Market Insights

19 APR 2022

Inez Chow
Inez Chow

Chief Strategist & Co-Head of EAM
(Private Asset Management)

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on whatsapp
Key takeaways
  • From QE to QT, how much impact does the Fed’s shrinking schedule have on the market as it approaches?
  • “Coexisting with Inflation”? How should investors deploy in an inflationary environment?
  • The Q1 2022 earnings season has begun. Which companies with strong pricing power are worth looking?
  • Oil – demand exceeds supply
  • China’s latest situation and how does the RRR cut in China affect the stock market, bond market and property market?
  • Implementation on the 10-year Treasury Bond yield inverted between China and the United States for the first time since 2010

From QE to QT, how much impact does the Fed's shrinking schedule have on the market as it approaches?

Since 2022, the hot words for global investors are to cutting QE and raising interest rates, but recently the Federal Reserve has come up with another word that makes the world extremely nervous. That is QT (quantitative tightening). At present, the market has fully digested the expectation of rising interest rates, but the expectation of shrinking balance has not yet been fully reflected. Just one month before the countdown to the Fed’s May meeting (May 4), Brainard’s latest speech undoubtedly released a subtext. It is a reminder that people should not only focus on raising interest rates, but also be prepared for the risks of shrinking balance sheets. 

The recent sharp rise in US bond yields has led to a sharp correction in high-valued chip stocks such as Qualcomm Inc, Nvidia Corp and Intel Corp, while valuations of technology stock are still sensitive and responsive to interest rates. US stocks are likely to show pressure in the short term before the Fed raises interest rates and shrinks in May, but liquidity indicators show little chance of a sharp fall in US stocks. 

The global economy is likely entering a “war-cession”, and markets are underestimating its duration. It seems that Putin will not trade withdrawal for any ratcheting down of sanctions, so the sanctions stay in place. The implications for Europe are that you will see a recession because the sanctions will increase and move towards a total energy blockade. This is an enormous supply-side shock that will continue in food, energy and metals. At the same time, we are dealing with inflation worldwide and rising interest rates. We should monitor closely supply disruptions in China on the recent lockdown in the major cities. China is obviously a big supply side to the global system. 

Investors expect the Fed to push up interest rates so much in the short run to fight off inflation that it ends up squeezing credit. The high short-run interest rate is driven by expectations of Fed interest-rate increases and the long-run rate is driven by expectations of recession, a subsequent drop in inflation and Fed rate cuts later on. Beyond these signals, inverted yield curves can cause practical problems. Banks typically borrow money in the short term and lend it in the long term. When short-term rates are higher than long-term rates, banks face profit pressures and disincentives to lend, which also curtail economic activity. Taken all together, the yield-curve signals seem to be saying that the Fed has room and time to raise short-term interest rates from their rock-bottom levels in the months ahead. The central bank hopes that inflation will come down along the way as supply bottlenecks in the economy ease. If inflation doesn’t recede as hoped and the central bank presses forward with rate increases further into 2023 or beyond, then recession might become more of a threat than it is now.

"Coexisting with Inflation"? If so, how should investors deploy in an inflationary environment?

Inflation is likely to remain elevated for longer. Therefore, as households and businesses see high inflation as the new normal and change their behavior accordingly, we believe the risk of inflation expectations deviating from the Fed’s 2% target is rising. The Food and Agriculture Organization of the United Nations (FAO) warned that global food prices could rise further in the future. FAO’s global food price index has risen by about 75% since mid-2020, surpassing previous levels during the global food crisis in 2008 and 2011. Energy stocks have risen 38% so far this year, but it seems that these stocks will continue to rise. As the COVID-19 epidemic subsided, tourism demand increased, while the conflict between Russia and Ukraine led to a reduction in supply, and oil and gas prices rose sharply in 2022. Energy stocks are still attractive given high inflation and rising cash earnings. 

