Date: 19 Jul 2021 
Dear Valued Client,
Re: Increase of Stamp Duty on Stock Transactions
Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited! The Stock Exchange of Hong Kong Limited (&ldquo;HKEX&rdquo;) announced that starting from 01 August 2021, the rate of Stamp Duty payable on contract notes for the sale or purchase of Hong Kong Stocks (not being jobbing business) will be increased from 0.1% to 0.13%, as a percentage of transaction value.
For more details, please refer to the corresponding circular published by HKEX: <a style="color: #0000ee;" href="https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-and-Notices/Participant-and-Members-Circulars/SEHK/2021/cc_SEHK_CT_080_2021.pdf">https://www.hkex.com.hk/-/media/HKEX-Market/Services/Circulars-andNotices/Participant-and-Members-Circulars/SEHK/2021/ce_SEHK_CT_080_2021.pdf.</a> Should you have any question, please feel free to contact our customer service hotline at (852) 3719-1288/4008695575.
&nbsp;
GF Securities (Hong Kong) Brokerage Limited
&nbsp;
&nbsp;

Re: Increase of Stamp Duty on Stock Transactions

&nbsp;21 June 2021 &nbsp;&nbsp;
Dear Valued Customer, &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;
RE: Notice of Adjustment on Mailing Paper Statement Service Fee
Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited(&ldquo;GFSHK&rdquo;).
To protect the environment and contribute to the sustainable development, GFSHK always encourages the use of the e-Statement/e-Advice to replace paper statements/advices in order to reduce paper consumption. Starting from July 1, 2021, GFSHK will adjust the monthly charges for mailing paper statements / advices service (&ldquo;mailing services&rdquo;) to「HK$50/month」. By signing up for e-Statement / e-Advice Services, you can receive or view the statements/advices by email,which is secured and more convenient without any charge for the mailing services, details are as follows:
&bull;By signing up for e-Statement / e-Advice Services, just tick &ldquo;Email&rdquo; on the「 Method of Account Statement」and provide a valid email address of you to receive your statements/advices on「Email Address」 on the Change of Account Details form* enclosed, and then return us the completed and signed form through any of the following ways: Mail: Room1401-1410, 14/F, Wing On Centre, 111 Connaught Road Central,Hong Kong E-mail: seccs@gfgroup.com.hk Fax:（852） 2907 6171 If you do not wish to receive the paper statements / advices and thus to be charged for the mailing services monthly fee, please return us the Change of Account Details form by no later than 6:00 pm, July 15, 2021 (submission time is based on the time of receipt by GFSHK) after the commencement of the adjustment;
&bull;The initial monthly fee will be deducted directly from your securities trading account within the first 5 trading days of the following month after the commencement of the adjustment (i.e. during the period of August 2, 2021 to August 6, 2021) if you continue to receive paper statements / advices. Afterwards, charges of current month will be deducted directly from your securities trading account within the first 5 trading days of the follow month. You may sign up e-Statement / e-Advice Services by the aforementioned approach at any time, while request received on/or after the 15th of a particular month will only take effect on the next month; and
&bull;If you have already registered for our e-Statement/ e-Advice Service, the monthly fee will not be applicable to your securities trading account.
Should you have any queries, please contact customer service hotline: (852) 3719 1288 (Hong Kong) / 40086 95575 (PRC Toll Free Hotline) or email to seccs@gfgroup.com.hk . Thank you!
 Yours faithfully, GF Securities (Hong Kong) Brokerage Limited
&nbsp;
In case of inconsistency between the English and Chinese versions of this letter, the English version shall prevail. * You may obtain the form from our website at any time: <a href="https://gfse.gfgroup.com.hk/table_most">https://gfse.gfgroup.com.hk/table_most</a> .

