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The Hong Kong Open Ended Fund Company

Bolstering Hong Kong’s status as a leading funds centre

The Hong Kong government is currently in the process of furthering its objective of establishing its reputation as a fund product manufacturing centre. It is amending legislation to allow for the establishment and regulation of open-ended fund companies (OFCs) in Hong Kong for the first time so as to further bolster Hong Kong’s status as a leading centre for asset management and with a view to ensuring Hong Kong’s status as an investment fund product manufacturing centre.

Under the current legal and regulatory regime relating to the establishment of investment funds in Hong Kong, an open-ended investment fund in Hong Kong can only take the form of a unit trust. This is mainly due to the restrictions on capital reductions in the Companies Ordinance (Cap. 622) (CO), which do not allow for a Hong Kong company to vary its share capital to meet shareholder subscription and redemption requests.

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