Inflation is not only caused by geopolitical conflicts, but also because of the tight supply chain after the pandemic. The central bank’s interest rate hike cannot fundamentally solve the inflation problem. Overall, it is impractical. Central banks will coexist with inflation. 

Equity market: Higher interest rates will still affect equities volatility. However, with inflation-adjusted real yields expected to remain historically low and the economy entering a recovery, the fundamentals are relatively solid, and the current relatively attractive valuation can support stock price gains; preferring developed markets over emerging markets.

Government bonds: Higher yields on government bonds in developed countries, medium-term inflation may be higher than market expectations, the long-term prospects of this asset class are challenged by rising term premiums, and fail to play a good role in risk diversification.

Credit: Although the coupons of high-yield bonds are attractive, there is little room for further compression of interest rate spreads, and there is still a certain interest rate risk in the context of interest rate hikes; considering the risk-return, stocks are more attractive among major asset classes.

The macro outlook for the rest of this year can only be described as complex and uncertain. Financial results showed investment banking revenues for Citigroup Inc, Morgan Stanley and Goldman Sachs Group fell by 36-43% respectively. The market is expected to be more volatile in the coming months as the Fed took steps to curb inflation. In the context of the expected decline in future earnings, which sectors can still make gains? We believe energy stocks, as well as the broader resource and materials sectors, still have room to rise. Looking back at US economic history, the energy and resources sectors used to account for 20% to 40% of the total market value. Today, they account for less than 7% of the total.

The Q1 2022 earnings season has begun. Which companies with strong pricing power are worth looking?

The latest earnings season for US stocks has begun. Pricing power will become increasingly important in the face of continuing inflationary and cost pressures, to assess the sustainability of profit margins, we will monitor the ability of companies to pass on increased costs to consumers. 

Last week, Amazon announced that it will be employing a fuel and inflation surcharge for the first time, a mechanism broadly used across supply chain providers and apply to all products. Nearly 90% of Amazon’s 2m+ sellers used Fulfillment by Amazon in 2021, which provides services like storing, packing and shipping products. Last year, sellers even shelled out a total of USD103 billion in fees, making up around 22% of Amazon’s revenue. Several companies such as UPS, FedEx and Uber have implemented a fee and fuel surcharge in recent weeks.

For reference, here are a list of few companies with the best pricing power in different industries. Google: the average 5-year gross profit margin is 57%. Coco-Cola: the average 5-year gross profit margin is 61%. Nike: the average 5-year gross profit margin is 44%. Johnson & Johnson: the average 5-year gross profit margin is 67%. Adobe: the average 5-year gross profit margin is 85%. 

Investors in US stocks, worried about geopolitical uncertainty and the Fed’s measures to fight inflation will undermine economic growth They are turning to defensive industries that are better able to weather volatile times and tend to offer strong dividends. The health care, utilities, consumer commodities and real estate sectors have all risen so far in April, and although the broader market has fallen, it continues to outperform the S&P 500 this year. Defensive stocks could also be “some kind of inflation hedge”.

Oil - demand exceeds supply

US natural gas prices hit a 13-year high. Last Friday, the Biden administration said it would resume leases to drill for oil and gas on US federal land from next week. The announcement marks the formal abandonment of Biden’s campaign promises. As a candidate, Biden called for an end to oil and gas drilling on federal land as a way to reduce greenhouse gas emissions that contribute to global warming, and ordered a suspension of new leases on the day he took office. Libya closed its largest oil field on Monday and warned of further disruptions. Demonstrations against Libyan Prime Minister Dbeibah are likely to affect the OPEC member’s energy industry, and Libya’s oil production could fall by more than 500,000 barrels a day.

