Disclaimer / 免責聲明



This document is provided in Singapore by BNP Paribas, acting through its Singapore branch, and in Hong Kong by BNP Paribas, acting through its Hong Kong branch.  BNP Paribas, acting through its Hong Kong branch is a licensed bank regulated by the Hong Kong Monetary Authority, a Registered Institution under the Securities and Futures Ordinance of Hong Kong (Cap. 571), and registered with the Securities and Futures Commission (SFC) to carry on Types 1, 4, 6 and 9 regulated activities in Hong Kong (SFC CE Reference: AAF564). BNP Paribas, acting through its Singapore branch, is a licensed bank regulated by the Monetary Authority of Singapore. BNP Paribas Wealth Management is the business line name for the Wealth Management activity conducted by BNP Paribas. 

This document is produced for general information only and should not be used as reference for entering into any specific transaction, and the information and opinions contained herein should not be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient or the seeking of independent professional advice (such as financial, legal, accounting, tax or other advice) by any recipient. This document is not intended to be an offer or a solicitation to buy or to sell or to enter into any transaction. In addition, this document and its contents is not intended to be an advertisement, inducement or representation of any kind or form whatsoever. BNP Paribas reserves the right (but is not obliged) to vary the information in this document at any time without notice and, save to the extent provided otherwise in Clause 6.5 of the Terms and Conditions applicable to your account, BNP Paribas shall not be responsible for any consequences arising from such variation. 

The terms set forth herein are intended for discussion purposes only and are subject to the final expression of the terms of the transaction, if the investor decides to proceed with the transaction. The final terms of the transaction will be set forth in the final term sheet, any applicable agreement and/or confirmation. Please also refer to the disclosure and other important information concerning our fees, charges and/or commissions as set out in the Fee Schedule. 

Although the information and opinions provided herein may have been obtained or derived from published or unpublished sources considered to be reliable and while all reasonable care has been taken in the preparation of this document, BNP Paribas does not make any representation or warranty, express or implied, as to its accuracy or completeness and, save to the extent provided otherwise in Clause 6.5 of the Terms and Conditions applicable to your account, BNP Paribas shall not be responsible for any inaccuracy, error or omission. All analysis, estimates and opinions contained in this document constitute BNP Paribas’ own judgments as of the date of this document, and such expressions of opinion are subject to change without notice. Information provided herein may contain forward-looking statements. The words "believe", "expect", anticipate", "project", "estimate", "predict", "is confident", "has confidence" and similar expressions are also intended to identify forward-looking statements. These forward-looking statements are not historical facts but based on the current beliefs, assumptions, expectations, estimates, and projections of BNP Paribas in light of the information presently available, and involve both known and unknown risks and uncertainties. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond control and are difficult to predict. Consequently, actual results could differ materially from those expressed, implied or forecasted in these forward looking statements. Investors should form their own independent judgment on any forward-looking statements and seek their own advice from professional advisers to understand such forward-looking statements. BNP Paribas does not undertake to update these forward looking statements.  Where investors take into account any theoretical historical information regarding the performance of the product/investment, investors should bear in mind that any reference to past performance should not be taken as an indication of future performance. BNP Paribas is not giving any warranties, guarantee or representation as to the expected or projected success, profitability, return, performance, result, effect, consequence or benefit of any investment/ transaction. Save to the extent provided otherwise in Clause 6.5 of the Terms and Conditions applicable to your account, no BNP Paribas group company or entity therefore accepts any liability whatsoever for any loss arising, whether direct or indirect, from the use of or reliance on this document or any part of the information provided. 

Structured transactions are complex and may involve a high risk of loss including possible loss of the principal invested. If any product mentioned in this document 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 any product/transaction, you should seek independent professional advice. 

Prior to entering into any transaction, each investor/subscriber should fully understand the terms, conditions and features of the product/investment as well as the risks and merits of entering into any transaction/investment, and consult with their own legal, regulatory, tax, financial and accounting advisors before making the investment. Investors/subscribers should fully understand the features of the investment, be financially able to bear a loss of their investment and be willing to accept such risk. Save as otherwise expressly agreed in writing, (a) where BNP Paribas does not solicit the sale of or recommend any financial product to the investor/subscriber, BNP Paribas is not acting as financial adviser of the investor/subscriber in any transaction, and (b) in all cases, BNP Paribas is not acting as fiduciary of the investor/subscriber with respect to any transaction. 

