SFC Class 6 Regulated Activities Provide advice on institutional financing

Hong Kong Type 6 License (Providing advice on corporate finance)
Applications and AcquisitionsComplete Guide

This professional, accurate, and comprehensive analysis of the license application process, based on the SFC's official "License Issuance Manual" (2025 edition), covers application requirements, procedures, fees, and compliance requirements. (SFC Type 6 license)

HK$5M

Minimum Paid-up Capital
Non-sponsor (does not hold client assets)

6–12 months

Market reference review period
Including preliminary preparations and the entire SFC approval process

HK$4,740

Annual license fee
Each type of regulated activity

2

Minimum number of responsible persons
Each type of regulated activity

License Definition

What is a Hong Kong Type 6 license plate?

According to Schedule 5 of the Hong Kong Securities and Futures Ordinance (SFO), Type 6 regulated activity (RA6) refers to advising on corporate finance. Holders of this license are legally authorized to provide clients with professional advice on corporate finance matters such as IPOs, mergers and acquisitions, and equity financing.

Legal definition (Schedule 5 of the Securities and Futures Ordinance)

Category 6 regulated activities refer to: providing advice on corporate finance, including advising others on the issuance or offer of securities, the acquisition or merger of companies, or any other corporate finance matters, or issuing analyses or reports to assist others in making decisions on such matters.

Source: Schedule 5 of the Securities and Futures Ordinance (Chapter 571)

Main business activities covered

Institutional due diligence

IPO Sponsor Advisor

Assisting companies in listing on the Hong Kong Stock Exchange, acting as a sponsor, and providing professional advice throughout the listing process.

Mergers and acquisitions advisors

Mergers and acquisitions advisors

We provide strategies and compliance advice for corporate acquisitions, mergers, and restructurings, and assist all parties involved in the transaction in reaching an agreement.

Equity financing advisor

Equity financing advisor

We provide professional advice and market analysis on equity financing matters such as securities issuance, placement, and rights issue.

Compliance Advisor

Compliance Advisor

We provide advice on compliance matters related to the Takeovers Code and Listing Rules, and assist clients in meeting supervisory requirements.

Business Boundary Description

Type 6 licenses only authorize providing advice on institutional financing, not executing securities transactions. Clearly defining business boundaries is crucial for compliant operations.

✓ Provide advice on securities issuance, placement, and rights issue.

✓ Provide advice on corporate acquisitions, mergers, and restructuring

✓ Serve as an IPO sponsor (must meet higher requirements)

✓ Provide advice on compliance with the Takeovers Code.

✗ Executing securities trading on behalf of clients (requires a separate Type 1 license)

✗Managing a securities portfolio (requires a separate Type 9 license)

✗Provide advice on futures contracts (requires a separate Type 5 license)

✗Provide asset management services (requires a separate Type 9 license)

Relationship with relevant licenses and associated exemptions

Class 1
Attached exemption

Securities Trading

Institutions holding a Type 1 license may be exempt from applying for a Type 6 license if their Type 6 activities are entirely ancillary to their securities trading business (Section 1.3.4 of the Licensing Manual). However, this exemption does not apply if they provide institutional financing advice on a separate fee basis.

Class 4
Common combinations

Provide advice on securities

Similar in nature to Category 6, but targeted at retail investors. Both can be held simultaneously, making it suitable for institutions that serve both institutional and retail clients.

Class 9
Common combinations

asset management

Asset management firms often hold both Type 6 and Type 9 licenses, allowing them to provide institutional financing advice and manage investment portfolios simultaneously.

Application Scope Planning

How should you plan your application scope for a Class 6 license plate?

Decided to apply for a Type 6 license? This guide helps you clarify which regulated activities to choose, whether a sponsor qualification is required, and the capital requirements for different business portfolios, ensuring the application form is filled out accurately.

How to use this guide

This guide is for organizations that have decided to apply for a Type 6 license, helping you clarify when filling out the application form: which regulated activities to select, whether sponsorship is required, and the capital requirements for different business portfolios. For personalized advice, please contact AIYING experts.