Energy supplies have remained tight since the conflict between Russia and Ukraine, with oil prices surging above USD130 for the first time since 2008, and US natural gas prices recently hit USD7.5 per million British thermal units, the highest level since 2008. In order to reduce their dependence on Russian energy supplies, major European countries such as Germany are plan to import liquefied natural gas (LNG) from the United States and other places. US natural gas export revenue will be close to USD30 billion in the first quarter, more than half of Russia’s natural gas export revenue for the whole of 2021. Goldman Sachs Group predicts that US LNG exports will account for 22% of global demand this year, surpassing Australia and Qatar, the two largest exporters, and ranking first in the world. The obvious beneficiaries are the two US oil and gas giants Exxon Mobil and Chevron and the stock price of the two companies are up near 50% year to date. Occidental Petroleum, which was heavily increased by Warren Buffett is up 112% so far this year.

China’s latest situation, and how does the RRR cut affect the stock market, bond market and property market?

The spread of COVID-19 and soaring energy prices triggered by the Ukraine crisis are causing headwinds, casting uncertainty on China’s official growth target of “around 5.5%” for 2022. The Caixin PMIs was disappointing in March. If oil prices stay high, the trend will put upward pressure on prices around the world and raise producer prices in China which is expected to transmit into China’s economy, weighing on already-weak consumption sentiment and manufacturers. Economic sanctions on Russia will clearly show their effects in the form of economic deterioration in Europe. Exports to the European Union, which account for nearly 20% of China’s total exports, tend to face downward pressure.

Many investors struggling to discern the outlook for China. The bulls point to the better-than-expected 4.8% GDP growth in Q1 2022, marking an acceleration from the 4% pace of the previous quarter. The bears point to notable downshifts in retail sales and industrial output as evidence global headwinds are taking a rising toll. In March, China retail sales dropped 3.5% from a year ago. Factory output increased 5%, slower than in January and February. Imports also fell slightly in March, another data point suggests that Beijing’s “zero Covid” lockdowns are hitting GDP. The data reflected a Covid-19 resurgence followed by tightened social distancing measures. More cities are in lockdown or semi-lockdown in April and this will likely impact the May holiday’s performance. The authorities doubling down on pandemic controls (under zero-Covid policy) on Shanghai means that further outbreaks in other cities will produce unpredictable economic ripples.

In addition to maintaining sufficient liquidity in the market and promoting the downward financing costs of the real economy, the RRR cut will also have a certain impact on the financial market. The RRR cut will often have a catalytic effect on the market of the financial sector and the real estate sector in the short term. 

For the stock market, the previous special meeting held by the Financial Stability Board of the State Council releases the signal of stabilizing expectations and stabilizing the market has achieved remarkable results, and the capital market has stabilized. This cut will further enhance market confidence and help the capital market run smoothly.

For the bond market, the RRR reduction will promote banks to do a good job in asset and liability management, increase the allocation of interest rate debt, and expect a steady decline in treasury bond yields and will lower corporate debt financing costs. Lowering the reserve ratio can also play a positive role in the real estate market.

In the context of property market, regulation and control causes China property sector contracted third straight quarter, the financing needs of real estate enterprises, and the demand for mortgage loans will be improved, which plays a positive role in resolving the liquidity pressure of some real estate enterprises, improving residents’ willingness to buy houses, and maintaining the steady and healthy development of the real estate market.

Implementation on the 10-year Treasury Bond yield inverted between China and the United States for the first time since 2010

Sino-US interest rates are inverted which was unthinkable for nearly a decade. This is mainly due to the non-synchronization of the economic and monetary policy cycles of China and the United States in 2022. China’s epidemic prevention pressure intensified in the first half of 2022, and the economic downturn is expected to be obvious. The current economic downturn in China is expected to reach that of the epidemic in March 2020 and expectations of future monetary policy easing are also high. In the last 10 years, the world has faced a period of low growth and low inflation. The Sino-US trade, the global epidemic outbreak in 2018 to 2022, and then the conflicts between Russia and Ukraine gradually changed the global supply chain. Supply-side imbalances led to a sharp rise in global inflation. The current scenario may be high inflation that this generation of traders have never seen before. Even when the March FOMC meeting stressed that it might start shrinking by up to USD95 billion in May, US bond yields soared. It should be difficult for RMB to maintain the strong appreciation trend of 2020 to 2021 in 2022.

