Hong Kong SFC No. 9 (asset Management)business scope and core values
according toHong Kong Securities and Futures Ordinance (SFO)，Holds Hong Kong SFC No. 9 license (asset Management)institutions are authorized to provide asset management services，At its core lies ownership of the client's investment portfolioInvestment decision or discretion。This license is the most core license in the asset management field in Hong Kong，Its main business areas include：
- Traditional asset management：Allow institutions to set up and manage investment funds (such as public funds) for clients on a discretionary basis、private equity funds、hedge fund、PE/VC funds, etc.)，and manage clients’ investment portfolios or special accounts。
- virtual assets(VA) Management：Suitable for virtual asset fund management、Crypto Portfolio Investment、Tokenized asset trust management and other services。Any virtual assets with security properties (such as STO、Cryptoasset structured products, etc.) for management and allocation，All belong to the category of No. 9 plate。
Obtaining this license will not only enhance the institution’s、Credibility among custodians and investors，It also legally expands cross-border asset management business.、Realize asset securitization and enjoy Hong KongTax preferential policiesimportant basis for。GXT-HKsuggestion，Institutions can also apply for license No. 1 (for securities trading) or license No. 4 (for providing advice on securities).，Forming an integrated financial service closed loop of "raising/distribution/investment consulting/management/transaction execution"。
Chinese companies apply for No. 9 license - industry cases
In recent years, more and more institutions from mainland China and Chinese background have accelerated their overseas expansion，Actively applyHong Kong Securities and Futures Commission (SFC) License No. 9 (Asset Management License)。According to the latest data，The number of licensed and existing private equity institutions with mainland background has exceeded 100。
The following are the main types of applicant institutions、Company list、Background characteristics and application purpose：
one、 Head and tens of billions of private equity institutions (core main force) Such institutions are currently the backbone of cross-border licensing，Mainly covers subjective private placement、Quantitative private equity and “subjective + quantitative” hybrid private equity。in，Ten billion-level and nearly tens-billion-level private equity accounts for nearly 50%。
- Represent the company：
- Established/Early Licensed Private Equity： 景林资产（2005年持牌）、淡水泉（2011年持牌）、Infore Capital (licensed in 2014)、Yuanfeng Fund, etc.。
- Tens of billions of private placements approved in recent years： CEIBS、Jiukun Investment、Mingshi Fund、Tianyan Capital、evolution assets、Panze Assets、Good times private placement、Shanghai Dapu Assets、Inno Assets、Dunhe Asset Management、Renqiao Assets、Jin Ge Liangrui、Qianxiang Assets、Hesheng Assets、Century Frontier、Quantitative investment、sum of squares investing、Zhicheng Zhuoyuan、Blackwing Assets etc.。
- Small and medium-sized private placement： Youli Investment、Qianhai Bopu Assets、Hongshang Assets、Longhang Assets、Qingbai Assets、Yongxin International Investment、Xinshan Investment, etc.。
- background features： They usually have strong domestic financial strength、An asset management institution with a large management scale and a mature investment research system。Because cross-border layout requires extremely high compliance construction、Initial costs such as overseas team formation, etc.，These leading institutions with long-term operational compliance advantages are more likely to passregulatory reviewAnd digest the initial investment。
two、 Hong Kong subsidiaries of leading and medium and large securities firms With the globalization of wealth management and the explosion of demand for cross-border private equity custody,，Chinese securities companies are also intensively laying out the Hong Kong license matrix through capital increase and other methods (usually holding 1、4、6、9license plate combination)。
- Represent the company： CITIC Securities、CICC、China Merchants Securities、Cathay Pacific Haitong、GF Securities、Huatai Securities、Soochow Securities、Shanxi Securities、Huafu Securities, etc.。
- background features： As the core hub of the mainland’s financial system，They have an extremely large domestic high net worth and institutional client base。Currently moving from a single domestic market to "domestic and overseas integration"，Provide one-stop cross-border custody and wealth management closed-loop services for Chinese private equity “going out” and overseas capital “bringing in”。
three、 The core purpose of applying for No. 9 license
- Diversify geographical risks，Broaden strategic boundaries： Overseas markets cover diversified asset targets and abundant financial instruments。Obtaining the No. 9 license can help institutions implement global multi-asset strategies overseas，Reduce portfolio dependence on a single economy，Improve the overall configuration’s resistance to volatility and differentiated income space。