Step 1: Determine the scope of regulated activities

The core regulated activity for a Type 6 license is "advising on corporate finance," but the scope must be further refined based on the specific business being applied for. The following three types of activities can be applied for independently or in combination.

RA 6
Required

Provide advice on institutional financing

(Core, required)

Offer advice on corporate financing matters, including securities issuance, IPOs, mergers and acquisitions, and private equity financing. All applicants must select this option.

Typical business scenarios:
IPO listing advisor Mergers and acquisitions advisors Private Equity Financing Advisor Independent Financial Advisor (IFA)

Fully paid-up share capital:

HK$5,000,000 (fully paid-up share capital)

Quick funds:

HK$100,000 (Quick Funds)

Sponsor Qualification

Additional application for sponsor qualification

(Optional, additional conditions must be met)

To act as a sponsor for a listing application on the Stock Exchange of Hong Kong, one must apply for sponsorship qualification in addition to the Type 6 license and meet higher requirements for personnel experience and capital.

Typical business scenarios:
Motherboard/GEM IPO Sponsor Lead Advisor for IPO Application Sponsors under the Stock Exchange Rules

Fully paid-up share capital:

HK$10,000,000 (fully paid-up share capital)

Quick funds:

HK$3,000,000 (Quick Funds)

Holding client assets

Additional application for holding client assets

(Optional, additional conditions must be met)

If the business requires holding or controlling assets on behalf of clients (such as managing financing funds or holding securities in custody), this must be stated in the application and higher capital requirements must be met.

Typical business scenarios:
Trusteeship of financing funds Holding customer securities as collateral Manage transaction funds on behalf of clients

Fully paid-up share capital:

HK$5,000,000 (fully paid-up share capital)

Quick funds:

HK$3,000,000 (Quick Funds)

Step 2: Select the application package based on the business model

Different business models correspond to different combinations of application scopes. Below are the four most common institutional financing advisory business models in the market and their corresponding application strategies.

business model Typical business Application Scope Selection Minimum Paid-up Capital Minimum quick capital
Pure Consultant Model Mergers & Acquisitions Advisor, Private Equity Financing Advisor, IFA Report

RA 6 (Core)

Do not hold client assets, and do not apply for sponsor qualification.

 HK$5,000,000 HK$100,000
IPO sponsorship model Main Board/GEM Listing Sponsor and Listing Application Advisor

RA 6 + Sponsor Qualification

Applying for sponsorship qualification without holding client assets.

 HK$10,000,000 HK$3,000,000
Integrated investment banking model Also provides financing advice and executes placement/underwriting transactions.

RA 1 + RA 6

A Type 1 license must be applied for at the same time.

 The higher of the two categories shall prevail. The higher of the two categories shall prevail.
Asset custody model Custody of financing funds or securities assets for clients

RA 6+ holding client assets

Additional conditions apply for holding client assets

 HK$5,000,000 HK$3,000,000

Step 3: Is it necessary to apply for sponsor qualification?

Sponsor qualification is one of the most critical additional requirements for a Type 6 license application. The following checklist can help you determine whether you need to apply for sponsor qualification at the same time as your application.

Situations requiring application for sponsor qualification

✓ Acting as the sponsor for a listing application on the Stock Exchange of Hong Kong
According to Chapter 3A of the Listing Rules, the sponsor must be a Type 6 licensed corporation holding sponsorship qualifications.

✓ Independently lead IPO projects
As the lead sponsor (not a joint sponsor), I was independently responsible for the listing application documents and due diligence.

✓ Motherboard or GEM listing advisor
Provide full-process listing advisory services to companies planning to go public, and sign the listing application documents.

✓ Plans to expand IPO sponsorship business
Even if you currently have no sponsored projects, if you have medium-term business plans, it is recommended to apply in one go to avoid having to submit supplementary applications later.

Additional requirements: There must be at least two responsible personnel with no less than two years of sponsorship experience, and the paid-up share capital must be HK$10,000,000 and the quick capital must be HK$3,000,000.

