Scope of Application

The subject of these Terms of Use (the "Terms") is the relationship between Adler Research Limited, domiciled in Hong Kong, (hereinafter "ARL", "we", "us") and the users (hereinafter "Users" or "you") of our services and products ("the Services"). By giving your consent through checking the respective check box and subsequently using our Services, you confirm:

• that your level of English is sufficient to understand the meaning of the terms contained in this English version of the Terms including the commitments, warranties, waivers and obligations contained in the English version of the Terms, and
• that these Terms are binding for all past, current and future agreements between you and us, unless explicitly otherwise agreed between you and us.

Any provisions of a User that deviate from these Terms shall not apply. Any deviations require the express written consent of ARL.

Scope of Use

The Services are intended exclusively for personal, non-commercial use by individuals for non-commercial purposes. ARL may limit the number of logins (sessions) on different end devices. Any further or deviating use, in particular the automated retrieval of information and its dissemination in other systems as well as the training of a system for machine learning and/or artificial intelligence, is only permitted with the express consent of ARL and may be revoked by us at any time. Please also see the provisions regarding "Copyright and other intangible rights".

The registration of your account requires a valid and personal e-mail address. The automated creation of electronic accounts is not permitted. You undertake to use the provided access data (in particular password) in accordance with the agreement and not to make it accessible to third parties without the written consent of ARL. You are responsible for protecting the provided access data.

The chargeable Services used by the User shall be invoiced by ARL at the rates valid at the time the agreement is concluded. All payments have to be made without deduction at the first utilization of the services. If the User is in default of payment, ARL is entitled to discontinue the provision of individual or all of the Services accessible to the User concerned. ARL expressly reserves the right to assert any claims for damages against the User.

Services Provided by ARL

The content and scope of the Services made available to the User are determined by the respective form of use (non-registered or registered User, free or fee-based services), any existing contractual relationship and these Terms. The Services are generally available 24 hours a day, 7 days a week. ARL reserves the right to restrict these operating hours and/or temporarily suspend them for technical or other reasons and to modify the Services at any time. The Services are subject to ongoing changes and adjustments. Software updates or technical developments may also change the content and scope of the Services made available to the User. In particular, stored contents of Services may no longer be available to the User after corresponding processes.

Liability

ARL shall only be liable for delays and for incorrect or non-delivery of Services if it can be proven to have acted with intent or gross negligence. In particular, it is not liable for misconduct or negligence on the part of third parties. The User must inform ARL immediately of any reception problems.

ARL shall only be liable for damages incurred by the User through the use of the Services if gross negligence or willful misconduct can be proven. To the extent permitted by law, ARL's liability shall in any case be limited to the amount invoiced to the User for the corresponding product. In no case shall ARL be liable for consequential damages and/or loss of profit.

ARL is not liable for defective technology or for damage caused by computer viruses, spyware, hacks and/or other harmful computer programs (malware, spyware). There is also no liability for the consequences of operational interruptions caused by malfunctions of any kind or which serve to rectify malfunctions, maintenance and the introduction of new technologies. The content published by ARL has been compiled with great care. Nevertheless, the accuracy, completeness and actuality of the Services cannot be guaranteed. ARL accepts no liability in this regard. The use of such information and data must comply with the property rights and copyrights of ARL and is at the User's own risk. The content published in the Services may also originate from third parties. ARL and its data suppliers do not guarantee the accuracy, completeness or timeliness of this content. ARL rejects any liability in this regard. Such contents and materials provided through us do not necessarily reflect the opinion of ARL. By subscribing, you acknowledge that our publications are for informational purposes only and do not constitute investment advice or any trading or execution service.

The same limitations of liability apply to the employees, representatives and vicarious agents of ARL.

Any reliance you place on any information, content or materials received on our website or through a subscription is strictly at your own risk. We never provide financial advice or provide another financial service under Hong Kong financial regulations. Please also see the provisions regarding "Regulatory". Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.

Copyrights and Other Intangible Rights

ARL reserves all copyrights and other intellectual property rights with regard to the Services including layout, software and their contents. In particular, publishing, modifying, offering, selling, reproducing, distributing, making perceptible, sending, renting and licensing the editorial and other contents of ARL (texts, tables, images, videos, graphics, programs and other services and media offers) is only permitted with its express consent. Furthermore, the production, transfer and/or sale of second-hand works is not permitted. It is prohibited to display ARL's websites and chats or their content in whole or in part using technical aids (e.g. "framing"). The full or partial exploitation of advertisements (including feeding them into online services) is prohibited.

Links

Our Services may contain links which direct you to content provided by third parties. These links are provided for your convenience only. Even though we do not mark all third-party links as such, we have no control over those third-party links, so we do not accept any responsibility for them or any liability for any loss or damage that may arise from your use of them. You agree that accessing any of the third-party websites is done entirely at your own risk and subject to the terms and conditions for the linked content.

Guidelines for Content Created by Users

Authors of User-generated content (e.g. chat contributions etc.) must ensure that it is compatible with the applicable legal system for the respective product and that the rights of third parties are observed. In particular, content with unlawful and immoral content, namely insulting, defamatory, defamatory and business-damaging, pornographic or racist statements as well as incitements to violence or other criminal offenses are not permitted, nor is the advertising of own services or third-party services. The User has no right or other entitlement for making contributions in the Services.

