The use of this Website is provided by Goldman Sachs. For the purposes of these Terms and Conditions of Use, “Goldman Sachs” means Goldman Sachs (Asia) LLC and its affiliates, and their respective managers, directors, managing directors, partners and employees. “This Website” means the Hong Kong warrants website of Goldman Sachs (Asia) LLC, which is available for public inspection (subject to the limitations of these Terms and Conditions of Use) and is available at www.gswarrants.com.hk.

Information in this Website is provided by Goldman Sachs (Asia) LLC. Access to this Website is only granted to users who have read the accompanying terms and conditions as well as the disclaimer. If you agree, please enter the Website by clicking the “Enter Website” button. Otherwise, please leave the Website by clicking “Leave Website” button.

By accessing other parts of this Website, you agree to be bound by these Terms and Conditions of Use.

I have read the following and hereby agree to the terms and conditions as set forth below.

Issued by Goldman Sachs (Asia) LLC. Copyright © Goldman Sachs (Asia) LLC. All rights reserved. All materials and information contained in this Website are provided for reference purpose only, and do not constitute any offer, solicitation or invitation, inducement, representation, advice or recommendation.

Use confined to Hong Kong residents only

In order to comply with applicable laws and regulations, Goldman Sachs needs to confine the users who browse the content of this Website to residents of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong"). In order to proceed further, you will need to confirm the jurisdiction where you reside after reviewing these Terms and Conditions of Use. The content and services of this Website are not intended for non-residents of Hong Kong, these individuals should not use the content and services of this Website. Goldman Sachs expressly disclaims any liability for any loss or liability arising from the breach of the above restrictions or the use of this Website by you or any third party.

This Website is only directed at and intended for residents of Hong Kong only. It is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law. Goldman Sachs disclaims all responsibility if you download any information from the Website in breach of any law of country in which you are residing. This website and the information contained herein are not intended for, and must not be accessed by, or distributed or disseminated to, persons resident or physically present in the United States of America (including its territories and possessions, the “United States”), and do not constitute an offer to sell or the solicitation of an offer to buy or acquire, any securities in the United States. The products referred to on this website have not been and will not be registered under the U.S. Securities Act or with any securities regulatory authority of any State of the United States or other jurisdiction, and may not be offered, sold, pledged or otherwise transferred in the United States or to U.S. persons unless an exemption from the registration requirements of the Securities Act is available.

Risk Factors for Structured Products

This is a non-collateralised product, investors rely on the credibility of the Issuer and its Guarantor. If the Issuer or its Guarantor is insolvent or defaults, investors may not recover part or all of the amount due. Before investing, you should understand the nature and risks of the product and consider whether the investment is suitable for your individual circumstances, and consult the related professional advisers. Warrants and CBBCs are complex products, in addition to the price of the underlying assets and their changes, there are other factors that affect the warrant price. The price of warrants and CBBCs may fall in value as rapidly as it may rise and investors may sustain a total loss of their investment. CBBCs have a mandatory call feature and may be terminated early, in such case, (i) an investor of category N CBBCs will not receive any cash payment; (ii) the residual value for category R CBBCs may be zero. Past performance is not indicative of future performance. In some cases, the liquidity provider of Goldman Sachs may be the only one on the Hong Kong Stock Exchange that offer bid/ask quote for Goldman Sachs warrants and Goldman Sachs CBBCs. You should read in detail the relevant listing documents containing the terms and risk disclosures of warrants and CBBCs. The relevant listing documents can be downloaded from this website: www.gswarrants.com.hk

The use of this website

Monitored by Goldman Sachs: Your use of the products and services on this Website may be monitored by Goldman Sachs. All information obtained from such surveillance may be used by Goldman Sachs for its internal commercial purposes or in accordance with the rules of any applicable regulatory or self-regulatory body.

