Privacy Policy

The information contained herein is provided for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the securities or products mentioned. This document is a private publication intended for private distribution. The value of all investments and any income generated can decrease as well as increase. Performance numbers shown are records of past performance and as such do not guarantee future performance. No representation is made that any one investor achieved any of the results shown herein. This information is subject to change without notice. The securities and products mentioned may not be eligible for sale in some states or countries, nor suitable for all types of investors. GaveKal Research Limited does not warrant the accuracy, completeness, reliability, fitness for a particular purpose or merchantability of this information, and expressly disclaim liability for errors or omissions in this information and data. GaveKal Research Limited shall have no liability for the use, misuse, or distribution of this information to unauthorized recipients.

Disclaimer

Some of the GaveKal research reports are being distributed electronically through encrypted PDF files. GaveKal Research Limited employs the encryption platform provided by FileOpen which we understand that the same technology has been implemented on various research distribution networks. The purpose of the technology is to prevent unauthorized distribution of intellectual property. In order to do this, all of our research published in PDF format will be encrypted by this engine. In order to decrypt the PDF for viewing, each reader will have to install a simple plug-in provided by FileOpen to allow for the decryption process to work. As this technology is owned by FileOpen and GaveKal Research Limited has no control over this technology. GaveKal Research Limited will not be liable on the product whether it will be compatible with your existing infrastructure or it is safe to be installed. For further information on this encryption technology, please consult FileOpen at http://www.fileopen.com/.