This website (the “Hong Kong Website”) is maintained by Citigroup Global Markets Asia Limited and/or its affiliates (collectively the “Website Owner”). Access to the Hong Kong Website and documents and information published herein (the “Materials”), and their distribution, is subject to the following disclaimer.
Information/Access
This Hong Kong Website is only directed at and intended for residents of Hong Kong only. It may be illegal to download any information from the Hong Kong Website in other countries and the Website Owner disclaims all responsibility if you download any information from the Hong Kong Website in breach of any law of country in which you are residing. The Materials in this website must not be relied, or acted, upon by persons outside Hong Kong. By entering this Hong Kong Website, you confirm that you are a resident of Hong Kong and agree to be bound by the following disclaimer.
Persons accessing this Hong Kong Website or who may possess any information contained herein should inform themselves about, and observe and comply with, any applicable restrictions (including those set out herein) at their own cost and expense and without liability to the Website Owner. Reproduction, distribution, transmission, disclosure or publication of any information contained herein in any other places or to persons to whom such distribution, transmission, disclosure or publication is not permitted under the applicable laws or regulations of such places is strictly prohibited. In particular, information contained herein may not be taken or transmitted into the United States or distributed, directly or indirectly, in the United States or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933). In order to comply with the applicable laws and regulations, the contents of the Hong Kong Website are designed for residents of Hong Kong only and you should not access, browse and/or download any of the contents contained in the Hong Kong Website outside of Hong Kong.
No offer / advice / recommendation
The Materials contained in this Hong Kong Website are provided for information and discussion purposes only and do not constitute or form an (or any part of an) offer, invitation, solicitation, inducement, advice or recommendation, to acquire, dispose of, subscribe for or underwrite any structured products contained, referred to or mentioned in the Materials or this Hong Kong Website (the “Structured Products”). The Materials do not constitute any advice or any form of recommendation to purchase or sell the Structured Products or to conclude any transaction. Nothing contained herein shall form the basis of any contract or commitment whatsoever. Neither this Hong Kong Website nor the Materials shall be construed as an advertisement, inducement or representation of any kind or form whatsoever.
The Materials have been prepared for the intended recipients in general only and do not take into account the particular needs of any specific recipient.
No verification
The Materials are based on information obtained from public sources which are considered by the Website Owner to be reliable. However, the Website Owner has not verified the Materials, and such Materials may be incomplete or inaccurate. Opinions, estimates and other information contained in the Materials may be changed or withdrawn without notice. The Website Owner is not under any obligation to update or supplement the Materials. None of the Website Owner and/or its associates and connected persons, respective directors, senior officers and/or employees (including persons involved in the preparation or issuance of the Materials on this Hong Kong Website) (collectively, "Citigroup") or any information provider makes any representation or warranty, express or implied, of any kind as to the truth, accuracy, completeness, adequacy or reasonableness of the Materials or as to the fitness of any such Materials for any purpose. The Materials contained in this Hong Kong Website are published for reference only and shall not to be relied or acted upon as authoritative, without either the recipient's own independent verification or exercise of independent judgment.
Any indicative pricing levels, disclosure materials, valuations and other analysis published on the Hong Kong Website have been prepared on assumptions and parameters that reflect our good faith determinations. 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 the Website Owner and are for information purposes only.
Risks factors for Structured Products
The Structured Products are non-collateralised product. If the Issuer becomes insolvent or defaults, you may not recover part or all of the amount due.If you invest in the Structured Products, you are relying on the creditworthiness of the Issuer. 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 investment. It is not possible to predict whether the secondary market for the Structured Products will be liquid or illiquid. Citigroup Global Markets Asia Limited 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 is 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.
Callable bull/bear contracts (“CBBCs”) have a mandatory call feature. Subject to the terms and conditions of CBBCs as set out in the Base Listing Document (including any addendum thereto), CBBCs will be automatically terminated when the spot price / spot level of the underlying asset reaches the call price / call level during the observation period, in which case, you will not receive any cash payment (for category N CBBCs) or may receive a cash payment called the residual value (for category R CBBCs).
