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All research reports contained in this webpage are prepared by CCB International Securities Limited. CCB International Securities Limited is a wholly-owned subsidiary of CCB International (Holdings) Limited ("CCBIH") and China Construction Bank Corporation ("CCB"). Information herein has been obtained from sources believed to be reliable but CCB International Securities Limited, its affiliates and/or subsidiaries (collectively "CCBIS") do not warrant its completeness or accuracy or appropriateness for any purpose or any person whatsoever. Opinions and estimates constitute our judgment as of the dates of the reports and are subject to change without notice. Investment involves risk and past performance is not indicative of future results. Information in these reports is not intended to constitute or be construed as legal, financial, business, tax or any professional advice for any prospective investors and should not be relied upon in that regard. These reports are for informational purposes only and should not be treated as an offer or solicitation for the purchase or sale of any products, investments, securities, trading strategies, or financial instruments of any kind. Neither CCBIS nor any other persons accept any liability whatsoever for any loss arising from any use of these reports or their contents or otherwise arising in connection therewith. Securities, financial instruments or strategies mentioned therein may not be suitable for all investors. The opinions and recommendations therein do not take into account prospective investors circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to any prospective investors. The users of these reports shall be solely responsible for making their own independent investigation of the business, financial condition and prospects of companies referred to in these reports. Readers are cautioned that actual results may differ materially from those set forth in any forward-looking statements therein. While all reasonable care has been taken to ensure that the facts stated therein are accurate and that the forward-looking statements, opinions and expectations contained therein are based on fair and reasonable assumptions, CCBIS has not been able to verify independently such facts or assumptions and CCBIS shall not be liable for the accuracy, completeness or correctness thereof and no representations or warranty is made, express or implied, in this regard. The recipients must make their own assessments of the relevance, accuracy and adequacy of the information contained in these reports and make such independent investigation as they may consider necessary or appropriate for such purpose. Users should seek independent legal, financial, business and / or tax advice if they have any doubt about the contents of these reports and satisfy themselves prior to making any investment decision that such investment is in line with their own investment objectives and horizons.
The recipients should be aware that CCBIS may do business with the issuer(s) of the securities covered in these reports or may hold interest in such securities for itself and/or on behalf of its clients from time to time. As a result, investors should be aware that CCBIS may have a conflict of interest that could affect the objectivity of these reports and CCBIS will not assume any responsibility in respect thereof. Where applicable and required, any relationship CCBIS may have with the issuers(s) of the securities or interests in such stocks(s) will be disclosed in the reports. The information contained in these reports may differ or be contrary to opinions expressed by other associates of CCBIS or other members of the CCBIH group of companies.
These reports are only made available under such circumstances as may be permitted by applicable law. The securities described therein may not be eligible for sale in all jurisdictions or to certain categories of investors. These reports are not directed at you if CCBIS is prohibited or restricted by any legislation or regulation in any jurisdiction from making them available to you. You should satisfy yourself before reading them that CCBIS is permitted to provide research material concerning investments to you under relevant legislation and regulations. In particular, these reports are only made available to certain US Persons to whom CCBIS is permitted to make available according to US securities laws, but cannot otherwise be made available, distributed or transmitted, whether directly or indirectly, into the US or to any US person. These reports also cannot be distributed or transmitted, whether directly or indirectly, into Japan and Canada and not to the general public in the People’s Republic of China (for the purpose of this report, excluding Hong Kong, Macau and Taiwan)
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