Any information provided on this website shall not be distributed to any person or entity in any jurisdiction or country where such distribution would be unlawful, or where it would require SDIC Securities (Hong Kong) Limited to register or comply with any registration requirements in that jurisdiction or country. The information and any opinions contained on this website do not constitute an invitation or inducement by SDIC Securities (Hong Kong) Limited or its affiliates, as principal or agent, to any person to purchase or sell any securities, futures, options, or other financial instruments, or to provide any investment advice or services.

The information on this website is provided on an "as is" basis at the time of provision. The Company makes no warranties, express or implied, as to the accuracy of any information provided on this website for any particular purpose, and expressly disclaims any warranty of merchantability or fitness for a particular purpose. The Company shall not be liable for any loss or damage arising from any interception by third parties of any information obtained by you through this website. Although the information provided to you on this website is derived from sources that the Company believes to be reliable, or is based on such sources, the Company cannot and does not warrant the accuracy, validity, timeliness, or completeness of any information or data provided to you for any particular purpose. The Company and all its affiliates, directors, officers, employees, and all third-party suppliers shall not be liable for any loss or damage suffered by you arising from any failure, interruption, act, or omission of this website or any other person involved in providing this website or its data to you, or from any other cause preventing you from connecting to, accessing, or using the website or such data (regardless of whether such causes are within the control of the Company or any software or service provider). Even if the Company or any other party has been advised of the possibility of any direct, special, indirect, consequential, or incidental loss or damage of any nature, the Company shall not be liable to you therefor.

If you download any materials or software from this website, you agree not to copy such materials or software, or remove or obscure any copyright or other notices or headings contained therein.

If a visitor leaves this website via links provided herein and accesses content not provided by the Company, the associated risks shall be borne solely by the visitor. Content accessed through such links is not created by the Company and has not been verified, reviewed, or approved by the Company for accuracy or otherwise. The Company shall not be liable for any loss or damage (whether actual or alleged, direct or consequential, or punitive) arising from any delay, omission, or negligence in the services, information, or other content provided by such linked websites. The Company makes no warranties or representations regarding any electronic content transmitted by any third party, including but not limited to its accuracy, subject matter, quality, or timeliness, and assumes no liability therefor.

In the interest of investor protection, SDIC Securities (Hong Kong) Limited hereby solemnly reminds investors that online securities trading, as a new trading method, involves the following risks:

• Due to internet data transmission issues, there may be risks of interruption, suspension, delay, or data errors in investors' trading instructions.
• Failures, virus infections, or damage to communication lines in the investor's computer system used for online trading may cause online instructions to fail or contain errors.
• During peak internet usage periods, hacker intrusions into the online trading system, or system failures, investors may be unable to access the online trading system in a timely manner, or may be unable to buy or sell securities at current prices, resulting in economic losses.
• Risks of economic losses arising from impersonation and unauthorized trading due to loss or leakage of online trading passwords, or hacker intrusion or failure of the investor's computer or network used for online trading.
• Due to network or trading system issues, securities quotes and information transmitted over the internet may contain errors, be misleading, or experience delays.
• Risks of failure to complete online trading instructions due to other force majeure events.
• Other risks as determined by securities regulatory authorities.

While believed to be from reliable sources, SDIC Securities (Hong Kong) Limited, its associated companies and/or subsidiaries (collectively, "SDIC Securities (Hong Kong)") do not warrant the completeness, accuracy, or suitability of any information in research reports for any purpose or to any person. The opinions and forecasts therein represent our judgment as of the date of the research report and may change without prior notice. Investment involves risks, and past performance is not indicative of future results. The information in research reports is not intended to provide professional advice to any prospective investor and should not be relied upon as such. Research reports are for reference purposes only and should not be construed as an offer or solicitation to buy or sell any product, investment, security, trading strategy, or any type of financial instrument. SDIC Securities (Hong Kong) and its employees shall not be liable in any manner for any loss arising from the use of research reports or their contents or any related circumstances. The securities, financial instruments, or strategies mentioned in research reports may not be suitable for all investors. The opinions and recommendations in research reports do not take into account the circumstances, objectives, or needs of any prospective investor and are not intended as specific recommendations for particular securities, financial instruments, or strategies. Recipients of research reports should conduct their own independent investigation into the business, financial condition, and prospects of any companies mentioned. Readers should be aware that actual performance may differ materially from any forward-looking statements in the research report. Although SDIC Securities (Hong Kong) has taken reasonable care to ensure that facts stated in the research report are accurate and that forward-looking statements, opinions, and expectations are based on fair and reasonable assumptions, SDIC Securities (Hong Kong) cannot independently verify such facts and assumptions and accepts no responsibility or liability for their accuracy, completeness, or correctness, nor makes any representation or warranty (express or implied). Users must exercise their own judgment on the relevance, accuracy, and sufficiency of the information in the report and conduct independent investigations where necessary or appropriate. No part of the research report may be redistributed in any manner to any person, in particular (but not limited to) the report and any copies thereof may not be taken into or transmitted to Japan, Canada, or the United States, or distributed directly or indirectly to any U.S. person (as defined under Rule S of the U.S. Securities Act of 1933). Users should be aware of their own legal jurisdiction and whether they are permitted to obtain or read the research report in whole or in part in any form, directly or indirectly. SDIC Securities (Hong Kong) has no intention of distributing research reports to persons in jurisdictions where such distribution or publication is prohibited by law or policy.