Prospective investors should therefore ensure that they understand the nature and risks of the Structured Products and should, where applicable, consult their 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 such investor’s specific circumstances and financial position. Citigroup assumes no fiduciary responsibility or liability for any consequences, financial or otherwise, arising from the subscription or purchase of the Structured Products.
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, as set out in the Base Listing Document (including any addendum thereto), and the relevant Supplemental Listing Document. These documents may be obtained from the office of the Sponsor, Citigroup Global Markets Asia Limited, at 50th Floor, Champion Tower, Three Garden Road, Central, Hong Kong.
Members of Citigroup may take proprietary positions and may have long or short positions or other interests in the Structured Products and may purchase and/or sell the Structured Products at any time in the open market or otherwise, in each case whether as principal, agent or as market maker. Citigroup is or may also be involved in other financial, investment and professional activities which may on occasion give rise to interests or a conflict of interests in respect of the securities which are the subject of this Hong Kong Website.
No liability
Citigroup does not accept any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this Hong Kong Website or its contents or otherwise arising in connection therewith. Without prejudice to the generality of the foregoing, none of the members of Citigroup or any information provider will be liable to anyone for any interruption, inaccuracy, error or omission, regardless of cause, in the information on the Hong Kong Website or for any kind of damages arising in connection therewith. Further, communications over the internet and by email are not secure and there is a risk that information may be intercepted, lost or destroyed. Citigroup does not accept any liability for any such occurrence and do not warrant that any communication or attachments or this Hong Kong Website will be free from viruses, worms or other harmful components.
Privacy
Any personal information supplied by you through this Hong Kong Website will be kept strictly confidential and, save as expressly provided, will only be used in ways which you have consented to. By accessing this Hong Kong Website, you are deemed to consent to the Website Owner’s use of information collected from you for marketing, planning, product development and research purposes. Please read the privacy policy statement for this Hong Kong Website www.citifirst.com.hk to understand how your personal information will be treated when you use this site.
Copyright and trademarks
Except where expressly stated, copyright in the information contained in this Hong Kong Website is owned by or licensed to the Website Owner. The information may not otherwise be reproduced and must not be distributed or transmitted to any other person or incorporated in any way into another site, document or other material. The use of any trademarks and logos displayed on this site is strictly prohibited unless written permission for such use is obtained from the Website Owner and/or, where relevant, such third party, which may own the trademarks and logos.
Hyperlinks
This Hong Kong Website may contain links to other web sites operated by entities which do not belong to Citigroup. These links have been provided solely for you to obtain further information about other relevant products and entities in the market. Members of Citigroup have no control over the information on these sites or the products or services on them, and therefore make no representations and accepts no responsibility regarding their contents. Inclusion of a link to a third party site should not be construed as an endorsement of such third party site by the Website Owner or that party's endorsement of this Hong Kong Website. You are advised to make your own enquiries in relation to third parties described or linked on this Hong Kong Website. Please note that you will be subject to the terms of use of the other sites that you visit.
Amendments and severability
The Website Owner reserves the right to change the Hong Kong Website in whole or in part at any time and to restrict, interrupt or terminate its service. The Website Owner also reserves the right to modify or amend these terms and conditions at any time. If any provision hereunder (or a part thereof) is or becomes illegal, invalid or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions shall not in any way be impaired or affected.
Governing law and jurisdiction
These terms and conditions are exclusively governed by and shall be construed in accordance with the laws of Hong Kong. Each user is subject to the exclusive jurisdiction of the courts of Hong Kong in respect of any disputes arising hereunder.
