Press Release
The broad diversification of the index serves as a new risk management tool for investors.
J.P. Morgan issued a total of 10 derivative warrants linked to the MSCI China A 50 Connect Index, being one of the first issuers in Hong Kong to offer derivative warrants that directly track the A-share index in China, the world’s second largest economy. The new derivative warrants will begin trading on the Hong Kong Stock Exchange on August 8.
Since the beginning of this year, the global stock markets have been affected by factors such as tightening of monetary policies by central banks, rising inflation and economic recession concerns. At the same time, mainland China has implemented a prudent monetary policy along with other fiscal policies to stabilize growth in various industry sectors.
“The launch of the MSCI China A 50 Connect Index derivative warrants provides investors with alternative access to the A-share market. The broad diversification of the Index enables investors to gain potential exposure to A-share markets and a new tool to hedge their investment portfolios,” said Cedric Cheung, Head of Listed Structured Products Sales for Asia at J.P. Morgan.
“The MSCI China A 50 Connect Index is designed to capture 50 of the largest and most representative China A shares with sector balance. Since its launch in August 2021, we have seen more investors utilizing this innovative index tool to help build core exposure to and manage the risk of the China A market,” said Dr. Zhen Wei, Managing Director of APAC Index Solutions Research at MSCI.
The first batch of the MSCI China A 50 Connect Index derivative warrants has strike prices ranging from 1800 points to 3000 points, providing approximately 4.5 to 6.3 times effective gearing#. The products will track the price movements of the MSCI China A 50 Connect Index futures.
J.P. Morgan’s Warrants and CBBC website will provide price information on the MSCI China A 50 Connect Index, as well as exclusive capital flows data to assist investors analyze the A-Shares momentum.
J.P. Morgan is the No.1* player in cumulative sales of warrants for nine consecutive years in Hong Kong. As the leading issuer of derivatives warrants in Hong Kong, we are committed to providing investors with a wider variety of instruments for different market conditions and risk appetites.
For more information, please visit https://jpmhkwarrants.com/en_hk.
# Effective gearing is calculated based on the morning closing price of the MSCI China A50 Connect Index on August 3, please refer to the listing document for details.
* Calculation is based on the net sold notional amount by each issuer over the period of 2013-2021. Source: Bloomberg and HKEX
Net sold notional amount = (No. of warrants net sold or net bought / divisor) x underlying closing price x FX (if applicable)
Structured Products are non-collateralized products. If the Issuer and its guarantor are insolvent or default, investors may not recover part or all of the amount due. This information provided by J.P. Morgan Securities (Asia Pacific) Limited (“J.P. Morgan”) is for information and discussion purposes only and is not intended as an offer, invitation, inducement, advice, recommendation or solicitation for the purchase or sale of any financial instrument nor does it constitute a commitment by J.P. Morgan or its affiliates to enter into any transaction. Past performance is not indicative of future results. The price of the structured products may fall in value as rapidly as it may rise and investors may sustain a total loss of their principal invested. Callable bull/bear contracts have a mandatory call feature and may be terminated early, in such case, (i) an investor of category N callable bull/bear contracts will not receive any cash payment; (ii) the residual value for category R callable bull/bear contracts may be zero. Inline warrants have been newly introduced to the market since July 2019 and no similar products are listed on the Stock Exchange for comparison. Investors must make their own risk assessment and where necessary, seek professional advice. Investor should not invest in these structured products unless they have carefully read and understand the terms and conditions, risk factors and other information as set out in the listing documents, and fully understand and are willing to assume the risks associated with them. It is not possible to predict the liquidity in the secondary market for the Structured Products. J.P. Morgan Broking (Hong Kong) Limited is a dealer and liquidity provider for warrants, inline warrants, CBBCs and/or traded options; and may be the only liquidity provider for the Structured Products.
These structured products (the “Products”) are not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any affiliate of MSCI or any other third party involved in, or related to, making or compiling any MSCI index (''the MSCI Data Parties"). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service mark(s) of MSCI and have been licensed for use for certain purposes by the issuer. None of the MSCI Data Parties makes any representation or warranty, express or implied, to the owners of these Products or any member of the public regarding the advisability of investing in securities generally or in these Products particularly or the ability of the MSCI China A 50 Connect Index to track general stock market performance. MSCI is the licensor of certain trademarks, service marks and trade names of MSCI and of the MSCI China A 50 Connect Index which is determined, composed and calculated by MSCI without regard to the issuer or owners of these Products or these Products. None of the MSCI Data Parties has any obligation to take the needs of the issuer or the owners of these Products into consideration in determining, composing or calculating the MSCI China A 50 Connect Index. None of the MSCI Data Parties is responsible for and has not participated in the determination of the timing of, prices at, or quantities of these Products to be issued or in the determination or calculation of the equation by which these Products are redeemable for cash. None of the MSCI Data Parties has any obligation or liability to owners of these Products in connection with the administration, marketing or trading of these Products.
ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES WHICH MSCI CONSIDERS RELIABLE, NONE OF THE MSCI DATA PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF THE MSCI INDEXES OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI DATA PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S CUSTOMERS AND COUNTERPARTIES, ISSUERS OF THE PRODUCTS, OWNERS OF THE PRODUCTS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MSCI INDEXES OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. NONE OF THE MSCI DATA PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI DATA PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND MSCI, ANY OF ITS AFFILIATES, AND EACH OF THE MSCI DATA PARTIES HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE MSCI INDEXES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI DATA PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
No purchaser, seller or holder of this Product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this Product without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.
認購認沽雙向部署 風險管理新工具
香港，2022年8月3日——摩根大通將發行首批與MSCI中國A50互聯互通指數掛鈎的認股證 ，率先提供直接追蹤A股指數的結構性產品，以助投資者更靈活掌握內地股市投資機遇及管理風險。新推出的產品包括總共10隻MSCI中國A50互聯互通指數認購及認沽證，將於8月8日正式上市。
摩根大通亞洲上市衍生產品銷售部主管張智卓表示：「環球股市今年以來受各國央行收緊貨幣政策、通脹升溫及經濟衰退憂慮等因素左右，反觀內地實施穩健的貨幣政策，同時針對各行業推出財政政策以穩定增長，A股上半年跌幅比歐美股市相對較少^。MSCI中國A50互聯互通指數認股證的推出為投資者參與A股市場增添了一個全新選擇。該指數的行業配置較多元化，相關認股證有助投資者更全面管理A股風險。由於認股證入場門檻較低，而且流通量較穩定，無論投資者希望捕捉A股潛力、或是對沖投資組合，相信新產品對市場具有一定吸引力。」
MSCI亞太區指數解決方案研究部董事總經理魏震博士表示：「MSCI 中國A50 互聯互通指數旨在涵蓋 50 隻規模最大且最具代表性的中國 A 股，主要特點是行業配置均衡。自該指數於2021 年 8 月推出以來，我們看到越來越多的投資者利用這一創新指數工具來幫助他們建立對中國 A市場的核心敞口並管理相關風險。」
張智卓補充，過往輪場投資者部署A股傾向選擇與A股ETF掛鈎的輪證為主，而今年來相關輪證資金流活躍度有所回升，三隻A股ETF相關認股證上半年累計淨流入的名義價值達4.6億港元，較去年下半年上升近1.5倍。*
首批MSCI中國A50互聯互通指數認購及認沽證的行使價介乎1800點至3000點，提供大約4.5至6.3倍的實際槓桿#，產品將追縱MSCI中國A50互聯互通指數期貨的價格變動。
摩根大通認股證牛熊證網站將提供MSCI中國A50互聯互通指數現貨和期貨的價格資訊，以及獨家資金流數據，冀助投資者多角度掌握內地股市走向。
摩根大通為本港最活躍的窩輪發行人之一，憑藉積極的產品報價及穩定的流通量，其認股證產品於2013年至2021年間，連續九年累積銷量第一**。摩根大通將繼續積極研究擴闊產品種類，以推動本港衍生工具市場發展，為投資者拓展新機遇。
