lion-ocbc securities hang seng tech etf€¦ · lenovo group ltd information technology 11....

LION-OCBC SECURITIES HANG SENG TECH ETF

November 2020

© Lion Global Investors Limited. Company Registration Number 198601745D. A member of the OCBC Group

THE FUTURE OFTECHNOLOGYWITHIN YOUR REACH

© Lion-OCBC Securities Hang Seng TECH ETF 3

Capture the growth potential of the 30 largest

TECH-themed companies listed on the Hong Kong

Stock Exchange (HKEX)* through our ETF.

1.0

INTRODUCTION TO LION-OCBC SECURITIES HANG SENG TECH ETF

* Refers to the underlying Index Securities of the Hang Seng TECH Index

Coming together with a shared purpose, Lion Global Investors and OCBC Securities bring together

synergies in capabilities, experiences and resources as we forge ahead with our goal of providing quality

investment solutions to our clients.

COLLABORATION WITHIN THE OCBC GROUP

4© Lion-OCBC Securities Hang Seng TECH ETF

LION-OCBC SECURITIES

HANG SENG TECH ETF

Strategic PartnerStrategic Partner

KEY FEATURES

5© Lion-OCBC Securities Hang Seng TECH ETF

FULLREPLICATION

of the Hang Seng TECH Index

30 LARGESTTECH-THEMED COMPANIES

listed on HKEX*

CAPPED AT 8%weightage for individual stocks

during rebalancing

IPO FAST ENTRY MECHANISM#Promptly captures potential investment

opportunities of IPOs

DUALTRADINGCURRENCIES:

SGD and USD

REBALANCEDQUARTERLY

– March, June, September and December

* Refers to the underlying Index Securities of the Hang Seng TECH Index# The IPO Fast Entry Mechanism allows for newly listed tech companies to be included in the index on as early as its tenth

trading day, if the company’s market capitalization ranks among the top 10 of the existing index constituents at the close of

its first trading day.

INDEX DESIGN AND CONSTRUCTION METHODOLOGY

SOURCES

OF

INNOVATION

Tech-

enabled

Business

Changing dailylife

experiences

• PA Good Doctor

• ZA Online

• China Literature

Revenue

Growth

R&D

Expense/

Revenue

Higher chance at delivering

something unique with

R&D commitment

• SMIC

• Kingsoft

Potential business model

breakthrough that

improves competitiveness

• Sunny Optical

• Weimob

6

CONSTITUENTS

UNIVERSE

LIQUIDITY

SECTOR

THEME

INNOVATION Tech-enabled business/significant R&D investment/strong revenue growth

IT/Consumer Discretionary/

Industrials/Financials/Healthcare

Cloud/Digital/E-Commerce/

Fintech/Internet/Mobile

Velocity Test

HKEX mainboard-listed

companies (Greater China )

• Top 30 companies by market cap

• Freefloat Market Value weighted + 8% stock

weight cap

• IPO fast entry + Quarterly review

* HKEX: Hong Kong Exchanges and Clearing Market

Source: Hang Seng Indexes Company, September 2020

Source: Hang Seng Indexes Company, September 2020. Companies

mentioned are constituents of the Hang Seng Tech Index as of 30 September

2020. Note: Securities referenced are not intended as recommendations to buy

or sell. 6

HANG SENG TECH INDEX PROFILE


TOP 10 CONSTITUENTS

Source: Hang Seng Indexes, as of 30 September 2020

No Company Name Industry Weighting (%)

1 SUNNY OPTICAL TECHNOLOGY

(GROUP) CO. LTD

Industrials 8.60

2 ALIBABA GROUP HOLDING LTD Information Technology 8.43

3 TENCENT HOLDINGS LTD Information Technology 8.21

4 MEITUAN DIANPING Information Technology 7.90

5 ALIBABA HEALTH

INFORMATION TECHNOLOGY

LTD

Healthcare 7.48

6 XIAOMI CORP Information Technology 6.91

7 SEMICONDUCTOR

MANUFACTURING

INTERNATIONAL CORP

Information Technology 6.27

8 JD.COM INC Information Technology 5.64

9 KINGDEE INTERNATIONAL

SOFTWARE GROUP CO LTD

Information Technology 4.42

10 LENOVO GROUP LTD Information Technology 3.76

Source: Hang Seng Indexes Company, as

of 30 September 2020

OVERALL SECTOR BREAKDOWN

Information Technology

Industrials

Healthcare

Consumer Discretionary

Financials

68%

12%

11%

7%

2%


As an Excluded Investment Product, the ETF offers easy

access to a diversified portfolio of leading tech stocks at

an affordable price. Investors can invest in the ETF

using cash and/or SRS and trade in either SGD or USD.

