Terms of Use

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.

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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.

4A. AI connections (MCP)

4A.1 What it is. If your plan includes it, you may connect an AI assistant that you use (for example Claude or Codex) to the Service through the Model Context Protocol ("AI Connection"). Your assistant then calls the Service's search tools on your instructions and receives their results.

4A.2 One person, one connection. An AI Connection is for your own use only. Your account may have one AI Connection at a time, in addition to one browser session; signing in from another assistant ends the previous connection. You must not connect an assistant, workspace, project or agent that other people can use or instruct, or otherwise let anyone else use the Service through your AI Connection. Section 5(d) applies to AI Connections.

4A.3 Limits. AI Connections are subject to rate and daily usage limits, including limits on the amount of filing text returned. We set and may change them to reflect one person's ordinary research use. Section 5(a) and 5(b) apply to AI Connections: you must not use one to extract, compile or download Source Documents or the Service's index, tags or metadata, or to build a dataset or train a model.

4A.4 Your assistant is not part of the Service. Your AI assistant, and the provider that operates it, are chosen by you and are not our sub-processors. Everything your assistant sends us and everything we return to it is processed by that provider under its own terms. You are responsible for your assistant's instructions and outputs, and Sections 3 and 4 apply to them as if they were Input and AI Output: verify any result against the original Source Documents before relying on it.

4A.5 Breach. If we reasonably believe an AI Connection is being shared or used in breach of this Section, we may end the connection, suspend AI Connections for your account, or terminate your access under Section 12 without refund of the remaining plan time.

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. Plans, passes and payment

8.1 Plans. The Service is offered on a free plan and on paid plans (Pro and Pro+). What each plan includes, and the prices, are described on the Pricing page at forma1.app/pricing, which forms part of these Terms. We may change the features of a plan; a change that materially reduces what a pass you have already bought includes will not apply to that pass.

8.2 Passes. Paid plans are sold as passes for a fixed period, as listed on the pricing page at the time of purchase (currently one month or three months). A pass starts when it is bought or, if your account already has plan time, when that time ends. Passes do not renew automatically, and you will not be charged unless you buy one.

8.3 Upgrades. If you buy a Pro+ pass while Pro time remains on your account, Pro+ starts immediately and each remaining day of Pro is converted into 0.6 day of Pro+. A Pro pass bought while Pro+ is running starts when the Pro+ time ends.

8.4 AI allowance. Semantic search and AI Research draw on an allowance measured by the AI models' actual usage. It renews every 30 days of a pass, is subject to a daily cap and is not carried over. Additional allowance bought as a top-up applies only to the 30-day period in which it is bought and lapses at the end of that period.

8.5 Trials. A new account receives a free Pro trial (three days, or seven days when registered with an invitation code), once per email address. While we offer it, an account that does not have Pro+ may also claim a free five-day Pro+ trial, once per email address; plan time already on the account is paused during the Pro+ trial and resumes when it ends. Buying a pass ends a running trial. We may withhold or end a trial where we reasonably suspect abuse, including the use of multiple accounts.

8.6 Invitations. When a person who registered with your invitation code first buys a monthly or quarterly pass, your plan is extended by five or ten days respectively, for up to twelve such persons. Rewards have no cash value and may be withdrawn if obtained through self-referral or other abuse.

8.7 Price and payment. Prices are stated in Renminbi and are the amounts you pay. Payment is made through Alipay, whose own terms apply to the payment; we do not receive your payment card or Alipay account details.

8.8 No refunds. Because every account can try the Service free of charge first, a pass or top-up cannot be cancelled or refunded once it has started, except where the law requires otherwise.

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. Deleting your account ends any remaining plan time without refund; if we terminate your access other than for your breach of these Terms, we will refund the unused part of any pass you have paid for. Sections 2.5, 3, 4.3 and 6 to 14 survive termination. Termination for a breach of Section 4A.2 or 5(d) (shared use) is termination for your breach of these Terms.

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]