{"id":9325,"date":"2025-11-24T13:30:17","date_gmt":"2025-11-24T05:30:17","guid":{"rendered":"https:\/\/www.linkwayshk.com\/?page_id=9325"},"modified":"2025-12-05T10:59:59","modified_gmt":"2025-12-05T02:59:59","slug":"investor-education-accumulator","status":"publish","type":"page","link":"https:\/\/www.linkwayshk.com\/?page_id=9325","title":{"rendered":"Accumulator"},"content":{"rendered":"\n<div class=\"wp-block-uagb-container uag-hide-tab uag-hide-mob uagb-block-ca5badf7 alignwide uagb-is-root-container\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uag-hide-tab uag-hide-mob uagb-block-db0d9ee6 alignwide uagb-is-root-container\">\n<h1 class=\"wp-block-heading has-ast-global-color-0-color has-text-color has-link-color with-text-shadow wp-elements-2007b3d29093291059203d88441590c4 core-heading core-heading-69fb349def989\" style=\"padding-right:var(--wp--preset--spacing--80);padding-left:var(--wp--preset--spacing--80);font-size:64px\">INVESTOR<br>EDUCATION<\/h1>\n<\/div>\n\n\n\n<div class=\"wp-block-cover alignfull is-light has-custom-content-position is-position-center-left uag-hide-desktop has-aspect-ratio\" style=\"padding-top:240px;padding-bottom:120px;min-height:100vh;aspect-ratio:auto;min-height:unset;\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"410\" class=\"wp-block-cover__image-background wp-image-7733 size-full\" alt=\"\" src=\"https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/09\/edu.png\" style=\"object-position:50% 50%\" data-object-fit=\"cover\" data-object-position=\"50% 50%\" srcset=\"https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/09\/edu.png 1280w, https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/09\/edu-300x96.png 300w, https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/09\/edu-1024x328.png 1024w, https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/09\/edu-768x246.png 768w\" sizes=\"auto, (max-width: 1280px) 100vw, 1280px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h1 class=\"wp-block-heading has-ast-global-color-0-color has-text-color with-text-shadow core-heading core-heading-69fb349defca4\" style=\"font-size:36px\">INVESTOR<br>EDUCATION<\/h1>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uag-hide-tab uag-hide-mob uagb-block-005e0fb2 alignwide uagb-is-root-container\">\n<div class=\"wp-block-uagb-container uagb-block-d6ce779b alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-block-d2bd507d alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-block-589cbed8\">\n<div class=\"wp-block-uagb-info-box uagb-block-ee535a5e uagb-infobox__content-wrap  uagb-infobox-icon-above-title uagb-infobox-image-valign-top wp-block-uagb-info-box--has-margin\"><div class=\"uagb-infobox-margin-wrapper\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><h3 class=\"uagb-ifb-title\">Accumulator<\/h3><\/div><\/div><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-ec5e6be1\">\n<div class=\"wp-block-uagb-image alignleft uagb-block-a8e0a7d3 wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-left\"><figure class=\"wp-block-uagb-image__figure\"><img decoding=\"async\" srcset=\"https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/08\/image-1.png ,https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/08\/image-1.png 780w, https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/08\/image-1-1024x115.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/08\/image-1.png\" alt=\"\" class=\"uag-image-6998\" width=\"700\" height=\"60\" title=\"\" loading=\"lazy\" role=\"img\"\/><\/figure><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-792c2d96 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-info-box uagb-block-de4c9c33 uagb-infobox__content-wrap  uagb-infobox-icon-above-title uagb-infobox-image-valign-top wp-block-uagb-info-box--has-margin\"><div class=\"uagb-infobox-margin-wrapper\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><\/div><p class=\"uagb-ifb-desc\">Over-the-counter (OTC) accumulators, which are not traded on exchange, do not have standardised terms. Both the buy side and sell side negotiate the contract terms, such as contract tenor, daily number of shares to be bought (accumulated), and the strike and knock-out prices, etc. Some accumulator contracts may even come with special terms such as a \u201cmultiplier\u201d condition.