Terms of Use

Last updated: 25 September 2026

These Terms of Use ("Terms") govern your access to and use of the FormA1 website at forma1.app and its related tools, APIs and connectors (together, the "Service"). The Service is operated by FormA1 ("we", "us", "our"). By creating an account or using the Service, you agree to these Terms and to our Privacy Notice. If you use the Service on behalf of an organisation, you confirm that you are authorised to accept these Terms for it.

A Chinese translation is provided for reference only. If there is any inconsistency, the English version prevails.

1. The Service

1.1 The Service is a search and information-location tool for documents that issuers have filed for publication on the HKEXnews website, including listing documents, Application Proofs and Post Hearing Information Packs (the "Source Documents"). It helps users find, compare and navigate to relevant disclosures through structural, keyword, semantic and AI-assisted search.

1.2 The Service is intended for professional users, such as lawyers, bankers, accountants and other capital markets practitioners, who are at least 18 years old.

1.3 We may change, suspend or discontinue any part of the Service at any time. During any beta or invitation-only period, the Service is provided for evaluation, with no commitment as to availability or continuity.

2. Relationship with HKEX and with Source Documents

2.1 Independent service. The Service is independent. It is not affiliated with, endorsed, sponsored or licensed by Hong Kong Exchanges and Clearing Limited or any of its subsidiaries ("HKEX"), or by any issuer, sponsor or other party whose documents appear in search results.

2.2 What the Service does. To provide search, the Service processes the text of Source Documents by automated means to build a search index, structural tags, metadata and retrieval features. It uses that index to identify which documents and passages are relevant to your query and to point you to them.

2.3 What the Service does not do.

  • (a) It does not offer Source Documents for download, and does not display any Source Document in full.
  • (b) Search results show limited excerpts together with the document name, section and page reference and, where available, a link to the document on HKEXnews. Excerpts are provided so that you can judge whether a result is relevant before consulting the original.
  • (c) It is not intended to be, and must not be used as, a substitute for the Source Documents or for HKEXnews.
  • (d) We do not sell or license Source Documents or any HKEX content. Any fees charged for the Service are for access to its search technology, organisation, classification and related features, and not for any Source Document.

2.4 Authoritative version. The version of a Source Document published on HKEXnews is the only authoritative version. Excerpts, tags, summaries and other outputs of the Service may be incomplete, taken out of context, out of date, or drawn from a document that has since been replaced, has lapsed or has been withdrawn. You must check the original on HKEXnews before relying on any content.

2.5 Rights in Source Documents. Copyright and other rights in Source Documents belong to HKEX, the relevant issuer or other third parties, as the case may be. These Terms do not grant you any right in any Source Document. Your access to and use of Source Documents, including by following a link from the Service, is subject to the terms of use and disclaimers published by HKEX.

2.6 Removal requests. If you own rights in any material that appears in the Service and believe it should not appear, contact us at [email protected] with (a) your contact details, (b) identification of the material and where it appears, and (c) the basis of your request. We aim to review and, where appropriate, remove or restrict the material within 2 business days of receiving a complete request.

3. Your confidentiality obligations

3.1 You are responsible for what you enter. You are solely responsible for the content of any query, prompt or other input you submit to the Service ("Input"), and for ensuring that submitting it complies with your professional, contractual and legal obligations, including duties of confidentiality to your clients and your employer.

3.2 Do not enter confidential information. Do not enter into the Service any information that is confidential, privileged or not publicly available. This includes client or project names and code names, the identity of an issuer on a non-public transaction, draft disclosure, deal terms, timetables, and any personal information of third parties. Frame queries in terms of the type of disclosure you are looking for, not the matter you are working on.

3.3 Third-party processing. To answer your queries, Input is transmitted to the third-party providers listed in our Privacy Notice, some of which are located outside Hong Kong and outside mainland China. We do not store your Input, but those providers may retain and use it in accordance with their own terms and policies, over which we have no control. If you are not permitted to share certain information with such providers, do not enter it into the Service.

3.4 No confidential relationship. Your use of the Service does not create any confidential, fiduciary, solicitor–client or other professional relationship between you and us.