Information provided through this Service: You may store, display, analyse, modify, re-organize and print the information provided to you through this Service, but only for your personal use. You may not publish, transmit, or otherwise reproduce all or part of such information to any third party without the express written consent of Goldman Sachs. Violation of the above terms may result in termination of this Service. Furthermore, you may not modify, obscure or remove any copyrights, trademarks or notices provided to you in connection with such information. Goldman Sachs reserves the rights to supplement, amend or delete any such information at any time and from time to time based on its editorial autonomy and/or commercial interest. Unless specified herein, these Terms and Conditions of Use are not intended or intended to be used to transfer or grant the rights of such information, and Goldman Sachs and third party service provider of Goldman Sachs retain all rights not expressly granted herein. You are required to review and comply with any additional terms and conditions that may be uploaded on this Service from time to time with respect to the information obtained from any designated third party service provider. Such third party service provider is not responsible for any monetary loss sustained by you because of the information obtained through this Service.

Risks relating to the use of Website

No warranties on content and no responsibility to update: Goldman Sachs makes no warranties, express or implied, regarding this Service. This Service is provided by Goldman Sachs or its third party service provider on an "as is" basis and you are solely responsible for the risks. Goldman Sachs expressly disclaims any implied warranties of merchantability or suitability for a particular purpose, including that of the correctness, quality, suitability, accuracy, reliability, performance, timeliness and continuity of the use of this Service or the results of its use.

Cybersecurity is not guaranteed: Goldman Sachs will not give you any express or implied warranty as to the security of this Website, including the ability of unauthorized persons to intercept or access your information transmitted through this Service.

System Loss, Lag and Capacity Limit/Delay: Due to high usage of network, transmission issues, system capacity limitations and other issues, you may occasionally experience difficulties while contacting Goldman Sachs by using this Website or the Internet or other electronic and wireless communication services. Any computer system or other electronic device, whether that of yours, internet service provider, or Goldman Sachs, may experience unpredictable system loss or delay or capacity limitations. In no event shall Goldman Sachs be liable to you or any third party for loss in relation to the transmission issues, system capacity limitations, system loss, lag or delay (whether due to connection of network path or other) that may arise or be encountered with the use of this Website.

Any values or prices are as of either the close of business or the time otherwise indicated on the date they are provided, are provided for information purposes only and are intended solely for your use. Prices or values may not represent (i) the actual terms at which new transactions could be entered into, (ii) the actual terms at which existing transactions could be liquidated or unwound or (iii) the calculation or estimate of an amount that would be payable following the designation of an early termination date under any agreement governing our trading relationship, and we do not warrant their completeness or accuracy.

Any pricing analytical tools or other pricing models included in this Website is for reference only. Such tools or models work according to certain well recognized financial principles, and are based on certain assumptions and current market conditions which are subject to change without notice. Prices or values based on other models or different assumptions may yield different results. Goldman Sachs expressly disclaims any responsibility for (a) the accuracy of the models or estimates used in deriving the prices or values; any (b) any errors or omissions in computing or disseminating the prices or values, and (c) any uses to which the prices or values are generated. Accordingly, any value obtained is purely indicative and no reliance should be placed on the information provided or obtained herein.

No representation or warranty is made that any indicative return or performance will be achieved in the future. Such information does not constitute investment advice by Goldman Sachs and is for information purposes only. You bear all risk from any use or results of using any information obtained from the Website. You are responsible for validating the integrity of any information received over the Internet.

The Use of Cookies in the Website

In order to constantly improve our Website and better serve our Website users, Goldman Sachs may use software tools or ‘cookies’ to gather information about site visitors’ browsing activities. A cookie is a piece of technology, sometimes called a text file, that is sent from a web server (a web site) to a web browser (the visitor’s computer) to enable the browser to remember certain information. The information held by a cookie can only be read by the person who sent it.

There are two types of cookie - session cookies and persistent cookies.

Session cookies are used, for example, to maintain security on a site and to pass information that has been entered to other pages on the site to prevent further input of the same information. Persistent cookies are used to enable browsing habits to be tracked each time the site that sent the cookie is visited. The information that may be gathered includes date and time of visits, pages viewed, time spent at the site and the site visited just before and just after the Goldman Sachs Website.

We use cookies for your security if we require you to use a password when logging on to our Website. We also collect aggregated information for statistical and evaluation purposes.

Cookies can be disabled, generally through changing the internet software browser settings. It may also be possible to change the settings to enable acceptance of specific cookies. If cookies are disabled it may mean that not all services of a site, or indeed any, might be available.

