‍Important Legal Information

The below contains important information that you must read.

Please identify the service below which is appropriate for you and the type of communication you have received from Qiaocheng Asset Management is a registered business name of: Qiaocheng (Asia) Asset Management Company Limited 僑城(亞洲)資產管理有限公司

‍1. Advisory

The disclaimer must be read if you are an advisory client and the communication or any attachment contains presentations, term sheets, or any other marketing material.

Advisory Marketing Disclaimer

Qiaocheng Asset Management consider that the attached products are research material is suitable for your consideration, bearing in mind the Financial and Risk Profile we have on record, your investment objectives and documented investment strategy together with the current investment portfolio you hold with us. However, as always, any decision to invest remains with you. Please review the attached material in detail, taking particular note not only of the benefits, but also the risks involved in making any investment. If you are interested in investing in any of the opportunities mentioned, please do not hesitate to contact us and we will endeavor to provide you with any further information you require, in order that you may make an informed decision as to whether or not you wish to proceed.

Please note that the terms of our advisory service apply.

‍Disclaimer

This document was produced by Qiaocheng Asset Management for information purposes only and for the sole use of the recipient. Any information provided by a client (“Client Information”) and used to produce this document will have been checked by Qiaocheng Asset Management for plausibility only and the client notified accordingly of any obvious anomalies. However, Qiaocheng Asset Management has not checked the Client Information in detail for completeness and accuracy and accepts no responsibility whatsoever in respect of the Client Information. The Client makes all investment decisions independently. Past performance, simulations and forecasts are not necessarily a reliable indication of future performance and the value of investments may fall as well as rise. The information contained in this document is only valid at the time this document is produced. A change in the economic environment, possible changes in the law and other events may cause future performance to deviate from that expressed or implied in this document. The information and analyses contained in this document have been gathered from sources that are generally considered to be reliable. However, Qiaocheng Asset Management makes no representation as to their accuracy or completeness in relation to the investment products described and does not accept liability for any direct or consequential losses arising from reliance on the information contained in this document. Qiaocheng Asset Management may to the extent permitted by law, participate or invest in other financing transactions with the issuer of the investment products referred to herein, perform services or solicit business from such issuers, and/or have a position or effect transactions in the securities or derivatives thereof. Alternative investments, derivatives or structured products are complex instruments that typically involve a high degree of risk, and are intended for sale only to investors who are capable of understanding and assuming the risks involved. Investments in emerging markets are speculative and significantly more volatile than investments in traditional markets. Some of the main risks are of a political, economic, currency or market-related nature. Furthermore, investments in foreign currencies are subject to exchange rate fluctuations. Investments in the investment products described in this document should be made only after carefully studying and reviewing the product documentation. The opportunities and risks associated with each investment product can be found in the relevant underlying securities prospectus and any other supplementary documents.  All documents will be made available at any time upon request. Qiaocheng Asset Management does not provide tax or legal advice and, before entering into any transaction, investors should independently consider the financial risks as well as the legal, tax, credit and accounting consequences of that transaction. The attached material is not the result of our/a financial analysis. Neither this document nor any copy may be further distributed to any party. In particular, it may not be sent, taken into or distributed in the United States or given to any US person. This restriction applies equally to other jurisdictions, unless such actions are performed in compliance with the applicable laws of such jurisdiction. This communication is confidential and intended solely for the person to whom it is delivered. No part of this communication may be reproduced in any form or by any means or re-distributed without the prior written consent of Qiaocheng Asset Management. This communication should not be construed as an offer to sell any investment or service. This communication does not constitute the solicitation of an offer to purchase or subscribe for any investment or service in any jurisdiction where, or from any person in respect of whom, such a solicitation of an offer is unlawful. If you are in doubt about the securities to which this communication relates, you should consult an independent financial adviser. The information in this communication has been prepared in good faith, however, no representation or warranty, expressed or implied, is or will be made and no responsibility or liability is or will be accepted by Qiaocheng Asset Management or its officers, employees or agents in relation to the accuracy, completeness or fitness for any purpose of this communication. The information stated, opinions expressed and estimates given are subject to change without prior notice.