It is also the first time that the interest rate spread between China and the United States has been reversed in 10 years since 2010. China’s monetary policy may be subject to the influence of US debt interest rates and capital outflows, but the complexity of the domestic economic environment will also make China more likely to focus on its own economic growth. One factor that may be considered by monetary policy is Sino-US interest rates and capital outflows, but it should be the Chinese economy that is more important. The monetary policy of China and the United States should be reversed in 2022.

China’s trade surplus from 2020 to 2021 was 533.8 billion US dollars and 676.4 billion US dollars respectively, maintaining a very high growth rate, which also benefited from the effective implementation of China’s epidemic prevention policy in the previous two years. However, the service-oriented expenditure on overseas tourism and education should be reduced in the past two years. The RMB should still be supported by fundamentals in the short term, and the factor is the outflow of foreign exchange capital under the capital account, including the outflow of stocks or bonds. It will be difficult for the RMB to maintain the strong appreciation trend of the previous two years in 2022.

Venture Smart Asia Limited (“VSAL”) is a company incorporated in Hong Kong and whose registered office is at 23/F, Lee Garden Five, 18 Hysan Avenue, Causeway Bay, Hong Kong, and is a licensed corporation regulated by the Securities and Futures Commission of Hong Kong for types 1 (dealing in securities), 4 (advising on securities) and 9 (asset management) regulated activities pursuant to the Securities and Futures Ordinance. VSAL is a member of Venture Smart Financial Holdings Limited (“VSFG”).

This document is for information only and is not intended to be construed as an invitation or offer of any securities or other investment products or as an invitation or offer to conclude a contract or to buy and sell any securities or other investments products. Any such invitation or offer will only be made by means of a confidential offering memorandum.

All information contained in this document is confidential and intended solely for the information of the person to whom it has been delivered and may not be distributed to any person in any jurisdiction where distribution to such a person would constitute a violation of any applicable law or regulation. Recipients may not reproduce or transmit it, in whole or in part, to third parties.

This document is only intended for professional investors (as defined in the Securities and Futures Ordinance (Cap. 571)) and is not to be distributed to, or relied on, in any circumstances by any person who is not a professional investor. This document and any securities or other investment products referred to in it have not been registered with, authorized, approved or disapproved, by the Securities and Futures Commission or any other authority, whether in Hong Kong or in any other jurisdiction. No authority has passed upon or endorsed upon the merits of any such securities or other investment products or the accuracy or adequacy of this document.

The information contained in this document does not constitute investment advice and has not taken into consideration any person’s investment objectives, legal, financial and tax situation or particular needs in any respect. Investors should seek professional advice as to the suitability of any securities or other investment products mentioned in this document.

Information contained in this document, unless otherwise specified, is obtained from sources which are believed to be reliable but no representation or guarantee is made by us as to the accuracy or completeness of any such information. If this document contains any information relating to the past performance of any securities or other investment products, you should note that past performance is not indicative of future results. If the base currency of any securities or other investment products mentioned in this document does not match your reference currency, the return may be affected by currency fluctuations. Potential for profit is accompanied by possibility of loss. This document may contain certain statements that may be deemed forward-looking statements. While forward-looking statements represent judgments and future expectations concerning any securities or other investment products mentioned in this document, a number of risks, uncertainties and other important factors may cause actual results to substantially differ from such judgments and expectations in a material way. Any market or investment view mentioned in this document is not intended to be investment research. Information contained in this document is subject to change without any obligation on our part to notify you of any change.

If this document forms part of a presentation or is presented to you together with other documents and materials, this document should not be read in isolation and may not provide a full explanation of all of the topics presented and discussed.

Investors should note that investment involves risk. The price of any securities or other investment product may go down as well as up. Investors should read the confidential offering memorandum for details and risk factors affecting the investment. If conflicts exist between this document and the confidential offering memorandum, the confidential offering memorandum shall prevail.

