Press Release
Hong Kong, February 6, 2023 – J.P. Morgan today announced the launch of new callable bull/bear contracts (CBBCs) linked to the three major U.S. indices, including S&P 500, Nasdaq 100, and Dow Jones Industrial Average. The new CBBCs will begin trading on the Hong Kong Exchange on February 9, offering investors broader investment opportunities to gain exposure to the U.S. market during local trading hours.
“Since launching our U.S. Indices Warrants in 2020, we have seen an increasing demand for U.S.-based derivative products. The newly issued CBBCs are expected to provide investors with additional investment tools to gain access to the world’s largest stock market during Asia friendly hours. It is an alternative investment opportunity for investors with different risk appetite to further diversify or hedging their portfolios,” said Cedric Cheung, Head of Listed Structured Products Sales for Asia at J.P. Morgan.
U.S index derivative products are receiving more attention and inflow, reflected in the notional amount sold on Hong Kong Stock Exchange. In 2022, the amount sold tripled from 2021. While U.S based derivative products are becoming more competitive, J.P. Morgan continues to perform well in this category. Last year, the firm was the #1* issuer of U.S. indices derivative products based on the notional sold amount in Hong Kong.
“We are excited to continue our momentum as a leading issuer of derivative products in Hong Kong and are committed to working closely with the regulators to broaden the variety of derivative products offerings to meet the demands of Hong Kong investors,” said Yowjie Chien, Head of Global Options Electronic Client Solutions and Global Warrants at J.P. Morgan.
For more information, please visit https://jpmhkwarrants.com/en_hk.
* Calculation is based on the net sold notional amount by each issuer in 2022. Source: Bloomberg and HKEX
Net sold notional amount = (No. of warrants & CBBCs net sold or net bought / divisor) x underlying closing price x FX
About J.P. Morgan
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
Structured Products are non-collateralised products. If the Issuer and its guarantor are insolvent or default, investors may not recover part or all of the amount due. This information provided by J.P. Morgan Securities (Asia Pacific) Limited (“J.P. Morgan”)is for information and discussion purposes only and is not intended as an offer, invitation, inducement, advice, recommendation or solicitation for the purchase or sale of any financial instrument nor does it constitute a commitment by J.P. Morgan or its affiliates to enter into any transaction. Past performance is not indicative of future results. The price of the structured products may fall in value as rapidly as it may rise and investors may sustain a total loss of their principal invested. Callable bull/bear contracts have a mandatory call feature and may be terminated early, in such case, (i) an investor of category N callable bull/bear contracts will not receive any cash payment; (ii) the residual value for category R callable bull/bear contracts may be zero. Investors must make their own risk assessment and where necessary, seek professional advice. Investor should not invest in these structured products unless they have carefully read and understand the terms and conditions, risk factors and other information as set out in the listing documents, and fully understand and are willing to assume the risks associated with them. It is not possible to predict the liquidity in the secondary market for the Structured Products. J.P. Morgan Broking (Hong Kong) Limited is a dealer and liquidity provider for warrants, CBBCs and/or traded options; and may be the only liquidity provider for the Structured Products.
Nasdaq®, Nasdaq-100 Index® , are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by J.P. Morgan Securities (Asia Pacific) Limited. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the product(s).
The Dow Jones Industrial Average® Index and the S&P 500® Index are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and have been licensed for use by J.P. Morgan Securities (Asia Pacific) Limited (“J.P. Morgan”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by J.P. Morgan. The products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones Industrial Average® Index and the S&P 500® Index.