4. AI features and outputs

4.1 Some features use large language models to rank, summarise, compare or discuss search results ("AI Output"). AI Output is generated automatically, may be inaccurate, incomplete or misleading, and may attribute content to the wrong document or section.

4.2 AI Output is draft research input only. You must independently verify it against the original Source Documents before using it in any work product.

4.3 No legal, financial or professional advice. Nothing in the Service, including AI Output, constitutes legal, financial, investment or other professional advice, and nothing in it indicates how HKEX, the SFC or any other regulator will view any disclosure.

5. Acceptable use

You must not, and must not permit anyone else to:

  • (a) use the Service, whether manually or by automated means (including via scripts, agents or connectors), to reconstruct, extract, compile or download all or a substantial part of any Source Document, or of the Service's index, tags or metadata;
  • (b) scrape, crawl or systematically extract data from the Service, or exceed any rate or usage limit we set;
  • (c) redistribute, resell or publish excerpts, results or AI Output as a collection or as a substitute for Source Documents;
  • (d) share your account credentials or allow anyone else to use your account;
  • (e) reverse engineer, decompile or attempt to access the Service's source code, models or index, except to the extent permitted by law;
  • (f) interfere with, overload or circumvent any security or access control of the Service, including our bot-protection measures;
  • (g) use the Service to build or train a competing product or dataset; or
  • (h) use the Service in breach of any applicable law or of any obligation you owe to a third party.

6. Our rights in the Service

The Service, including its software, design, taxonomy, classification scheme, structural tags, metadata and all other materials we create (but excluding Source Documents), is owned by us or our licensors. Subject to these Terms, we grant you a limited, personal, non-exclusive, non-transferable, revocable right to use the Service for your own professional research.

7. Third-party services

The Service relies on third-party infrastructure and model providers, listed in our Privacy Notice. We are not responsible for their acts, omissions, availability or policies.

8. Fees

The Service is currently provided free of charge. If we introduce fees for the Service or any part of it, we will give registered users notice in advance, and the applicable fees, billing cycle, taxes and refund and cancellation terms will be set out at the point of subscription and form part of these Terms. You will not be charged unless you choose to subscribe.

9. Disclaimers

THE SERVICE IS PROVIDED "AS IS" AND "AS AVAILABLE". TO THE FULLEST EXTENT PERMITTED BY LAW, WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING AS TO ACCURACY, COMPLETENESS, CURRENCY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT AND UNINTERRUPTED OR ERROR-FREE OPERATION. WE DO NOT WARRANT THAT THE SERVICE COVERS ALL SOURCE DOCUMENTS OR REFLECTS THEIR LATEST STATUS.

10. Limitation of liability

10.1 To the fullest extent permitted by law, we are not liable for any indirect, incidental, special, consequential or punitive loss, or for any loss of profits, revenue, business, goodwill or data, arising out of or in connection with the Service, however caused.

10.2 Our total aggregate liability arising out of or in connection with these Terms or the Service shall not exceed the greater of (a) the fees you paid us in the 12 months before the event giving rise to the claim, and (b) HK$500.

10.3 Nothing in these Terms excludes or limits liability that cannot be excluded or limited by law.

11. Indemnity

You will indemnify us against any claim, loss or expense (including reasonable legal fees) arising from your breach of these Terms, including any breach of Section 3 or Section 5, or from any Input you submit.

12. Suspension and termination

We may suspend or terminate your access at any time, including where we reasonably believe you have breached these Terms. You may stop using the Service at any time. Sections 2.5, 3, 4.3 and 6 to 14 survive termination.

13. Changes to these Terms

We may update these Terms from time to time. We will post the updated version with a new "Last updated" date and, for material changes, notify registered users by email or in the Service. Continued use after the effective date constitutes acceptance.

14. Governing law and disputes

These Terms are governed by the laws of the Hong Kong Special Administrative Region. The courts of Hong Kong have exclusive jurisdiction over any dispute arising out of or in connection with these Terms or the Service.

15. Contact

FormA1 · [email protected]

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