VSFG does not accept any liability whatsoever for any decisions taken based upon the material. No representation or warranty, express or implied, is made with respect to this document or views herein as to its fairness, accuracy or completeness. Neither VSFG nor any of its subsidiaries, affiliates, controlling persons, directors, officers or employees, or advisers shall be in any way liable or responsible, directly or indirectly, whether expressly or by implication, in contract, tort, by statue or otherwise for the contents hereof or any loss howsoever arising. Risks are involved in any investment. It is the investor’s responsibility to independently verify any data relied upon for an investment using qualified legal, financial, and operations advisors. Prior to investing, investors should also carefully consider possible tax consequences and legal requirements.

VSFG is committed to helping individuals, families and corporations meet their financial objectives.


Headquarters and principal place of business

23/F, Lee Garden Five, 18 Hysan Avenue, Causeway Bay, Hong Kong

Causeway Bay Office

12/F, Phase II, China Taiping Tower, 8 Sunning Road, Causeway Bay, Hong Kong




  • 证监会持牌负责人员(第1、4、9类受规管活动)



  • 證監會持牌負責人員(第1、4、9類受規管活動)
Inez Chow

Chief Strategist &

Co-Head of EAM

(Private Asset Management)
  • Responsible Officer of SFC Licenses (Type 1, 4, 9 regulated activities)
With two decades of experience in investment management, Inez is a seasoned investment professional, well-versed in global financial markets. At VSFG, Inez is responsible for thought leadership in forecasting and creating investment recommendations for institutional and high-net-worth clients to align with their individual investment profiles. She specializes in macro analysis and forming predictive thematic investment ideas in global markets, and then aligning those high conviction ideas by recommending the optimal investment vehicles aimed to capture the best risk-adjusted returns for clients.
Prior to joining VSFG, Inez was an Investment Director at a major global asset management firm, focused on developing investment strategies and managing portfolios of family offices and high-net-worth clients. She also managed a flagship fund which produced returns that consistently outperformed the market over many years.


