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Korea:2016 was another shaky year for job seekers

汇丰银行


Economics - Data Reactions 11 January 2017
Korea 2016 was another shaky year for job seekers The seasonally adjusted jobless rate unexpectedly declined from 3.6% (nsa: 3.1%) to 3.4% (nsa: 3.2%) in December (HSBC: 3.7%, consensus: 3.6%), despite the labour force participation rate increasing from 62.9% to 63.1% during the same period. The surprise mainly came from stronger employment creation in services and construction, which is likely due to the unusually warm weather in December last year, while the manufacturing sector continued to shed jobs at an accelerated pace. The job market remains on the downturn trend, especially with employment growth slowing in 2016 compared to previous years.
James Lee Korea and Pan-Asia Economist The Hongkong and Shanghai Banking Corporation Limited +852 2822 1647
james.dh.lee@hsbc.com.hk
View HSBC Global Research at: http://www.research.hsbc.com
Issuer of report The Hongkong and Shanghai Banking Corporation Limited Disclosures & Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it
Facts 4 Employment rose 1.12%y-o-y (or +289k) in December, with the pace slowing from 1.29%y-oy (or 339k) in November. Looking at 2016 as a whole, employment growth averaged 1.15%y-oy, slowing from 1.32% in 2015 and 2.14% in 2014. 4 The jobless rate has averaged 3.7% in 2016, albeit in a volatile manner, moderately rising from 3.6% in 2015 and 3.4% in 2014. In some part, this is due to the gradual rise in the labour force participation rate to an average 62.8% in 2016, up from 62.6% in 2015 and 62.4% in 2014. 4 The manufacturing sector continued to shed jobs on an over-year-ago basis since July 2016, while the pace has accelerated in 2H16. This is not a big surprise given the ongoing restructuring in the shipbuilding industry, while the manufacturing operation rate remains around post-GFC lows. Indeed, job creation in manufacturing fell 2.5% in December. 4 Some of this weakness was partly offset by stronger employment growth in services as well as construction more recently. Service employment, which accounts for more than two-thirds of jobs, was up 1.8%y-o-y in December, while construction employment increased 4.7%.
Implications The weak job growth in the manufacturing sector is likely to continue, given the low level of capacity utilization and limited pickup in manufacturing outside the tech industry. The outlook will heavily depend on exports, and thus global demand for goods, which is unlikely to pick up materially in volume terms, although recent strong PMI readings suggest some cyclical rise in the current quarter. In terms of GDP growth, we continue to forecast a slowdown from 2.7% in 2016 to 2.4% in 2017, which should spur further easing from the Korean central bank given its firm external position (Bank of Korea Watch: Capital outflows not an obstacle to easing, 10 January 2017). The BoK is likely to cut the policy rate by another 25bp in 2Q17, in our view, although the exact timing remains fluid on global financial market conditions.
Economics - Data Reactions Korea 11 January 2017
Figure 1: Korea's unemployment rate unexpectedly fell in December 2016
Figure 2: Labour force participation rate gradually rose in 2016
Source: CEIC, HSBC
Source: CEIC, HSBC
Figure 3: Manufacturing continues to shed jobs at an accelerate pace
Source: CEIC, HSBC
2
Economics - Data Reactions Korea 11 January 2017
Disclosure appendix Analyst certification The following analyst(s), who is(are) primarily responsible for this document, certifies(y) that the opinion(s), views or forecasts expressed herein accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: James Lee This document has been prepared and is being distributed by the Research Department of HSBC and is intended solely for the clients of HSBC and is not for publication to other persons, whether through the press or by other means. This document does not provide individually tailored investment advice and should not be construed as an offer or the solicitation of an offer to buy or sell any securities or to participate in any trading strategy. The information contained within this document is believed to be reliable but we do not guarantee its completeness or accuracy. Any opinions expressed herein are subject to change without notice. HSBC may hold a position in, buy or sell on a principal basis or act as a market maker in any financial instrument discussed herein. HSBC and its affiliates will from time to time sell to and buy from customers the securities/instruments (including derivatives) of companies covered in HSBC Research on a principal or agency basis. Analyst(s) are paid in part by reference to the profitability of HSBC which includes investment banking revenues. HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research operate and have a management reporting line independent of HSBC's Investment Banking business. Chinese Wall procedures are in place between the Investment Banking and Research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner.