2.0

WHY LION-OCBC SECURITIES

HANG SENG TECH ETF

WITHIN YOUR

REACHAffordable and easy access

IPO FASTENTRYQualified IPOs included in Index shortly after listing

INVEST INTHE LARGEST TECH-THEMEDCOMPANIES*To ride the growth wave

WHY LION-OCBC SECURITIES HANG SENG TECH ETF


DIVERSIFIED

ACROSS 30

COMPANIESFrom Alibaba to ZTE

* Refers to the underlying Index Securities of the Hang Seng TECH Index

CHINA OVERTAKING USA AS A TECH LEADER?


Chinese Tech Within Your ReachIPO Fast EntryDiversification

Source: Bloomberg, Lion Global Investors, October 2020

No Company Name Market Cap

1 Amazon US$1.6 trillion

2 Alphabet US$ 1.1 trillion

3 Facebook US$0.8 trillion

4 Alibaba Group US$0.8 trillion

5 Tencent US$ 0.7 trillion

6 Paypal US$0.2 trillion

7 Netflix US$0.2 trillion

8 Shopify US$0.1 trillion

9 Naspers US$0.08 trillion

10 Netease US$0.06 trillion

2,616

4,809

9,490

16,164

27,174

31,293

35,840

- 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000

2005

2008

2011

2014

2017

2018

2019

SIZE OF DIGITAL ECONOMY IN CHINA

(RMB’ billions)

Source: PwC China Economic Quarterly Q2 / Q3 2020

TOP 10 INTERNET COMPANIES BY MARKET CAP


Accelerated by COVID-19, there is a

growing trend of business activities

shifting to online or virtual platforms.

DRIVEN BY RAPID ADOPTION OF NEW TECHNOLOGIES


PAYMENT TRANSPORTATION

COMMERCE HEALTHCARE

Source: Lion Global Investors, November 2020

Street Hail

GPS App-based Ride

Sharing

Local Medical

CareHospital E-Health

Local Market

Big Box Retail

E-Commerce

Mobile Pay

CreditCash

0%

50%

100%

150%

200%

1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov

HSI Index HSTECH Index STI Index Nasdaq CCMP Index

NEW ECONOMY OUTPERFORMS



Source: Bloomberg, Hang Seng Indexes Company, Lion Global Investors, November 2020

Note: All information for the HSTECH Index prior to its launch date is back tested. Back tested performance of the HSTECH Index is extracted from the Hang

Seng Tech Index factsheet issued by Hang Seng Indexes Company and reflects hypothetical historical performance of the Index. The HSTECH Index was

launched on 27 July 2020.

HANG SENG TECH INDEX

TOTAL RETURN

INDEX

No Company Name Main BusinessMarket Cap(US$ billion)*

1. Pinduoduo Online Retailer 89.6

2. Baidu Internet Search Engine 43.6

3. Tencent MusicEntertainment

Online music entertainment

platform

23.8

4. New OrientalEducation

Online education service

provider

26.2

5. Trip.com Online travel agency

service provider 19.3

6. IQIYI Online video entertainment

service provider 17.9

HONG KONG – TECH LISTING HUB



USD585BAlibaba Group

JD.com

USD70B USD52B

2019 Hong Kong

IPO raised

USD13 billion

2020 Hong Kong

IPO raised

USD2.7 billion

There are currently 28 companies that are eligible to seek secondary listing in

Hong Kong. The below table highlights some of the largest companies.

HOMECOMING UNICORNS:

Secondary Listings

As US-China relations worsen, an increasing number of

US listed Chinese companies have sought secondary

listings in HongKong.

Source: CICC Research, 2H2020 Outlook, as of 15 June2020

Note: Market capitalization is taken from Bloomberg as of 9 October 2020. For illustrating the

Hang Seng TECH index constituents selection criteria only, does not guarantee the relevant

securities will be selected as constituents.

