Tiang & Partners helps LiZen Asset Management Limited secure SFC approval for Type 9 Virtual Assets Uplift
Hong Kong, 19 April 2022 - Tiang & Partners has recently helped LiZen Asset Management Limited (“LiZen”) (SFC CE. No.: BNK797), an SFC regulated entity licensed for Type 4 (advising on securities) and Type 9 (asset management) secure approval from the Securities and Futures Commission of Hong Kong (“SFC”) for an uplift of its Type 9 (asset management) licence to manage a portfolio of 100% “Virtual Assets”.
LiZen launched two segregated portfolios including Cygnus Special Situation Fund SP (the “SP”) under Cygnus Global Equity Fund SPC (the “SPC”) in 2020. With the uplift, it is expected that approximately 40% of the SP’s gross asset value will be invested in Virtual Asset-linked instruments, where such relevant Virtual Assets include Bitcoin and Ethereum.
With this approval, LiZen joins the ranks of a select few regulated managers in Hong Kong who are now able to manage Virtual Assets funds under the supervision of the SFC.
Gaven Cheong, Head of Investment Funds at Tiang & Partners, acted on the very first of such approvals in Hong Kong approximately three years ago. Commenting on this most recent win: “We are extremely pleased to have secured yet another approval from the SFC for a Type 9 VA licence, this time, for our client, LiZen. Our team worked on the very first application in Hong Kong, and with this further win, this no doubt cements our position as the leading law firm in Hong Kong for this sort of regulatory work. This is also a very positive development for the crypto funds and management space in Hong Kong, and we look forward to helping other clients who want to enter this space.”
According to Thomas Lo, Chief Operating Officer & Executive Director at LiZen: “It was an immense pleasure working with Gaven and his team on this application. Their professional approach and focused, practical guidance ensured that we were able to navigate the regulations and our relationship with the SFC in a seamless and efficient manner.”
About Tiang & Partners’ Investment Funds practice
Tiang & Partners’ Investment Funds practice consists of two Partners and a team of dedicated lawyers and legal staff covering the entire spectrum of investment funds, from crypto, private equity, hedge, hybrid to retail, real estate and authorised funds, and all non-contentious regulatory issues. The team advises clients on the entire lifecycle of investment funds, from inception, restructuring through to termination.
By collaborating closely with PwC’s Tax, Assurance, Risk and Regulatory Compliance, Deals and Crypto Advisory teams, the Investment Funds practice provides clients with an integrated, end-to-end business solution to all of their asset management and investment fund needs.