<\/p><\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uag-hide-tab uag-hide-mob uagb-block-bc224e3d alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-block-dbf9aaf6\">\n<div class=\"wp-block-uagb-container uagb-block-6d036b13\">\n<div class=\"wp-block-uagb-container uagb-block-ce180e06 default uagb-is-root-container\">\n<div class=\"wp-block-uagb-separator uagb-block-27d5b865\"><div class=\"uagb-separator-spacing-wrapper\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-9dae0fd3\">\n<div class=\"wp-block-uagb-separator uagb-block-3b574f28\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-9ee58699\">\n<div class=\"wp-block-uagb-container uagb-block-ef97f686\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-164ec297 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-block-8de25df3\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-db88e7df\">\n<div class=\"wp-block-uagb-info-box uagb-block-cfdf7ece uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><h3 class=\"uagb-ifb-title\">Sample Terms of Accumulator<\/h3><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-7a2774cb\">\n<div class=\"wp-block-uagb-container uagb-block-d9dc0258 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-info-box uagb-block-5eb2a47d uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\">\n    <div class=\"uagb-ifb-content\">\n<ul>\n<li><p class=\"uagb-ifb-desc\">Issuer \/ Counterparty<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Underlying asset (eg. Stock)<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Reference underlying asset price (eg. Share price)<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Strike price<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Contract tenor<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Knock-out clause<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Guaranteed period which means the number of shares that the investor must receive even knock out event happened during the guaranteed period<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Daily underlying amount to be bought (eg. Number of shares)<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Multiplier condition (Gearing ratio)<\/p><\/li>\n<\/ul>\n        \n    <\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-942bd5e1\">\n<div class=\"wp-block-uagb-container uagb-block-fed1be6d\">\n<div class=\"wp-block-uagb-container uagb-block-bd8d819a default uagb-is-root-container\">\n<div class=\"wp-block-uagb-separator uagb-block-fa0f1c3a\"><div class=\"uagb-separator-spacing-wrapper\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-9e82e5c8\">\n<div class=\"wp-block-uagb-separator uagb-block-de16f8e3\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-815e10d4\">\n<div class=\"wp-block-uagb-container uagb-block-2c6f632f\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-fb1b4f13 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-block-cc87bf61\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-61df0aa3\">\n<div class=\"wp-block-uagb-info-box uagb-block-c5c21e4a uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><h3 class=\"uagb-ifb-title\">About decumulator<\/h3><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-7638d738\">\n<div class=\"wp-block-uagb-container uagb-block-d3d3170b alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-info-box uagb-block-a4b68e3b uagb-infobox__content-wrap  uagb-infobox-icon-above-title uagb-infobox-image-valign-top wp-block-uagb-info-box--has-margin\"><div class=\"uagb-infobox-margin-wrapper\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><\/div><p class=\"uagb-ifb-desc\">Apart from accumulators, there is another instrument called \u201cdecumulator\u201d, which is the reverse of an accumulator. Simply put, a decumulator contract requires an investor to sell a fixed number of underlying shares at a pre-determined price (i.e. the strike price which is usually higher than the market price on the contract date) every day. The risks and returns of decumulators are also different from those of accumulators. As decumulators are structured to capture the downside of the underlying share price, investors will have to bear the upside risk of the price, which could be theoretically unlimited.<\/p><\/div><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-5538ada7\">\n<div class=\"wp-block-uagb-container uagb-block-43251713\">\n<div class=\"wp-block-uagb-container uagb-block-950f21ec default uagb-is-root-container\">\n<div class=\"wp-block-uagb-separator uagb-block-0c1f6530\"><div class=\"uagb-separator-spacing-wrapper\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-282dc0f0\">\n<div class=\"wp-block-uagb-separator uagb-block-7424b14b\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-935382d7\">\n<div class=\"wp-block-uagb-container uagb-block-8204eafd\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-992b5a1f alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-block-d51731eb\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-d4a63943\">\n<div