Situations where no application for sponsor qualification is required

✗ Pure Mergers & Acquisitions and Restructuring Advisors
Providing advisory advice on corporate acquisitions, mergers, and asset restructuring, but not involving applications for listing on the Hong Kong Stock Exchange.

✗ Independent Financial Advisor (IFA)
Issue IFA reports to independent shareholders regarding related-party transactions, privatization, etc., without acting as a sponsor.

✗ Private Equity Financing Advisor
Assisting unlisted companies with pre-IPO or private placement financing, without involving public market listing applications.

✗ Debt financing advisor
Providing financing advice on bond issuance and bank loan structuring, but not involving equity listing.

Capital requirements: HK$5,000,000 paid-up share capital, with only HK$100,000 in quick capital (assuming no client assets are held).

Do I need a professional consultant to help me plan the scope of my application?

AIYING provides comprehensive application scope planning and document preparation services to help you fill out the application accurately the first time, avoiding delays or additional documents due to incorrect scope selection.

Consult AIYING experts

Analysis of common factors causing application failure

Understand the common reasons for rejection by the Securities and Futures Commission (SFC) when reviewing applications for Type 6 licenses, and avoid risks in advance.

No minimum threshold required

Capital and financial aspects

  • Insufficient quick cash or unreasonable financial forecasts
  • The forecast for operating expenses in the first six months lacks basis.
  • Incomplete financial records or significant liabilities

Recommendation: Ensure sufficient working capital is available when applying for the application, and provide reasonable financial forecasts.

Signer separation

Personnel Qualifications

  • The person in charge lacks relevant experience (must have ≥3 years).
  • HKSI exam subjects do not meet Category 6 requirements (must pass Paper 1 and Paper 6).
  • The responsible personnel were unable to be stationed in Hong Kong or supervise operations at any time.

Recommendation: Arrange for the responsible personnel to take the HKSI exam in advance to ensure complete experience records.

Dk Bank

Compliance architecture level

  • Inadequate AML/CFT policies or lack of specific operating procedures
  • Internal monitoring systems are lacking or merely a formality.
  • Failure to appoint a compliance officer or money laundering reporting officer (MLRO)

Recommendation: Establish a complete compliance framework before applying to ensure that policy documents are actionable.

Institutional due diligence

Corporate governance level

  • Opaque shareholding structure or unclear actual controller
  • Background checks on major shareholders or directors failed.
  • The company's articles of association are inconsistent with the scope of business applied for.

Recommendation: Ensure a clear equity structure and that all key personnel have undergone appropriate candidate evaluations.

Self-assessment checklist

Interactive application eligibility self-assessment checklist

Check the criteria you have met to instantly see how ready your application is. All criteria are based on the SFC Official License Handbook (2025 Edition).

Application preparation status (0/18 items completed)

It is recommended to complete the basic preparations first.

Capital and Finance

  • The Company's paid-up share capital has reached HK$5,000,000 (non-sponsor, no client assets held).
  • Quick funds have reached HK$100,000 (non-sponsor, no client assets held).
  • Operating expense forecasts for the first six months have been prepared and are based on reasonable grounds.
  • The company has complete financial records and no material undisclosed liabilities.

Personnel Qualifications

  • At least two qualified candidates for Responsible Person (RO) have been identified.
  • The personnel in charge have passed HKSI Paper 1 (Securities and Futures Regulations).
  • The responsible personnel have provided advice through HKSI Paper 6 (on corporate finance).
  • The person in charge should have at least 3 years of relevant industry experience.
  • At least one person must be an executive director who can oversee the business at any time.

办公室

  • We have already established a physical office in Hong Kong (with a fixed address).
  • Office spaces must meet the basic requirements for conducting regulated activities.

Compliance Architecture

  • AML/CFT policies and procedures have been established.
  • A Compliance Officer has been appointed.
  • A Money Laundering Reporting Officer (MLRO) has been appointed.
  • Internal control systems and risk management policies have been established.
  • A customer complaint handling procedure has been established.

Corporate Governance

  • The company has a clear equity structure and a clearly defined actual controller.
  • All major shareholders and directors were assessed through fit and proper evaluation.