BNP Paribas and/or persons associated or connected with it may effect or have effected a transaction for their own account in a product/an investment described in this document or any related product before or after this document is published. On the date of this document, BNP Paribas and/or persons associated or connected with it and their respective directors and/or representatives and/or employees may take proprietary positions and may have a long or short position or other interests or make a market in a product mentioned in this document, or in derivative instruments based thereon, and may purchase and/or sell the investment(s) at any time in the open market or otherwise, whether as principal or as agent or as market maker. Additionally, BNP Paribas and/or persons associated or connected with it may have within the previous twelve months acted as an investment banker or may have provided significant advice or investment services to the companies or in relation to a product mentioned in this document. 

In Asia Pacific, real estate service offered in Hong Kong by BNP Paribas Hong Kong Branch exclusively relates to real estate properties outside Hong Kong. Specifically, BNP Paribas Hong Kong Branch is not licensed to deal with any real estate property situated in Hong Kong, and BNP Paribas Singapore Branch is not licensed to and does not offer this service, and nothing herein should be construed as such.

This document is confidential and intended solely for the use of BNP Paribas and its affiliates, their respective directors, officers and/or employees and the persons to whom this document has been delivered. It may not be distributed, published, reproduced or disclosed by any recipient to any other person, nor may it be quoted or referred to in any document, without the prior written consent of BNP Paribas. 

Hong Kong: This document is distributed in Hong Kong by BNP Paribas, acting through its Hong Kong branch only to Professional Investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571). The products or transactions described in this document may not be authorised in Hong Kong and may not be available to Hong Kong investors. 

Singapore: This document is distributed in Singapore by BNP Paribas, acting through its Singapore branch only to Accredited Investors within the meaning of the Securities and Futures Act, Chapter 289 of Singapore only and is not intended for investors in Singapore who are not such Accredited Investors and should not be passed on to any such persons. Some products or transactions described in this document may not be authorised in Singapore and may not be available to Singapore investors. 

Save to the extent provided otherwise in Clause 6.5 of the Terms and Conditions applicable to your account, information in this document is for general circulation to the intended recipients only and is not intended to be a recommendation or investment advice to recipients hereof. A recipient of this document should seek advice from its/his own professional adviser regarding the suitability of the products or transactions (taking into account the recipient's specific investment objectives, financial situation and particular needs) as well as the risks involved in such products or transactions before a commitment to purchase or enter into any product or transaction is made. 

By accepting this document you agree to be bound by the foregoing limitations. 

In case there is a Chinese version of this document and there is any discrepancy between the English and Chinese versions, the English version shall prevail. 

© BNP Paribas (2018). All rights reserved.



本文件由法國巴黎銀行,透過其新加坡分行在新加坡提供,並由法國巴黎銀行,透過其香港分行在香港提供。法國巴黎銀行,透過其香港分行為受香港金融管理局監管的持牌銀行,及《證券及期貨條例》(香港法例第571章)所指的註冊機構; 於香港證券及期貨事務監察委員會(“證監會”)註冊, 獲准進行第1,4,6及9類受規管活動(證監會中央編號:AAF564)。法國巴黎銀行,透過其新加坡分行為受新加坡金融管理局監管的持牌銀行。「法國巴黎銀行財富管理」乃法國巴黎銀行營運之財富管理業務之名稱。







在亞太區, 法國巴黎銀行香港分行提供的房地產服務僅限於香港以外的物業。法國巴黎銀行香港分行並沒持有牌照處理位於香港的任何物業;而法國巴黎銀行新加坡分行並沒持有牌照處理及不提供房地產服務,本文件亦不可這樣被詮釋。







© BNP Paribas (2018) 版權所有。



本文件由法国巴黎银行,透过其新加坡分行在新加坡提供,并由法国巴黎银行,透过其香港分行在香港提供。法国巴黎银行,透过其香港分行为受香港金融管理局监管的持牌银行,及《证券及期货条例》(香港法例第571章)所指的注册机构; 于香港证券及期货事务监察委员会(“证监会”)注册, 获准进行第1,4,6及9类受规管活动(证监会中央编号:AAF564)。法国巴黎银行,透过其新加坡分行为受新加坡金融管理局监管的持牌银行。「法国巴黎银行财富管理」乃法国巴黎银行营运之财富管理业务之名称。







在亚太区, 法国巴黎银行香港分行提供的房地产服务仅限于香港以外的物业。法国巴黎银行香港分行并没持有牌照处理位于香港的任何物业;而法国巴黎银行新加坡分行并没持有牌照处理及不提供房地产服务,本文件亦不可这样被诠释。







© BNP Paribas (2018) 版权所有。