Warrants Implied Volatility
恒指未能於100天綫站穩，短綫跌破8月上旬向上延伸的上升軌，今早（4日）隨外圍受壓，進一步跌破50天綫位置。 投資者如看好恒指，或可留意恒指牛66685，收回價16877點，槓桿比率32.7 倍，換股比率10000 兌 1，2025年09月29日到期；如看淡，或可留意恒指熊68834，收回價18000點，槓桿比率25.5 倍，換股比率10000 兌 1，2025年05月29日到期。
國際油價下挫，本港油股受壓，中海油（883）今早曾跌近半成，回落至保力加通道中軸下方，下試20元位置。 投資者如看好海油，或可留意海油牛57924，收回價18.2元，槓桿比率11.6 倍，換股比率50 兌 1，2026年07月02日到期；如看淡，或可留意海油熊65570，收回價22元，槓桿比率7.3 倍，換股比率50 兌 1，2025年07月02日到期。
金屬商品相關股份方面，紫金（2899）裂口低開低走，跌破7月尾8月初底部約14.74元水平，下試250天綫，投資者如看好紫金，或可留意紫金購24051，行使價17.4元，實際槓桿8.2 倍，換股比率10 兌 1，2024年12月20日到期。
洛鉬（3993）今早同樣受壓，股價下試近期底部200天綫支持。如看好，或可留意洛鉬購27136，行使價7.7元，實際槓桿5.2 倍，換股比率5 兌 1，2025年03月21日到期。
截至上日（27日）恒指已連續5天以陽燭收市，雖然阿里（9988）、美團（3690）等權重科網股上日受拼多多表現拖累，但上日大市仍能低開高走，收復跌幅，上日恒指牛熊街貨比例約52.8：47.2，收回價距上日收市價17874點上下1000點的牛熊街貨比例則為37.8：62.2，其中熊證較顯著的重貨區位於18000-18099水平，相關對冲期指合約張數超過1100張，今早（28日）走勢偏軟。 投資者如看好恒指，或可留意恒指牛68201，收回價17300點，槓桿比率37.9 倍，換股比率10000 兌 1，2026年07月30日到期；如看淡，或可留意恒指熊64370，收回價18100點，槓桿比率37.9 倍，換股比率10000 兌 1，2025年04月29日到期。
產油國利比亞局勢不穩，影響原油產能，國際油價波動。本港油股方面，中海油（883）自7月中旬起於50天綫下方徘徊，上日向上試探該水平，今天會公佈業績。 投資者如看好海油，或可留意海油購25528，行使價25.23元，實際槓桿10.1 倍，換股比率5 兌 1，2024年12月19日到期；如看淡，或可留意海油沽26661，行使價16.48元，實際槓桿6.7 倍，換股比率5 兌 1，2025年02月21日到期。
京東集團（9618）最新宣布不超過50億美元的新股份回購計畫，股價近期回試100元紅底，今早逆市靠穩。 投資者如看好京東，或可留意京東購26078，行使價120.09元，實際槓桿7.9 倍，換股比率50 兌 1，2024年12月05日到期；如看淡，或可留意京東沽27007，行使價96.94元，實際槓桿4.4 倍，換股比率50 兌 1，2025年02月05日到期。
恒指上日（20日）於保力加通道頂部高開低走，以陰燭收市，未能延續升勢，今早（21日）低開約200點回試250天綫，截至上日，恒指牛熊街貨比例約52:48，牛證重貨集中於貼價的17100-17199點區間，相關對冲期指合約張數超過1200張，熊證則位於18000-18099區間，相關對冲期指合約張數超過1000張。 投資者如看好恒指，或可留意恒指牛66685，收回價16877點，槓桿比率32.1 倍，換股比率10000 兌 1，2025年09月29日到期；如看淡，或可留意恒指熊64698，收回價17800點，槓桿比率34.7 倍，換股比率10000 兌 1，2025年04月29日到期。
