one、Hong Kong license number 9，Transfer of Hong Kong No. 9 plate shell with RO”What exactly is license plate No. 9? Why are you so anxious to apply for private equity? Which private placement applications were successful? What's there
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? What are the current channels for private equity investment overseas?，Which ones are more reliable? What are the future prospects? What exactly is license plate No. 9? Why are you so anxious to apply for private equity? Which private placement applications were successful? What's there
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? What are the current channels for private equity investment overseas?，Which ones are more reliable?
What are the future prospects? recent，Many domestic private equity institutions are very enthusiastic about going overseas.，Chongyang Investment、Fushan Investment、China Shepherd Fund、Wangzheng Capital and many other private equity firms launched a craze for overseas ventures，subsidiaries were established in Hong Kong one after another、Issuance of fund products。Fund gentleman heard，Under the influence of this trend，Now more and more organizations are queuing up to apply for Hong Kong’s No. 9 license，There was even a very tight situation。
Although there are many channels for private equity to do overseas business now,，But the No. 9 license is undoubtedly the most suitable for private equity managers，Some powerful institutions are vying to apply for the No. 9 license in Hong Kong，flex your muscles。So what exactly is license plate No. 9? Why are you so anxious to apply for private equity? Which private placement applications were successful? What's there
Require
? What are the current channels for private equity investment overseas?，Which ones are more reliable? What are the future prospects? Let’s take a look at it all with Fund Master.。
It is very popular for private equity to apply for the No. 9 license. It is said that it is getting more and more difficult. What is the No. 9 license?
Let Mr. Fund tell you first.，It is said，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 and gold，But you need to apply for a license，Specifically，There are 10 types of license plates，There are numbers 1 to 10，1No. is securities trading，2No. is futures contract trading，3No. is leveraged foreign exchange trading，4No. 9 is to provide advice on securities...No. 9 is to provide asset management，10No. provides credit rating services。
There are many in between，Fund gentleman submits the form below，Friends, you can take a look。two、Difficulties with Hong Kong’s No. 9 license plate. So what’s the deal with No. 9 license plate? It is understood，9The license is a Type 9 regulated business qualification license issued by the Securities and Futures Ordinance of Hong Kong.，i.e. asset management license。
Domestic private equity institutions hold this license，It means obtaining a "pass" in the international capital market，Not only can you directly participate in overseas investments,，It can also attract funds from overseas investors。At present, No. 9 license plate has become the most popular type of license for many mainland institutions.。
A private equity firm in Shanghai that obtained license No. 9 also said so，9There are many things you can do with your license plate，For example, helping clients with overseas asset allocation，It can also engage in diversified businesses such as investment consulting.，At the same time, investment methods and tools are more abundant.，And can attract overseas funds to invest in the domestic market。
No wonder more and more private equity firms are applying for licenses recently，“License No. 9 is for asset management business.，Most suitable for private equity
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，Since last year, more and more private equity institutions have applied for license No. 9。There are statistics，Year 6、7May is the peak period for applying for No. 9 license，Growth exploded。"Liu Yu, a researcher at Geshang Financial Management, told Fund Manager。
In this case，The work of the Securities and Futures Commission of Hong Kong is not easy.，So fund managers listen to some private equity feedback，It is said that it is more difficult to approve the No. 9 license now.，may become more stringent，Regulations may be tightened。The chairman of a medium-sized private equity firm in Shenzhen reflected，9The license itself is difficult to apply for，So now although it has become a trend，Many organizations are applying，But I heard that the control may become stricter in the near future.，It’s becoming more difficult to apply。
So what exactly is involved in applying for the No. 9 license?