NetEase

Hong Kong

secondary

IPO raised

USD3.87 billion

Source: Source: WSJ and public data, as of 6 June 2020

CHINA HAS SOME OF THE WORLD’S MOST VALUABLE UNICORNS



US$15 billion

US$15 billion

US$15 billion

US$15 billion

US$17 billion

US$18 billion

US$20 billion

US$27 billion

US$29 billion

US$31 billion

US$36 billion

US$36 billion

US$58 billion

US$95 billion

US$200 billion

0 50 100 150 200 250

Bitmain (CN)

Epic Games (US)

SZ DJI Technology (CN)

Grab (SG)

Paytm (IN)

Airbnb (US)

Palantir Technologies…

JD Digits (CN)

Kuaishou (CN)

Waymo (US)

Stripe (US)

SpaceX (US)

Didi Chuxing (CN)

ByteDAnce (CN)

Ant Financial (CN)

Source: Bloomberg, as of 11 June 2020

Kuaishou filed for Hong Kong IPO in Nov 2020

US$ billion


This could be an opportunity to invest in the Hang Seng TECH index

which has significantly outperformed the NASDAQ Composite year to date 2020.

NASDAQ OF ASIA?East Trumps West


TECH GAINSYear-to-date return (%) of Nasdaq Composite vs Hang Seng TECH Index

Source: Bloomberg, Lion Global Investors, as of 27 October 2020

Note: All information for the HSTECH Index prior to its launch date is back tested. Back tested performance of the HSTECH Index is extracted from

the Hang Seng Tech Index factsheet issued by Hang Seng Indexes Company and reflects hypothetical historical performance of the Index. The

HSTECH Index was launched on 27 July 2020.

NASDAQCOMPOSITE INDEX TOTAL

RETURNINDEX

Jan Feb Mar Apr May Jun Jul Aug Sep Oct

60

40

20

0

-20

HANG SENG TECH INDEX

TOTAL RETURN

INDEX

CASE STUDY

30 STOCKS, EACH CAPPED AT 8%



No. Company Name Industry Classification

1. Sunny Optical Technology (Group) Co. Ltd Industrials

2. Alibaba Group Holding Ltd Information Technology

3. Tencent Holdings Ltd Information Technology

4. Meituan Dianping Information Technology

5. Alibaba Health Information Technology Ltd Healthcare

6. Xiaomi Corp Information Technology

7. Semiconductor Manufacturing International Corp


8. JD.com Inc Information Technology

9. Kingdee International Software Group Co Ltd


10. Lenovo Group Ltd Information Technology

11. Kingsoft Corporation Ltd Information Technology

12. Ping An Healthcare and Technology Co Ltd Healthcare

13. BYD Electronic (International) Co. Ltd Information Technology

14. NetEase Inc Information Technology

15. Aac Technologies Holdings Inc Industrials

No. Company Name Industry Classification

16. China Literature Ltd Consumer Discretionary

17. ASM Pacific Technology Ltd Information Technology

18. Tongcheng-Elong Holdings Ltd Consumer Discretionary

19. Weimob Inc Consumer Discretionary

20. ZhongAn Online P & C Insurance Co Ltd Financials

21. ZTE Corp Information Technology

22. Hua Hong Semiconductor Ltd Information Technology

23. Koolearn Technology Holding Ltd Consumer Discretionary

24. HengTen Networks Group Ltd Information Technology

25. Maoyan Entertainment Consumer Discretionary

26. XD Inc Information Technology

27. Foxconn Interconnect Technology Ltd Information Technology

28. Q Technology Group Co Ltd Information Technology

29. NetDragon Websoft Holdings Ltd Information Technology

30. Yixin Group Ltd Financials



Volatility of the Hang Seng TECH Index is approximately 20% lower

than the average of the individual constituents.

LOWER VOLATILITY


INDEXVOLATILITY

Hang Seng

TECH Index

Constituents

59.6%

Hang Seng

TECH Index

37.2%

SINGLE STOCKAVERAGE

VOLATILITY

Annualized Standard Deviation for 260 trading days

Source: Bloomberg, as of September 30, 2020

Exclude 4 constituents which are listed in HKEX less than 260 trading days

VS

120

100

80

60

40

20

0

Xia

om

iCorp

Meituan

Alib

aba

Gro

up

Hold

ing

Ltd

Tence

ntH

old

ings

Ltd

Sunny O

pticalT

ech

nolo

gy

(Gro

up)