If you provide any personal data to Goldman Sachs through this site, the collected personal data may be processed by Goldman Sachs or any member of the group of companies and their affiliates and agents (including companies based in countries where data protection laws might not exist or be of a lower standard that the EU) for the purposes of aiding in the operation, designing and/or marketing of present and future products and services of Goldman Sachs and/or any other company within the Goldman Sachs group structure (the “Group”).

Information provided by third parties

Goldman Sachs or any of its third party service provider is not obligated to maintain the information and services of this Website or to provide any relevant amendments, updates or information dissemination. Any information and services may be changed without notice.

Not responsible for the content and its use: Goldman Sachs will not be responsible to you or third party for any contingent or other liability, for any failure to connect or transmit services for the provision or use of this Service, or any disruption of connection or interruption of the transmission or the network problems between you and Goldman Sachs; whether or not such connection or transmission service is provided by Goldman Sachs or a third party service provider. Goldman Sachs will not be responsible to you or third party for any contingent or other liability, for the correctness, quality, accuracy, punctuality, reliability, performance, continuity, completeness, or delay, omission or interference of the transmission of the information contained in this Website and the transmission of its services. Under no circumstances shall Goldman Sachs be liable for any special, indirect, incidental or consequential loss that may arise or arises as a result of your use of information or services provided on this Website, even if Goldman Sachs has been informed of such possibility of loss. Goldman Sachs does not need to notify you or take any action with respect to any difficulties encountered by Goldman Sachs or a third party in using this Service.

In addition to the above Terms and Conditions of Use, the disclaimers and limitations of liability in relation to the various indices associated with the structured products as set forth in the relevant listing or offering documents shall apply to the use of this Website and shall be incorporated into these Terms and Conditions of Use. In no event shall Goldman Sachs or any third party supplying information or data on this Website have liability arising from any information provided on this Website concerning such indices.

Any content or information provided by ET Net Limited (ET Net) is for reference only. Goldman Sachs has not reviewed or validated such content or information and disclaims responsibility for any content or information provided by ET Net and made available through this Website. Such content or information cannot be copied, stored, downloaded, transmitted, reproduced, disseminated or transferred in any manner or form, and may not be edited in any way. Please contact ET Net for further information.

No advice / recommendation / fiduciary relationship

Does not constitute an offer, solicitation or recommendation and does not constitute an agreement to transact: The content of this Website is for reference purposes only and is not provided for the investment objectives, financial situation or capabilities of any particular user, and Goldman Sachs is not using this for soliciting purposes. Nothing in this Website constitutes an offer to buy or sell; or an offer or solicitation of any sale or purchase of securities, financial products or instruments. This Website does not provide any opinion on the sale or purchase of any securities, financial products or instruments, or the suppression of trading or the adoption of specific trading strategies. Certain transactions (including futures, options and high yield securities, etc.) may involve significant risks and are therefore not suitable for all investors. All bid/ask prices provided on this Website are for reference only and do not represent the bid/ask prices that will be accepted. No transaction can be achieved or facilitated in any way by using this Website. Goldman Sachs does not make any representation about the current bid/ask price in the market or elsewhere (if any), or the value of, such securities.

No decision is made on suitability; No disclosure on all risks; Should consult personal adviser: The information and services provided by Goldman Sachs to you on this Website do not constitute a recommendation for you to reach a particular transaction, nor do they constitute a representation that any product mentioned in this Website is suitable or appropriate for you. The information contained in this Website is for your general reference only and is not intended to be used as an investment guide or as a source of any specific investment advice.

Certain transactions, including futures, options, warrants and high-yield securities, may involve significant risks and are therefore not suitable for all investors. Prices of securities and derivatives may fluctuate, and investors may sustain investment losses in whole. Fluctuations in exchange rates may adversely affect the value, price or income of securities or transactions quoted in foreign currency.