RE: Notice of Adjustment on Mailing Paper Statement Service Fee

尊敬的投資者：
近期，有不法分子假冒廣發証券(香港)經紀有限公司（以下簡稱為「廣發香港」）的名義或冒充我司職員進行詐騙行為，當中包括通過偽冒網站或手機即時通訊軟件，假借廣發香港名義訛稱能幫助客人投資以獲取傭金或其他可觀回報，並要求客戶交付金錢至詐騙人之銀行帳戶，或要求其提供個人資料等等。本公司在此敬請各界人士以及投資者警惕以下偽冒網站：https://gap.shangren.xyz/pc/index.html 及https://app.xiahub.xyz，提防此類詐騙手法，並小心求証以免招受損失。
我司特此公告如下：&nbsp;
1. 廣發証券(香港)經紀有限公司官方網站為https://www.gfgroup.com.hk/，除此以外，其他仿造網站均為假冒網站，與我司並無任何關系。廣發香港的所有官方軟件及APP 亦已刊載在廣發香港的官方網頁上。詳情請參閱：https://www.gfgroup.com.hk/zh-hant/securities/softwaredownload
2. 廣發証券(香港)經紀有限公司並未有提供任何虛擬貨幣之交易。
3. 請廣發香港客戶留意，如存款至我司証券帳戶，收款人應為「廣發証券(香港)經紀有限公司」。為免造成任何經濟上的損失，閣下應直接存入我司之銀行帳戶，切勿將金錢存入陌生人的帳戶或向其透露您的銀行帳戶號碼或網上理財密碼。
4. 廣發香港實時監控和跟蹤各類侵犯本公司官網權益的行為，並將依法追究侵權責任。
5. 請客戶留意以上公告，若發現任何虛假網站或懷疑冒認我司職員事件，歡迎致電客戶服務熱線 (852) 3719 1288（香港） / 40086 95575（境內）或電郵至seccs@gfgroup.com.hk &nbsp;與我司聯絡。
6. 如懷疑受騙，我司強烈建議閣下直接向當地相關的執法機構求助以獲取適當的協助。
 特此公告 廣發証券(香港)經紀有限公司&nbsp; 2021年5月

警惕不法分子假冒廣發証券（香港）進行非法証券活動

18 March 2021
Dear Valued Customer,
 Re: Notice of Amendments to "Terms and Conditions for Client&rsquo;s Accounts"
&nbsp;
Thank you for choosing our account services.
Kindly note that an amended version of &ldquo;Terms and Conditions for Client&rsquo;s Accounts&rdquo; shall come into effect on 26 March 2021 and we hereby respectfully draw your attention to the following major changes, including but not limited to: -Eligible securities in Part B of Fifth Schedule &ndash; The China Connect Service
For more details, please download the amended version of "Terms and Conditions for Client&rsquo;s Accounts" by clicking on the below hyperlink. <a href="https://gfse.gfgroup.com.hk/table_person">https://gfse.gfgroup.com.hk/table_person</a>
Please note that the above amendments shall be binding on you if you continue to use and/or retain your account(s) after the amendments are effective. If you do not accept the above amendments, we shall not be able to continue providing services to you and you can notify us for termination of the account services provided to you.
Should you have any enquiries, please call our Customer Service Hotline on (852) 3719 1288 / (86)40086 95575 or visit our office in person.
&nbsp;
Yours faithfully, GF Securities (Hong Kong) Brokerage Limited
&nbsp;
In case of inconsistency between the English and Chinese versions of this letter, the English version shall prevail.

Re: Notice of Amendments to "Terms and Conditions for Client’s Accounts"

Date: 10 Feb 2021
Dear Valued Client,
Update of U.S. Stock Trading Fee
 Thank you for choosing the services of GF Securities (Hong Kong) Brokerage Limited.
Announced by the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) that starting from settlement date on 25 Feb 2021 (i.e. trade date on 23 Feb 2021), the fee rate for certain U.S. securities transactions will be adjusted as below:-
<table class="NormalTable" style="border-collapse: collapse; border-color: #000000; border-style: solid; margin-left: auto; margin-right: auto;">
<tbody>
<tr>
<td style="width: 200px; text-align: center; vertical-align: middle; border: 1px solid #000000;" width="200">
Adjusted Item
</td>
<td style="width: 200px; text-align: center; vertical-align: middle; border: 1px solid #000000;" width="200">Current Fee Rate </td>
<td style="width: 200px; text-align: center; vertical-align: middle; border: 1px solid #000000;" width="200">Adjusted Fee Rate</td>
</tr>
<tr>
<td style="width: 200px; text-align: center; vertical-align: middle; border: 1px solid #000000;" width="200">
SEC Fee 
(For Sell tradeonly)
</td>
<td style="width: 200px; text-align: center; vertical-align: middle; border: 1px solid #000000;" width="200">0.00221% </td>
<td style="width: 200px; text-align: center; vertical-align: middle; border: 1px solid #000000;" width="200">0.00051%</td>
</tr>
</tbody>
</table>
For more details, please visit SEC's official website: <a href="https://www.sec.gov/news/press-release/2021-8">https://www.sec.gov/news/pressrelease/2021-8</a>. Should you have any question, please feel free to contact our customerservice hotline at (852) 3719-1288/4008695575.
 Yours faithfully,
GF Securities (Hong Kong) Brokerage Limited