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，Fund guys will also break it down.。heard，Hong Kong Securities and Futures Commission regulations，Applying for a license requires 2 Hong Kong licensed responsible persons，The licensed responsible person needs to have 3 to 5 years of continuous public performance records in the capital market and must pass a series of rigorous examinations and qualification reviews.。at the same time，Enterprises also
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Have a physical office address in Hong Kong，Have an experienced management team to assist in running the company。
all in all，It just requires relatively strong private equity capabilities to do it.。Domestic private equity institutions now，Who has obtained the No. 9 license plate?。According to statistics，At present, Fushan Investment, a well-known domestic private equity institution、Jingtai Lifeng Assets、Bai Fang Assets、ivy assets、Tianma Assets、Infore Capital、Qiju Assets、Yifan Assets、Value Gravity and others have obtained the “No. 9 license” for asset management business.。Some of them were obtained in the past year or two.，Some get it earlier。
Fund guys also know，Chongyang Investment in Large Private Equity、Jinglin Assets、Danshui spring investment、Invest with a pure heart、Zhuque Investment、Oriental Harbor、Yitian Pavilion Investment，There is also a brother, Wang Yawei, who has obtained the Hong Kong No. 9 license for his top assets.。Specifically, their awesome English name and registered address，Take a look。
各类私募出海渠道对比优劣都有私募选择不同现在私募出海越来越积极，But the most suitable No. 9 license plate is difficult to obtain.，Aren’t the friends all anxious?。Fund Jun thinks，Don't worry，Because now the Shanghai-Hong Kong Stock Connect is open，Shenzhen-Hong Kong Stock Connect is coming，QII、QDLP is a long list of things，There is also a borrowed passage，How to be an investment advisor。
f59.png三、Hong Kong license number 9
cost
It is understood，Now it is said that there are 5 reliable methods，But each has pros and cons，Friends can make comparisons。
First，Shanghai-Hong Kong Stock Connect，Configure Hong Kong market，But only within the scope of Hong Kong Stock Connect，Participating markets and varieties are limited；second，QII，Borrow QDII quota from financial institutions such as public offerings，A certain channel fee is required，As QDII quota gradually becomes tighter,，Channel fees continue to increase；third，Set up a company in Hong Kong，Obtain license number 9，Release products，However, holding a license in Hong Kong requires a lot of manpower、Material resources，The time cost is also higher；fourth，Issuance through overseas private equity managers，Participate as an investment advisor，But you also need to pay a certain amount of channel fees；fifth，QDLP，Go overseas through the QDLP quota of overseas asset management companies，Generally applicable to products invested directly in corresponding overseas asset management companies。
My friends want to ask，What is QDLP? QDLP is aimed at overseas hedge funds，Can directly raise funds domestically，Hedge fund products invested in overseas asset management institutions。Because usually，Domestic money must go out through QDII，But you cannot invest directly in hedge funds，Only stocks and bonds can be invested，But Shanghai’s policy on hedge funds，You can use QDLP quota，Raising RMB funds domestically，Invest money directly into overseas products。
certainly，This doesn’t seem to be of much use to private equity，It is mainly an option for investors to invest in overseas markets.。In fact, in comparison，Each channel has its pros and cons，Private equity partners can choose by themselves。Fund gentleman heard，Some private equity institutions choose the "curve" to expand overseas business。
Liu Yu said，“Because the cost of the No. 9 license plate is relatively high,，Nowadays, some private equity firms simply do not obtain their own licenses.，Instead, the manager with the No. 9 license is used as a channel.，They serve as investment advisors to distribute products，This is one of the more mainstream models。"It is said that，OP Asset Management is doing better in this area of business。
They obtained license number 9 as early as 2003，Started entering the Chinese mainland market in the fourth quarter of last year，At the same time, it provides comprehensive services for mainland private equity institutions in issuing offshore funds.。OP Asset Management recently cooperated with Shenzhen Daopu Capital，Daopu Capital plans to launch its first Chinese offshore fund with quantitative long-short strategy in the fourth quarter of 2016。
September 1 this year，OP Financial Group and OP Asset Management officially announced that they will invest HKD 2 billion in the new Kepengyi Manager on the OP Asset Management fund platform.。You must be curious about the private equity overseas investment model.，Mr. Fund will also explain it to you.。It is understood，Private equity with No. 9 license，Private equity funds can be established in Cayman，Then landed in Hong Kong，Under the supervision of the Securities and Futures Commission of Hong Kong，Then trade at a brokerage。Customers can subscribe through securities firms in Hong Kong。
Customer demand is a key factor, and the development of private equity itself requires the final，Let me briefly tell my friends why so many institutions are rushing to apply for the No. 9 license.。According to reports，Private equity now wants to invest overseas，There are several main reasons，First, the expectation of RMB depreciation，Second, the country is facing an asset shortage.，High cost of capital，Third, domestic supervision has become stricter，Consider exploring international markets，Fourth, the foreign investment system is more complete.，More variety。
RMB depreciation，Clients’ overseas allocation needs are the direct reason why many private equity investors consider going overseas.。The chairman of Shenzhen Private Equity told Fund Manager，There is currently depreciation pressure on the RMB，Domestic customers have needs for overseas asset allocation，hoping to avoid depreciation，Get better investment returns at the same time。Moreover, domestic customers have been seriously injured since the stock market crash.，Related products were not easy to release in the first half of the year。
he introduced，“There are mainly two types of clients who come to us to invest overseas.，First, domestic customers want to invest their domestic funds overseas through private equity.，avoid depreciation；Second, domestic customers also have needs to allocate their overseas assets.，I hope to find private equity to help take care of it.。"In addition to customer needs，For overseas investment varieties、Favor of investment tools etc.，This is also the reason why private equity is actively obtaining licenses to go overseas at this stage.。
Liu Yu, a researcher at Geshang Financial Management, said，Started last year，Many quantitative private equity firms are gradually participating in overseas markets.，Since there are few tools available in China,，And stock index futures are restricted，Their policies and capacity are greatly limited，They have the desire to explore overseas investment varieties，Rich investment tools。
There is another situation，Liu Yu also said，The impact of Shenzhen-Hong Kong Stock Connect opening policy，Increase overseas investors’ allocation of domestic demand，You can obtain relevant qualifications for private equity overseas，Recognized by overseas investors，Can expand the business，For example, some large private equity firms are seeking foreign institutional investors.。”
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