In the event of misconduct through a User-contribution, the responsible User of the account through which the contribution is made shall bear all legal consequences. The User undertakes to indemnify ARL for all third-party claims asserted on the basis of his/her contributions. ARL reserves the right to take legal action against the offending User in the event of blatant violations of these guidelines, even if the User has not made the contributions but if the User's account has been used. ARL reserves the right to change, shorten or delete entries without giving reasons. The User grants ARL the right, free of charge and unlimited in time and space, to use the User's contribution in whole or in part for ARL's services. This includes the right to incorporate this content into other publications, media or books and to store it for archiving purposes. By creating the content, the User consents to the storage and use of the corresponding data by ARL.

ARL accepts no liability for content created by Users themselves. The corresponding statements, information, opinions, recommendations, etc. do not originate from ARL. Should such content violate the aforementioned guidelines, ARL asks its Users to report this accordingly.

Data Protection

In order to operate and provide the Services, we collect certain information about you, as defined in our privacy policy. We use and protect that information as described in our Privacy Policy. You acknowledge and agree that your use of the Services is subject to our Privacy Policy and understand that it identifies how ARL collects, stores, processes and uses certain information. The Privacy Policy may be updated from time to time by us and is published in its current version on our website.

Payment Methods, Payment Processing, Agreement Conclusion, Agreement Duration and Agreement Termination

The agreement between ARL and the User is concluded at the time of acceptance of the registration by ARL. The User is not entitled to the conclusion of an agreement. Credit cards and other secure payment methods are accepted as means of payment.

The collection of the consideration for your use of the Services will be made by our designated payment processor. By using our Services you also agree to its terms of use and privacy policy, as indicated in its current form on its website.

The subscription is automatically renewed as long as the means of payment specified by the User permits a new transaction. The payment method specified when the agreement was concluded is automatically charged to the agreed amount. An automatically renewed subscription must be canceled by the User prior to renewal. In the event of subsequent termination, no refund will be made, not even pro rata. An extension is valid until the next termination date.

The subscription shall continue to apply in the event of the User's death and shall pass to the User's estate.

The prices quoted include applicable taxes, if any. ARL is entitled to make price adjustments at any time with reasonable notice.

Regulatory

We are specialized in research and analysis services, but we do not provide financial advice or investment services as defined under Hong Kong financial regulations. We do in particular not advertise nor offer financial instruments nor provide portfolio management services or investment advice to external parties. As such, we are not affiliated to any financial services regulatory body in our capacity as a research provider. We are not licensed by the Securities and Futures Commission of Hong Kong, nor are we subject to a mandatory affiliation to any financial market regulation self-regulatory body, as our business activities as a research company do not require us to be licensed under financial services laws. We do in general provide information, research and analysis on various topics, which may or may not be related to financial markets or products. We do not intend to engage in marketing activities of financial products. We intend to share our research, knowledge and views and do not intend to influence you with regard to investment or financial decisions. Unless otherwise indicated, we are free from conflicts of interests in the provision of information and share our own opinion about the respective topics. This website contains links and subscriptions that refer to third party content. We can never take any liability for content of such third party links, even if content on third party might be or seem to be partially provided by us.

Geographic Restrictions

The Services may not be available in all territories and jurisdictions. Access to the Services may not be legal by certain persons or in certain countries. We may restrict or prohibit use of all or a portion of the Website in certain territories and jurisdictions. If you access the Services, you do so on your own initiative and are responsible for compliance with all local laws and regulations.

Severability Clause

Should individual provisions of these Terms be or become invalid, this shall not affect the validity of the remaining provisions. An invalid provision shall be replaced by a new provision that comes as close as possible to the economic and legal effect of the invalid provision.

Force Majeure

We cannot accept responsibility for any damage, loss, delay, or inconvenience caused by circumstances beyond our reasonable control. Such circumstances include but are not limited to war, threat of war, riots, civil strife, or terrorist activity, industrial disputes, natural or nuclear disasters, fire, airport closures, bad weather conditions, any other acts of god, interruption or failure of a utility service or the acts of any local or national government.

Indemnification

To the extent not prohibited by law, you agree to defend, indemnify us and hold ARL and its affiliates licensors and service providers, and their respective directors, officers, employees and agents harmless from and against all third party claims, damages, costs, liabilities, judgments, awards, losses, costs, and expenses and fees arising out of or related to your use of the Website or your violation of these Terms, any applicable law or any rights of any third party.

Applicable Law and Place of Jurisdiction

All legal relationships between ARL and the User shall be governed by Hong Kong law, excluding the conflict of laws rules. The exclusive place of jurisdiction for disputes arising from these Terms of Use shall be Hong Kong, subject to any other mandatory places of jurisdiction. ARL is unilaterally entitled to sue the User at any other permissible place of jurisdiction.

Changes to Terms and Conditions

We reserve the right to change the terms and conditions of our website at any time, but we will provide notice in advance. If you continue to use our website after we make changes, it means that you accept the new terms and conditions. By using our website, you agree to follow these terms and conditions. If you do not agree to these terms and conditions, please do not use our website.

Contact Information

Adler Research Limited

Mail Address:
Suite C, Level 7, World Trust Tower
50 Stanley Street, Central
Hong Kong

Contact:
Phone: +852 9543 0270
E-Mail: mail@adlerresearch.com

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This Terms & Conditions document shall be effective from [02 August 2025].