Co.L

td

JD.c

om

Inc

Sem

iconducto

rM

anufa

ctu

ring

Inte

rnationalC

orp

Kin

gdee

Inte

rnational

Softw

are

Gro

up

Co

Ltd

A

libaba H

ealth

Info

rmation

Tech

nolo

gy

Ltd

Lenovo G

roup

Ltd

Pin

g A

nH

ealthcare

and

Tech

nolo

gy

Co

Ltd

A

ac

Tech

nolo

gie

s H

old

ings

Inc

BY

D E

lectr

onic

(Inte

rnational)

Co.L

td

AS

M P

acific

Tech

nolo

gy

Ltd

NetE

ase

Inc

Chin

a L

itera

ture

Ltd

ZhongA

n O

nlin

e P

&C

In

sura

nce C

oLtd

Weim

ob

Inc

ZT

EC

orp

Tongcheng-E

long

Hold

ings

Ltd

K

oole

arn

Tech

nolo

gy

Hold

ing

Ltd

Hua

Hong

Sem

iconducto

rLtd

Maoyan

Ente

rtain

ment

XD

Inc

HengT

en

Netw

ork

sG

roup

Ltd

F

oxc

onn

Inte

rconnect

Tech

nolo

gy

Ltd

Q T

ech

nolo

gy

(Gro

up)

Co

Ltd

N

etD

ragon

Websoft

Hold

ings

Ltd

Yix

in G

roup

Ltd

Kin

gsoft C

orp

ora

tion

Ltd

Average

Volatility

Single Stock

Average

Volatility

Index

Volatility

Constituents of the Hang Seng TECH Index

BENEFIT OF FAST ENTRYQualified IPOs included in Index shortly after listing



• IPO stock will be added to the Index if its market cap ranks among the Top 10 of the existing constituents at the market close of its first trading day.

• The addition will normally be implemented after the close of the 10th trading day of the new issue.

MARKET CAP RANK ON COMPANY A’S LISTING DATE

0 1,000 2,000 3,000

Market Cap(HK$bn)

4,000 5,000

1

2

3

4

5

6

7

8

9

10

(Added to the Index after the

close of the 10th trading day,

based on Fast Entry Rule)

Company A

ILLUSTRATION

OF IPO FAST

ENTRY RULE


LISTED ON

SGX

TRADES IN

S$OR US$

LESS THAN

S$20*TO START INVESTING

INVEST USING

CASH AND/OR SRS

EXCLUDED INVESTMENT

PRODUCT (EIP)



WITHIN YOUR REACH

* Assumes NAV of the ETF is S$1.50 per unit and minimum trading lot size of 10 units on SGX

30 LEADING TECH STOCKS*AT LESS THAN S$20



ALL 30 INDEX CONSTITUENTS S$76,6081

S$26,8581

Less than S$202

TOP 5 INDEX CONSTITUENTS

(BY WEIGHTAGE)

LION-OCBC SECURITIES HANG SENG TECH ETF

Minimum Investment

AmountBUY 1 LOT:

01

02

03

* The 30 leading tech stocks refer to the underlying Index Securities

1 Based on closing price as of 30 September 2020. Assumes each stock is bought at their respective minimum trading lot size on HKEX and a HKD SGD FX rate of

0.176142

2 Assumes NAV of the ETF is S$1.50 per unit and minimum trading lot size of 10 units on SGX

Source: Bloomberg, Lion Global Investors, as of 27 October 2020


Seize the opportunity to own a piece of the

burgeoning Chinese tech sector. The listing

date of the ETF is on 10 Dec 2020. You

can place an order with any of the

participating dealers. Alternatively, you can

trade the ETF on SGX or invest in it via a

regular savings plan.

3.0

OTHER INFORMATION


You can place order through the following ways:

HOW TO INVEST

Initial Offering Period (IOP)23 November – 7 December 2020

AFTER LISTINGFrom 10 December 2020

1. SECONDARY MARKETTrade on SGX through your stockbroking

firms both online & offline

2. REGULAR SAVINGS PLANOCBC Blue Chip Investment plan

PRIMARY MARKETPlace order through the following

participating dealers:

• OCBC Securities

• DBS Vickers

• UOB Kay Hian

• Phillip Securities

• iFast Financial

GET IN TOUCH WITH US


Lion Global Investors Limited65 Chulia Street #18-01

OCBC Centre Singapore

049513

https://www.lionglobalinvestors.com/en/funds/lion-

ocbcsec-hangseng-tech-etf/index.html

[email protected]