據外媒報導，京東（9618）大股東尋求出售其所持有的京東股份，京東今早低開逾一成下試紅底。投資者如看好京東，或可留意京東購26078，行使價120.09元，實際槓桿7.1 倍，換股比率50 兌 1，2024年12月05日到期；如看淡，或可留意京東沽27007，行使價96.94元，實際槓桿3.9 倍，換股比率50 兌 1，2025年02月05日到期。
另外，快手（1024）績後顯著下挫，截至今早最多曾跌12%。投資者如看好快手，或可留意快手購24625，行使價50.6元，實際槓桿3.6 倍，換股比率50 兌 1，2025年09月11日到期。
小米（1810）今晚將公佈業績，股價月初自200天綫約15.5元位置獲支持展開反彈，本周試探18元水平回落，現價仍處於區間頂部附近。 投資者如看好小米，或可留意小米購21593，行使價19.82元，實際槓桿7.7 倍，換股比率10 兌 1，2024年12月24日到期；如看淡，或可留意小米沽25150，行使價17.08元，實際槓桿5.3 倍，換股比率10 兌 1，2024年12月20日到期。
恒指走勢近日繼續以整固爲主，今天（14日）高開低走，反復試探20天綫位置，連續多日於17100點水平附近窄幅波動，交投相對淡靜，截至上日（13日），恒指牛熊證期指張數比例約52：48，牛熊重貨區分別位於16700-16799區間及17400-17499區間。 投資者如看好恒指，或可留意恒指牛66387，收回價16600點，槓桿比率31.2 倍，換股比率10000 兌 1，2024年11月28日到期；如看淡，或可留意恒指熊65018，收回價17600點，槓桿比率29.6 倍，換股比率10000 兌 1，2025年05月29日到期。
騰訊（0700）今天公佈業績，其績前走勢頗強，截至上日連續5日錄得升幅，收復50天綫。 投資者如看好騰訊，或可留意騰訊牛57120，收回價333.2元，槓桿比率8.2 倍，換股比率500 兌 1，2024年12月02日到期；如看淡，或可留意騰訊熊58699，收回價422元，槓桿比率8.6 倍，換股比率500 兌 1，2026年12月02日到期。
小米（1810）於200日綫見支持展開反彈，上日向上試探50天綫。據相關機構統計，小米手機於第二季度海外的市場份額顯著增長，在拉美市場排名第二，東南亞的市場份額亦顯著增長，另外，在日本出貨量則擠身前三。 投資者如看好小米，或可留意小米購21593，行使價19.82元，實際槓桿7.2 倍，換股比率10 兌 1，2024年12月24日到期；如看淡，或可留意小米沽25496，行使價13.86元，實際槓桿9.8 倍，換股比率5 兌 1，2024年11月08日到期。
恒指本周初上落區間下移至17000點水平下方，近日走勢以爭持為主，受制7月12日向下延伸的中短期下降軌，資金方面，上日（7日）整體資金加倉熊證及流出牛證，扭轉了過往數日以來由牛證街貨佔主導的局面，截至上日，恒指牛熊街貨比例為47.6：52.4。 投資者如看好恒指，或可留意恒指牛55896，收回價16300點，槓桿比率34.1 倍，換股比率10000 兌 1，2024年09月27日到期；如看淡，或可留意恒指熊66079，收回價17200點，槓桿比率31 倍，換股比率10000 兌 1，2026年04月29日到期。
中移動（941）今天（8日）公佈業績，日前失守100天綫，回補5月中上旬之上升裂口，處於約3個月低位附近，上日及今早走勢靠穩。 投資者如看好中移，或可留意中移購23657，行使價82元，實際槓桿12.1 倍，換股比率10 兌 1，2025年02月20日到期；如看淡，或可留意中移沽25278，行使價63元，實際槓桿16.1 倍，換股比率10 兌 1，2024年11月21日到期。
