Risk Warning

Structured Products are non-collateralised products. If the issuer or guarantor is insolvent or defaults, investors may not recover part or all of the amount due.

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Access to, and the materials and information (“Materials”) on, this website are subject to the following disclaimer.

The Materials are produced by Morgan Stanley Asia Limited (“Morgan Stanley”), which is regulated by the Securities and Futures Commission of Hong Kong.

The Materials and financial products described on this website are only directed at and intended for residents of Hong Kong. It may be illegal to download any information from this website in other countries, and Morgan Stanley and its affiliates (together, “Morgan Stanley Group”) disclaim all responsibility if you download any information from this website in breach of any law of the country in which you are residing.

The Materials from this website must not be used, relied or acted upon by persons outside Hong Kong.

Terms of Use

Certain sections or pages on this website may contain separate terms and conditions or disclaimers, which are in addition to these terms and conditions and disclaimers. In the event of a conflict, the additional terms and conditions or disclaimers will govern for those sections or pages.

No offer / advice / fiduciary relationship

The Materials on this website are provided for information purposes only and are not intended as an offer, invitation, inducement, advice, recommendation or solicitation for the purchase or sale of any financial products (including warrants and callable bull/bear contracts) listed on The Stock Exchange of Hong Kong Limited, “Structured Products”).

Neither this website nor any Material on this website shall be construed as an advertisement, inducement or representation of any kind or form whatsoever.

The Materials on this website do not take into account the investment objectives, financial situation and particular needs of any specific individual.

The Morgan Stanley Group assumes no fiduciary responsibility or liability with respect to any investment in Structured Products. You should make your own appraisal of the Structured Products and assess the risk before any investment.

The Materials are not intended to provide legal, tax, accounting or financial advice to any person and should not be relied upon as such.

Risk factors for Structured Products

This Structured Product is a non-collateralised product. If the issuer or the guarantor is insolvent or defaults, investors may not recover part or all of the amount due. The warrants and callable bull/bear contracts are structured products which involve derivatives. Do not invest in them unless you fully understand and are willing to assume the risks associated with them.

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. 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. It is not possible to predict whether the secondary market for the Structured Products will be liquid or illiquid. Morgan Stanley Hong Kong Securities Limited or its affiliates may be the only liquidity provider for the Structured Products. Any opinions, forecasts or estimates herein 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.

You should therefore ensure that you understand the nature and risks of the Structured Products and should, where applicable, consult your own legal, tax, accounting, financial and other professional advisers to ensure that any decision to invest in the Structured Products is suitable with regard to your specific circumstances and financial position.

In respect of each issue of the Structured Products, you should carefully review and understand the terms and conditions of the Structured Products, together with the financial and other information of the issuer and guarantor, as set out in our base listing document (including any addendum), and the relevant supplemental listing document, which documents may be obtained from the office of Morgan Stanley at Level 46, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.

S&P 500® Index (the “Index”) is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”) and has been licensed for use by the Issuer. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Issuer. It is not possible to invest directly in an index. The Warrants (the “Securities”) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Securities or any member of the public regarding the advisability of investing in securities generally or in the Securities particularly or the ability of the Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the Issuer with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Issuer or the Securities. S&P Dow Jones Indices has no obligation to take the needs of the Issuer or the owners of the Securities into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices is not responsible for and have not participated in the determination of the prices, and amount of the Securities or the timing of the issuance or sale of the Securities or in the determination or calculation of the equation by which the Securities are to be converted into cash, cash surrendered, redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Securities. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within the Index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE ISSUER, OWNERS OF THE SECURITIES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE ISSUER, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information on the Index, please visit the Index website, https://www.spglobal.com/spdji/en/indices/equity/sp-500/#overview.

The Dow Jones Industrial Average Index (the “Index”) is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”) and has been licensed for use by the Issuer. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Issuer. It is not possible to invest directly in an index. The Warrants (the “Securities”) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices makes no representation or warranty, express or implied, to the owners of the Securities or any member of the public regarding the advisability of investing in securities generally or in the Securities particularly or the ability of the Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the Issuer with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Issuer or the Securities. S&P Dow Jones Indices has no obligation to take the needs of the Issuer or the owners of the Securities into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices is not responsible for and have not participated in the determination of the prices, and amount of the Securities or the timing of the issuance or sale of the Securities or in the determination or calculation of the equation by which the Securities are to be converted into cash, cash surrendered, redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Securities. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within the Index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE ISSUER, OWNERS OF THE SECURITIES, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE ISSUER, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

For more information on the Index, please visit the Index website, https://www.spglobal.com/spdji/en/indices/equity/dow-jones-industrial-average/#overview.

Nasdaq®, NASDAQ Stock Market® and NASDAQ-100® Index are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Nasdaq Corporation”).