The services described are provided by Qiaocheng Asset Management or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Certain products and services may not be available in all locations or to all Qiaocheng Asset Management clients.

‍Disclaimer

This document was produced by Qiaocheng Asset Management for information purposes only and for the sole use of the recipient. Any information provided by a client (“Client Information”) and used to produce this document will have been checked by Qiaocheng Asset Management for plausibility only and the client notified accordingly of any obvious anomalies. However, Qiaocheng Asset Management has not checked the Client Information in detail for completeness and accuracy and accepts no responsibility whatsoever in respect of the Client Information. The Client makes all investment decisions independently. Past performance, simulations and forecasts are not necessarily a reliable indication of future performance and the value of investments may fall as well as rise. The information contained in this document is only valid at the time this document is produced. A change in the economic environment, possible changes in the law and other events may cause future performance to deviate from that expressed or implied in this document. The information and analyses contained in this document have been gathered from sources that are generally considered to be reliable. However, Qiaocheng Asset Management makes no representation as to their accuracy or completeness in relation to the investment products described and does not accept liability for any direct or consequential losses arising from reliance on the information contained in this document. Qiaocheng Asset Management may, to the extent permitted by law, participate or invest in other financing transactions with the issuer of the investment products referred to herein, perform services or solicit business from such issuers, and/or have a position or effect transactions in the securities or derivatives thereof. Alternative investments, derivatives or structured products are complex instruments that typically involve a high degree of risk, and are intended for sale only to investors who are capable of understanding and assuming the risks involved. Investments in emerging markets are speculative and significantly more volatile than investments in traditional markets. Some of the main risks are of a political, economic, currency or market-related nature. Furthermore, investments in foreign currencies are subject to exchange rate fluctuations. Investments in the investment products described in this document should be made only after carefully studying and reviewing the product documentation. The opportunities and risks associated with each investment product can be found in the relevant underlying securities prospectus and any other supplementary documents. All documents will be made available at any time upon request. Qiaocheng Asset Management does not provide tax or legal advice and, before entering into any transaction, investors should independently consider the financial risks as well as the legal, tax, credit and accounting consequences of that transaction. The attached material is not the result of our/a financial analysis. Neither this document nor any copy may be further distributed to any party. In particular, it may not be sent, taken into or distributed in the United States or given to any US person. This restriction applies equally to other jurisdictions, unless such actions are performed in compliance with the applicable laws of such jurisdiction. This communication is confidential and intended solely for the person to whom it is delivered. No part of this communication may be reproduced in any form or by any means or re-distributed without the prior written consent of Qiaocheng Asset Management. This communication should not be construed as an offer to sell any investment or service. This communication does not constitute the solicitation of an offer to purchase or subscribe for any investment or service in any jurisdiction where, or from any person in respect of whom, such a solicitation of an offer is unlawful. If you are in doubt about the securities to which this communication relates, you should consult an independent financial adviser. The information in this communication has been prepared in good faith, however, no representation or warranty, expressed or implied, is or will be made and no responsibility or liability is or will be accepted by Qiaocheng Asset Management or its officers, employees or agents in relation to the accuracy, completeness or fitness for any purpose of this communication. The information stated, opinions expressed and estimates given are subject to change without prior notice.

The services described are provided by Qiaocheng Asset Management or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Certain products and services may not be available in all locations or to all Qiaocheng Asset Management clients.

‍3. Discretionary

The disclaimer must be read if you are a discretionary client and the communication or any attachment contains presentations or any other marketing material.