Media Contact
Danny Leung
Corporate Communications
852+ 2800 3254
danny.leung@jpmorgan.com
香港，2023年2月6日——摩根大通宣布將於香港發行與美股三大指數掛鈎的牛熊證，為希望在本港交易時段部署美國股市的投資者提供更多產品選擇。新發行的牛熊證將與道瓊斯工業平均指數、納斯達克100指數及標準普爾500指數掛鈎，透過與認股證不同的產品特性，幫助投資者更靈活地捕捉美股投資機遇。首批三大指數牛熊證已獲准發行，並將於2月9日正式上市。
摩根大通董事總經理及亞洲上市衍生產品銷售部主管張智卓表示：「摩根大通於2020年率先為本港投資者提供美股三大指數認股證，隨著市場對產品認識增加，相關產品的需求愈來愈殷切。我們期望新推出的牛熊證將進一步豐富投資者部署美股的工具。牛熊證雖有收回機制，惟價格不受引伸波幅影響，投資者也無須將時間值因素作主要考慮，不論作方向性部署或對沖美股投資組合均有一定吸引力。」
美股指數輪證資金流去年明顯增加。摩根大通統計數據顯示，2022年美股三大指數認股證及牛熊證淨流入的名義價值逾80億港元，相當於2021年淨流入規模的3倍。摩根大通作為美股指數輪證市場的先驅者，憑著穩定流通量及多元化條款選擇，去年成功穩佔美股指數輪證市佔率第1*。
摩根大通董事總經理兼環球期權電子交易及上市衍生產品主管錢又加表示:「儘管本港輪證市場去年充滿挑戰，摩根大通仍於認股證銷售達到連續十年居首的佳績^。我們很高興摩根大通發行的港股及海外指數相關輪證均受到投資者認可。我們將積極研究擴闊產品種類，推動本港衍生工具市場發展，為投資者拓展新機遇。」
如欲了解更多相關資訊，可瀏覽摩根大通認股證牛熊證網站： www.jpmhkwarrants.com。
*2022年各發行商淨沽出美股指數輪證之名義價值。資料來源:港交所網頁及彭博。每隻認股證及牛熊證的名義價值計算方法=每日淨買賣數量/換股比率X相關資產收市價X匯率
^ 2013年至2022年期間各發行商淨沽出認股證之名義價值。資料來源：港交所網頁及彭博資訊。每隻認股證的名義價值計算方法 = 每日淨買賣數量/換股比率x相關資產收市價x匯率(如適用)
關於摩根大通
摩根大通集團（紐約證券交易所：JPM）是一家全球領先的金融服務公司，擁有資產達3.7萬億美元，業務遍及全球。摩根大通在投資銀行、消費者及小型企業金融服務、商業銀行服務、金融交易處理以及資產管理等領域享有領先地位。作為道瓊斯工業平均指數的成份股，摩根大通通過旗下JP Morgan和Chase品牌為美國數百萬計的客戶以及全球眾多知名企業、機構及政府客戶提供服務。有關摩根大通集團的更多資料，請查閱www.jpmorganchase.com。
本資料所述之結構性產品並無抵押品。如發行人及擔保人無力償債或違約，投資者可能無法收回部份或全部應收款項。本資料由摩根大通證券（亞太）有限公司（「摩根大通」）編製，僅供參考，並不構成任何要約、建議、提呈出售或招攬購買任何上述產品。過往表現並不代表將來的表現。結構性產品之價格可急升或急跌，投資者或會損失所有投資。可贖回牛熊證備有強制贖回機 制而可能被提早終止，屆時 (i) N 類牛熊證投資者將不獲發任何金額；(ii) R 類牛熊證之剩餘價格可能為零。投資者應自行評估風險，並在需要時諮詢專業意見。投資前應詳閱有關上市文件，並瞭解結構性產品之特性及風險。結構性產品於第二市場的流通量是無法預料的。J.P. Morgan Broking (Hong Kong) Limited為認股證、牛熊證及/或交易期權的莊家及流通量提供者亦可能為上述結構性產品的唯一流通量提供者。Nasdaq®，Nasdaq-100 Index®是Nasdaq, Inc. （Nasdaq, Inc.及其關聯公司此後簡稱為"Nasdaq"）的註冊商標，並已授權予摩根大通使用。Nasdaq尚未認證該結構性產品的合法性或適用性。該產品不由Nasdaq發行、代言、出售或推廣。Nasdaq對該產品不做任何擔保，也不承擔任何責任。道瓊斯工業平均指數®和標普500指數®為標普道瓊斯指數有限責任公司或其關聯公司（「標普道瓊斯指數」）產品，並已許可由摩根大通使用。Standard & Poor’s® 及 S&P® 均為標準普爾金融服務有限責任公司（「標普」）註冊商標；Dow Jones® 為道瓊斯商標控股有限責任公司（「道瓊斯」）註冊商標；該等商標已許可由標普道瓊斯指數使用及為特定目的再許可由摩根大通使用。該產品並非由標普道瓊斯指數、道瓊斯、標普、其各自關聯公司發起、背書、出售或推廣，任何上述人士概不就投資該等產品的可取性作出任何聲明，亦不就道瓊斯工業平均指數®和標普500指數®的任何錯誤、疏忽或中斷承擔任何責任。
媒體查詢
Danny Leung
852+ 2800 3254
danny.leung@jpmorgan.com