class=\"wp-block-uagb-info-box uagb-block-2135dfc5 uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><h3 class=\"uagb-ifb-title\">Example of an accumulator transaction<\/h3><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-dd8ded2a\">\n<div class=\"wp-block-uagb-container uagb-block-c454438a alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-info-box uagb-block-5eb2a47d uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\">\n    <div class=\"uagb-ifb-content\">\n        <div class=\"uagb-ifb-title-wrap\"><\/div>\n<p class=\"uagb-ifb-desc\">Example of an accumulator transaction:<\/p>\n<ul>\n<li><p class=\"uagb-ifb-desc\">Underlying asset: Stock Z<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Tenor: 6 months<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Shares accumulated per day: 3,000 shares<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Accumulation days: 20 trading days per month x 6 months = 120 days<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Strike price: $20<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Knock-out price: $26<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Initial price of Stock Z: $24<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Multiplier\/ Gearing ratio: 2<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Number of shares accumulated:<\/p><\/li>\n        <p class=\"uagb-ifb-desc\">If strike price =< market price of Stock Z\uff1a3,000 shares per day<\/p>\n        <p class=\"uagb-ifb-desc\">If strike price > market price of Stock Z: 6,000 shares per day (=3,000 shares x gearing ratio of 2)<\/p>\n        <p class=\"uagb-ifb-desc\">If market price of Stock Z >= knock-out price: The accumulator contract would be terminated<\/p>\n<li><p class=\"uagb-ifb-desc\">Maximum total number of shares accumulated: 720,000 shares (= 3,000 shares per day x gearing ratio of 2 x 20 trading days per month x 6 months)<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Maximum notional amount: $14,400,000 (= 720,000 shares x $20)<\/p><\/li>\n<\/ul>\n        \n    <\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-42393af4\">\n<div class=\"wp-block-uagb-container uagb-block-f059ac7d\">\n<div class=\"wp-block-uagb-container uagb-block-5529fc05 default uagb-is-root-container\">\n<div class=\"wp-block-uagb-separator uagb-block-46525e6f\"><div class=\"uagb-separator-spacing-wrapper\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-1c38981a\">\n<div class=\"wp-block-uagb-separator uagb-block-765efd44\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-f73262bf\">\n<div class=\"wp-block-uagb-container uagb-block-5ab5f3de\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-cc00e0e5 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-block-3329e3dc\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-30d5d579\">\n<div class=\"wp-block-uagb-info-box uagb-block-a51cea3b uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><h3 class=\"uagb-ifb-title\">Risk Disclosure Statement on Term Sheet<\/h3><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-73de5643\">\n<div class=\"wp-block-uagb-container uagb-block-2d56f308 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-info-box uagb-block-5eb2a47d uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\">\n    <div class=\"uagb-ifb-content\">\n        <div class=\"uagb-ifb-title-wrap\"><\/div>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">1. General Risk of Derivatives:<\/p>\n<p class=\"uagb-ifb-desc\">Equity Accumulator \/ Decumulator is a derivative product, which is complex and may involve substantial risks. It is not possible to accurately predict what Investor\u2019s return on this product will be because such return depends on a number of factors. This product is only suitable for sophisticated investors who have sufficient knowledge and experience in financial and business matters to evaluate the relevant risks.<\/p>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">2. Principal Protection:<\/p>\n<p class=\"uagb-ifb-desc\">Equity Accumulator \/ Decumulator is not principal protected. Investors are exposed to the unlimited risk of the underlying stock trading unfavourably.