Update of U.S. Stock Trading Fee

親愛的客戶您好,
&nbsp;
有關螞蟻集團(6688.HK)於2020年11月3日宣布暫緩H股上市一事，廣發証券（香港）經紀有限公司（&ldquo;本公司&rdquo;）將秉持一貫以客戶利益為中心的宗旨，與閣下共同承擔有關損失，藉此回饋閣下一直以來對本公司的鼎力支持。
具體安排如下：
1.申請股款(當中亦包括經紀傭金、交易征費及交易費)分以下兩批退回：
1)第一批已於2020年11月4日（星期三）就全部或部分不獲接納申請完成退款；
2)第二批於2020年11月6日（星期五）就全部申請(只限於第一批退回項下尚未退回部分)退款。
2.認購費：已於2020年11月4日（星期三）免除認購費港幣100元；
3.融資利率調整為2.28%，金額不設上限：已於2020年11月4日（星期三）調整。
如閣下有任何疑問，歡迎隨時與我司客服部或閣下之客戶服務經理聯絡。
&nbsp;
廣發証券(香港)經紀有限公司謹啟
2020年11月5日

有關: 螞蟻集團(6688.HK)退款安排

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Our take on August TSF
Neutral social financing in August was due to tight financial policies. TSF is likely to trend down going forward, and it will take time for credit supply to stabilize. Social financing, renminbi loans and non-standard financing remained flat in August in terms of structure an

Our take on August TSF Neutral social financing in August was due to tight financial policies. TSF is likely to trend down going forward, and it will take time for credit supply to stabilize. Social financing, renminbi loans and non-standard financing remained flat in August in terms of structure and growth. The slower growth in M1 and M2 was due to weak credit creation for households and corporates and weak property sales amid tight financial policies. However, government bonds rebounded thanks to faster fiscal spending, and corporate bonds increased driven by lower financing costs and stronger wiliness among institutions to increase their holdings amid expectations of policy easing. New re-lending in September could offset the decline in credit supply, and expectations of monetary easing and measures to stabilize growth may rise if credit remains weak. As the comparable base will be lower and government bonds will increase, social financing is unlikely to decrease substantially. But as financing demand is still on the decline, it will take time for credit to stabilize and expand. Guo Lei - Sept 15, 2021
What&rsquo;s behind August&rsquo;s economic data August&rsquo;s economic data weakened on multiple factors. Growth may be hampered by property and exports in the future, and expectations of growth stabilization may increase. Although exports remained strong in August, domestic expansion slowed due to a resurgence of the pandemic in some provinces, more stringent control measures, high comparable bases last year and weaker property sales. Judging from the production volume of major industrial goods, supply from energy-intensive sectors contracted substantially in August amid national efforts to control energy consumption and intensity. Sentiment in two key industries, automobiles and consumer electronics, also worsened. Consumer spending grew slowly while spending on housing decoration products and drugs increased. FAI growth moderated; manufacturing investment grew at a faster pace while infrastructure and property investment growth slowed. Employment remained supported by exports. The services industry and consumer spending may improve in September thanks to a weaker impact from the pandemic. Property sales have trended down, which will become a key drag on the economy in 2H21. An export slowdown in 1H22 will slow the economy next year. August economic data have heightened expectations of policies to stabilize growth. Guo Lei - Sept 17, 2021
Weak economic data and MLF rollover yet to boost the bond market Long-term bond rates trended up despite weaker-than-expected economic data and liquidity easing; this could be due to long durations and market divergence. The weak economic data and MLF rollover did not boost the bond market as they should have, which we attribute to the long durations of medium- and long-term bonds and mixed views about the market outlook, which caused some institutions to reduce durations amid favorable market conditions. Looking ahead, we believe monetary policy may ease further, potentially in October. Meanwhile, some institutions may continue to shift to shorter-duration bonds, but most funds may continue to flow among interest-rate bonds. If liquidity is loosened, the yield curve may trend down again. Liu Yu - Sept 19, 2021

1.Our take on August TSF
2.What’s behind August’s economic data
3.Weak economic data and MLF rollover yet to boost the bond market

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