Do you need professional assistance to complete the preparation work?

AIYING's professional team can help you identify gaps and develop targeted preparation plans.

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Application Requirement

Detailed Explanation of Application Requirements

Applying for a Type 6 license requires meeting the SFC's comprehensive requirements for corporations, covering multiple aspects such as corporate structure, financial resources, qualifications of responsible personnel, and compliance arrangements. The following data is from the SFC's Licensing Manual (2025 edition). For information on application combinations corresponding to different business models, please refer to the "Scope Planning" section above.

Financial resource requirements

Business type Minimum Paid-up Capital Minimum quick capital Common situations

Non-Sponsor – Does not hold client assets

This category applies to the vast majority of institutional financing advisory firms (providing advice but not executing transactions).

 HK$5,000,000 HK$100,000 common

Sponsor – Holds Client Assets

Simultaneously acting as a sponsor and holding client assets (extremely rare).

 HK$10,000,000 HK$10,000,000 Rare

Sponsor - Does not hold client assets

To act as an IPO sponsor, additional requirements must be met in the "Sponsor Guidelines".

 HK$10,000,000 HK$3,000,000 For Sponsors Only

Sponsor – Holds Client Assets

Simultaneously acting as a sponsor and holding client assets (extremely rare).

 HK$10,000,000 HK$3,000,000 Very rare

* Source: Securities and Futures (Financial Resources) Rules. If applying for multiple regulated activities simultaneously, the highest amount required for each category must be maintained.

RO (Responsible Personnel) Qualification Requirements

Signer separation

Quantity requirements

For each type of regulated activity, at least two responsible persons (ROs) must be appointed, at least one of whom must be an executive director, and at least one of whom must be available to oversee the business at any time.

Educational requirements

Academic requirements

Applicants must hold recognized academic qualifications (such as a university degree) or possess relevant industry experience to demonstrate their professional knowledge in institutional finance.

Experience Requirements

Experience requirements

Must have at least 3 years of relevant industry experience, demonstrating the ability to oversee Category 6 regulated activities (institutional finance-related work experience).

Hong Kong-based requirements

Hong Kong-based requirements

The responsible personnel must be able to monitor regulated activities at any time, and are usually required to be stationed in Hong Kong or be able to arrive in Hong Kong at any time; purely remote monitoring is not acceptable.

HKSI Professional Qualification Examination Requirements (Type 6 License)

Examination subjects 名称 Explain Claim
Paper 1 Securities and Futures Regulations Covering the basics of securities and futures regulations Required
Paper 6 Provide advice on institutional financing Covering professional knowledge in areas such as institutional financing, corporate acquisitions, and listing rules. Required
Paper 15 Key personnel qualification examination for sponsors Only the sponsor's key personnel must pass the review (general advisors are not required). Sponsors only

* Applicants who can demonstrate sufficient relevant experience may apply for exemption from certain examination requirements. Please refer to the SFC's "Competency Guidance" for details.

Other key requirements

(Mlro)

Director of Money Laundering Reports (MLRO)

✓ A Money Laundering Reporting Officer (MLRO) must be appointed to oversee AML/CFT compliance.
✓ MLROs must possess sufficient qualifications and experience to understand the relevant regulations.
✓ The MLRO can be concurrently held by the compliance officer, but must have sufficient time to fulfill their responsibilities.
✓ Suspicious transactions must be reported to the Joint Financial Intelligence Unit (JFIU).

Hong Kong-based requirements

Office requirements

✓ Must have a physical office in Hong Kong as its principal business address.
✓ The office must be a fixed address and be open to on-site inspections by the Securities and Futures Commission.
✓ Appropriate facilities are required to support the conduct of regulated activities.
✓ Complete business records must be kept and accessible in the office.

Path Comparison

New application vs. acquisition of licensed company

There are two main paths to obtaining a Type 6 license: applying for a new license from the SFC, or acquiring an existing licensed company (commonly known as "buying a shell company"). Each method has its advantages and disadvantages, and a comprehensive evaluation is necessary before making a choice.

risk assessment

Important Note: Regardless of the chosen path, approval from the SFC is required, and all licensing conditions must be met. The acquisition route does not bypass the SFC's approval process; the SFC will conduct equally rigorous due diligence on the acquirer (Section 132 of the Securities and Futures Ordinance).

