam (IA) 及／或Quam Group的其他聯營公司與本研究報告涵蓋的公司已有/或尋求有業務來往。因此投資者及客戶應知悉有關公司或有利益衝突，可能影響到本報告的客觀性。投資 者及客戶應審慎，並在作出其投資決定時僅應視本報告為眾多考慮因素之一。
(中文譯本只供參考，中英文本如有任何歧異,概以英文為準 )
DISCLAIMER AND RISK STATEMENT
This document is published by Quam (IA) Limited ("Quam (IA)"), a wholly-owned subsidiary of Quam Limited ("Quam"), and a registered person in the meaning of the Securities and Futures Ordinance and is regulated by The Securities and Futures Commission of Hong Kong ("SFC"). The SFC central entity number of Quam (IA) is AFR625.
This document is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Quam and its subsidiaries and / or affiliates to any registration or licensing requirement within such jurisdiction.
The research is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty as to its accuracy, completeness or correctness. Opinions expressed are subject to change without prior notice. Quam (IA) and Quam accept no liability whatsoever for any direct or consequential loss arising from any use of this document or further communication given in relation to this document.
Any recommendation contained in this document does not have regard to the specific investment objectives, financial situation and the particular needs of any specific addressee. This document is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, and is not to be taken in substitution for the exercise of judgement by addressees, who should obtain separate legal or financial advice.
The prices of securities may move up or down, and may become valueless. It is likely that losses will be incurred rather than profit made as a result of buying and selling securities. Quam Limited is the ultimate holding company of Quam (IA) and along with their affiliates and / or persons associated with any of them (the "Quam Group") may from time to time have interests in the securities mentioned in this document. Save as disclosed herein this report, Quam (IA) and / or other affiliates of the Quam Group does and may seek to do business with companies covered in this research report. As a result, investors and clients should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors and clients are cautioned and should consider this report as only a single factor in making their investment decision.
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