This communication has been prepared by Shanggu.
“Shanggu” means any entity within the Shanggus Group of
companies, where “Shanggu Group” means Shanggu Asset
Management (Asia) Limited, Shanggu Securities Limited and any of
their subsidiaries, affiliates, ultimate holding company and any
subsidiaries or affiliates of such holding company.
Conflict of Interest
In the normal course of offering investment banking products and
services to clients, Shanggu may potentially act in several
capacities (including issuer, underwriter, placing agent or other
roles) simultaneously with respect to a product, giving rise to
potential conflicts of interest which may impact the performance of a
This document is not a research product and should not be relied
upon as such.
For information only
THIS COMMUNICATION IS PROVIDED FOR INFORMATION
PURPOSES ONLY AND IT IS SUBJECT TO CHANGE. IT IS
INDICATIVE ONLY AND IS NOT BINDING.
Shanggu is not offering to sell or seeking offers to buy any product
or enter into any transaction. Any offer or entry into any transaction
requires Shanggu’s subsequent formal agreement which will be
subject to internal approvals and execution of binding transaction
Neither Shanggu nor any of its directors, officers, employees,
representatives or agents, accepts any liability whatsoever for any
direct, indirect or consequential losses (in contract, tort or
otherwise) arising from the use of this communication or its
contents or reliance on the information contained herein, except to
the extent this would be prohibited by law or regulation.
Shanggu is acting solely as principal and not as fiduciary. Shanggu
does not provide, and has not provided, any investment advice or
personal recommendation to you in relation to the transaction
and/or any related securities described herein and is not
responsible for providing or arranging for the provision of any
general financial, strategic or specialist advice, including legal,
regulatory, accounting, model auditing or taxation advice or
services or any other services in relation to the transaction and/or
any related securities described herein. Accordingly Shanggu is
under no obligation to, and shall not, determine the suitability for
you of the transaction described herein. You must determine, on
your own behalf or through independent professional advice,
the merits, terms, conditions and risks of the transaction described
Third party information
Shanggu is not responsible for information stated to be obtained or
derived from third party sources or statistical services.
Past & simulated past performance
Any past or simulated past performance including back-testing,
modelling or scenario analysis contained herein is no indication as
to future performance. No representation is made as to the
accuracy of the assumptions made within, or completeness of, any
modelling, scenario analysis or back-testing.
Opinions subject to change
All opinions and estimates are given as of the date hereof and are
subject to change. The value of any investment may also fluctuate
as a result of market changes. Shanggu is not obliged to inform the
recipients of this communication of any change to such opinions or
Not for retail
This document is being directed at persons who are professionals
and is not intended for retail customer use.
This communication is confidential and is for the benefit and internal
use of the recipient for the purpose of considering the
securities/transaction described herein, and no part of it may be
reproduced, distributed or transmitted without the prior written
permission of Shanggu.