- Meet the global allocation needs of high net worth and institutional clients： Leading private equity and securities firms have long served institutional investors and high-net-worth individuals，The demand for global asset allocation among these customer groups continues to grow.。Holding a Hong Kong license can force organizations to improve their cross-border service capabilities，Meet customer needs and significantly enhance customer stickiness。
- Break through the ceiling of local competition，Achieve global transformation： Competition in the domestic asset management industry is increasingly fierce，Exploring overseas markets is an inevitable strategic choice for institutions to explore new growth curves.。Through global layout，Chinese-funded institutions can enhance international brand influence，Transformation into a truly global asset management organization。
- Laying out specific frontier areas (such as technology companies)： Some technology giants (such as ByteDance) applied for this license across borders，Mainly to take advantage of Hong Kong’s market environment，Focus on and deploy asset management business in the fields of technology and artificial intelligence (AI) on a global scale。
Four、 Hong Kong’s capital market，At the same time attract internationally renowned private equity companies：
Hong Kong SFC No. 9 (asset Management)capital and site conditions
牌照附有不得持有客户资产条件时，通常无最低缴足股本要求，并须按《财政资源规则》维持至少10万港元速动资金。任何额外运营缓冲应按租金、manpower、系统和业务规模编制预算，不是统一监管门槛。
如获准持有客户资产，通常适用500万港元最低缴足股本及300万港元最低速动资金，并须满足客户资产、hosting、内控和审计要求。页面不再把450万港元等项目预算写成统一保证金门槛。
The applicant must be a limited company registered in Hong Kong or a non-Hong Kong company that has completed overseas company registration。Must have an actual commercial office address in Hong Kong (usually required to be a Grade A commercial building)，Absolutely no co-working spaces or virtual secretary addresses are allowed。also，It is necessary to establish a complete physical isolation mechanism for access control and files。
Hong Kong SFC No. 9 (asset Management)Qualification requirements for RO responsible persons
每项受规管活动通常至少需要2名合资格负责人员，其中至少1名为执行董事，并确保至少1名RO随时可监督业务。SFC关注实际管理和可用性，不能把该要求简单写成永久居民或固定居住身份条件。
The proposed RO must have at least 3 years of experience in asset management within the past 6 years、Industry experience directly related to financial investment。The SFC may also recognize discretionary account management at its discretion、Private equity or proprietary trading experience。also，Applicants must have at least 2 years of proven management skills and experience supervising people。
RO must be proficient in the Securities and Futures Ordinance (SFO) and AML regulations。Usually you need to pass a recognized qualification examination (such as Paper) organized by the Hong Kong Securities and Investment Institute (HKSI) 1, 6, 7, 9, 12and other combinations)。If you have equivalent overseas regulatory experience，Can apply to SFC for conditional exemption，However, additional continuing professional training (CPT) is required。
ROs must meet the SFC’s strict “Fit and Proper” requirements。Must be in good financial standing (no bankruptcy record)，and good reputation and character.。There must be no record of major financial violations、Criminal record or disciplinary action by other regulatory agencies。Major shareholders (UBO) also need to pass source of wealth (SoW) review。
Hong Kong SFC No. 9 (asset Management)application process
明确商业模式、investment authorization、是否持有客户资产及是否涉及虚拟资产，并按正式牌照条件设计公司、personnel、办公及财务资源安排；“大9号/小9号”仅为市场俗称。
Recruit or appoint at least 2 qualified ROs，Establish a Core Function Manager (MIC) system (covering risk management、Compliance、IT、AML and other 8 major functions)，And complete preparations for the capital source and character review of the major shareholder (UBO)。
Hong Kong Xintong's legal team drafts core delivery documents，Includes detailed business plan (Business Plan)、Compliance and Internal Controls Manual、AML/KYC Policy、Valuation mechanism、Business Continuity Plan (BCP) and IT Data Compliance Commitment。
Submit the Form online through SFC’s “WINGS” electronic licensing platform 1、Form 5/6/7 and other forms and pay the official fee。Responding to the SFC’s months-long preliminary review and multiple rounds of written inquiries (RFIs)，Clarify business model and risk control details。
After obtaining SFC "Approval in Principle (AIP)"，Satisfy conditions such as funds in place and bank account opening within 3 months in exchange for a formal license。After obtaining the license，Hong Kong Xintong can assist in completing monthly/semi-annual FRR financial declarations、Continuous compliance obligations such as regular audits and CPT training。
Hong Kong SFC No. 9 (asset Management)Official fee breakdown for
The official fee for applying for Hong Kong Securities and Futures Commission (SFC) No. 9 license is strictly charged for each regulated activity。All fees must be paid online via SFC’s “WINGS” system。The following are the official fee standards charged by SFC：
| Apply for a project | Official application fee (Hong Kong dollar) | Annual fee for subsequent years (Hong Kong dollar) |
|---|---|---|
