Hong Kong license number 9：Company Licensing Guidelines、Personnel competency regulations and application procedures

Since the launch of Shanghai-Hong Kong Stock Connect，More and more mainlandasset ManagementInstitutions begin to expand into the Hong Kong market，Introduce overseas investors by setting up a company in Hong Kong。Many private equity fund managers plan to applyHong Kong license number 9，Using Hong Kong as a platform to attract international funds。According to the provisions of Hong Kong’s Securities and Futures Ordinance，Type 9 regulated activity licenseMainly involves the provision of services for managing portfolios of securities or futures contracts。at present，Fushan Investment、Jingtai Lifeng Assets、Bai Fang Assets、ivy assets、Tianma Assets、Infore Capital、Qiju Assets、Yifan Assets、Well-known mainland private equity institutions such as Value Gravity have successively obtained this license.，Some of these institutions have been approved in the past year or two，Some take longer to obtain。

Generallicensing requirements

Securities Regulatory CommissionLicenses will only be issued to applicants (including companies or persons) who meet the fit and proper criteria，and will be evaluated from the following aspects:：

1. Financial condition and solvency；
2. Educational qualifications、Other qualifications and experience，Relevant considerations must take into account the nature of the functions intended to be performed by the applicant；
3. Are you capable of doing your job competently?、carry out relevant regulated activities honestly and fairly；
4. Reputation、character、Reliability and financial soundness。

Licensed corporations and individuals affiliated with licensed corporations，are subject to other legal requirements including immigration and taxation。

Licensing requirements for companies

Those who plan to apply for a license in Hong Kongasset management company，Must be a company incorporated in Hong Kong，or an overseas corporation registered with the Companies Registry。According to the Securities and Futures Ordinance，Institutions operating as sole proprietorships or partnerships will not be granted a license。When assessing whether a company meets the fit and proper criteria，The China Securities Regulatory Commission will examine the company’s financial status and solvency、Qualifications and experience of each person，and whether the company has the ability to carry out regulated activities competently。In terms of competence，Companies must demonstrate that they have an appropriate business structure、Good internal control systems and qualified personnel，To ensure proper risk management and compliance with relevant rules and legislation。

A licensed asset management company must have at least twoResponsible person。For licensed individuals andResponsible personnationality，The Securities and Futures Commission does not have any restrictions or special requirements。An asset management company must have at least one responsible person serving as a member of the board of directors；but，Other board members who are not actively involved in or directly supervise asset management activities，You do not necessarily need to be licensed to be a responsible person in the asset management business。

SFC requires at least one responsible officer to be based in Hong Kong，in order to directly supervise the relevant business。The responsible officer does not need to be in Hong Kong at all times，However, it must ensure that the SFC can immediately contact at least one responsible officer of the asset management company when necessary。Except for the responsible person，Any person who carries out asset management activities for or on behalf of a licensed asset management company，are required to be licensed aslicensed representative。

Companies planning to apply for a CSRC license must also meet relevant capital requirements。If you hold a Type 9 regulated activity license and do not hold client assets，The company must maintain a minimum liquid capital of no less than HK$100,000。

Ongoing responsibilities after doing business

After obtaining the license，Companies must continue to maintain fit and proper qualifications，and comply with all applicable provisions of the Securities and Futures Ordinance and its subsidiary legislation，and codes and guidelines issued by the Securities and Futures Commission。Companies are required to submit audited accounts and financial statements regularly，and notify the China Securities Regulatory Commission of certain events or information changes related to the company’s business within a specific time limit.。

Licensing requirements for personnel

Competency regulations for responsible personnel

When an individual applies for a license from the Securities and Futures Commission，Must demonstrate that they have met appropriate standards of competence and integrity，Be a fit and proper person to carry out regulated activities。Specific requirements include：

1. Academic/Industry Qualifications：Hold a university degree in a specified field (e.g. accounting、Business Administration、economy、Finance and Legal)；or other degree (and have passed the examination in at least two subjects in the specified areas)；or possess a professional qualification (e.g. Chartered Financial Analyst、Certified Financial Planner, etc.)。
2. Relevant industry experience：within the past 6 years，Have at least 3 years of relevant industry experience。
3. Management experience：Have 2 years of management experience。
4. Local Regulatory Framework Examination：Must pass the Securities and Futures Practitioners Qualification Examination Paper 1 and Paper 6 of the Hong Kong Securities Institute (applicable to Type 9 Regulated Activity License)。

Competency requirements for licensed representatives

Other than those performing direct supervisory functions，Any person carrying out regulated activities must be licensed as a licensed representative，The relevant requirements are as follows：

1. Academic/Industry Qualifications：Hold a university degree in a specified field (e.g. accounting、Business Administration、economy、Finance and Legal)；or other degree (and have passed the examination in at least two subjects in the specified areas)；or possess a professional qualification (e.g. Chartered Financial Analyst、Certified Financial Planner, etc.)。
2. Local Regulatory Framework Examination：Must pass the Securities and Futures Practitioner Qualification Examination Paper 1 of the Hong Kong Securities Professional Institute。

Application process for license

It is recommended that companies before applying for a license，Pay special attention to the following matters，and describe in detail the status of the company to be applied for：

1. Institutional background
2. Nature of business
3. Business scope
4. Operation mode
5. Customer object
6. Asset Management Program
7. risk management procedures
8. Compliance management procedures
9. Management team (including responsible personnel and key staff，and their functions)
10. Organizational structure
11. Resource allocation
12. corporate governance

corporate governance，Good internal controls should be in place and staffed with qualified personnel，To ensure proper risk management and compliance with relevant rules。also，If you plan to set up a subsidiary outside mainland China，Please note whether prior approval from mainland regulatory authorities is required。

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