+65 6417 6900

OCBC Securities Private Limited18 Church Street #01-00

OCBC Centre South

Singapore 049479

https://portal.iocbc.com/hstetf

[email protected]

1800 338 8688

mailto:[email protected]:[email protected]

FUND INFORMATION


Fund Information

Index Hang Seng TECH Index

Index Provider Hang Seng Indexes Company Limited

Currency of Account (Base Currency) Hong Kong dollars (HK$)

Trading Currency Singapore dollars (S$), United States dollars (US$)

SGX Code HST (S$ counter), HSS (US$ counter)

Bloomberg Ticker HST SP (S$ counter), HSS SP (US$ counter)

Issue Price HK$7.75

Trading Board Lot Size 10 units

Management Fee 0.45% per annum

Expense Ratio Capped at 0.68% per annum for 2 years from the inception of the Fund

Dividend Distribution Currently no intention to distribute

Designated Market Makers Flow Traders Asia Pte Ltd, Phillip Securities Pte Ltd

Participating Dealers OCBC Securities Private Limited, DBS Vickers (Singapore) Pte. Ltd., UOB Kay Hian

Holdings Limited, Phillip Securities Pte. Ltd., iFast Financial Pte. Ltd.

Source: Lion Global Investors, as of November 2020

DISCLAIMER


DISCLAIMER – Lion Global Investors

This advertisement or publication has not been reviewed by the Monetary Authority of Singapore. It is for information only, and is not a recommendation, offer or

solicitation to deal in any capital markets products or investments and does not have regard to your specific investment objectives, financial situation or

particular needs. You should read the prospectus and Product Highlights Sheet for the Lion-OCBC Securities Hang Seng TECH ETF (“ETF”), which is available

and may be obtained from Lion Global Investors Limited or any of the appointed Participating Dealers (“PDs”), before deciding whether to purchase units in the

ETF. Investments are subject to investment risks including the possible loss of the principal amount invested.

The performance of the ETF, the value of its units and any accruing income are not guaranteed and may rise or fall. Past performance, payout yields and

payments and any prediction, projection, or forecast are not indicative of the future performance, payout yields and payments of the ETF. You should

independently assess any information, opinion or estimates, graphs, charts, formulae or devices provided and seek professional advice on them. Any

information, opinions, estimates, graphs, charts, formulae or devices provided are subject to change without notice and are not to be relied on as advice. The

ETF may invest in financial derivative instruments for hedging or for efficient portfolio management.

The units of the ETF are listed and traded on the Singapore Exchange (“SGX”), and may be traded at prices different from its net asset value, suspended from

trading, or delisted. Such listing does not guarantee a liquid market for the units. You cannot purchase or redeem units in the ETF directly with the manager of

the ETF, but you may, subject to specific conditions, do so on the SGX or through the PDs.

Any dividend distributions, which may be either out of income and/or capital, are not guaranteed and subject to the Manager’s discretion. Any such dividend

distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value of the ETF.

© Lion Global Investors Limited (UEN/ Registration No. 198601745D). All rights reserved. LGI is a Singapore incorporated company and is not related to any

corporation or trading entity that is domiciled in Europe or the United States (other than entities owned by its holding companies).

DISCLAIMER


DISCLAIMER – Hang Seng Indexes Company Limited and Hang Seng Data Services Limited

The Hang Seng TECH Index (the “Index”) is published and compiled by Hang Seng Indexes Company Limited pursuant to a licence from Hang Seng Data

Services Limited. The mark and name Hang Seng TECH Index are proprietary to Hang Seng Data Services Limited. Hang Seng Indexes Company Limited and

Hang Seng Data Services Limited have agreed to the use of, and reference to, the Index(es) by Lion Global Investors in connection with Lion-OCBC Securities

Hang Seng TECH ETF (the “Product”), BUT NEITHER HANG SENG INDEXES COMPANY LIMITED NOR HANG SENG DATA SERVICES LIMITED

WARRANTS OR REPRESENTS OR GUARANTEES TO ANY BROKER OR HOLDER OF THE PRODUCT OR ANY OTHER PERSON (i) THE ACCURACY

OR COMPLETENESS OF ANY OF THE INDEX(ES) AND ITS COMPUTATION OR ANY INFORMATION RELATED THERETO; OR (ii) THE FITNESS OR

SUITABILITY FOR ANY PURPOSE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT; OR (iii) THE RESULTS WHICH