The Warrants are not sponsored, endorsed, sold or promoted by the Nasdaq Corporation. The Nasdaq Corporation has not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, the Warrants. The Nasdaq Corporation makes no warranty or representation, express or implied, to the owners of the Warrants or any member of the public regarding the advisability of investing in securities generally or in the Warrants particularly, or the ability of the Index to track general stock market performance. The Nasdaq Corporation’s only relationship to the Issuer (the “Licensee”) is in the licensing of the Nasdaq® and certain trade names of the Nasdaq Corporation and the use of the Index which is determined, composed and calculated by the Nasdaq Corporation without regard to the Licensee or the Warrants. The Nasdaq Corporation has no obligation to take the needs of the Licensee or the owners of the Warrants into consideration in determining, composing or calculating the Index. The Nasdaq Corporation is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Warrants to be issued or in the determination or calculation of the equation by which the Warrants are to be converted into cash. The Nasdaq Corporation has no liability in connection with the administration, marketing or trading of the Warrants.

THE NASDAQ CORPORATION DOES NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE INDEX OR ANY DATA INCLUDED THEREIN. THE NASDAQ CORPORATION MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE LICENSEE, OWNERS OF THE WARRANTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. THE NASDAQ CORPORATION MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE NASDAQ CORPORATION HAVE ANY LIABILITY FOR ANY LOST PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

For more information on the Index, please visit the Index website, https://www.nasdaq.com/nasdaq-100.

The “Nikkei 225 Stock Average Index” (“Index”) is a copyrightable work developed by Nikkei Inc. (“Nikkei”). Nikkei owns intellectual property rights including copyrights to the Index. Nikkei has no obligation to publish the Index continuously and shall not be liable for any errors, delays or suspensions of the publication. The Warrants are not sponsored, endorsed or promoted by Nikkei and Nikkei shall assume no obligation or responsibility for its management and transactions of the Warrants.

Conflict disclosure

There could be conflicts of interest arising out of our other activities which may affect our Structured Products.

Morgan Stanley Group may engage in transactions (whether for their proprietary accounts, including hedging, or trading for accounts under management or otherwise) involving, as well as provide investment banking and other services to, any company, or any trustee or manager of a trust or a fund underlying our structured products or their securities and may enter into transactions with the substantial shareholders of the underlying company. Those transactions may have a positive or negative impact on the price or level of the underlying asset and in turn the value and/or market price of our Structured Products.

Morgan Stanley Group may have officers who serve as directors of any of the companies underlying our Structured Products. Our principal trading activities (which include hedging of our structured products) in the underlying securities or related Structured Products may affect the value and/or market price of our Structured Products. Morgan Stanley Group may issue other competing financial products which may affect the value and/or market price of our Structured Products. You should also note that potential conflicts of interest may arise from the different roles played by Morgan Stanley Group in connection with our Structured Products and the economic interests in each role may be adverse to your interests in our Structured Products. Morgan Stanley Group owes no duty to you to avoid such conflicts.

Commentary

All Morgan Stanley commentary is written by Morgan Stanley 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 Morgan Stanley 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.

No verification

The Materials on this website are based on information obtained from sources considered by Morgan Stanley to be reliable. However, we have not verified the Materials, which may not be complete or accurate. Opinions, estimates and other information contained in the Materials available on this website may be changed or withdrawn without notice. We are not under any obligation to update or keep current the information on this website.

Information provided by third parties
None of Morgan Stanley Group or their respective directors, officers and employees [("Related Parties")], or any information service provider or third party, makes any representation or warranty, express or implied, of any kind as to the truth, accuracy, completeness, adequacy or reasonableness of any information or any of the Materials on this website or as to the quality, fitness, timeliness, non-infringement, or title of any such information or Material for any purpose or use. All such warranties are expressly excluded to the fullest extent that such warranties may be excluded by law.

Disclaimer of liability
Any indicative price quotations, disclosure materials or other analysis published on the website have been prepared on assumptions and parameters that reflect good faith determinations and do not constitute investment advice by Morgan Stanley Group. The assumptions and parameters used are not the only ones which could have reasonably been selected, and accordingly, no guarantee is given in respect of the accuracy, reasonableness or completeness of such quotations, disclosure or analysis. 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 Morgan Stanley and is for information purposes only. You bear all risk from any use or results of using any information obtained from the Website.

Pricing analytical tools
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 recognised 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. Morgan Stanley Group 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.

Information About Indices
In addition to the above disclaimers, the disclaimers and limitations of liability in relation to the various indices associated with the structured products and set forth in the relevant listing or offering documents shall apply to the use of this website and shall be incorporated into these disclaimers.

Language

This website, including these and any other terms and conditions, or parts thereof, may be translated from English into any other language (including traditional and simplified Chinese) for guidance purposes only. In the event of any conflict, the English version shall prevail.

Governing law and jurisdiction

These terms and conditions shall be governed by and construed in accordance with the laws of Hong Kong, without regard to conflicts of laws provisions. Sole and exclusive jurisdiction for any action or proceeding arising out of or related to these terms and conditions shall be in an appropriate court located in Hong Kong.