<\/p>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">3. Market Risk:<\/p>\n<p class=\"uagb-ifb-desc\">Investing in Equity Accumulator \/ Decumulator involves market risk. There are many factors that affect the market value of this product. Changes in the price or value of the underlying stock can be unpredictable, sudden and large. Such changes may result in the price of the underlying moving adversely to Investor\u2019s interests and negatively impacting on the return on this product. For equity accumulator, Investor may suffer substantial loss as he is bound by this product to buy periodically the agreed amount of the underlying asset when the market price falls below the Strike Price. For equity decumulator, Investor may suffer substantial loss as he is bound by this product to sell periodically the agreed amount of the underlying asset when the market price rises above the Strike Price.<\/p>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">4. Credit Risk:<\/p>\n<p class=\"uagb-ifb-desc\">Investor is relying upon the creditworthiness of Issuer and will be exposed to the credit risk of it.<\/p>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">5. Secondary Market and Liquidity Risk:<\/p>\n<p class=\"uagb-ifb-desc\">There might not be a liquid secondary market in the accumulator \/ decumulator contracts. This product does not trade on any exchange, and may be illiquid. As a result, it may be impossible for Investor to sell it to Issuer \/ Counterparty, any of its affiliates, another purchaser or dealer and there is no central source to obtain current prices from other dealers. Investor should aware of the tenor of this product, the longer the tenor, the higher the exit costs for the early termination of contract.<\/p>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">6. Corporate Actions\/Extraordinary Events:<\/p>\n<p class=\"uagb-ifb-desc\">Other risks may impact on the value of this product, for example corporate actions or extraordinary events in relation to the underlying stock may occur which have a dilutive effect on the value of the underlying. In certain circumstances Issuer \/ Counterparty has discretion as to the adjustments that it makes, if any, following corporate events.<\/p>\n        <\/p>\n    <\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-uagb-container uag-hide-desktop uag-hide-tab uag-hide-mob uagb-block-7186f7d6 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-block-45a2b796\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-35226080\">\n<div class=\"wp-block-uagb-info-box uagb-block-2f048035 uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><\/div><p class=\"uagb-ifb-desc\">_________<strong>Hidden Part<\/strong><br>For the basic knowledge and trading mechanism of Callable Bull\/Bear Contract (CBBC), please refer to the <a href=\"https:\/\/www.ifec.org.hk\/web\/en\/investment\/investment-products\/warrants\/index.page\" target=\"_blank\" rel=\"noreferrer noopener\">information provided by Investor and Financial Education Council<\/a>. You should pay careful attention to the Liability Statement section on the homepage of the website of The IFEC at (<a href=\"https:\/\/www.ifec.org.hk\" target=\"_blank\" rel=\"noreferrer noopener\"><u>www.ifec.org.hk<\/u><\/a>)&nbsp;when referring to information using this link.<\/p><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-724d2820\">\n<div class=\"wp-block-uagb-container uagb-block-14dadb96\">\n<div class=\"wp-block-uagb-container uagb-block-1b0043e5 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-separator uagb-block-593de9ce\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div id=\"11\" class=\"wp-block-group has-ast-global-color-5-background-color has-background uag-hide-desktop is-content-justification-center is-layout-constrained wp-container-core-group-is-layout-f4258130 wp-block-group-is-layout-constrained\" style=\"min-height:350px;padding-top:10px;padding-bottom:0\">\n<div class=\"wp-block-uagb-container uagb-block-8c6a5818 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-info-box uagb-block-4b918c31 uagb-infobox__content-wrap  uagb-infobox-icon-above-title uagb-infobox-image-valign-top wp-block-uagb-info-box--has-margin\"><div class=\"uagb-infobox-margin-wrapper\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><h3 class=\"uagb-ifb-title\"><strong>Accumulator<\/strong><\/h3><\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-image alignleft uagb-block-604e44dd wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-left\"><figure class=\"wp-block-uagb-image__figure\"><img decoding=\"async\" srcset=\"https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/08\/image-1.png ,https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/08\/image-1.png 780w, https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/08\/image-1-1024x115.png 360w\" sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/08\/image-1.png\" alt=\"\" class=\"uag-image-6998\" width=\"500\" height=\"60\" title=\"\" loading=\"lazy\" role=\"img\"\/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-uagb-info-box uagb-block-8f3d7e05 uagb-infobox__content-wrap  uagb-infobox-icon-above-title uagb-infobox-image-valign-top\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><\/div><p class=\"uagb-ifb-desc\">Over-the-counter (OTC) accumulators, which are not traded on exchange, do not have standardised terms. Both the buy side and sell side negotiate the contract terms, such as contract tenor, daily number of shares to be bought (accumulated), and the strike and knock-out prices, etc. Some accumulator contracts may even come with special terms such as a \u201cmultiplier\u201d condition.