The Hong Kong market implements a financial license management system，Financial institutions can conduct stock trading at the same time、financial derivatives、Trading in foreign exchange, gold and other products，However, the corresponding license must be obtained in advance。There are a total of 10 types of licenses under the regulatory framework，Category 9 is a license to provide asset management services，The license is regulated by the Securities and Futures Commission of Hong Kong under the Securities and Futures Ordinance。
After a private equity institution is licensed，Equivalent to obtaining a direct pass to the international capital market，Can legally participate in overseas investment，We can also accept fund entrustments from overseas investors.。at present9license plateIt has become the most intensively demanded license type among mainland asset management institutions.。Institutions holding this license can carry out overseas asset allocation、Investment consulting and other diversified businesses，More investment methods and tools to choose from。According to market data，2023There was a peak of applications from June to July 2018。
in actual operation，The application threshold is higher，Regulatory review standards are also continuing to be tightened。The person in charge of a medium-sized private equity firm in Shenzhen reflected，Control may be further tightened in the near future，Overall, it is becoming more difficult to obtain approval。
ApplyHong Kong license number 9core requirements
According to the regulations of the Securities and Futures Commission of Hong Kong，License application mainly involves the following key conditions:：
- Must be equipped with 2 Hong KongLicensed Responsible Person，The responsible person must have a publicly available capital market performance record for 3 to 5 years.，and pass a series of rigorous examinations and qualification reviews。
- Businesses must have a physical office address in Hong Kong。
- An experienced management team must be established to assist the company's daily operations。
overall，Only private equity institutions with strong funds and teams have the ability to complete the above procedures.。at present，Fushan Investment、Jingtai Lifeng Assets、Bai Fang Assets、ivy assets、Tianma Assets、Infore Capital、Qiju Assets、Yifan Assets、Institutions such as Value Gravity have been approved for license No. 9。Chongyang Investment、Jinglin Assets、Danshui spring investment、Invest with a pure heart、Zhuque Investment、Oriental Harbor、Large private equity firms such as Yitiange Investment and Wang Yawei’s Top Ace Assets have also held this license for a long time.。
Hong Kong license No. 9 transfer fee
License transferThe costs involved vary significantly compared to direct new applications。The pricing of Shell transfers is subject to the company’s survival status、Past compliance record、Influence of factors such as resource allocation of licensed responsible persons，The overall cost threshold is higher。Some organizations consider time and manpower investment，Will choose to accelerate market entry by acquiring licensed companies。Due to tighter review，The supply and demand relationship of compliant Shell also further pushed up the transfer price.。The specific fee structure needs to be assessed individually based on the individual circumstances of the buyer and seller.。
private equityoverseas channelscontrast
When it is difficult to obtain the No. 9 license quickly，The following five alternative routes to overseas markets have emerged in the market:，There are obvious differences in the applicability of each model：
- Shanghai-Hong Kong Stock Connect/Shenzhen-Hong Kong Stock Connect：Can directly configure the Hong Kong market，However, the investment scope is limited to Hong Kong Stock Connect targets，The markets and varieties that can be participated in are relatively limited。
- QDII channel：Borrow QDII quota from financial institutions such as public offerings，Passage fee required。As QDII quota becomes tighter，Channel costs continue to rise。
- Directly licensed operation：Set up a company in Hong Kong and apply for license No. 9，Can independently release products，But it requires a lot of manpower、Material and time resources。
- Investment advisory model：Funds issued through licensed overseas private equity managers，Participate as an investment advisor yourself，Channel fees are also required。
- QDLP quota：Use the QDLP quota of overseas asset management companies to directly invest the RMB funds raised domestically in overseas hedge fund products。This model is mainly for investors to allocate overseas hedge funds.，The scenarios for direct use by private equity institutions are relatively limited。
Some institutions choose to expand overseas business in a "curve" way。For example，OP Asset Management obtained license No. 9 as early as 2003，Entered the mainland market since the fourth quarter of last year，Provide comprehensive offshore fund services to private equity institutions。It has recently cooperated with Shenzhen Daopu Capital，Daopu Capital plans to issue its first Chinese quantitative long-short strategy offshore fund in the fourth quarter of 2024。September of the same year，OP Financial Group announced that it will invest HK$2 billion in cutting-edge funds on the OP Asset Management Fund platform。In licensed mode，Private equity can set up funds in Cayman，And landed in Hong Kong to accept supervision，Customers subscribe through Hong Kong securities firms。
The main reasons why private equity institutions actively go overseas
nearly a year，A number of private placement companies have deployed overseas，Mainly driven by the following factors：
- RMB faces periodic depreciation pressure，Domestic customers’ demand for overseas asset allocation has increased significantly，Hope to use this to hedge exchange rate risks and strive for stable returns。
- Domestic asset shortage continues，High capital costs，Domestic customer sentiment becomes more cautious after the stock market crash，It becomes more difficult to issue related products。
- Domestic regulatory environment tightens，Promote institutions to proactively explore international markets to seek broader business space。
- Overseas investment system is more mature，More investment varieties and tools。Especially for quantitative private equity，Available domestic instruments are limited and stock index futures are restricted，Strategy capacity is squeezed，Participating in overseas markets can effectively broaden strategic boundaries。
The actual needs of customers are concentrated in two categories:：One type is those who hope to invest domestic funds overseas through private placement to avoid depreciation.；The other type is those who hold overseas assets themselves，Need to find a professional manager for configuration。The advancement of interconnection mechanisms such as Shenzhen-Hong Kong Stock Connect has also increased the demand of overseas investors to allocate Chinese assets.，After private equity obtains relevant qualifications, it has a greater chance of gaining recognition from overseas institutional investors.。
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