Additional disclosures 1 2 3 This report is dated as at 11 January 2017. All market data included in this report are dated as at close 11 January 2017, unless a different date and/or a specific time of day is indicated in the report. HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research operate and have a management reporting line independent of HSBC's Investment Banking business. Information Barrier procedures are in place between the Investment Banking, Principal Trading, and Research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner. You are not permitted to use, for reference, any data in this document for the purpose of (i) determining the interest payable, or other sums due, under loan agreements or under other financial contracts or instruments, (ii) determining the price at which a financial instrument may be bought or sold or traded or redeemed, or the value of a financial instrument, and/or (iii) measuring the performance of a financial instrument.
4
3
Economics - Data Reactions Korea 11 January 2017
Disclaimer Legal entities as at 1 July 2016 Issuer of report ‘UAE’ HSBC Bank Middle East Limited, Dubai; ‘HK’ The Hongkong and Shanghai Banking Corporation Limited, Hong The Hongkong and Shanghai Banking Kong; ‘TW’ HSBC Securities (Taiwan) Corporation Limited; 'CA' HSBC Bank Canada, Toronto; HSBC Bank, Paris Branch; Corporation Limited HSBC France; ‘DE’ HSBC Trinkaus & Burkhardt AG, Düsseldorf; 000 HSBC Bank (RR), Moscow; ‘IN’ HSBC Securities and Level 19, 1 Queen's Road Central Capital Markets (India) Private Limited, Mumbai; ‘JP’ HSBC Securities (Japan) Limited, Tokyo; ‘EG’ HSBC Securities Egypt SAE, Cairo; ‘CN’ HSBC Investment Bank Asia Limited, Beijing Representative Office; The Hongkong and Shanghai Hong Kong SAR Banking Corporation Limited, Singapore Branch; The Hongkong and Shanghai Banking Corporation Limited, Seoul Telephone: +852 2843 9111 Securities Branch; The Hongkong and Shanghai Banking Corporation Limited, Seoul Branch; HSBC Securities (South Fax: +852 2801 4138 Africa) (Pty) Ltd, Johannesburg; HSBC Bank plc, London, Madrid, Milan, Stockholm, Tel Aviv; ‘US’ HSBC Securities (USA) Website: www.research.hsbc.com Inc, New York; HSBC Yatirim Menkul Degerler AS, Istanbul; HSBC México, SA, Institución de Banca Múltiple, Grupo Financiero HSBC; HSBC Bank Australia Limited; HSBC Bank Argentina SA; HSBC Saudi Arabia Limited; The Hongkong and Shanghai Banking Corporation Limited, New Zealand Branch incorporated in Hong Kong SAR; The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) has issued this research material. The Hongkong and Shanghai Banking Corporation Limited is regulated by the Hong Kong Monetary Authority. This material is distributed in the United Kingdom by HSBC Bank plc. In Australia, this publication has been distributed by The Hongkong and Shanghai Banking Corporation Limited (ABN 65 117 925 970, AFSL 301737) for the general information of its “wholesale” customers (as defined in the Corporations Act 2001). Where distributed to retail customers, this research is distributed by HSBC Bank Australia Limited (AFSL No. 232595). These respective entities make no representations that the products or services mentioned in this document are available to persons in Australia or are necessarily suitable for any particular person or appropriate in accordance with local law. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. This publication is distributed in New Zealand by The Hongkong and Shanghai Banking Corporation Limited, New Zealand Branch incorporated in Hong Kong SAR. This material is distributed in Japan by HSBC Securities (Japan) Limited. HSBC Securities (USA) Inc. accepts responsibility for the content of this research report prepared by its non-US foreign affiliate. All US persons receiving and/or accessing this report and intending to effect transactions in any security discussed herein should do so with HSBC Securities (USA) Inc. in the United States and not with its non-US foreign affiliate, the issuer of this report. In Korea, this publication is distributed by either The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch ("HBAP SLS") or The Hongkong and Shanghai Banking Corporation Limited, Seoul Branch ("HBAP SEL") for the general information of professional investors specified in Article 9 of the Financial Investment Services and Capital Markets Act (“FSCMA”). This publication is not a prospectus as defined in the FSCMA. It may not be further distributed in whole or in part for any purpose. Both HBAP SLS and HBAP SEL are regulated by the Financial Services Commission and the Financial Supervisory Service of Korea. In Singapore, this publication is distributed by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch for the general information of institutional investors or other persons specified in Sections 274 and 304 of the Securities and Futures Act (Chapter 289) (“SFA”) and accredited investors and other persons in accordance with the conditions specified in Sections 275 and 305 of the SFA. This publication is not a prospectus as defined in the SFA. It may not be further distributed in whole or in