Please read these Terms carefully before using the services. By accessing content published by the company, submitting service requests, signing related documents, or using any services, you acknowledge and agree to be bound by these Terms. If you do not agree to any content herein, you should cease using the services.
1.1 Scope of Application
These Terms apply to individuals, legal entities, institutions, and their legally authorized representatives who access or use the company’s services, hereinafter collectively referred to as “Users” or “you.” Specific investment management arrangements are subject to separate special agreements signed by both parties.
1.2 Acceptance and Confirmation of Terms
Users confirm that they have the capacity to understand these Terms and the nature of the related services and have been given sufficient opportunity to read them. Users may not deny the validity of these Terms on the grounds of not having read, understood, or saved them, except for rights that cannot be excluded under applicable law.
1.3 Definitions of Key Terms
The key terms used in these Terms have the following meanings:
“Company”: Salvus Capital Management, Inc.;
“User”: An individual or organization that accesses, applies for, or uses the related services;
“Services”: Equity research, investment analysis, portfolio management, risk assessment, and related services;
“Research Materials”: Reports, opinions, data compilation, market commentary, and analysis provided by the Company;
“Special Agreement”: A separate written document signed between the Company and the User regarding specific services.
1.4 Updates and Amendments to Terms
The Company may update or supplement these Terms in accordance with applicable laws, regulatory requirements, business development, and service adjustments. Updates will take effect from the date of publication or indication. Continued use of the services after an update constitutes acceptance of the relevant modifications.
1.5 Relationship with Other Documents
These Terms should be understood in conjunction with the Investment Management Agreement, Risk Disclosure Documents, and other special documents. In the event of any inconsistency between different documents, the document formally signed by both parties and clearly stipulating the specific matters shall prevail; where applicable law provides otherwise, its provisions shall apply.
2.1 User Qualification Requirements
Users should meet the following basic requirements:
Possess full civil capacity;
Not prohibited by applicable law from using the relevant financial services;
Understand the risks of the stock market and investment management;
Have obtained legal authorization to use the services on behalf of their institution.
2.2 Document Authenticity
The information submitted by users regarding their identity, financial status, investment objectives, source of funds, and risk tolerance must be true, accurate, complete, and valid. Users must not impersonate others or conceal material facts.
2.3 Institutional Users
Institutional users should provide proof of legal establishment and authorization, and ensure that the personnel submitting documents, signing documents, or giving instructions on their behalf have sufficient authority. When authorization changes, it should be updated promptly.
2.4 Qualification Verification The company may verify user information based on compliance, risk management, and service suitability requirements. If the information is incomplete, unverifiable, contradictory, or obviously abnormal, the company may request supplementary explanations, restrict services, or refuse the application. Submitting an application does not imply that the company is obligated to accept or provide any services.
3.1 Research and Analysis Services
The company may provide the following:
Macroeconomic and market environment analysis;
Industry trend and competitive landscape research;
Fundamental and financial analysis of listed companies;
Portfolio and risk factor assessment.
3.2 Investment Management Services Investment management services will only commence after the necessary review is completed and a formal agreement is signed. Investment objectives, scope of authorization, management restrictions, fee standards, and reporting arrangements will be separately specified in a specific agreement.
3.3 Service Nature Description
The website content, market commentary, research reports, and general analysis materials are primarily for information exchange and research reference, and do not automatically constitute investment advice, trading instructions, or profit guarantees for any specific user.
3.4 Service Adjustments
The Company may adjust the service content, research scope, and delivery method based on market changes, regulatory requirements, information updates, or business arrangements. Such adjustments shall not affect the mandatory rights legally enjoyed by users.
3.5 Service Application Decision
The submission of materials or service applications by users does not imply that the Company is obligated to accept them. The Company may decide to accept, restrict, or reject relevant applications based on user qualifications, service suitability, compliance requirements, and risk assessment.
4.1 Information Sources
Research materials may be based on the following information:
Publicly disclosed documents of listed companies;
Financial reports and operating data;
Industry research and macroeconomic data;
Third-party information that the company deems valuable.
The company will take reasonable measures to organize, compare, and cross-validate the information, but does not guarantee that all materials will always be complete, accurate, timely, or unrevised.
4.2 Research Views
Research conclusions reflect the analysis and judgment at the time the information was formed and may change due to market conditions, company operating conditions, industry development, data updates, or adjustments to research methods.
4.3 Non-Personalized Recommendations
Unless otherwise formally agreed in writing by both parties, publicly available research materials and general market views do not constitute personalized investment advice, trading instructions, or guarantees of investment results for any specific user.
4.4 User Independent Judgment
Users should independently evaluate the relevant information based on their own investment objectives, financial situation, knowledge, experience, and risk tolerance, and should not make decisions solely based on a single research finding.
4.5 Usage Restrictions
Without the Company’s written permission, users may not copy, modify, sell, publicly disseminate, or commercially use research materials, nor may they use them in a way that is out of context, misleading, or otherwise improperly damaging to the rights and interests of the Company or any third party.
5.1 Service Activation Conditions
Users must complete an assessment of their identity, qualifications, investment objectives, and risk tolerance, and submit the materials reasonably required by the Company.
5.2 Scope of Management Authorization
The Company may only conduct investment research, portfolio allocation, position adjustments, and risk review within the scope granted by the user, and shall not exceed the agreed scope.
5.3 User Information Obligations
Users shall truthfully provide information regarding their financial status, investment horizon, liquidity needs, and restrictions, and shall update this information promptly when significant changes occur.
5.4 Portfolio Adjustment
The Company may make reasonable adjustments within the scope permitted by this agreement, based on market conditions, business performance, industry changes, and portfolio risks.