中芯國際（981）同樣今天公佈業績，股價本周至今連續三日收於15.8元位置附近，日高位則一日低於一日。 投資者如看好中芯，或可留意中芯購25839，行使價21.5元，實際槓桿5.9 倍，換股比率10 兌 1，2025年02月14日到期；如看淡，或可留意中芯沽25111，行使價15.18元，實際槓桿3.7 倍，換股比率10 兌 1，2025年02月20日到期。
近兩日恒指稍有喘定，於17700-17800點水平附近窄幅上落，輪場投資者資金集中於好倉部署，截至上日（17日），恒指牛熊街貨比例達67.6：32.4，牛證重貨區17300-17399水平相關對冲期指合約張數逾1600張。 投資者如看好恒指，或可留意恒指牛63865，收回價17400點，槓桿比率34.1 倍，換股比率10000 兌 1，2024年10月30日到期；如看淡，或可留意恒指熊62394，收回價18336點，槓桿比率34.1 倍，換股比率10000 兌 1，2025年04月29日到期。
外媒報道指小米（1810）今年第二季在印度智能手機市場市占率重返榜首，總出貨量達3640萬部，另外，小米明晚（19日）將發佈新型號智能手機，小米股價近期於100天綫見支持。 投資者如看好小米，或可留意小米購21593，行使價19.82元，實際槓桿6.4 倍，換股比率10 兌 1，2024年12月24日到期；如看淡，或可留意小米沽24655，行使價15.16元，實際槓桿9.8 倍，換股比率10 兌 1，2024年09月27日到期。
創科實業（669）上日破位重上50天綫，為5月份以來首次，花旗相關好倉產品見資金關注。 投資者如看好創科，或可留意創科購24557，行使價120元，實際槓桿6.5 倍，換股比率50 兌 1，2024年11月21日到期。
另外，中特估概念股上日顯著回吐，而今天皆暫見不同幅度回升，三大國有電信股中，中聯通（762）即日走勢相對落後。投資者如看好創科中聯，或可留意中聯購26246，行使價7.49元，實際槓桿6.5 倍，換股比率5 兌 1，2024年12月24日到期。
恒指於250天綫附近爭持多日，暫時能守該水平。輪場資金部署方面，資金連續多日偏好好倉，截至上日（10日），牛證收回價17000點以上累積約5000張相關對冲期指合約張數，整體恒指牛熊街貨比例約6：4。投資者如看好恒指，或可留意恒指牛56350，收回價17295點，槓桿比率29.2 倍，換股比率10000 兌 1，2024年09月27日到期；如看淡，或可留意恒指熊62250，收回價18400點，槓桿比率30.7 倍，換股比率10000 兌 1，2026年02月26日到期。
内媒報導馬雲回國現身阿里杭州總部，引發市場對其會否有後續動作的揣測，馬雲上一次回國後，阿里（9988）即啟一拆六改革，阿里股價現處近期上落區間頂部。投資者如看好阿里，或可留意貼價阿里購24692，行使價78.04元，搏入價之選，實際槓桿6.5 倍，換股比率50 兌 1，2024年11月25日到期；如看淡，或可留意阿里沽21297，行使價71.8元，實際槓桿9 倍，換股比率50 兌 1，2024年09月20日到期。
港股各板塊今天（11日）普遍向好，然騰訊（0700）、美團（3690）等科技股走勢相對持平，恒科指受制20天綫超過1個月，今嘗試向上突破該位置。投資者如看好科網股，或可留意科指牛61894，收回價3500元，槓桿比率11.9 倍，換股比率10000 兌 1，2025年02月27日到期；如看淡，或可留意科指熊63176，收回價3800元，槓桿比率20 倍，換股比率5000 兌 1，2025年12月30日到期。
