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IMPORTANT LEGEAL DISCLOSURES

General Disclosure

The research reports in this website are prepared and distributed by Anli Securities Limited (“ASL”) in the conduct of business of regulated activity in Hong Kong. The research reports in this website or any parts thereof may not be distributed, reproduced or disclosed to any other persons without the prior written approval of ASL. In particular, the research reports in this website are not intended for distribution to, or use by, any persons or entities in the United States of America, Canada, Australia or any jurisdiction or countries where its distribution would be in breach of applicable laws, rules and regulations. The information, data, materials, forecasts, estimates or opinions contained herein are for information only and subject to changes without prior notice. ASL makes no representation or warranty (whether express, implied or otherwise), with respect to the fairness, correctness, accuracy reasonableness or completeness of the information, data, materials, forecasts, estimates, opinions as above but has used its best endeavor to obtain information, data, materials from sources which are believed to be reliable. ASL makes no representation, undertaking, warranty or guarantee as to the update, completeness, correctness, reliability or accuracy of information, data, materials, forecasts, estimates or opinions. The opinions herein are made without taking into consideration of specific financial positions, investment objectives, investment experiences or other needs and it is therefore expected that investors shall not make investment decisions in reliance on information, data, materials, forecasts, estimates or opinions herein without seeking professional and independent advices. ASL accepts no liabilities and responsibilities whatsoever for any direct or indirect losses or damages which may be suffered by any persons arising from or in connection with the information, data, materials, forecasts, estimates or opinions provided herein. In any events, the research reports in this website do not constitute or form part of and shall not be construed as any offer for sale or subscription or solicitation or invitation of any offer to purchase or subscribe for any securities and investment products in any jurisdiction.

In distributing the research reports in this website, ASL is not providing and does not purport to provide professional investment advices. Except as otherwise disclosed herein, ASL or its affiliates (“ASL Group”) has no interests in the securities of the companies being referred to in the research reports in this website as at the date of the issuance of the research reports in this website. ASL Group’s officers, directors and employees may have positions in any and may trade for their own accounts in all or any of the securities or investment mentioned in the research reports in this website. In addition, ASL Group may have provided investment services and may have underwritten, or may act as market marker in relation to those securities. Commissions, fees or other benefit (whether monetary or non-monetary) may be earned or received by ASL Group in respect of services provided in relation to those securities or investments.

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