MAY BE OBTAINED BY ANY PERSON FROM THE USE OF ANY OF THE INDEX(ES) OR ANY COMPONENT OR DATA COMPRISED IN IT FOR ANY

PURPOSE, AND NO WARRANTY OR REPRESENTATION OR GUARANTEE OF ANY KIND WHATSOEVER RELATING TO ANY OF THE INDEX(ES) IS

GIVEN OR MAY BE IMPLIED. The process and basis of computation and compilation of any of the Index(es) and any of the related formula or formulae,

constituent stocks and factors may at any time be changed or altered by Hang Seng Indexes Company Limited without notice. TO THE EXTENT PERMITTED

BY APPLICABLE LAW, NO RESPONSIBILITY OR LIABILITY IS ACCEPTED BY HANG SENG INDEXES COMPANY LIMITED OR HANG SENG DATA

SERVICES LIMITED (i) IN RESPECT OF THE USE OF AND/OR REFERENCE TO ANY OF THE INDEX(ES) BY LION GLOBAL INVESTORS IN

CONNECTION WITH THE PRODUCT; OR (ii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES OR ERRORS OF HANG SENG INDEXES COMPANY

LIMITED IN THE COMPUTATION OF ANY OF THE INDEX(ES); OR (iii) FOR ANY INACCURACIES, OMISSIONS, MISTAKES, ERRORS OR

INCOMPLETENESS OF ANY INFORMATION USED IN CONNECTION WITH THE COMPUTATION OF ANY OF THE INDEX(ES) WHICH IS SUPPLIED BY

ANY OTHER PERSON; OR (iv) FOR ANY ECONOMIC OR OTHER LOSS WHICH MAY BE DIRECTLY OR INDIRECTLY SUSTAINED BY ANY BROKER OR

HOLDER OF THE PRODUCT OR ANY OTHER PERSON DEALING WITH THE PRODUCT AS A RESULT OF ANY OF THE AFORESAID, AND NO

CLAIMS, ACTIONS OR LEGAL PROCEEDINGS MAY BE BROUGHT AGAINST HANG SENG INDEXES COMPANY LIMITED AND/OR HANG SENG DATA

SERVICES LIMITED in connection with the Product in any manner whatsoever by any broker, holder or other person dealing with the Product. Any broker, holder

or other person dealing with the Product does so therefore in full knowledge of this disclaimer and can place no reliance whatsoever on Hang Seng Indexes

Company Limited and Hang Seng Data Services Limited. For the avoidance of doubt, this disclaimer does not create any contractual or quasi-contractual

relationship between any broker, holder or other person and Hang Seng Indexes Company Limited and/or Hang Seng Data Services Limited and must not be

construed to have created such relationship.

DISCLAIMER


DISCLAIMER – OCBC Securities

The information provided herein is a compilation or summary of materials and data based from external sources available to OCBC Securities Private Limited

(“OSPL”), and does not represent OSPL’s view on the matters mentioned. Whilst we have taken all reasonable care to ensure that the information contained in

this publication is not untrue or misleading at the time of publication, we cannot guarantee its accuracy or completeness, and you should not act on it without first

independently verifying its contents. Trading in securities can be very risky, and you may lose all or more than the amount invested or deposited. Where

necessary, please seek advice from an independent financial adviser regarding the suitability of any trade or investment product taking into account your

investment objectives, financial situation or particular needs before making a commitment to trade or purchase the investment product. You should consider

carefully and exercise caution in making any trading decision whether or not you have received advice from any financial adviser. No representation or warranty

whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any

information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OSPL and it should not be relied upon as

such. OSPL does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. OSPL shall not be

responsible for any loss or damage howsoever arising, directly or indirectly, as a result of any person acting on any information provided herein. The information

provided herein is intended for general circulation/discussion purposes only and may not be published or circulated in whole or in part without our written consent.

All trademarks, registered trademarks, product names and company names or logos mentioned herein are the property of their respective owners, and you agree

that you will not do anything to infringe or prejudice those rights. Reference to any products, services, processes or other information, does not constitute or imply

endorsement, sponsorship or recommendation thereof by OSPL.

This advertisement has not been reviewed by the Monetary Authority of Singapore

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