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Professional Investors

Professional Investors Category 1 – Institutional

as defined by the Securities and Futures Ordinance Cap 571D Section 2

(a) a corporation the principal business of which is to act as a custodian of securities or other property for another person, whether on trust or by contract; or

(b) any of the following persons-

1. an authorized financial institution;
2. a bank which is not an authorized financial institution but is regulated under the law of any place outside Hong Kong;
3. a licensed corporation;
4. a person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong, whose business includes acting as a custodian of securities or other property for another person, whether on trust or by contract;

This professional investor type includes; banks, brokers, CTA’s, funds, hedge funds, proprietary trading company’s, custodians or any other similar licensed institution

Professional Investors Category 2 – Professional

as defined by the Securities and Futures Ordinance Cap 571D Section 3

(a) any trust corporation having been entrusted under the trust or trusts of which it acts as a trustee with total assets of not less than HK$40 million or its equivalent in any foreign currency

1. as stated in the most recent audited financial statement prepared-
   
(A) in respect of the trust corporation; and
(B) within 16 months before the relevant date;
2. as ascertained by referring to one or more audited financial statements, each being the most recent audited financial statement, prepared-
   
(A) in respect of the trust or any of the trusts; and
(B) within 16 months before the relevant date; or
3. as ascertained by referring to one or more custodian statements issued to the trust corporation-
   
(A) in respect of the trust or any of the trusts; and
(B) within 12 months before the relevant date;

(b) any individual, either alone or with any of his associates on a joint account, having a portfolio of not less than HK$8 million or its equivalent in any foreign currency-

1. as stated in a certificate issued by an auditor or a certified public accountant of the individual within 12 months before the relevant date; or (23 of 2004 s. 56)
   
2. as ascertained by referring to one or more custodian statements issued to the individual (either alone or with the associate) within 12 months before the relevant date;

(c) any corporation or partnership having-

1. a portfolio of not less than HK$8 million or its equivalent in any foreign currency; or
2. total assets of not less than HK$40 million or its equivalent in any foreign currency, as ascertained by referring to-
3. the most recent audited financial statement prepared-
(A) in respect of the corporation or partnership (as the case may be); and
(B) within 16 months before the relevant date; or
4. one or more custodian statements issued to the corporation or partnership (as the case may be) within 12 months before the relevant date; and

(d) any corporation the sole business of which is to hold investments and which is wholly owned by an individual who, either alone or with any of his associates on a joint account, falls within the description in paragraph (b).