Any discussion of risks contained herein in connection with any product should not be construed as a disclosure of all risks or a comprehensive discussion of the risks referred to herein. Before proceeding with any transaction, you should (i) consult the relevant disclosure documents (for warrants listed on the Hong Kong Stock Exchange, it means the relevant Base Listing Documents, any relevant supplements and any Supplemental Listing Documents); (ii) make an independent investment decision for the transaction and, at your own discretion, determines whether the transaction is suitable for you, and seeks advice from relevant legal, financial, tax, accounting and other professional advisers as you deem necessary to ensure that you understand the risks involved. You should not interpret any of the information contained herein as business, finance, investment, hedging, trading, legal, regulatory, tax or accounting advice, nor should you or your accountant, your account manager or trust account on your behalf use this Service as primary basis for making investment decisions, and you may need to consult your business adviser, attorney, tax and accounting adviser for any information contained herein. Goldman Sachs can act as a liquidity provider or market maker for certain listed securities. Goldman Sachs may be the sole market participant for the bid and/or ask quote of such securities on the relevant stock exchanges and may, in certain circumstances, terminate the relevant market pricing activities. For Goldman Sachs’ liquidity provider responsibilities in respect of these securities, you should refer to the relevant disclosure documents for details.

Compliance with the law: Any securities trading and any transaction should be subject to applicable laws and / or regulations. Comments and information based on information that Goldman Sachs believes to be reliable: The opinions expressed are only those of Goldman Sachs. The information contained in this Website is based on information believed to be reliable by Goldman Sachs and is provided in good faith, but Goldman Sachs does not warrant that such information is accurate, complete and up-to-date, and you should not rely on such information in any of the aspects stated above. Goldman Sachs is not responsible for any errors or omissions. All historical prices or values are the prices or values as of the day in question. Any hypothetical or historical information is for reference only. All hypothetical calculations are only theoretical and calculated based on the hypothetical performance of the relevant securities. Such information only reflects the hypothetical returns of securities calculated based on the hypothetical performance of their respective relevant shares or indices (if any). Any model mentioned is mainly based on assumptions and therefore cannot guarantee that the mentioned performance can or will be achieved. Such information does not represent the mark-to-market value of the securities and does not take into account any impact of any risks and/or possible circumstances on the relevant securities. Goldman Sachs makes no representations or warranties of any kind regarding the performance or return of any securities mentioned on this Website.

Conflict of interest

The Issuer and its affiliates (“Goldman Sachs Group”) comprises a full-service securities firm and a commercial bank engaged in various securities trading and brokerage activities, as well as providing investment banking, asset management, financing, financial advisory services to a wide range of clients. As a result, Goldman Sachs Group may have potential conflicts of interest relating to those securities that you may purchase from us. In particular, Goldman Sachs Group may act as authorized participant or participating dealer in the purchase or sale of units from an ETF, act as a market maker or block positioner in the ETF units, contribute capital towards the formation of an ETF and may have a significant ownership interest in the ETF units. These activities could negatively affect the performance of the securities which you may be purchasing. It is also possible that the Goldman Sachs activities could result in substantial returns for Goldman Sachs Group while the value of the ETF units declines.

Goldman Sachs and its affiliates, its officers and employees may, from time to time, hold long or short positions on the securities or derivatives mentioned on this Website, buy or sell (whether as the party itself in another capacity), and act as a market maker for these securities or derivatives, or as a director of any company mentioned on this Website. In addition, Goldman Sachs may act as or have acted as a financing adviser and/or underwriter or manager to any public offering of securities of any of these companies. Goldman Sachs may also act as market maker or liquidity provider for such securities and/or derivatives.

Goldman Sachs Group may take proprietary positions and may have long or short positions or other interests in the Structured Products and may effect transactions or make markets in the Structured Products at any time in the open market or otherwise, in each case whether as principal, agent or as market maker. Goldman Sachs Group may also be involved in other financial, investment and professional activities such as providing advice or loans to, or participating in the underwriting or restructuring of the obligations of, the underlying companies of the Structured Products, which may on occasion give rise to interests or a conflict of interests in respect of the securities or Structured Products which are the subject of this Website.


Goldman Sachs hereby grants to you a non-transferable, non-exclusive license to use, for your internal purposes only, any applications contained on the Website (the ‘System’) in connection with obtaining certain reports and services from Goldman Sachs and/or the Group and otherwise conducting business with Goldman Sachs and/or the Group. You agree not to transfer, sublicense, rent, assign, time-share, lease, convey, copy, translate, convert to another programming language, decompile, disassemble, modify or change the System for any purpose. You agree to hold in trust for Goldman Sachs and not disclose to any other party, or allow any other party to inspect, copy or use the System or any information contained in, related to, transmitted to or from, or derived from the System (collectively, the ‘Data’). You consent to and authorize Goldman Sachs to transmit certain confidential Data by means of the System. You acknowledge that the System and Data shall remain the sole property of Goldman Sachs and title and full ownership rights in the System and Data are reserved to and shall remain with Goldman Sachs. Your use of the System, including without limitation any communications with Goldman Sachs, instructions, orders or other transactions conducted by means of the System shall be subject to all of these terms and conditions and disclaimers as well as the applicable law and regulation.