<\/p><\/div><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull has-ast-global-color-5-background-color has-background uag-hide-desktop is-content-justification-center is-layout-constrained wp-container-core-group-is-layout-ac259802 wp-block-group-is-layout-constrained\" id=\"11\" style=\"min-height:418px;padding-top:0px;padding-bottom:30px\">\n<div class=\"wp-block-uagb-container uagb-block-b34c54e2 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-db91a659 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-ffcf7e6c\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-8ff43407\">\n<div class=\"wp-block-uagb-info-box uagb-block-9976e3fd uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><h3 class=\"uagb-ifb-title\">Sample Terms of Accumulator<\/h3><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-info-box uagb-block-5eb2a47d uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\">\n    <div class=\"uagb-ifb-content\">\n<ul>\n<li><p class=\"uagb-ifb-desc\">Issuer \/ Counterparty<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Underlying asset (eg. Stock)<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Reference underlying asset price (eg. Share price)<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Strike price<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Contract tenor<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Knock-out clause<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Guaranteed period which means the number of shares that the investor must receive even knock out event happened during the guaranteed period<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Daily underlying amount to be bought (eg. Number of shares)<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Multiplier condition (Gearing ratio)<\/p><\/li>\n<\/ul>\n        \n    <\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-2487ddda\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-aa4af0e4 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-2f158760 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-2b4bbfa2\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-81d4f9c4\">\n<div class=\"wp-block-uagb-info-box uagb-block-15cf7d54 uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><h3 class=\"uagb-ifb-title\">About decumulator<\/h3><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-info-box uagb-block-f8f02a7b uagb-infobox__content-wrap  uagb-infobox-icon-above-title uagb-infobox-image-valign-top wp-block-uagb-info-box--has-margin\"><div class=\"uagb-infobox-margin-wrapper\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><\/div><p class=\"uagb-ifb-desc\">Apart from accumulators, there is another instrument called \u201cdecumulator\u201d, which is the reverse of an accumulator. Simply put, a decumulator contract requires an investor to sell a fixed number of underlying shares at a pre-determined price (i.e. the strike price which is usually higher than the market price on the contract date) every day. The risks and returns of decumulators are also different from those of accumulators. As decumulators are structured to capture the downside of the underlying share price, investors will have to bear the upside risk of the price, which could be theoretically unlimited.<\/p><\/div><\/div><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-eadc7e50\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-05002e6f alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-d7f1973e alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-875a2ab3\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-963aed73\">\n<div class=\"wp-block-uagb-info-box uagb-block-df1ef42e uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><h3 class=\"uagb-ifb-title\">Example of an accumulator transaction<\/h3><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-info-box uagb-block-5eb2a47d uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\">\n    <div class=\"uagb-ifb-content\">\n        <div class=\"uagb-ifb-title-wrap\"><\/div>\n<p class=\"uagb-ifb-desc\">Example of an accumulator