请先阅读及接受以下的条款及细则 在使用下述服务之前请您仔细阅读此条款及细则(”条款”)。 使用位于”网站”)的网站,即代表您已阅读并同意遵守以下条款。 如果您不同意全部条款,则您不是这些服务的授权用户,不应使用本网站。 在任何本网站的发布或访问被禁止、或违犯当地法律法规或将导致意博金融任何公司受其注册或发牌规定所规限的司法管辖区,本网站并非且不接受位于或居住于该司法管辖区的任何人士(因其国籍、居籍、居留地或其他原因)之访问。 您有责任了解和取得所有与您访问本网站相联系的任何司法管辖区内的相关监管许可、牌照、查证和/或注册以及遵守该等司法管辖区的所有适用法律法规。 意博金融有权在任何时间以任何理由更改、修订或增删这些条款的部分内容。 我们建议您定期浏览这些条款以了解所作的任何更改。 此等修改一经发布立即生效。 在我们对条款作出更改后进入本网站,即代表您同意修订后的条款。 免责声明 本网站由根据《证券及期货条例》(第571章)在中国香港特别行政区(”香港”)获得证券及期货事务监察委员会(”证监会”)许可的意博资本亚洲有限公司所有拥有(CEno:BCO369)。 本网站由意博金融集团旗下多家公司管理。 意博资本亚洲有限公司连同其他意博金融集团旗下公司以下统称为”意博金融”。 阁下于本网站进行的任何网上交易均属阁下之个人投资决定。 阁下应审慎考虑拟购买之产品是否切合阁下之投资目标、投资经验、风险承受能力及其他个人情况。 本网站所含一切内容均不构成任何税务、财务、监管、法律、保险或投资建议。 本网站所含信息和意见均不构成意博金融或其联属机构就购买或出售任何证券、集体投资计划、期货、期权或其他金融工具或服务的推广、建议、游说或要约,并且任何此类证券、集体投资计划、期货、期权或其他金融工具或服务均不应提供或出售给任何司法管辖区内的任何人士,如果该司法管辖区的证券法规定此类要约、游说、购买或出售是非法的。 网站访问者对基于本网站所含信息所作出的决定负全部责任。 为使用本网站,网站访问者同意弥补并使意博金融及其高级职员、董事、雇员、联属机构、代理、许可方和供应方免受因您对本网站的使用、对本条款的违犯或访问者基于本网站所含信息作出的任何决定而导致的任何和全部索赔、损失、法律责任、成本和支出(包括但不限于律师费用)。 本网站仅提供其产品及服务的资料。 您应就个别投资的适合程度或其他因素寻求独立的意见。 本网站所探讨之投资和策略可能不适合所有投资者且不是意博金融或其联属机构的义务,也非意博金融或其联属机构的义务,意博金融或其联属机构亦不作出担保。 意博金融不就网站内容是否在一切地区均适用,本网站所探讨的交易、证券、产品、工具或服务是否在所有司法管辖区或国家或被所有投资者或交易对手均可供或适合出售或使用作出任何陈述。 通过本网站公布信息,意博金融不就认为任何投资工具可供或适合任何个别用户使用作出任何陈述。 所有进入本网站的人士或实体均出于自己的意愿并有责任遵守适用的当地法律法规。 除非意博金融有限公司另作书面同意,您本人须为您就本身的投资目标以及个人和财政的状况作出的投资决定,单独负上全责。 本网站中所提述的基金已获证监会认可在香港公开发售(”有关基金”)。 证监会认可不等于对该计划作出推介或认许,亦不是对该计划的商业利弊或表现做出保证,更不代表该计划适合所有投资者,或认许该计划适合任何个别投资者或任何类别的投资者。 本网站所载的内容未经证监会或香港任何监管机构审阅。 投资有一定风险且可能贬值。 若您正在考虑投资,我们建议您取得独立专业建议并仔细考虑所有相关风险因素。 与任何投资相关的单位或股份价格及其收入可能下跌,亦可能上升,而过往表现并非未来表现的指引。 意博金融不保证有关基金的表现。 投资有关基金经常涉及投资国际市场。 除一般投资风险外,国际投资亦会因货币价值的不利波动,公认会计原则的差异或其他国家的经济或政治局势动荡而承受损失全部或任何部分资金的风险。 投资新兴市场亦会增加其他风险,例如波幅上升及交投可能淡静。 投资于一个或多个证券交易所上市的有关基金,股份或单位价格将由供求决定,未必与有关基金的每股或每单位资产价值相等。 在任何时候,股份或单位价格可能较资产值出现折让或溢价。 