Effective date of update: June 29, 2026 HGU Macro Research (hguzs.cn, hereinafter 'we') strictly complies with Singapore's Personal Data Protection Act (PDPA) and the Personal Information Protection Law of the People's Republic of China, and fully protects the personal information of all website visitors. This statement explains in full how personal information is collected, used, stored, shared, and protected, as well as all statutory rights of users. By browsing macro and tech news, sending emails, or using any website service, you are deemed to have fully read and agreed to all terms in this statement. 1. Information we collect 1) Information you voluntarily submit We collect only when you actively provide it, and never require personal data: Email inquiries, manuscript submissions, business cooperation: name, email address, company name, finance/semiconductor role, phone number; Cooperation inquiry forms: asset managers, chip companies, broker cooperation needs; Membership subscription (if enabled): login email, account password, display nickname. 2) Anonymous logs collected automatically by the site (Cookie/server records) When you browse Fed macro, AI chip, or Hong Kong pages, the server automatically records anonymous device data: IP address, browser model, operating system, visited pages, time on page, click path, and device identifier; This data is used only to speed up information pages, count traffic, and block crawlers from bulk scraping financial data, and cannot identify a real person on its own. 3) Sensitive personal information is not proactively collected Without a valid business need, we do not actively collect highly sensitive data such as ID cards, passports, bank cards, securities accounts, asset lists, or biometric data; we receive such data only when you proactively upload corporate cooperation documents. 2. Lawful purposes of use Replying to inquiries, submissions, and business emails related to Federal Reserve macro, AI tech, and Hong Kong IPOs; Improving real-time quote pages and weekly macro-industry briefing experience; Aggregating traffic data in anonymized form to produce global finance statistics reports (all personal identifiers removed, so users cannot be traced back); Detecting malicious crawlers, abnormal logins, and cyberattacks to keep the information system stable; Cooperating with Singaporean and domestic judicial/regulatory authorities when legally required; Sending weekly macro/tech briefings you subscribed to voluntarily, with the option to unsubscribe at any time. 3. Storage and retention rules Storage location: compliant cloud servers in Singapore that fully meet PDPA standards; Retention periods: Email correspondence: kept for 3 years, then encrypted and archived when due; Website access logs: kept for 90 days only, then automatically deleted; Business cooperation forms: kept for 2 years after the cooperation ends, with early deletion available upon request; Anonymization: all industry statistics are stripped of personal labels and cannot be traced to a single visitor. 4. Information sharing rules We solemnly promise: without your written explicit authorization, we will never sell, rent, or transfer your personally identifiable information to third parties. Disclosure is allowed only in the following lawful cases: You provide written permission agreeing to share your personal data; Singapore or mainland Chinese judicial/financial regulatory authorities issue statutory documents; The website undergoes merger or equity transfer, and the successor operator must comply with this statement equally; De-identified logs are provided to cybersecurity partners for site protection; In a sudden emergency, disclosure is necessary to protect the personal and property safety of users and the public. Third-party ads and analytics plugins only obtain anonymous traffic data and cannot access identity information such as name or email. 5. Users' statutory personal information rights You may email privacy@hguzs.cn to submit a request. After identity verification, it will be completed within 15 business days: Right of access: request a copy of all personal information we retain about you; Right to correction: correct wrong or outdated contact details; Right to deletion: remove all email and cooperation-form records; Right to withdraw consent: cancel industry briefing subscriptions and turn off Cookie tracking; Right to account deletion: permanently delete the membership account and all related data; Right to appeal: if you object to the way your information is processed, submit it for compliance team review. 6. Cookie and tracking tool notice This site uses Cookies to speed up loading of macro and tech pages and to store your reading preferences: Essential Cookies: ensure quotes and reports refresh properly; cannot be turned off; Analytics Cookies: used for site traffic analysis; can be fully disabled in the browser; Turning off Cookies only reduces page-loading convenience and does not limit access to free reports and educational articles. 7. Information security measures Full-site HTTPS encrypted transmission to block data theft in transit; User data stored in encrypted form with tiered backend access controls, accessible only to compliant staff; Regular server security audits, vulnerability scans, and a complete data-leak emergency response plan; All employees sign confidentiality agreements and are prohibited from exporting or leaking user privacy data. The internet has inherent security risks and 100% absolute protection is impossible. Please do not upload securities accounts, ID documents, or other sensitive files to this site. 8. Protection of minors This site is intended for adult investors and industry professionals and does not proactively collect personal information from users under 18. If minor data is obtained unintentionally, all related records will be deleted immediately and completely. 9. Privacy statement update mechanism We will revise this statement periodically in line with Singapore PDPA, domestic data laws, and platform business adjustments. Updated versions will be published at the bottom of the page and take effect immediately. Major changes will be notified by email to users who have previously interacted with us; continued use of the site means acceptance of all terms in the new version. 10. Dedicated contact channel for privacy matters Privacy inquiries email: privacy@hguzs.cn Singapore operating entity: HGU Media Pte. Ltd.