恒指自上周失守18000點水平後，上日早段一度衝高嘗試收復該位置未果，回落至17800點位置附近波動，暫處於250天綫上方，截至上日，恒指牛熊街貨比例約58：42，牛證重貨位於17400-17499點水平。 投資者如看好恒指，或可留意恒指牛56350，收回價17295點，槓桿比率30 倍，換股比率10000 兌 1，2024年09月27日到期；如看淡，或可留意恒指熊62394，收回價18336點，槓桿比率31.6 倍，換股比率10000 兌 1，2025年04月29日到期。
騰訊走勢相對大市堅挺，整體股價仍位處高位區間，區間介乎約370至390元水平。 投資者如看好騰訊，或可留意騰訊購25057，行使價472.42元，實際槓桿9.3 倍，換股比率100 兌 1，2024年12月17日到期；如看淡，或可留意騰訊沽25290，行使價332.8元，實際槓桿9.2 倍，換股比率100 兌 1，2024年11月15日到期。
國際油價再升，紐約期油曾高見84美元，中海油今上試近期高位23.6元。 投資者如看好海油，或可留意海油牛62257，收回價20.6元，槓桿比率7.6 倍，換股比率50 兌 1，2026年11月02日到期；如看淡，或可留意海油熊62254，收回價25.35元，槓桿比率11.8 倍，換股比率50 兌 1，2025年05月02日到期。
恒指今周於18000點水平附近橫行多日後，今天（27日）顯著向下暫跌近400點，暫見近兩個月低位，即市資金積極部署花旗牛證，投資者選擇亦較為進取，資金集中部署收回價約17400-17500點的牛證。 投資者如看好恒指，或可留意恒指牛56478，收回價17400點，槓桿比率52 倍，也可留意收回距離較遠的牛證56237，收回價17201點，槓桿比率34.8 倍；如看淡，或可留意恒指熊62394，收回價18336點，槓桿比率25.4 倍。
小米（1810）顯著回調接近8%，向下試探4月下旬的小型上升裂口，即市資金流入好倉部署反彈。 投資者如看好小米，或可留意小米購21593，行使價19.82元，實際槓桿6.8 倍，換股比率10 兌 1，2024年12月24日到期；如看淡，或可留意小米沽24655，行使價15.16元，實際槓桿7.5 倍，換股比率10 兌 1，2024年09月27日到期。
平保（2318）近期呈區間窄幅上落，今天隨大市回調，股價位處近期區間底部約100天綫位置。 投資者如看好平保，或可留意平保購25802，行使價41.05元，實際槓桿9.8 倍，換股比率10 兌 1，2024年09月20日到期；如看淡，或可留意平保沽24929，行使價29.95元，實際槓桿9.6 倍，換股比率10 兌 1，2024年10月14日到期。
恒指於18400點水平附近爭持多日，今早（5日）終於升穿10天綫位置阻力，整體牛熊證街貨分佈仍以牛證比重稍高，牛熊街貨比例約52.4:47.6。 投資者如看好恒指，或可留意恒指牛60291，收回價18200點，槓桿比率39.1 倍，換股比率10000 兌 1，2024年09月27日到期；如看淡，或可留意恒指熊59957，收回價19000點，槓桿比率40 倍，換股比率10000 兌 1，2025年04月29日到期。
國際油價顯著回落，紐約期油跌破75美元逼近2月份低位。股價一路强勢的中海油上日（4日）低開，不過日内能收窄跌幅，大筆資金入場部署好倉。 投資者如看好海油，或可留意海油購24333，行使價23.93元，實際槓桿9.6 倍，換股比率5 兌 1，2024年10月03日到期；如看淡，或可留意海油沽24822，行使價17元，實際槓桿7.6 倍，換股比率5 兌 1，2024年11月05日到期。
暑期臨近，金沙於19元附近位置爭持整固多日，走勢相較其他濠賭股落後。 投資者如看好金沙，或可留意金沙購25525，行使價25.05元，實際槓桿5.8 倍，換股比率10 兌 1，2024年12月19日到期；如看淡，或可留意金沙沽22214，行使價18.48元，實際槓桿6.8 倍，換股比率10 兌 1，2024年08月22日到期。