Contrast Dimensions New application Acquisition of licensed companies Advantage
License issuance time The entire process takes approximately 5–6 months, including preliminary preparation (4–8 weeks) and SFC approval (approximately 15 weeks). 3–6 months including due diligence (1–2 months) + SFC approval of changes (2–4 months) Takeover
Application Fee HK$4,740 (official application fee) plus annual license fee of HK$4,740 and professional service fee. Acquisition price (determined by market factors) plus due diligence and legal fees Application
Compliance history A completely new compliance record, free from past baggage, allowing for the design of a compliance framework tailored entirely to individual needs. A comprehensive due diligence process must be conducted to identify potential compliance risks and historical violations when inheriting the target company's records. Application
SFC Approval SFC conducts a comprehensive review of all application materials and procedures, and performs a full suitability assessment of applicants. Shareholding changes require SFC approval and cannot be bypassed; they also require vetting by appropriate personnel. Flat
Personnel Arrangement You must recruit qualified Research Officers (ROs) yourself, who must pass the HKSI Paper 6 exam, and have at least two responsible personnel. Depending on the terms of the acquisition, existing licensed personnel may be retained, and qualified responsible personnel may also be retained. Takeover
Business continuity Building customer relationships from scratch takes time and time to accumulate a customer base and market reputation. It may inherit existing business, depending on the specific circumstances, and may acquire existing customers and business relationships. Takeover
Brand control Completely independent, the new brand can design its brand image entirely according to its own positioning. The existing brands need to be integrated, and their reputation issues need to be addressed. Application

It is recommended to choose a new application.

✓ The company already has qualified responsible personnel (ROs).
✓ They have high requirements for compliance history and prefer a clean slate.
✓ Sufficient time (5-6 months or more)
✓ Hoping to have complete control over the company's brand and culture
✓ With a limited budget, we hope to reduce initial costs.

We recommend considering an acquisition strategy.

✓ The market timing is urgent, and a license needs to be obtained quickly.
✓ The target shell company has a good compliance record and no major violations.
✓ The acquiring party has sufficient funds to complete the acquisition and integration.
✓ We hope to acquire existing customer resources or business relationships at the same time.
✓ Possesses a legal and compliance team capable of handling complex acquisition transactions.

application process

Application Process Guide

This document outlines the complete application process from preparation to approval, drawing upon SFC's official procedures and practical experience. SFC approval of new applications from licensed corporations typically takes approximately 15 weeks (Section 7.7 of the Licensing Handbook). Including preliminary preparations, the entire process takes approximately 5-6 months.

Demand analysis and consulting

Preliminary preparation

4–8 weeks

  • Determine the company structure and equity structure
  • Registered Hong Kong Limited Company
  • Identify and assign Responsible Person (RO) candidates
  • Arrange for RO to take the HKSI exam (Paper 1 and Paper 6).
  • Appoint a Compliance Officer and Money Laundering Reporting Officer (MLRO)
  • Lease physical office space in Hong Kong
Signing Mou and launching an investigation

Document preparation

1–2 months

  • Write a business plan.
  • Develop AML/CFT policy and procedural documents
  • Establish internal control systems and risk management policies
  • Prepare financial forecasts (first 12 months)
  • Complete all application forms
  • Prepare all supporting documents
Complete the investigation and sign the Spa

Submit application

SFC approval: Approximately 15 weeks (excluding preliminary preparations)

  • Submitting an application through the WINGS system
  • Pay the application fee (HK$4,740)
  • In accordance with the CSRC's requirement to provide supplementary information
  • If necessary, arrange a meeting with the Securities and Futures Commission.
  • Follow up on application progress
Regulatory applications and approvals

Licensing and Launch

Immediately after approval

  • Received license from the Securities and Futures Commission
  • Pay the annual license fee (HK$4,740)
  • Confirm license status in the SFC public register
  • Formal commencement of Category 6 regulated activities
  • Establish a continuous compliance monitoring mechanism
Explanation of review time (Source: SFC Dealing Manual, paragraph 7.7)

The SFC typically processes new applications for licensed corporations in about 15 weeks. Actual processing time may vary depending on the complexity of the application, the completeness of the documentation, and the SFC's current workload. Applicants should allow sufficient time and ensure their initial application is complete to avoid rejection and resubmission.

