Tongfang Wealth Management has been granted three licences by Hong Kong’s Securities and Futures Commission (SFC), according to the regulator’s records.
The firm received a type 1 licence for wealth management, type 4 for advising on securities and type 9 for asset management.
FSA contacted the firm for further details, but officials declined to comment.
Tongfang Wealth Management is an affiliate of Tongfang Securities, which also has Type 1, 4 and 9 licences in Hong Kong, which were obtained in 2015, according to records from the SFC.
Tongfang Securities has several business lines, including corporate financing and asset management, according to the firm’s website. Under its asset management business, the firm said it manages discretionary accounts, hedge funds and has a private equity fund incubation platform.
The parent company of both entities, Tsinghua Tongfang, owns multiple “industrial clusters” which manufacture consumer electronics such as LCD televisions and internet-related products and also engages in the incubation of technology firms in China, according to its website. It has been listed on the Shanghai Stock Exchange since 1997.
Earlier this year, other Chinese firms like Hefeng Family Office also obtained SFC licences, FSA previously reported.
Family offices are slowly becoming popular among wealthy Chinese families. Although a majority of them have not used family office services, around 80% of them have become more aware of these firms, with nearly half interested in wealth preservation and inheritance services, according to a joint survey by Bain & Company and China Merchants Bank.
