149license，It is a common concept of license combination in the Hong Kong financial market.，refer toHong Kong Securities and Futures CommissionCategory 1、Combination of Type 4 and Type 9 regulated activity licenses。The Hong Kong Securities and Futures Commission regulates 10 types of licenses in total，Each type of license corresponds to a specific financial business；If an enterprise intends to carry out relevant regulated activities in Hong Kong，You must first obtain the corresponding license。
Since the launch of Shanghai-Hong Kong Stock Connect，More and more mainland management institutions are beginning to enter the Hong Kong market，Introduce overseas investors by setting up a company in Hong Kong。we observed，Many private equity fund managers are interested in applying for a Hong Kong Securities and Futures Commission license，and use Hong Kong as a platform to attract international investors、An important platform to expand cross-border asset allocation business。
at present，The most popular on the marketHong Kong financial licenseIncluding No. 1、2Number、4Number、6No. and No. 9 license plates。The Hong Kong Securities Regulatory Commission has different application requirements for different types of licenses，The actual application difficulty also varies.。Below we start from the practical applications of the ten major types of financial licenses.，Systematic review of the business value of 149 licenses。
Practical applications of Hong Kong’s top ten financial licenses
| License type | regulated activities | Real world application |
|---|---|---|
| Category 1 | Securities trading | Provide clients with stock and stock options trading/brokerage services；Buy and sell bonds for clients；Buy/sell mutual funds and unit trust funds for clients；Placing and underwriting securities。 |
| Category 2 | Futures contract trading | Provide clients with index or commodity futures trading/brokerage services；Buy/sell futures contracts for clients。 |
| Category III | Leveraged Forex Trading | Conduct foreign exchange transactions for clients on margin basis。 |
| Category 4 | Advise on securities | Provide clients with investment advice on selling/buying securities；Issue research reports/analysis on securities。 |
| Category 5 | Advising on futures contracts | Provide investment advice to clients regarding selling/buying futures contracts；Issue research reports/analysis on futures contracts。 |
| Category 6 | Advise on institutional financing | Acting as sponsor for an initial public offering for a listing applicant；Regarding "Company Acquisition"、Providing advice on the Mergers and Share Buy-backs Code；Advising listed companies on Listing Rules compliance matters。 |
| Category 7 | Provide automated trading services | An electronic trading platform that operates matching customer orders。 |
| Category 8 | Providing securities margin financing | Provide financing to clients buying stocks，and use the client’s stocks as collateral。 |
| Category 9 | Provide asset management | Manage securities or futures contract investment portfolios for clients on a discretionary basis；Manage funds on a discretionary basis。 |
| Category 10 | Providing credit rating services | Just the company、Preparing reports on the creditworthiness of bonds and sovereigns。 |
149The core components of a license
The so-called 149 license，Essentially Category 1、Category 4 and9Class licensecombination。due to securities trading、Securities investment opinions and asset management have strong synergistic effects in actual business，Therefore, most plan to carry out asset management in Hong Kong、Fund and securities related business companies，Will tend to apply for these three licenses at the same time。
- 1Class license，i.e. securities trading license。After obtaining a Class 1 license，Enterprises can only engage in providing securities transactions for customers in Hong Kong、Brokerage services and other businesses，Equivalent to mainland securities companies providing stock trading services to customers。
- 4Class license，i.e. license to advise on securities。After obtaining Category 4 license，Only companies can provide securities investment advice to customers in Hong Kong，and publish relevant research reports。
- 9Class license，Provide asset management license。After obtaining Category 9 license，Only companies can issue funds in Hong Kong、Manage client funds, etc.，Equivalent to Mainland China’s private equity fund license。
149license plate combinationbusiness advantages
Get No. 1、4Number、9After the number plate is granted，Enterprises can combine the advantages of Guocai Assets’ license business，Further expand the scope of overseas investment targets，Enrich investors’ product choices，and more comprehensive、Actively participate in market investment。
For service institutions and asset management platforms，149License portfolio helps build a more complete securities trading、Investment research advice and asset management capability system，To provide global asset allocation and family wealth management consulting services to clients and high-net-worth individual clients.。
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