part for any purpose. The Hongkong and Shanghai Banking Corporation Limited Singapore Branch is regulated by the Monetary Authority of Singapore. Recipients in Singapore should contact a "Hongkong and Shanghai Banking Corporation Limited, Singapore Branch" representative in respect of any matters arising from, or in connection with this report. In the UK this material may only be distributed to institutional and professional customers and is not intended for private customers. It is not to be distributed or passed on, directly or indirectly, to any other person. HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC is authorized and regulated by Secretaría de Hacienda y Crédito Público and Comisión Nacional Bancaria y de Valores (CNBV). Any recommendations contained in it are intended for the professional investors to whom it is distributed. This material is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. HSBC has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; HSBC makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of HSBC only and are subject to change without notice. From time to time research analysts conduct site visits of covered issuers. HSBC policies prohibit research analysts from accepting payment or reimbursement for travel expenses from the issuer for such visits. The decision and responsibility on whether or not to invest must be taken by the reader. HSBC and its affiliates and/or their officers, directors and employees may have positions in any securities mentioned in this document (or in any related investment) and may from time to time add to or dispose of any such securities (or investment). HSBC and its affiliates may act as market maker or have assumed an underwriting commitment in the securities of any companies discussed in this document (or in related investments), may sell them to or buy them from customers on a principal basis and may also perform or seek to perform banking or underwriting services for or relating to those companies. This material may not be further distributed in whole or in part for any purpose. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. (070905) In Canada, this document has been distributed by HSBC Bank Canada and/or its affiliates. Where this document contains market updates/overviews, or similar materials (collectively deemed “Commentary” in Canada although other affiliate jurisdictions may term “Commentary” as either “macro-research” or “research”), the Commentary is not an offer to sell, or a solicitation of an offer to sell or subscribe for, any financial product or instrument (including, without limitation, any currencies, securities, commodities or other financial instruments). © Copyright 2017, The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited. MCI (P) 094/06/2016, MCI (P) 085/06/2016 and MICA (P) 021/01/2016
4

Korea:2016 was another shaky year for job seekers

发布机构:汇丰银行
报告类型:外行报告 发布日期:2017/1/11
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Economics - Data Reactions 11 January 2017
Korea 2016 was another shaky year for job seekers The seasonally adjusted jobless rate unexpectedly declined from 3.6% (nsa: 3.1%) to 3.4% (nsa: 3.2%) in December (HSBC: 3.7%, consensus: 3.6%), despite the labour force participation rate increasing from 62.9% to 63.1% during the same period. The surprise mainly came from stronger employment creation in services and construction, which is likely due to the unusually warm weather in December last year, while the manufacturing sector continued to shed jobs at an accelerated pace. The job market remains on the downturn trend, especially with employment growth slowing in 2016 compared to previous years.
James Lee Korea and Pan-Asia Economist The Hongkong and Shanghai Banking Corporation Limited +852 2822 1647
james.dh.lee@hsbc.com.hk
View HSBC Global Research at: http://www.research.hsbc.com
Issuer of report The Hongkong and Shanghai Banking Corporation Limited Disclosures & Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it
Facts 4 Employment rose 1.12%y-o-y (or +289k) in December, with the pace slowing from 1.29%y-oy (or 339k) in November. Looking at 2016 as a whole, employment growth averaged 1.15%y-oy, slowing from 1.32% in 2015 and 2.14% in 2014. 4 The jobless rate has averaged 3.7% in 2016, albeit in a volatile manner, moderately rising from 3.6% in 2015 and 3.4% in 2014. In some part, this is due to the gradual rise in the labour force participation rate to an average 62.8% in 2016, up from 62.6% in 2015 and 62.4% in 2014. 4 The manufacturing sector continued to shed jobs on an over-year-ago basis since July 2016, while the pace has accelerated in 2H16. This is not a big surprise given the ongoing restructuring in the shipbuilding industry, while the manufacturing operation rate remains around post-GFC lows. Indeed, job creation in manufacturing fell 2.5% in December. 4 Some of this weakness was partly offset by stronger employment growth in services as well as construction more recently. Service employment, which accounts for more than two-thirds of jobs, was up 1.8%y-o-y in December, while construction employment increased 4.7%.
