Senmiao Technology Ltd SEC Filings

UBS AG is offering 1-year Trigger Autocallable Contingent Yield Notes linked to NVIDIA Corp. (NVDA) common stock. The notes pay a contingent quarterly coupon of 10.22%-11.23% p.a. only when NVDA’s closing price on an observation date is at or above the Coupon Barrier (65% of the initial level). If on any quarterly observation date (other than the final valuation date) NVDA closes at or above the Initial Level, the notes are automatically called and investors receive par plus the applicable coupon; no further payments are made.

At maturity, if not previously called, principal is protected only when the Final Level is at or above the Downside Threshold (also 65% of the initial level). Otherwise, investors are fully exposed to NVDA’s negative performance, incurring a loss equal to the percentage decline of NVDA, with the possibility of losing their entire investment.

Key terms:

• Issue price: $10 per note; minimum purchase 100 notes ($1,000).
• Estimated initial value: $9.54-$9.79 (reflects underwriting discount, hedging and funding costs).
• Trade/settlement dates: 10 Jul 2025 / 14 Jul 2025 (T+2).
• Observation dates: 10 Oct 2025, 12 Jan 2026, 10 Apr 2026, 10 Jul 2026 (final).
• Maturity: 14 Jul 2026.
• CUSIP/ISIN to be set on trade date.

Risk highlights:

• Unsubordinated, unsecured debt of UBS AG; all payments subject to issuer credit risk and potential FINMA resolution actions.
• No guaranteed coupons; investors may receive few or none.
• Limited upside: maximum return equals sum of coupons received; no participation in NVDA price appreciation.
• Secondary market may be illiquid; notes will not be listed.
• Issue price exceeds estimated initial value; secondary market bids likely below the $10 offering price after launch.

The product may appeal to investors seeking enhanced income with a view that NVDA will stay above 65% of its initial level, and who are comfortable with equity downside risk and UBS credit exposure.