transaction:<\/p>\n<ul>\n<li><p class=\"uagb-ifb-desc\">Underlying asset: Stock Z<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Tenor: 6 months<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Shares accumulated per day: 3,000 shares<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Accumulation days: 20 trading days per month x 6 months = 120 days<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Strike price: $20<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Knock-out price: $26<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Initial price of Stock Z: $24<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Multiplier\/ Gearing ratio: 2<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Number of shares accumulated:<\/p><\/li>\n        <p class=\"uagb-ifb-desc\">If strike price =< market price of Stock Z\uff1a3,000 shares per day<\/p>\n        <p class=\"uagb-ifb-desc\">If strike price > market price of Stock Z: 6,000 shares per day (=3,000 shares x gearing ratio of 2)<\/p>\n        <p class=\"uagb-ifb-desc\">If market price of Stock Z >= knock-out price: The accumulator contract would be terminated<\/p>\n<li><p class=\"uagb-ifb-desc\">Maximum total number of shares accumulated: 720,000 shares (= 3,000 shares per day x gearing ratio of 2 x 20 trading days per month x 6 months)<\/p><\/li>\n<li><p class=\"uagb-ifb-desc\">Maximum notional amount: $14,400,000 (= 720,000 shares x $20)<\/p><\/li>\n<\/ul>\n        \n    <\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-separator uagb-block-16f38dc7\"><div class=\"wp-block-uagb-separator__inner\" style=\"--my-background-image:\"><\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-9356fcd6 alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-61f5674c alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-container uagb-layout-flex uagb-block-726f0935\"><\/div>\n\n\n\n<div class=\"wp-block-uagb-container uagb-block-0d880588\">\n<div class=\"wp-block-uagb-info-box uagb-block-41804036 uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><h3 class=\"uagb-ifb-title\">Risk Disclosure Statement on Term Sheet<\/h3><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-info-box uagb-block-5eb2a47d uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top\">\n    <div class=\"uagb-ifb-content\">\n        <div class=\"uagb-ifb-title-wrap\"><\/div>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">1. General Risk of Derivatives:<\/p>\n<p class=\"uagb-ifb-desc\">Equity Accumulator \/ Decumulator is a derivative product, which is complex and may involve substantial risks. It is not possible to accurately predict what Investor\u2019s return on this product will be because such return depends on a number of factors. This product is only suitable for sophisticated investors who have sufficient knowledge and experience in financial and business matters to evaluate the relevant risks.<\/p>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">2. Principal Protection:<\/p>\n<p class=\"uagb-ifb-desc\">Equity Accumulator \/ Decumulator is not principal protected. Investors are exposed to the unlimited risk of the underlying stock trading unfavourably.<\/p>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">3. Market Risk:<\/p>\n<p class=\"uagb-ifb-desc\">Investing in Equity Accumulator \/ Decumulator involves market risk. There are many factors that affect the market value of this product. Changes in the price or value of the underlying stock can be unpredictable, sudden and large. Such changes may result in the price of the underlying moving adversely to Investor\u2019s interests and negatively impacting on the return on this product. For equity accumulator, Investor may suffer substantial loss as he is bound by this product to buy periodically the agreed amount of the underlying asset when the market price falls below the Strike Price. For equity decumulator, Investor may suffer substantial loss as he is bound by this product to sell periodically the agreed amount of the underlying asset when the market price rises above the Strike Price.<\/p>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">4. Credit Risk:<\/p>\n<p class=\"uagb-ifb-desc\">Investor is relying upon the creditworthiness of Issuer and will be exposed to the credit risk of it.<\/p>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">5. Secondary Market and Liquidity Risk:<\/p>\n<p class=\"uagb-ifb-desc\">There might not be a liquid secondary market in the accumulator \/ decumulator contracts. This product does not trade on any exchange, and may be illiquid. As a result, it may be impossible for Investor to sell it to Issuer \/ Counterparty, any of its affiliates, another purchaser or dealer and there is no central source to obtain current prices from other dealers. Investor should aware of the tenor of this product, the longer the tenor, the higher the exit costs for the early termination of contract.