In the event of an error or failure of a System, as your sole and exclusive remedy and in lieu of any other remedy hereunder at Goldman Sachs’ option, Goldman Sachs may elect to provide an error correction, bug fix, or replacement of the System, but any such error correction, bug fix, or replacement shall be provided under the same terms and conditions set forth under these terms and conditions, this Agreement including the warranty disclaimers and limitations of liability.

Goldman Sachs Commentary

All Goldman Sachs commentary is written by Goldman Sachs for reference purposes. They do not constitute any offer, solicitation for purchase or sale of any financial instruments, nor shall they be construed as an agreement by Goldman Sachs to enter into any transaction mentioned. Any opinions, forecasts or estimates in this Website constitute a judgment as of the date the information is published, and there can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. You are cautioned that actual results may differ materially from those set forth in any forward-looking statements. Past performance is also not indicative of future results.

Where such commentary or information reference the research report of Goldman Sachs Group, they have been prepared by personnel in the Sales and Trading Departments of Goldman Sachs Group and not by Goldman Sachs Group’s Research Department and therefore, has not been prepared in accordance with legal requirements to promote the independence of research, including but not limited to, the prohibition on the dealing ahead of the dissemination of investment research. Commentary and Information on this website do not constitute a research report and is not intended as such.

Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific Sales and Trading area from which it originates and may differ from the views or opinions expressed by other areas of Goldman Sachs Group, including the Research Department.

This website (including any commentary and information) is not and is not intended to be, a “research report”, “investment research” or “independent research” as may be defined in applicable laws and regulations worldwide.

Website Users’ Privacy

Goldman Sachs is wholly committed to protecting client privacy and will take all reasonable steps to ensure that your personal data is kept secure against unauthorised access, loss, disclosure or destruction. Your personal data, save as expressly provided, will only be used in ways which you have consented to.

If you wish, you may also have a copy of the personal data held in relation to you. We may, as allowed by law, charge you a fee for this. Please read our privacy policy to understand how your personal information will be treated when you use this Website.


No representations about other websites or hyperlinks: This Service may provide hyperlinks to certain websites sponsored or maintained by third parties ("Such Websites"). Goldman Sachs provides these hyperlinks only for your convenience. Therefore, Goldman Sachs makes no representations about the content of Such Websites. The hyperlinks to Such Websites provided by Goldman Sachs do not constitute Goldman Sachs’ endorsement, authorization, sponsorship, or alliance with Goldman Sachs in respect of Such Websites, their owners or their providers. Goldman Sachs does not perform testing on any of the information, software or product mentioned on any of these websites and therefore does not make any representation about the above, including the content or sponsors of these websites, or the suitability or appropriateness of the products or transactions mentioned therein. Goldman Sachs (Asia) LLC is licensed and monitored by the Securities and Futures Commission: Goldman Sachs (Asia) LLC (CE no.ACC536) is licensed and monitored by the Securities and Futures Commission of Hong Kong ("SFC"). The content of this Website has not been approved by the SFC and cannot be relied upon for its own sake.


We may amend these Disclaimers and Terms and Conditions from time to time by posting the updated version on this Website, although we do not undertake to update this Website regularly. We also reserve the right to restrict, interrupt or terminate this Website. No other form of notification will be delivered to you.


A Chinese translation of this disclaimer is available. In the event of any inconsistency between the English version and Chinese translation, the English version shall prevail.

A Chinese version of this website is available. In the event of any inconsistency between the English version and Chinese version, the Chinese version shall prevail.


By clicking "Enter Website" below, you confirm that you are legally resident in Hong Kong at the time this Website is accessed. Goldman Sachs does not accept any responsibility whatsoever for the distribution of the information and material available to individuals or entities which provide false certification regarding their country of legal residence/ location.