5.5 No Guarantee of Results
Stock investments involve the risk of loss. The Company does not guarantee the safety of principal, fixed income, minimum returns, or specific investment results; past performance is not indicative of future results.
6.1 Market Risk
Securities prices may be affected by economic conditions, interest rate changes, policy adjustments, market sentiment, and unforeseen events, resulting in significant increases or decreases.
6.2 Company and Industry Risk
The operating capabilities, financial condition, governance level, and competitive landscape of listed companies may change, affecting the market performance of related securities.
6.3 Liquidity Risk
Some securities may not be traded in a timely manner due to insufficient trading volume, market suspension, or trading restrictions; the actual transaction price may deviate from expectations.
6.4 Information and Judgment Risks
Publicly available information may be delayed, revised, or incomplete, and research judgments may differ from actual results. No analytical conclusions constitute definitive predictions.
6.5 User Risk Assumption
Users should make prudent decisions based on their own financial situation, investment objectives, and risk tolerance, and understand that investment may result in partial or total loss of principal.
7.1 Legal Use Requirements
Users shall not use the company’s services to engage in fraud, false statements, market manipulation, money laundering, infringement, or other activities that violate laws and regulatory requirements.
7.2 Prohibited Activities
Users shall not engage in the following activities:
Impersonating another person or submitting false information;
Interfering with the normal operation of the website, system, or services;
Unauthorized access to internal or third-party information;
Spreading malicious programs or bypassing security measures;
Using or disseminating research content in a misleading manner.
7.3 Account and Authorization Management
Users shall properly safeguard their account information, login credentials, and authorization documents, and shall not sell, rent, lend, or transfer their service access rights.
7.4 Handling of Abnormal Situations
Upon discovering data leakage, account abnormalities, or unauthorized operations, users shall immediately cease the relevant activities and take reasonable measures to prevent the impact from escalating.
7.5 Handling of Violations
If a user violates these terms, the company may, depending on the nature of the violation, restrict access, suspend services, terminate the agreement, and reserves the right to pursue relevant liabilities in accordance with the law.
8.1 Ownership of Rights
Unless otherwise expressly stated, the Company or relevant rights holders legally own all rights, including ownership, copyright, trademark rights, and other legitimate rights to the service content and research results.
8.2 Limited Use License
Users may only access the relevant content for personal research or agreed-upon purposes within the scope permitted by these Terms and Conditions and Special Agreements. This license is not exclusive, transferable, or sublicensable.
8.3 Prohibited Uses
Without the Company’s written permission, users may not:
Copy, modify, sell, or publicly disseminate the relevant content;
Use research materials for unauthorized commercial purposes;
Delete or alter copyright, trademark, and rights notices;
Create misleading adaptations or derivative content.
8.4 Confidentiality Obligation
Users shall properly protect non-public research materials, portfolio information, internal processes, and other confidential content obtained during the service process and shall not disclose them to any third party without the right to know.
8.5 Statutory Disclosure Exceptions
Users may provide relevant information to the extent necessary when required by applicable law, regulatory requirements, court orders, or other competent authorities, but shall take reasonable measures to protect confidential content.
Salvus Capital Management, Inc. will take reasonable measures to maintain the stability of research materials, investment management processes, and related services, but does not guarantee that all services will be continuous, complete, error-free, or applicable to all users at all times.
9.1 Service Adjustments
The Company may adjust, suspend, or terminate the content, delivery method, and scope of use of its services in accordance with laws and regulations, regulatory requirements, market conditions, business arrangements, or technical maintenance needs. The Company will explain any changes through appropriate means where reasonably practicable.
9.2 Third-Party Information and External Factors
Some research materials may be sourced from listed company disclosures, industry databases, or other third-party channels. The Company will conduct reasonable collation and verification, but cannot guarantee that third-party information will always be accurate, complete, or timely updated.
In the event of service delays or interruptions due to natural disasters, government measures, market suspensions, network failures, or other events beyond reasonable control, the Company will handle the matter to the extent permitted by applicable law.
9.3 User Liability Users shall be legally liable for any impact or loss arising from submitting incorrect or incomplete information, violating these Terms, improper operation, failure to update information in a timely manner, or reliance on unverified content.
9.4 Scope of Liability and Legal Rights The Company’s liability shall be based on applicable law and the specific agreements signed by both parties. These Terms shall not be construed as excluding obligations that the Company cannot be exempted from by law, nor shall they restrict the user’s legally entitled and inviolable mandatory rights or legitimate remedies.
10.1 User Termination Users may cease using or apply for termination of the relevant services in accordance with the specific agreements. Fees, liabilities, transaction arrangements, and other obligations incurred prior to termination shall still be handled in accordance with the original agreements.
10.2 Suspension or Termination of Services
If a user violates applicable law, these Terms and Conditions, or the Special Agreement, submits false information, uses the service beyond the authorized scope, or poses significant compliance and security risks, the Company may restrict, suspend, or terminate the relevant services.
10.3 Effectiveness After Termination
Termination of services will not affect any legal rights and obligations incurred prior to termination. Clauses concerning intellectual property, confidentiality, limitation of liability, and dispute resolution will remain in effect after termination of services.
10.4 Applicable Law and Dispute Resolution
The formation, interpretation, and enforcement of these Terms and Conditions shall be based on the applicable law specified in the formal agreement between the parties. Disputes shall first be resolved through good faith negotiation; if negotiation fails, they shall be handled in accordance with the judicial, arbitration, or other legal procedures stipulated in the Special Agreement. The invalidity of any clause shall not affect the continued validity of the remaining clauses.