Application Fee Details

The following list only includes the statutory fees stipulated by the SFC. All figures are from the Securities and Futures (Licensing Fees) Regulations (Chapter 571AK). Professional service fees vary considerably depending on the case; please contact AIYING for a personalized quote.

Expense items Amount of money 類型 Explain
Incorporation license application fee (Type 6) HK$4,740 One time Payment is due upon application and is non-refundable.
The person in charge will approve the application fee (per person). HK$2,950 One time Each responsible person must pay [amount] upon application.
Annual corporation license fee (Class 6) HK$4,740 Per year The first payment is made upon approval, followed by annual renewals.
Annual fee for responsible personnel (per person) HK$4,740 Per year Each responsible person pays a fee upon annual renewal.

Note: The annual license fee must be paid before the anniversary date. Late payment may result in the suspension of the license. If you hold multiple licenses, the fees for each category must be paid separately. Source: Securities and Futures (License Fees) Regulations (Chapter 571AK).

Legal isolation

Legal counsel fees

Company registration, application document review, and legal advice vary considerably depending on the scope of services and the law firm.

Bankruptcy remoteness

Compliance advisory fees

The development of AML/CFT policies, the establishment of internal control systems, and the drafting of application documents vary considerably depending on the complexity of the project.

Equity financing advisor

Annual audit fee

Licensed corporations are required to submit audited financial statements annually, with the requirements varying considerably depending on the company's size and the complexity of its business.

Continuing compliance costs

Employee CPD training, compliance system maintenance, annual filing, etc., depend on the company size and business volume.

Contact AIYING for a targeted quote
Continuous Compliance

Post-license compliance obligations

Obtaining a Type 6 license is not the end goal; licensed corporations must continuously fulfill several compliance obligations to maintain the validity of their licenses. The following are the main ongoing compliance requirements.

multi-signature

AML/CFT compliance

Maintain effective AML/CFT policies and procedures, and review and update them regularly.
Conduct customer due diligence (CDD) and ongoing monitoring of clients.
Identify and report suspicious transactions to the Joint Financial Intelligence Unit (JFIU).
Regularly conduct AML/CFT training for employees
Appoint a Money Laundering Reporting Officer (MLRO) and ensure their effective performance of duties.

Compliance Advisor

Annual reporting obligation

Submit an annual return form before the anniversary date each year.
Submit audited financial statements
Confirmation of continued compliance with minimum capital requirements
Changes in the person in charge and licensed representative for reporting
Pay annual license fee and annual fee for responsible personnel

Signer separation

Personnel Continuous Compliance

Ensure that the responsible personnel continue to meet the requirements for suitable candidates.
Licensed representatives must complete Continuing Professional Development (CPD) training.
Promptly notify the CSRC of any changes in responsible personnel.
Newly appointed personnel must obtain prior approval from the China Securities Regulatory Commission.
Maintain employee roster and training records

Notice of Major Changes

Notice of Major Changes

Significant changes to the equity structure must be approved by the China Securities Regulatory Commission in advance.
Changes to the scope of business must be notified to the China Securities Regulatory Commission.
Changes to company name and address must be reported promptly.
Major lawsuits or regulatory investigations must be disclosed in a timely manner.
A significant deterioration in financial condition must be immediately notified to the Securities and Futures Commission.

Warning of consequences of violations

Severity Violations possible consequences
🔴 Engaging in regulated activities without a license Maximum imprisonment of 7 years and a fine of HK$500,000
🟠 Breach of Continuing Compliance Obligations The Securities and Futures Commission (SFC) may suspend or revoke licenses and may impose disciplinary sanctions.
🟡 Failure to maintain minimum capital requirements The entity must immediately cease all regulated activities and notify the Securities and Futures Commission.
🟡 Failure to report major changes in a timely manner This could result in the suspension or revocation of the license and disciplinary action.