Discretionary Marketing Disclaimer

Qiaocheng (Asia) Asset Management Company Limited 僑城(亞洲)資產管理有限公司 consider that the attached material is suitable for your consideration, bearing in mind the Financial and Risk Profile we have on record, your investment objectives and documented investment strategy together with the current investment portfolio you hold with us. However, as always, any decision to invest remains with you. Please review the attached material in detail, taking particular note not only of the benefits, but also the risks involved in making any investment. This information is derived from sources provided by the fund manager. Discretionary mandates and/or investment products used within the framework of the mandate may involve a high degree of complexity and risk, or may be subject to stock market fluctuations. Qiaocheng Asset Management believe it to be reliable but make no warranty as to its accuracy and completeness. If you are interested in investing in any of the opportunities mentioned, please do not hesitate to contact us and we will endeavor to provide you with any further information you require, in order that you may make an informed decision as to whether or not you wish to proceed.

Please note that the terms of our discretionary service apply.

Disclaimer

This document was produced by Qiaocheng Asset Management for information purposes only and for the sole use of the recipient. Any information provided by a client (“Client Information”) and used to produce this document will have been checked by Qiaocheng Asset Management for plausibility only and the client notified accordingly of any obvious anomalies. However, Qiaocheng Asset Management has not checked the Client Information in detail for completeness and accuracy and accepts no responsibility whatsoever in respect of the Client Information. The Client makes all investment decisions independently. Past performance, simulations and forecasts are not necessarily a reliable indication of future performance and the value of investments may fall as well as rise. The information contained in this document is only valid at the time this document is produced. A change in the economic environment, possible changes in the law and other events may cause future performance to deviate from that expressed or implied in this document. The information and analyses contained in this document have been gathered from sources that are generally considered to be reliable. However, Qiaocheng Asset Management makes no representation as to their accuracy or completeness in relation to the investment products described and does not accept liability for any direct or consequential losses arising from reliance on the information contained in this document. An Qiaocheng Asset Management Group company may, to the extent permitted by law, participate or invest in other financing transactions with the issuer of the investment products referred to herein, perform services or solicit business from such issuers, and/or have a position or effect transactions in the securities or derivatives thereof. Alternative investments, derivatives or structured products are complex instruments that typically involve a high degree of risk, and are intended for sale only to investors who are capable of understanding and assuming the risks involved. Investments in emerging markets are speculative and significantly more volatile than investments in traditional markets. Some of the main risks are of a political, economic, currency or market-related nature. Furthermore, investments in foreign currencies are subject to exchange rate fluctuations. Investments in the investment products described in this document should be made only after carefully studying and reviewing the product documentation. The opportunities and risks associated with each investment product can be found in the relevant underlying securities prospectus and any other supplementary documents. All documents will be made available at any time upon request. Qiaocheng Asset Management does not provide tax or legal advice and, before entering into any transaction, investors should independently consider the financial risks as well as the legal, tax, credit and accounting consequences of that transaction. The attached material is not the result of our/a financial analysis. Neither this document nor any copy may be further distributed to any party. In particular, it may not be sent, taken into or distributed in the United States or given to any US person. This restriction applies equally to other jurisdictions, unless such actions are performed in compliance with the applicable laws of such jurisdiction. This communication is confidential and intended solely for the person to whom it is delivered. No part of this communication may be reproduced in any form or by any means or re-distributed without the prior written consent of Qiaocheng Asset Management. This communication should not be construed as an offer to sell any investment or service. This communication does not constitute the solicitation of an offer to purchase or subscribe for any investment or service in any jurisdiction where, or from any person in respect of whom, such a solicitation of an offer is unlawful. If you are in doubt about the securities to which this communication relates, you should consult an independent financial adviser. The information in this communication has been prepared in good faith, however, no representation or warranty, expressed or implied, is or will be made and no responsibility or liability is or will be accepted by Qiaocheng Asset Management or its officers, employees or agents in relation to the accuracy, completeness or fitness for any purpose of this communication. The information stated, opinions expressed and estimates given are subject to change without prior notice.

The services described are provided by Qiaocheng (Asia) Asset Management Company Limited or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Certain products and services may not be available in all locations or to all clients.