Elect one of three at maturity. None is a guaranteed buyback.
Exit Paths
After 24 months, participants may exit through one of three routes. Each differs in liquidity and in how rights terminate.
① Gold redemption
At month 24, redeem for equivalent physical gold in Hong Kong.
Payout rights end on redemption — a one-off exit.
② Extend
Do not redeem; keep holding.
Payout rights continue, plus an additional 5% p.a. return right.
For those favouring long-dated cash flow.
③ Secondary transfer
Transfer the stake to another investor on the secondary market.
Liquidity depends on supply and demand; no guaranteed fill.
Three paths compared
| Path | Trigger | Rights | Liquidity |
|---|---|---|---|
| Gold redemption | Month 24 | Payout rights end; settled once | Executed by rule; highest certainty |
| Extend | Election at month 24 | Payout rights continue + 5% p.a. | Depends on later operations; no fixed maturity |
| Secondary transfer | Once transferable | Stake and rights move together | Market-dependent; no guaranteed fill |
None of the three is a guaranteed buyback. Gold redemption depends on coverage and the prevailing gold price; the 5% on extension also comes from line surplus; secondary pricing is set by the market. Final terms follow the executed agreement.