Terms and Conditions of Use

This website (the “Site”) is owned and operated by the CLSA group of companies and its affiliates.

Access to the Site and its content, information and materials, (collectively, “Publications”) set forth herein are provided to you subject to the following terms. These terms and conditions, as well as the Publications, are subject to change periodically without notice and at CLSA’s sole discretion. You understand that your access to and use of the Site constitutes your consent and agreement to abide by these terms and conditions. If you do not agree with the terms and conditions below, please do not access the Site.

All securities transactions and other financial services are conducted based on signed written agreements between CLSA and its customers, and the terms of those agreements are binding on the parties. No other representation, whether made in person, online, electronically, in written, graphical, or verbal communication, may alter the terms of those agreements, except that your use of this service constitutes your agreement to the additional terms and conditions applicable to such use.


The information provided on the Site should not be construed as an offer or solicitation to sell in any jurisdiction to any person to whom it is unlawful to make such an invitation or solicitation in such jurisdiction. None of the information contained herein has been approved in any jurisdiction. Some products and services described in the Site may not be available in all jurisdictions or to all clients. In particular, the funds mentioned herein have not been and will not be registered under the United States Securities Act of 1933 (the “Securities Act”) or under the securities laws of any state and the funds have not been and will not be registered under the Investment Company Act of 1940 (the “Investment Company Act”). Interests in the funds may not be offered or sold within the United States or to United States Persons (as defined under Regulation S of the Securities Act), except in a transaction not subject to, or pursuant to an exemption from, the registration requirements of the Securities Act and any applicable state securities laws and which would not require the funds to register under the Investment Company Act.


The Site is not directed to, 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 the law or regulations or which would subject CLSA to any registration or licensing requirement within such jurisdiction. All persons accessing the site do so at their own risk and are responsible for compliance with any applicable law.

Third party websites

The Site contains links to third party websites which are provided for informational purposes only. The content of those sites has not been reviewed and verified by CLSA. CLSA assumes no responsibility for the content or maintenance of any such site and makes no warranties, express or implied, with respect to its content or otherwise. You should only follow such links after satisfying yourself of the security of such site. CLSA makes no representation to you concerning the ability of unauthorised persons to access or intercept information transmitted by or to you through this or any other linked site. Using information contained in those sites is at your own risk.

Use of publications

The Site and all Publications found on or through the Site are proprietary to CLSA and are provided solely for your personal and non-commercial use. You agree that you will not use the Site or the Publications for any purpose that is unlawful or prohibited by these Terms of Use. The copyrights in all Publications are owned by CLSA or its licensors. You may not publish, copy, reproduce, redistribute, display, post or transmit in any form or media or by any other means any part of the Site and/or Publications for compensation or otherwise in whole or in part, without the written consent of CLSA. In addition, you may not remove, obscure or alter any copyright or trademark that is provided to you in connection with the Publications. If you would like information about obtaining CLSA’s permission to use any of the Site content or Publications please contact CLSA. If you violate any of these terms, your permission to use the content or Publications automatically terminates and you must immediately destroy any copies you have made.

No offer

All Publications presented in this Site are provided to you for informational purposes only and are not to be used or considered as an offer to sell, or recommendation, or solicitation of an offer to buy securities or other financial instruments, or any advice or recommendation with respect to such securities or other financial instruments. CLSA may, to the extent permitted by law, participate or invest in financing transactions with the issuer(s) of the securities referred to in the Site, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or options thereon. In addition, they may make markets in such securities. CLSA may, to the extent permitted by law, act upon or use the information or opinions presented herein, or the research or analysis on which they are based before the Publications are published. The Publications should not be regarded as a substitute for the exercise of your own judgment. When making investment decisions, you are recommended to seek the advice of a professional financial advisor.


All Publications contained in the Site have been produced and collated by CLSA in accordance with its current practices and policies and with the benefit of information currently available to it. All reasonable efforts have been made to ensure the accuracy of the contents of the pages of the Site at the time of preparation. The Publications on the Site are for general information only and nothing on the Site constitutes professional advice or any binding commitment upon CLSA in relation to the availability of services provided by CLSA.

Notwithstanding the efforts made by CLSA to ensure the accuracy of the Site, CLSA disclaims any responsibility or liability in respect to any use or reference to the Site, and CLSA does not warrant or guarantee the adequacy, accuracy or completeness of any information herein or that such information will be delivered in a timely or uninterrupted form. CLSA MAKES NO REPRESENTATION OR WARRANTY, WHETHER EXPRESS OR IMPLIED, OF ANY KIND WITH RESPECT TO THE SITE, ITS OPERATION AND PUBLICATIONS ON THIS SITE ARE PROVIDED “AS IS”. CLSA EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND RELATING TO THE SITE, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AND ANY OBLIGATION TO UPDATE ANY INFORMATION HEREIN AND ANY LIABILITY FOR INACCURACIES AND OMISSIONS IN SUCH INFORMATION. CLSA ACCEPTS NO LIABILITY FOR LOSSES OR DAMAGES WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY VISITOR TO THE SITE OR OTHER PERSON WHO OBTAINS ACCESS TO THE PUBLICATIONS ON THE SITE, OR FOR ANY CLAIM BY ANY THIRD PARTY. You agree that this exclusion of liability is comprehensive and applies to all damages of any kind including without limitation direct, indirect, compensatory, special, multiple, incidental, punitive and consequential.

You understand that CLSA may have opinions from time to time with regard to any or all of the securities referenced herein, and that those opinions may be different from those obtained by using or stated in parts of the Site. CLSA reserves the right, without any obligation and without any notice, to alter, improve or correct the Publications and descriptions.

Risk considerations

Past performance is not necessarily an indication of future performance of any investments. Investment entails risks. The value of investments may rise or fall and investors may not recover amounts invested. Please note that Publications contained in the Site have been prepared without reference to any particular user’s financial circumstances or investment requirements. Certain investments may be highly volatile, and may experience sudden and large falls in their value. Investors in securities effectively assume these risks. They may not be suitable for all investors. You should seek professional advice prior to the execution of any investment decisions and make your own independent decisions regarding any securities or financial instruments.

Governing law

By accessing the Site and any of its content you agree that any disputes shall be governed by the Laws of Hong Kong and to the non-exclusive jurisdiction of the Courts of Hong Kong in connection with any suit, action or proceeding arising out of or in connection with the use of the Site.

In the event any of the provisions in these Terms and Conditions of Use shall be held to be unenforceable, that provision shall be enforced to the maximum extent permissible to reflect the intention underlying the unenforceable term, and the remainder of these Terms and Conditions of Use shall be unimpaired.