Users should note that SDIC Securities (Hong Kong) may engage in business dealings with issuers of securities mentioned in this report or hold interests in such securities from time to time on its own behalf and/or on behalf of clients. Therefore, investors should be aware that SDIC Securities (Hong Kong) may have conflicts of interest that could affect the objectivity of this report, and SDIC Securities (Hong Kong) shall not be liable therefor.

• Clients acknowledge that they may use the trading system or services provided by SDIC Securities (Hong Kong) Limited ("SDIC Securities (Hong Kong)") to conduct off-exchange dark pool trading (i.e., trading in new securities (excluding derivatives) prior to listing on The Stock Exchange of Hong Kong Limited (the "Exchange")).
• By using the trading system or services provided by SDIC Securities (Hong Kong) for off-exchange dark pool trading, clients are deemed to have accepted these terms. SDIC Securities (Hong Kong) reserves the ultimate right to add, amend, or cancel these terms.
• Pursuant to the securities trading account agreement with SDIC Securities (Hong Kong), SDIC Securities (Hong Kong) acts as the client's agent in transactions, unless otherwise indicated in the transaction confirmation or otherwise that SDIC Securities (Hong Kong) is acting as principal. SDIC Securities (Hong Kong) acts only as agent and does not guarantee settlement of such off-exchange transactions.
• Clients' instructions may be partially executed or not executed at all. If the relevant securities are subsequently unable to list on the Exchange, executed transactions will be cancelled or become invalid.
• If a client fails to deliver securities sold, SDIC Securities (Hong Kong) has the right to purchase the relevant securities in the market and/or on behalf of the client (at prevailing market prices) to complete settlement of the transaction. The client shall bear all losses and legal liabilities arising therefrom.
• If a client purchases securities from a seller and (i) the seller fails to deliver the relevant securities, or (ii) the transaction cannot be completed for any reason, or (iii) SDIC Securities (Hong Kong) exercises absolute discretion not to purchase the relevant securities as per the confirmation, the client shall have no right to receive the relevant securities at the matched price and shall only be entitled to a refund of the purchase price paid.
• If a client fails to settle purchased securities, SDIC Securities (Hong Kong) has the right to sell any and all securities or collateral in the client's account and use the proceeds (after deducting all settlement and related fees) to settle the purchased securities. However, if the client is the seller in the transaction and the failure to settle is not due to the client's act, omission, or negligence, the client shall only be entitled to return of the relevant securities, not the sale proceeds.
• Without prejudice to the principles in the securities trading account agreement, clients shall bear any losses or expenses themselves and indemnify SDIC Securities (Hong Kong) against any losses and expenses incurred due to failure by the client and/or counterparty to settle.

Clients have read and understood the following risks of off-exchange trading and acknowledge that the risk disclosure below may not cover all relevant risks:

• Clients must understand the nature of off-exchange trading, the trading facilities, and the level of risk they can bear before using such facilities. Trading off-exchange involves credit, settlement, and counterparty risks (including but not limited to risks from trading prior to listing on the Exchange). SDIC Securities (Hong Kong) does not guarantee settlement of relevant securities, and clients shall bear any losses or expenses arising from failure by the client or counterparty to settle.
• If individual securities are subsequently unable to list on the Exchange, executed transactions may be cancelled or become invalid. In addition, due to lower liquidity compared to regular Exchange trading hours, instructions may be partially executed or not executed at all. Volatility may also be higher than during regular hours. These risk factors may result in wider bid-ask spreads for individual securities.
• Securities prices in off-exchange trading may differ significantly from opening or trading prices during regular Exchange hours after listing. Prices displayed in off-exchange trading may not reflect prices in other concurrent automated trading systems. Announcements by issuers regarding listing or news may affect prices after regular hours. Similarly, important financial information is often released outside regular hours. Such announcements during off-exchange trading may exaggerate prices and create unsustainable impacts on individual securities.
• The off-exchange trading market is not regulated by the Exchange and, unless the relevant transaction is formally recorded in the Exchange's trading system after listing, it is not protected by the Investor Compensation Fund.
• Clients agree to carefully assess, based on their experience, risk tolerance, and other relevant circumstances, whether such trading is suitable for them, and to seek independent professional advice if in doubt.