This publication has been produced by Admiral Investment (“Admiral), an investment manager regulated by the Hong Kong Securities and Futures Commission. This publication is confidential and intended only for current clients and prospective clients of Admiral and their professional institutional advisors only and is not to be provided to other persons. By reading and referring to this publication, the recipient confirms that it satisfies professional investor status, as defined in the Securities and Futures Ordinance and its subsidiary legislation. 

 

This publication does not constitute an offer to sell, or the solicitation of an offer to buy, any securities or any interests in investment funds advised by, or the advisory services of, Admiral. This publication has been prepared without regard to the specific investment objectives, financial situation or particular needs of recipients. No legal or tax advice is provided. Recipients should independently evaluate specific investments and trading strategies. By accepting receipt of this publication, the recipient agrees not to distribute, offer or sell this publication or copies of it and agrees not to make use of the publication other than for its own general information purposes. 

 

The views expressed in this publication represent the opinions of the persons responsible for it as at its date, and should not be construed as guarantees of performance with respect to any investment. Admiral has taken reasonable care to ensure that the information contained in this publication has been obtained from reliable sources, but no representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of such information. Admiral does not undertake and is under no obligation to update or keep current the information or content contained in this publication for future events. 

 

The forecasts contained in this publication are generated from a range of statistical techniques, including econometric models. They are subject to errors stemming from three main sources: measurement errors in raw data, measurement and statistical errors in econometric models, and errors arising from assumptions regarding the future behavior of explanatory variables. As a result, we place greater emphasis on trends and turning points than on precise values. Please note that the forecasts do not include the impact of any commissions, fees or other charges that may be payable. 

 

Past performance is not necessarily indicative of future results. In addition the price and/or value of and income derived from any particular investment may vary because of changes in interest rates, foreign exchange rates, operational or financial conditions. Investors may therefore get back less than originally invested. Furthermore, these investments may not be eligible for sale in all jurisdictions or to certain categories of investors. Admiral does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication. 

 

© 2023 Admiral Investment Limited. All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior written permission of Admiral Investment Limited.