然而,由于交易所买卖基金的结构使然,预期股价较资产价值出现大幅折让或溢价不会长期存在。 任何预测或例子(包括其中使用的计算方法)仅作说明之用,并不保证准确或完整。 请注意股份或单位仅限于注册为参与证券商之人士或实体进行大宗增设/赎回。 有关基金的股份或单位在证券交易所上市并不保证其流动性。 若有关基金的投资目的是追踪某一指数,有关基金并不由相关指数的供应商赞助、认可、发行、售卖或推广。 这些公司亦不会为投资有关基金的适当性做出任何陈述。 有关基金的重要资料载于其基金章程,并可于需要时向意博金融索取。 在通过购买或交换所获得任何有关基金的股份或单位之前,您有义务阅读该有关基金的基金章程或发行材料。 本网站仅供参考之用,并不能被视为一种预测、研究或投资建议而加以依赖。 尽管有关材料是基于意博金融认为可靠并尽力确保是现时的信息,意博金融并不保证有关材料是准确、现时或完整的,有关材料也不应被视为准确、现时或完整的而加以依赖。 本网站的内容并未考虑任何特定个人或实体的投资目标、财务状况或财富,且本网站也并未基于此,游说作出任何行动。 任何本网站所表达的意见均可能根据随后情况的变化而改变。 过往表现不是未来业绩的保证。 本网站的信息和服务是以”现状”形式提供且不作任何形式之明示或暗示的保证。 在适用法律所允许的最大程度上,意博金融拒绝一切保证,包括但不限于不就不侵犯第三方权利做出保证以及不就适销性和对某特定用途的适用性作出任何暗示的保证。 意博金融不就本网站所含信息、文字、图片、链接或其他内容的准确及完整性作出任何明示或暗示的保证,不保证本网站的功能不会中断或不会出错,不保证纠正网站缺陷,也不保证网站不含病毒或其他有害成分。 意博金融表明不会就本网站所载材料的错误和遗漏以及其他人士对本网站所含信息的使用或解释承担任何责任。 商标、版权和其他知识产权 本网站所含内容均由意博金融和其第三方信息供应方拥有或注册并受适用之版权、商标、服务标记和/或其他知识产权的保护。 该等内容仅供个人的非商业用途。 因此,您不得复制、分发、修改、发布、设计或深层连接本网站,包括任何文字、图片、视频、音频、软件代码、用户界面设计或标志。 您可以下载本网站所载材料供个人使用但必须保留有关材料所含版权和其他所有权标记。 未经意博金融书面许可,您不得分发、修改、传输、再使用、转发或使用本网站所载内容供公共或商业用途,包括所有文字、图像、音频、音频和视频。 修改或使用有关材料供任何其他用途均是对意博金融知识产权的侵犯。 所有本网站所载的商标、服务标记、贸易名称和标志均为意博金融和/或其各自所属者拥有。 本网站所含一切内容均不得视为是以暗示、禁止反言或其他方式授出任何未经意博金融或其他任何可能拥有本网站所载商标的第三方之书面许可即使用上述商标的许可或权利。 除此处规定外,您不得使用本网站所载之商标。 您或其他任何您授权的人士均不得使用本网站所载之图像。 任何对于上述图像未经授权的使用均可能违犯版权法、商标法、隐私权、出版和传播的法律,以及其他相关法律法规。 若您从本网站下载了任何信息,即代表您同意不会复制该信息,也不会删除或掩盖该信息所含之任何版权或其他所有权标记或图例。 链接至其他网站 意博金融可能在本网站中建立与其他一个或多个第三方营运之网站的链接。 意博金融无法控制上述其他网站以及网站中所提供的内容或产品/服务。 任何上述链接的存在不得构成意博金融对于上述其他网站、网站所提供之内容、产品或服务以及网站运营方的认许、陈述或保证。 您对上述网站的访问和使用受该等网站使用条款和隐私政策的约束且概由您自行承担风险。 意博金融不对任何本网站超链接至的第三方网站之隐私政策和客户信息实践承担责任。 从其他网站链接至意博金融网站 您不得在您的网站建立任何链接至意博金融所有或运营之网站的超链接。 若您希望在您的网站建立链接至意博金融网站的超链接,必须与意博金融签订一份约束该行为的书面协议。 对任何意博金融网站之访问并不授权您使用任何意博金融之名称、标志、商标或已取得版权的材料,且您同意未经意博金融明示的书面许可不会进行上述行为。 请将在您的网站创建链接至意博金融网站的超链接的请求发送电邮至。 