* The above is for general reference only; actual penalties will vary depending on the specific circumstances. It is recommended to consult a professional compliance advisor to ensure continued compliance.

Licensed companies

Licensed Company Showcase

The following is a list of some entities holding Type 6 licenses, sourced from the SFC's publicly available register of licensees. This information is for reference only and does not constitute investment advice or endorsement.

Institutional due diligence

Goldman Sachs (Asia) Limited

Goldman Sachs (Asia) LLC

A leading global investment bank providing IPO sponsorship, M&A advisory and capital markets services.

Registration Authority

Class 1, Class 4, Class 6, Class 9
Institutional due diligence

Morgan Stanley Asia Limited

Morgan Stanley Asia Limited

A top international investment bank specializing in corporate IPOs, mergers and acquisitions, and institutional financing advisory services.

Registration Authority

Class 1, Class 4, Class 6, Class 9
Institutional due diligence

CICC Hong Kong Securities Limited

CICC Hong Kong Securities Limited

A leading investment bank in China, providing A-share and H-share listing sponsorship and M&A advisory services.

Local licensed corporations

Class 1, Class 4, Class 6
Institutional due diligence

Haitong International Securities Co., Ltd.

Haitong International Securities Company Limited

Provide institutional financing advice,
IPO sponsorship and M&A advisory services

Local licensed corporations

Class 1, Class 4, Class 6
Institutional due diligence

CMB International Capital Limited

CMB International Capital Corporation Limited

China Merchants Bank's investment banking arm focuses on advisory services for corporate IPOs and institutional financing.

Local licensed corporations

Class 1, Class 4, Class 6
Institutional due diligence

Guotai Junan Securities (Hong Kong) Limited

Guotai Junan Securities (Hong Kong) Limited

Provides institutional financing advice, sponsorship services and capital market advisory services.

Local licensed corporations

Class 1, Class 4, Class 6
Institutional due diligence

Shengbo Hong Kong Limited

Sanford C. Bernstein (Hong Kong) Limited

We specialize in institutional finance research and advisory services, providing independent professional opinions.

Local licensed corporations

Category 4 and Category 6
Institutional due diligence

Deloitte Corporate Finance Co., Ltd.

Deloitte Corporate Finance Limited

Financial advisors for the Big Four accounting firms, specializing in mergers and acquisitions and restructuring advisory services.

Local licensed corporations

Class 6
Institutional due diligence

KPMG Corporate Finance Limited

KPMG Corporate Finance Limited

Provide independent financing advice, M&A advisory services, and equity opinion services.

Local licensed corporations

Class 6
Institutional due diligence

PricewaterhouseCoopers Corporate Finance Limited

PricewaterhouseCoopers Corporate Finance Limited

Provides institutional financing advisory services, including mergers and acquisitions, restructuring, and independent financial advisory.

Local licensed corporations

Class 6
Institutional due diligence

BlackRock Asset Management North Asia Limited

BlackRock Asset Management North Asia Limited

The world's largest asset management company, holding both institutional finance advice and asset management licenses.

Registration Authority

Class 4, Class 6, Class 9
Institutional due diligence

Fidelity Funds (Hong Kong) Limited

FIL Investment Management (Hong Kong) Limited

A world-renowned asset management firm that provides institutional financing advice and investment management services.

Local licensed corporations

Class 4, Class 6, Class 9
Institutional due diligence

Value Partners Fund Management (Hong Kong) Limited

Value Partners Hong Kong Limited

A leading Hong Kong-based asset management institution, providing institutional finance advisory and asset management services.

Local licensed corporations

Class 4, Class 6, Class 9

Data Notes: The above company information is sourced from the SFC's publicly available register of licensees. All entities shown are verifiable licensees listed in the SFC's public register; specific license numbers are not displayed. This display is for reference only and does not constitute investment advice or endorsement of any entity. For the latest licensing status, please visit the SFC's public register.