如欲了解更多相關資訊，可瀏覽摩根大通認股證牛熊證網站: https://www.jpmhkwarrants.com
^對比標普500指數、泛歐Stoxx 50指數及MSCI中國A50互聯互通指數2022年上半年表現。數據來源: 彭博資訊
*數據來源: 摩根大通亞洲上市衍生產品銷售部
#實際槓桿以MSCI中國A50互聯互通指數8月3日中午收市價計算，詳情請參閱上市文件。
* * 2013年至2021年期間各發行商淨沽出認股證之名義價值。資料來源：港交所網頁及彭博資訊。
每隻認股證的名義價值計算方法 = 每日淨買賣數量/換股比率x相關資產收市價x匯率(如適用)
| 編號 | 輪證名稱 | 種類 | 行使價(點) | 換股比率 | 到期日 (年-月-日) | 實際槓桿(倍)* |
| 10561 | M通摩通三二購B | 認購 | 2200 | 1100 | 2023-02-17 | 5.8 |
10559 |
M通摩通三二購A | 認購 | 2400 | 800 | 2023-02-17 | 6.11 |
| 10562 | M通摩通三二購C | 認購 | 2600 | 600 | 2023-02-17 | 6.31 |
| 10560 | M通摩通三三購A | 認購 | 2800 | 550 | 2023-02-17 | 5.85 |
| 10563 | M通摩通三四購A | 認購 | 3000 | 500 | 2023-04-21 | 5.6 |
| 10568 | M通摩通三四沽B | 認沽 | 1800 | 450 | 2023-04-21 | 4.46 |
| 10565 | M通摩通三四沽A | 認沽 | 1900 | 500 | 2023-04-21 | 4.73 |
10567 |
M通摩通三三沽A | 認沽 | 2000 | 600 | 2023-02-17 | 4.79 |
| 10566 | M通摩通三二沽B | 認沽 | 2100 | 600 | 2023-02-17 | 5.58 |
| 10564 | M通摩通三二沽A | 認沽 | 2200 | 800 | 2023-02-17 | 5.13 |
* 實際槓桿以發行價計算；詳情請參閱上市文件。
摩根大通集團（紐約證券交易所：JPM）是一家全球領先的金融服務公司，擁有資產達3.8萬億美元，業務遍及全球。摩根大通在投資銀行、消費者及小型企業金融服務、商業銀行服務、金融交易處理以及資產管理等領域享有領先地位。作為道瓊斯工業平均指數的成份股，摩根大通通過旗下JP Morgan和Chase品牌為美國數百萬計的客戶以及全球眾多知名企業、機構及政府客戶提供服務。有關摩根大通集團的更多資料，請查閱www.jpmorganchase.com。
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本資料所述之結構性產品並無抵押品。如發行人及擔保人無力償債或違約，投資者可能無法收回部份或全部應收款項。本資料由摩根大通證券（亞太）有限公司（「摩根大通」）編製，僅供參考，並不構成任何要約、建議、提呈出售或招攬購買任何上述產品。過往表現並不代表將來的表現。結構性產品之價格可急升或急跌，投資者或會損失所有投資。可贖回牛熊證備有強制贖回機 制而可能被提早終止，屆時 (i) N 類牛熊證投資者將不獲發任何金額；(ii) R 類牛熊證之剩餘價格可能為零。界內證自2019年7月起新推出市場，並無在聯交所上市的類似產品可供比較。投資者應自行評估風險，並在需要時諮詢專業意見。投資前應詳閱有關上市文件，並瞭解結構性產品之特性及風險。結構性產品於第二市場的流通量是無法預料的。J.P. Morgan Broking (Hong Kong) Limited為認股證、界內證及牛熊證及/或交易期權的莊家及流通量提供者亦可能為上述結構性產品的唯一流通量提供者。
本結構性產品（「本產品」）並非由MSCI Inc.（「MSCI」）、其任何關聯公司或參與或涉及作出或編製任何MSCI指數的任何其他第三方（「該等MSCI資料方」）保薦、許可、銷售或推廣。MSCI指數是MSCI的專有財產。MSCI名稱和MSCI指數名稱均為MSCI的服務標記，並已經許可給發行人為若干目的使用。該等MSCI 資料方概不就一般的證券投資或特別針對投資於本產品是否適當或MSCI中國A50互聯互通指數追蹤相關股票市場表現的能力向本產品的擁有人或任何公眾人士作出任何明示或暗示的陳述或保證。MSCI是其若干商標、服務標記及商用名稱的許可方，也是由MSCI在未考慮本產品的發行人或擁有人或本產品的情況下釐定、編製和計算的MSCI中國A50互聯互通指數的許可方。在釐定、編製和或計算MSCI中國A50互聯互通指數時，該等MSCI資料方概無義務考慮本產品的發行人或擁有人的需要。該等MSCI資料方概不負責也未參與確定本產品的發行時間、發行價格或數量，或釐定或計算本產品以現金結算的公式。該等MSCI資料方概不就本產品的行政、市場推廣或買賣向本產品的擁有人承擔任何義務或責任。