| Licensed Corporation Application Fee (Institutional body) | $4,740 | $4,740 / Year |
| Approved as responsible person (RO) | $2,950 / per person | $2,950 / per person / Year |
| Approved as a licensed representative (LR) | $1,790 / per person | $1,790 / per person / Year |
Note：The above are only the administrative fees officially charged by SFC.。In the actual implementation process，Institutions also need to bearCompliance systembuild、Legal consulting、RO firewood equipment、Grade A office leasing andaudithigh operating costs。GXT-HKCan provide you with an accurate overall implementation budget assessment。
Hong Kong SFC No. 9 (asset Management)Frequently Asked Questions(FAQ)
The Hong Kong Securities and Futures Commission’s Type 9 regulated activity license is the “Provision of Asset Management” license。Its core feature lies in the institution's investment portfolio (such as securities、futures contract、Investment funds, etc.) have the right or discretion to make investment decisions。The business scope covers discretionary public/private fund management、Special account financial management，and fund management involving securities-like virtual assets.。
Absolutely not。SFC strictly requires that the applicant must have an actual physical office address in Hong Kong (usually a Grade A commercial building is recommended)，And must have independent access control and file storage space。The use of co-working spaces or virtual secretary addresses is strictly prohibited。
附有不得持有客户资产条件的9号牌通常无最低缴足股本要求，但须维持至少10万港元速动资金；获准持有客户资产时，通常为500万港元最低缴足股本及300万港元最低速动资金。其他运营缓冲属于个案预算，不是统一法定门槛。
每项受规管活动通常须委任至少2名合资格RO，其中至少1名为执行董事，并确保至少1名RO随时可监督业务。监管重点是实际管理、授权和可用性，而不是把居留身份当作唯一标准。
The RO must be a "fit and proper person" recognized by the SFC。Core hard conditions include：Have at least 3 years of relevant asset management industry experience in the past 6 years；Have at least 2 years of proven management skills and experience；Pass the relevant local regulatory framework and industry qualification examinations of HKSI (unless exempted)；and no record of bankruptcy or major financial irregularities。
SFC officially promises that the processing time for corporate licensing is 15 weeks。But in practice，Taking into account multiple rounds of written inquiries (RFI) in the early stage、Supplementary materials and business complexity，The overall licensing process usually takes 6 to 8 months。
是否需要虚拟资产相关附加条款，须按最新SFC监管材料、基金授权、资产类别、投资比例、托管结构及是否控制客户资产逐项判断。旧版“超过10%即统一VA uplift”的二手概括不应继续作为所有业务模式的固定规则。
The MIC system implemented by the SFC requires licensed corporations to appoint full-time executives to be responsible for 8 core functions：Overall management supervision、Main business、risk management、Compliance、finance、IT、AML and operational control。The MIC responsible for “overall management oversight” and “principal operations” must generally also be the RO of the institution。
Institutions can outsource fund administration、IT operation and maintenance and other middle and back-end functions，However, the final power of investment decision-making must not be、"Out-of-control outsourcing" of key risk control decisions and major incident handling。For outsourced functions，Licensed corporations must conduct due diligence、Retain the right of ongoing supervision，and bear ultimate legal responsibility to regulators and customers。
If a single office only serves a single family、Manage family trust assets，Not providing asset management services to external parties、No charges to third parties and no solicitation from the public，Usually no license is required。However, if asset management services are provided to external parties、Charge management fees or actively promote，will trigger the licensing requirement for No. 9.。
Won't。If the application is withdrawn before SFC approval or rejection，Official application fees paid will not be refunded。Common reasons for rejection or delay include insufficient evidence of RO experience、Unclear business boundaries、Weak AML framework and proven insufficient source of funds (SoW) from major shareholders。
Must strictly declare。According to the Securities and Futures Ordinance，Directors of licensed corporations、major shareholder、MIC、Changes to bank account and other information，SFC must be notified via the system within 7 business days.。If you change your business address，Notice must be given at least 7 business days before the proposed change and application for approval of new premises must be made。
To form a business closed loop，The most popular “1/4/9” license plate combination in the industry。Paired with License No. 4 (advising on securities), investment advice can be legally provided；With the No. 1 license (securities trading), you can directly execute transactions or distribute fund products for customers.。If you are involved in corporate finance，Can also be stacked with No. 6 cards。
香港9号牌案例与持续合规核验
9号牌与1号、4号牌的边界
- 拥有客户投资组合的酌情决策权，通常指向第9类活动。
- 营销或分销基金、洽谈或执行交易，可能同时涉及第1类活动。
- 没有酌情权但提供投资意见，可能涉及第4类活动。
- 第9类下的附带豁免有条件限制，不能自动覆盖独立收费或主要业务。
运营后合规日历
持续事项包括适用的财政资源申报、年度审计账目、周年申报、Continuing professional training、RO availability，以及董事、重大股东、业务地址和记录保存地点等变更申报。虚拟资产相关业务应使用最新条款和条件逐项核对。
资料依据及最后核验日期：2026August。SFC Licensing Handbook；SFC虚拟资产监管要求。