Implications The weak job growth in the manufacturing sector is likely to continue, given the low level of capacity utilization and limited pickup in manufacturing outside the tech industry. The outlook will heavily depend on exports, and thus global demand for goods, which is unlikely to pick up materially in volume terms, although recent strong PMI readings suggest some cyclical rise in the current quarter. In terms of GDP growth, we continue to forecast a slowdown from 2.7% in 2016 to 2.4% in 2017, which should spur further easing from the Korean central bank given its firm external position (Bank of Korea Watch: Capital outflows not an obstacle to easing, 10 January 2017). The BoK is likely to cut the policy rate by another 25bp in 2Q17, in our view, although the exact timing remains fluid on global financial market conditions.
Economics - Data Reactions Korea 11 January 2017
Figure 1: Korea's unemployment rate unexpectedly fell in December 2016
Figure 2: Labour force participation rate gradually rose in 2016
Source: CEIC, HSBC
Source: CEIC, HSBC
Figure 3: Manufacturing continues to shed jobs at an accelerate pace
Source: CEIC, HSBC
2
Economics - Data Reactions Korea 11 January 2017
Disclosure appendix Analyst certification The following analyst(s), who is(are) primarily responsible for this document, certifies(y) that the opinion(s), views or forecasts expressed herein accurately reflect their personal view(s) and that no part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report: James Lee This document has been prepared and is being distributed by the Research Department of HSBC and is intended solely for the clients of HSBC and is not for publication to other persons, whether through the press or by other means. This document does not provide individually tailored investment advice and should not be construed as an offer or the solicitation of an offer to buy or sell any securities or to participate in any trading strategy. The information contained within this document is believed to be reliable but we do not guarantee its completeness or accuracy. Any opinions expressed herein are subject to change without notice. HSBC may hold a position in, buy or sell on a principal basis or act as a market maker in any financial instrument discussed herein. HSBC and its affiliates will from time to time sell to and buy from customers the securities/instruments (including derivatives) of companies covered in HSBC Research on a principal or agency basis. Analyst(s) are paid in part by reference to the profitability of HSBC which includes investment banking revenues. HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research operate and have a management reporting line independent of HSBC's Investment Banking business. Chinese Wall procedures are in place between the Investment Banking and Research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner.
Additional disclosures 1 2 3 This report is dated as at 11 January 2017. All market data included in this report are dated as at close 11 January 2017, unless a different date and/or a specific time of day is indicated in the report. HSBC has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. HSBC's analysts and its other staff who are involved in the preparation and dissemination of Research operate and have a management reporting line independent of HSBC's Investment Banking business. Information Barrier procedures are in place between the Investment Banking, Principal Trading, and Research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner. You are not permitted to use, for reference, any data in this document for the purpose of (i) determining the interest payable, or other sums due, under loan agreements or under other financial contracts or instruments, (ii) determining the price at which a financial instrument may be bought or sold or traded or redeemed, or the value of a financial instrument, and/or (iii) measuring the performance of a financial instrument.
4
3
Economics - Data Reactions Korea 11 January 2017
Disclaimer Legal entities as at 1 July 2016 Issuer of report ‘UAE’ HSBC Bank Middle East Limited, Dubai; ‘HK’ The Hongkong and Shanghai Banking Corporation Limited, Hong The Hongkong and Shanghai Banking Kong; ‘TW’ HSBC Securities (Taiwan) Corporation Limited; 'CA' HSBC Bank Canada, Toronto; HSBC Bank, Paris Branch; Corporation Limited HSBC France; ‘DE’ HSBC Trinkaus & Burkhardt AG, Düsseldorf; 000 HSBC Bank (RR), Moscow; ‘IN’ HSBC Securities and Level 19, 1 Queen's Road Central Capital Markets (India) Private Limited, Mumbai; ‘JP’ HSBC Securities (Japan) Limited, Tokyo; ‘EG’ HSBC Securities Egypt SAE, Cairo; ‘CN’ HSBC Investment Bank Asia Limited, Beijing Representative Office; The Hongkong and Shanghai Hong Kong SAR Banking Corporation Limited, Singapore Branch; The Hongkong and Shanghai Banking Corporation Limited, Seoul Telephone: +852 2843 9111 Securities Branch; The Hongkong and Shanghai Banking Corporation Limited, Seoul Branch; HSBC Securities (South Fax: +852 2801 4138 Africa) (Pty) Ltd, Johannesburg; HSBC Bank plc, London, Madrid, Milan, Stockholm, Tel Aviv; ‘US’ HSBC Securities (USA) Website: www.research.hsbc.com Inc, New York; HSBC Yatirim Menkul Degerler AS, Istanbul; HSBC México, SA, Institución de Banca Múltiple, Grupo Financiero HSBC; HSBC Bank Australia Limited; HSBC Bank Argentina SA; HSBC Saudi Arabia Limited; The Hongkong and Shanghai Banking Corporation Limited, New Zealand Branch incorporated in Hong Kong SAR; The Hongkong and Shanghai Banking Corporation Limited, Bangkok Branch The Hongkong and Shanghai Banking Corporation Limited (“HSBC”) has issued this research material. The Hongkong and Shanghai Banking Corporation Limited is regulated by the Hong Kong Monetary Authority. This material is distributed in the United Kingdom by HSBC Bank plc. In Australia, this publication has been distributed by The Hongkong and Shanghai Banking Corporation Limited (ABN 65 117 925 970, AFSL 301737) for the general information of its “wholesale” customers (as defined in the Corporations Act 2001). Where distributed to retail customers, this research is distributed by HSBC Bank Australia Limited (AFSL No. 232595). These respective entities make no representations that the products or services mentioned in this document are available to persons in Australia or are necessarily suitable for any particular person or appropriate in accordance with local law. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. This publication is distributed in New Zealand by The Hongkong and Shanghai Banking Corporation Limited, New Zealand Branch incorporated in Hong Kong SAR. This material is distributed in Japan by HSBC Securities (Japan) Limited. HSBC Securities (USA) Inc. accepts responsibility for the content of this research report prepared by its non-US foreign affiliate. All US persons receiving and/or accessing this report and intending to effect transactions in any security discussed herein should do so with HSBC Securities (USA) Inc. in the United States and not with its non-US foreign affiliate, the issuer of this report. In Korea, this publication is distributed by either The Hongkong and Shanghai Banking Corporation Limited, Seoul Securities Branch ("HBAP SLS") or The Hongkong and Shanghai Banking Corporation Limited, Seoul Branch ("HBAP SEL") for the general information of professional investors specified in Article 9 of the Financial Investment Services and Capital Markets Act (“FSCMA”). This publication is not a prospectus as defined in the FSCMA. It may not be further distributed in whole or in part for any purpose. Both HBAP SLS and HBAP SEL are regulated by the Financial Services Commission and the Financial Supervisory Service of Korea. In Singapore, this publication is distributed by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch for the general information of institutional investors or other persons specified in Sections 274 and 304 of the Securities and Futures Act (Chapter 289) (“SFA”) and accredited investors and other persons in accordance with the conditions specified in Sections 275 and 305 of the SFA. This publication is not a prospectus as defined in the SFA. It may not be further distributed in whole or in part for any purpose. The Hongkong and Shanghai Banking Corporation Limited Singapore Branch is regulated by the Monetary Authority of Singapore. Recipients in Singapore should contact a "Hongkong and Shanghai Banking Corporation Limited, Singapore Branch" representative in respect of any matters arising from, or in connection with this report. In the UK this material may only be distributed to institutional and professional customers and is not intended for private customers. It is not to be distributed or passed on, directly or indirectly, to any other person. HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC is authorized and regulated by Secretaría de Hacienda y Crédito Público and Comisión Nacional Bancaria y de Valores (CNBV). Any recommendations contained in it are intended for the professional investors to whom it is distributed. This material is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. HSBC has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; HSBC makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of HSBC only and are subject to change without notice. From time to time research analysts conduct site visits of covered issuers. HSBC policies prohibit research analysts from accepting payment or reimbursement for travel expenses from the issuer for such visits. The decision and responsibility on whether or not to invest must be taken by the reader. HSBC and its affiliates and/or their officers, directors and employees may have positions in any securities mentioned in this document (or in any related investment) and may from time to time add to or dispose of any such securities (or investment). HSBC and its affiliates may act as market maker or have assumed an underwriting commitment in the securities of any companies discussed in this document (or in related investments), may sell them to or buy them from customers on a principal basis and may also perform or seek to perform banking or underwriting services for or relating to those companies. This material may not be further distributed in whole or in part for any purpose. No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. (070905) In Canada, this document has been distributed by HSBC Bank Canada and/or its affiliates. Where this document contains market updates/overviews, or similar materials (collectively deemed “Commentary” in Canada although other affiliate jurisdictions may term “Commentary” as either “macro-research” or “research”), the Commentary is not an offer to sell, or a solicitation of an offer to sell or subscribe for, any financial product or instrument (including, without limitation, any currencies, securities, commodities or other financial instruments). © Copyright 2017, The Hongkong and Shanghai Banking Corporation Limited, ALL RIGHTS RESERVED. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of The Hongkong and Shanghai Banking Corporation Limited. MCI (P) 094/06/2016, MCI (P) 085/06/2016 and MICA (P) 021/01/2016
4
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