儘管MSCI應由自其認為可靠的來源獲取MSCI指數中包含的或用作計算MSCI指數的資訊，但該等MSCI資料方概不保證或擔保MSCI指數或其中包含的任何資料的原創性、準確性及╱或完整性。該等MSCI 資料方概不就被許可方、被許可方的客戶及交易對手、本產品的發行人、本產品的擁有人或任何其他人士或實體按其獲許可的權利或任何其他用途使用MSCI指數或其中包含的任何資料將會獲得的結果作出任何明示或暗示的保證 。該等MSCI資料方概不就MSCI指數或其中包含的任何資料的任何錯誤、遺漏或中斷或與MSCI指數或其中包含的任何資料有關的任何錯誤、遺漏或中斷承擔任何責任。此外，該等MSCI資料方概不作出任何形式的明示或暗示的保證，而且MSCI、其任何關聯公司或各該等MSCI資料方特此明確表示不對MSCI指數及其中所載任何資料作出任何有關可銷售性和對特定用途的適用性的任何保證。在對上文不構成限制的情況下，即使已被告知發生以下損失的可能性，在任何情況下任何該等MSCI資料方概不就任何直接的、間接的、特別的、懲罰性、結果性或任何其他損害賠償（包括利潤損失）承擔任何責任。
本產品的買方、賣方或持有人，或任何其他人士或實體，在未與MSCI聯繫以確定是否需要MSCI的允許之前，不得使用或提及任何MSCI的商用名稱、商標或服務標記以保薦、認可、推銷或推廣本産品。在任何情况下，未經MSCI的事先書面允許，任何人士或實體不得聲稱與MSCI有任何關聯。
本结构性产品（「本产品」）并非由MSCI Inc.（「MSCI」）、其任何关联公司或参与或涉及作出或编制任何MSCI指数的任何其他第三方（「该等MSCI资料方」）保荐、许可、销售或推广。 MSCI指数是MSCI的专有财产。MSCI名称和MSCI指数名称均为MSCI的服务标记，并已经许可给发行人为若干目的使用。该等MSCI资料方概不就一般的证券投资或特别针对投资于本产品是否适当或MSCI中国A50互联互通指数追踪相关股票市场表现的能力向本产品的拥有人或任何公众人士作出任何明示或暗示的陈述或保证。 MSCI是其若干商标、服务标记及商用名称的许可方，也是由MSCI在未考虑本产品的发行人或拥有人或本产品的情况下厘定、编制和计算的MSCI中国A50互联互通指数的许可方。在厘定、编制和或计算MSCI中国A50互联互通指数时，该等MSCI资料方概无义务考虑本产品的发行人或拥有人的需要。该等MSCI资料方概不负责也未参与确定本产品的发行时间、发行价格或数量，或厘定或计算本产品以现金结算的公式。该等MSCI资料方概不就本产品的行政、市场推广或买卖向本产品的拥有人承担任何义务或责任。
尽管MSCI应由自其认为可靠的来源获取MSCI指数中包含的或用作计算MSCI指数的资讯，但该等MSCI资料方概不保证或担保MSCI指数或其中包含的任何资料的原创性、准确性及╱或完整性。该等MSCI 资料方概不就被许可方、被许可方的客户及交易对手、本产品的发行人、本产品的拥有人或任何其他人士或实体按其获许可的权利或任何其他用途使用MSCI指数或其中包含的任何资料将会获得的结果作出任何明示或暗示的保证。该等MSCI资料方概不就MSCI指数或其中包含的任何资料的任何错误、遗漏或中断或与MSCI指数或其中包含的任何资料有关的任何错误、遗漏或中断承担任何责任。此外，该等MSCI资料方概不作出任何形式的明示或暗示的保证，而且MSCI、其任何关联公司或各该等MSCI资料方特此明确表示不对MSCI指数及其中所载任何资料作出任何有关可销售性和对特定用途的适用性的任何保证。在对上文不构成限制的情况下，即使已被告知发生以下损失的可能性，在任何情况下任何该等MSCI资料方概不就任何直接的、间接的、特别的、惩罚性、结果性或任何其他损害赔偿（包括利润损失）承担任何责任。
本产品的买方、卖方或持有人，或任何其他人士或实体，在未与MSCI联系以确定是否需要MSCI的允许之前，不得使用或提及任何MSCI的商用名称、商标或服务标记以保荐、认可、推销或推广本产品。在任何情况下，未经MSCI的事先书面允许，任何人士或实体不得声称与MSCI有任何关联。