<\/p>\n<p class=\"uagb-ifb-desc\" style=\"color: var(--ast-global-color-0);text-decoration: underline;\">6. Corporate Actions\/Extraordinary Events:<\/p>\n<p class=\"uagb-ifb-desc\">Other risks may impact on the value of this product, for example corporate actions or extraordinary events in relation to the underlying stock may occur which have a dilutive effect on the value of the underlying. In certain circumstances Issuer \/ Counterparty has discretion as to the adjustments that it makes, if any, following corporate events.<\/p>\n        <\/p>\n    <\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-uagb-info-box uagb-block-484b397f uagb-infobox__content-wrap  uagb-infobox-icon-left uagb-infobox-left uagb-infobox-image-valign-top uag-hide-desktop uag-hide-tab uag-hide-mob\"><div class=\"uagb-ifb-content\"><div class=\"uagb-ifb-title-wrap\"><\/div><p class=\"uagb-ifb-desc\">_________<strong>Hidden Part<\/strong><br>For the basic knowledge and trading mechanism of Callable Bull\/Bear Contract (CBBC), please refer to the <a href=\"https:\/\/www.ifec.org.hk\/web\/en\/investment\/investment-products\/warrants\/index.page\" target=\"_blank\" rel=\"noreferrer noopener\">information provided by Investor and Financial Education Council<\/a>. You should pay careful attention to the Liability Statement section on the homepage of the website of The IFEC at (<a href=\"https:\/\/www.ifec.org.hk\" target=\"_blank\" rel=\"noreferrer noopener\"><u>www.ifec.org.hk<\/u><\/a>)&nbsp;when referring to information using this link.<\/p><\/div><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-uagb-container uagb-block-d5f07d3d alignfull uagb-is-root-container\"><div class=\"uagb-container-inner-blocks-wrap\">\n<div class=\"wp-block-uagb-image aligncenter uagb-block-6dd0238e wp-block-uagb-image--layout-default wp-block-uagb-image--effect-static wp-block-uagb-image--align-center\"><figure class=\"wp-block-uagb-image__figure\"><img decoding=\"async\"  sizes=\"auto, (max-width: 480px) 150px\" src=\"https:\/\/www.linkwayshk.com\/wp-content\/uploads\/2025\/07\/\u5c0f\u76f4\u7ebf05_.png\" alt=\"\" width=\"1280\" height=\"3\" title=\"\" loading=\"lazy\" role=\"img\"\/><\/figure><\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>INVESTOREDUCATION Issuer \/ Counterparty Underlying asse &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/www.linkwayshk.com\/?page_id=9325\"> <span class=\"screen-reader-text\">Accumulator<\/span> \u95b1\u8b80\u5168\u6587 &raquo;<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"parent":8936,"menu_order":42,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_uag_custom_page_level_css":"body {\n    font-family: SimHei, sans-serif;\n}\nheader {\n    position: fixed !important;\n    width: 100% !important;\n}\nol, ul {\n    margin: 0 0 0 1.3em;\n}\n\n","site-sidebar-layout":"no-sidebar","site-content-layout":"plain-container","ast-site-content-layout":"normal-width-container","site-content-style":"unboxed","site-sidebar-style":"unboxed","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"disabled","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"disabled","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-9325","page","type-page","status-publish","hentry"],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"itstaff","author_link":"https:\/\/www.linkwayshk.com\/?author=3"},"uagb_comment_info":0,"uagb_excerpt":"INVESTOREDUCATION Issuer \/ Counterparty Underlying asse...","_links":{"self":[{"href":"https:\/\/www.linkwayshk.com\/index.php?rest_route=\/wp\/v2\/pages\/9325","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.linkwayshk.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.linkwayshk.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.linkwayshk.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.linkwayshk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9325"}],"version-history":[{"count":13,"href":"https:\/\/www.linkwayshk.com\/index.php?rest_route=\/wp\/v2\/pages\/9325\/revisions"}],"predecessor-version":[{"id":9673,"href":"https:\/\/www.linkwayshk.com\/index.php?rest_route=\/wp\/v2\/pages\/9325\/revisions\/9673"}],"up":[{"embeddable":true,"href":"https:\/\/www.linkwayshk.com\/index.php?rest_route=\/wp\/v2\/pages\/8936"}],"wp:attachment":[{"href":"https:\/\/www.linkwayshk.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9325"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}