FAQs

FAQS

The following is a summary of the most frequently asked questions during the application process for a Type 6 license, covering aspects such as basic concepts, eligibility, procedures, and acquisition paths.

Type 6 licenses (advising on corporate finance) authorize only the provision of advice, not the execution of transactions. Type 1 licenses (securities trading) authorize the execution of buying and selling transactions. To provide both advice and execute transactions (such as placements), one must hold both types of licenses.

In principle, the responsible personnel must be based in Hong Kong. If the RO is to be deployed overseas, the SFC expects to impose a "non-independent responsible person" condition on its license, meaning it must act in conjunction with another RO who is not subject to this condition. Mobile professionals are not qualified to serve as ROs.

Before rejecting an application, the SFC will give the applicant an opportunity to submit their statement (Section 140 of the Securities and Futures Ordinance). If the application is rejected, the applicant may apply for a review to the Securities and Futures Appeals Tribunal within 21 days. The application fee already paid is non-refundable.

Yes. A licensed corporation can hold licenses for multiple regulated activities simultaneously, each requiring a separate application fee and annual fee. For example, an entity holding both Type 1 and Type 6 licenses can simultaneously provide corporate financing advice and execute related transactions.

A sponsor refers to a licensed corporation acting as a sponsor for a listing application under the Listing Rules of the Stock Exchange of Hong Kong. Sponsors must meet higher capital requirements (minimum paid-up share capital of HK$10 million vs. HK$5 million for general advisors, assuming no client assets) and must additionally meet the qualification criteria in the Sponsor Guidelines, including that the sponsor's principal officers (ROs) must pass the HKSI Paper 15 examination.

No. An applicant may not engage in any regulated activity before the SFC formally approves and issues a license. Engaging in regulated activity without a license is a criminal offense punishable by fines and imprisonment.

Type 6 licenses do not have a fixed expiry date, but an annual license fee of HK$4,740 must be paid and an annual return filed before the anniversary date each year. Failure to pay by the anniversary date may result in suspension of the license. As long as compliance obligations are continuously fulfilled and the annual fee is paid, the license will remain valid.

Yes. If the SFC has any questions during the approval process, it will request supplementary information or clarification from the applicant in writing, and the applicant must respond within a specified period. In some cases, the SFC may also arrange an interview to further understand the applicant's business plan and compliance arrangements. If no response is received within the specified period, the application may be deemed withdrawn.

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About Aiying

Aiying (License.aiying.cc) specializes in global traditional finance and Web3-related license application and acquisition consulting services. With teams primarily located in Hong Kong, the UAE, and Europe, and strong relationships with local regulators, Aiying has successfully secured applications and smooth operations for leading and mid-tier crypto and traditional institutions. Team members are qualified in Hong Kong, Europe (Ireland), the UK, the UAE, and other jurisdictions, with a global network ensuring 24/7 professional support. Headquartered in Asia, the team brings together experts in operations, marketing, law, regulatory compliance, and accounting, adhering to clients' business objectives to provide comprehensive and in-depth strategies and solutions.

Authoritative guidance

Authoritative guidance

Based on SFC official guidelines and Aiying's practical experience, we provide the most authoritative application guidance.

Useful Checklist

Useful Checklist

Detailed self-checklist and document preparation guide to ensure the completeness and accuracy of application materials

Success Stories

Success Stories

100+ successful case experience summary, avoid common pitfalls and improve success rate

global vision

global vision

Integrate international best practices to ensure the forward-looking and adaptable compliance system

Pre-inspection mechanism

Aiying's "pre-screening mechanism"

To maximize your success rate, Aiying conducts an internal mock review of your application materials before formal submission. Our expert team acts as a regulator, scrutinizing each document from the most rigorous perspective to identify logical loopholes, data inconsistencies, and compliance gaps in advance.

This mechanism allows us to ensure that the materials submitted to regulators are highly professional, complete, and impeccable, thereby minimizing regulatory inquiry rounds, significantly shortening approval times, and reducing the license rejection rate by 67%.