通过本网站传输信息 电子通信可能被第三方拦截,因此,由本网站传输信息或传输信息至本网站可能并不安全。 与意博金融的尤其是包含保密信息通信,应当邮寄至香港铜锣湾希慎道18号利园五期23楼意博金融有限公司,或发送电邮至。 意博金融应有权以任何目的使用任何由网站用户通过本网站提供给意博金融之意见、概念、技能或技巧。 您认可并同意意博金融提供给您对有关基金的特定文件(”批准文件”)之有限的访问,且您同意除上述批准文件外不会试图访问其他电脑文件。 意博金融不就本网站的安全性向您作任何保证。 包括不保证任何未经授权的人士无法访问您通过或从本网站获取或传输的信息。 意博金融保留其在任何时间或以任何频率毋需事先通知即可停止提供或修改本网站以及上述信息内容(或任意部分内容或特点)的权利。 司法管辖区和管辖法律 在发布或使用本网站提供之信息即属违法的任何司法管辖区或国家,或将导致意博金融或其任何联属机构受其注册规定所规限的司法管辖区或国家,本网站所提供的信息不应视为向该等司法管辖区或国家内的任何人士或实体发布或供其使用。 本网站所提及的每种投资产品和服务仅拟提供予香港居民。 本条款应受香港法律管辖并依据香港法律解释。 香港法院应当对审理和裁决任何可能由本条款引致的或与本条款有关的诉讼、起诉或诉讼程序以及解决任何可能由本条款引致的或与本条款有关的争端有非排他的管辖权,依此,您同意服从香港法院的管辖。 各方在此放弃在任何时间反对香港法院被任命为审理和裁决一切诉讼以及解决一切争端的法院之权利,并同意不会提出香港法院并非方便或合适的法院。 責任限制 意博金融与其联属机构及其各自的高级职员、董事、雇员或代理将不会对您或任何其他人士的任何损害赔偿承担责任,包括但不限于直接、后果性、偶然、特殊或间接损害赔偿(包括但不限于利润损失、交易损失或任何因使用或无法使用本网站引致的损害赔偿),即使意博金融已得悉会产生这些损害赔偿或损失的可能, 包括但不限于由使用或试图使用本网站或本网站链接至的其他网站而引致的损害赔偿或损失。 内容的时效性 本网站的全部内容仅于刊登或指定的日期发布,且可能会因日后的市场事件或其他原因被取代。 此外,您有责任设置您浏览器的缓存设定以能接收最新数据。 被禁止之用途 除本条款声明或经意博金融书面明示授权外,您不得:
  1. 以可能对意博金融服务器或任何连接至意博金融服务器的网络造成损害或过重负担的任何方式使用本网站,因所有服务器的承载力有限且供多人使用;
  2. 以任何会对他人对本网站的使用造成干扰的方式使用本网站;
  3. 将”意博金融”或任何意博金融商标或其主管人员的姓名或任何上述的变体,包括进元标签—一种隐藏的文本元素当中;
  4. 未经意博金融允许,通过链接或其他方式,使用任何网络机器人、网络爬虫、智能代理,其他自动设备,或手动操作以搜索、监控或复制本网站或本网站所载之报告、数据、信息、内容、软件、产品服务,或载于、产生于或获得于本网站的其他材料(统称”材料”),惟使用的通常第三方网络浏览器不经上述允许便可使用;或者
  5. 以任何可能造成与意博金融有附属关系、赞助关系或认许关系之印象的方式使用本网站或材料。
系统中断和不完整传输 网络软件或传输问题可能会产生不准确或不完整的信息和材料副本并可能被下载和显示于用户电脑中。 意博金融对任何于信息和材料传输过程中出现的损害、改变或遗漏均不承担责任。 结束 意博金融可以任何理由终止您对本网站的访问而毋需事先通知。 豁免 意博金融对于本条款项下任何权利或者任何规定的放弃均不应视为在作出该放弃时对本条款项下任何其他权利或规定的放弃,或者在任何其他时间对上述权利或规定或本条款项下任何其他权利或规定的放弃。 总体性与可分割性 若本条款项下的任何规定被视为非法、无效或由于任何原因不能强制执行,则该条规定将被视为可与本条款分割且不影响其余规定的有效性及执行。 上述使用条款代表了意博金融与用户就此等事项的全部协议。 意博金融提供平等的机会并致力于职场多样化。 隐私政策 请仔细阅读我们的隐私保护声明,该声明是本协议的一部分并在此引述,以便了解我们的信息收集做法以及我们为保护您信息的私密和安全所采取的措施。 日期:2021年3月 ©2021 VSFG版权所有。