According to the licensing and registration requirements of the Securities and Futures Ordinance of Hong Kong, anyone who conducts regulated activities must apply for a license from the Hong Kong Securities and Futures Commission. It is a serious crime to conduct regulated activities in Hong Kong or actively promote any services that constitute regulated activities to the investing public in Hong Kong without the required license or registration. License No.9 is an asset management license issued and implemented by the Securities and Futures Ordinance of Hong Kong, which belongs to the ninth type of regulated business qualification license.
Two. On the Advantages of No.9 Asset Management License in Hong Kong
(1) No.9 asset management license, as a "passport" for overseas investment, means that private equity institutions can directly invest overseas and further expand the scope of investment. In addition, compared with the domestic A-share market system, overseas financial markets are relatively rational and perfect, providing a better investment environment for domestic private equity funds.
(2) Holding No.9 Asset Management License will attract more overseas investment for mainland private equity funds. Overseas investors usually have stronger endurance and discrimination, so the screening of private fund companies is stricter, but it is precisely because of this that once selected, they will hold it for a long time and have good stability;
(3) No.9 asset management license reduces the tax burden for investors. Domestic private equity institutions usually need to set up overseas companies to facilitate investment, usually Cayman companies. However, if a fund management company is established in Hong Kong at the same time, due to Hong Kong's strong tax advantages, it will reduce the tax burden for investors.
Three. Analysis on the Application Scope of Hong Kong No.9 Asset Management License in Hong Kong
(1) has the No.9 asset management license and can issue its own fund products. Compared with private equity institutions that can only issue private equity funds, institutions with No.9 asset management license can issue more kinds of fund products in Hong Kong more conveniently;
(2) Hong Kong companies with No.9 asset management license can manage CIS and exercise greater autonomy;
(3) No.9 asset management card is RQFII (qualified institutional investor outside RMB) "passport". At present, the Hong Kong Securities Regulatory Commission stipulates that RQFII applicants should be financial institutions operating in Hong Kong and must hold the No.9 asset management license of the Hong Kong Securities Regulatory Commission;
(4) Hong Kong No.9 license can be used for PE (private equity investment), that is, for equity investment in unlisted companies;
(5) Hong Kong-funded companies with No.9 asset management license can engage in agency transactions, special account financing and private bank fund manager business (EAM);
(6) No.9 asset management license can also invest in frontier projects such as private placement in Qianhai.
4. A brief description of the requirements for obtaining No.9 asset management license of Hong Kong company.
(1) Company's territory: it must be a company incorporated in Hong Kong or a non-Hong Kong company registered in Hong Kong;
(2) Company qualification: it must meet the requirements of China Securities Regulatory Commission on the company's business structure, internal control and employees;
(3) Person in charge: at least two persons in charge (RO) must be appointed to directly supervise the activities of the company, at least one of whom is an executive director (executive director refers to a director who actively participates in or directly supervises the business of the corporation), and the qualification of the person in charge must not only have relevant business experience in the industry, but also pass the qualification examination in Hong Kong;
(4) Executive Director: At the same time, the executive director must seek the approval of the CSRC to become the person in charge, and both major shareholders and senior personnel must have the qualifications of suitable candidates (considering their qualifications and experience);
(5) Capital requirements: If you don't need to hold the customer's assets, there is no minimum requirement for paying up the share capital, but the quick capital is not less than HK$ 654.38+ million; If you need to hold customer assets, the minimum paid-in share capital is HK$ 5 million, and the quick capital is not less than HK$ 3 million. In addition, companies need to abide by strict risk control mechanisms;
(VI) Application time: The time for the Hong Kong Securities Regulatory Commission to process license applications will be no less than 65,438+05 weeks.