HONG KONG, June 14, 2025 — GA (Int’l) Capital Management Limited confirms that the Hong Kong Securities and Futures Commission (SFC) issued a temporary restriction notice on June 6, 2025, under Sections 204 and 205 of the Securities and Futures Ordinance (SFO). The action was taken after a mainland China-registered corporate client submitted fraudulent tax documentation during the compliance onboarding process.
GA (Int’l) Capital Management Limited was inadvertently misled by the inaccurate documents. Upon discovering the issue, the Firm immediately ended the relationship with the client, alerted authorities in mainland China, and reported the matter to the SFC.
The restriction temporarily prevents the firm within Hong Kong SAR and mainland China from:
- Engaging in any licensed regulated activities without first obtaining written consent from the SFC;
- Handling or disposing of relevant assets, except for operational costs, and only after providing prior written notification and receiving approval.
According to Kenneth Leung, Director of Intermediaries Supervision at the SFC, “The Firm is prohibited from undertaking any regulated activities in Hong Kong or on behalf of clients located in mainland China unless it has the Commission’s prior written approval.”
“This restriction does not affect international clients or transactions that occur outside of Hong Kong and mainland China.”
“We recognize the commercial sensitivity of this situation and acknowledge the Firm’s consistent cooperation and transparency. Based on our initial assessment, the Commission anticipates resolving this matter within the next few weeks, pending final documentation and procedural checks. While unfortunate, this procedure is required to comply with our legal obligations. We appreciate your cooperation and professionalism during this period.”
Required Compliance Protocol (Per SFC Directive):
The following procedures are in effect until the restriction is lifted:
1. For all new or existing clients based in Hong Kong or mainland China, the Firm must provide the SFC with:
- Complete KYC/AML documentation, including details of beneficial ownership and tax certification;
- Declarations of the source of wealth/funds;
- All supporting records related to due diligence or corporate verification.
2. No new trades or transactions may be executed for these clients until the Commission receives, reviews, and approves the required documents in writing.
3. The Commission reserves the right to request additional information as needed on a case-by-case basis.
Key Clarifications:
- The restriction applies solely to Hong Kong and mainland China and does not impact GA’s global operations, which continue to operate fully and in compliance.
- All client assets remain secure under custodial protections and standard procedures.
- This issue arose from a violation by a third-party client and is not due to any fault or misconduct by the Firm.
- GA has enhanced its internal onboarding and verification processes as a result.
GA (Int’l) Capital Management Limited remains dedicated to complete regulatory compliance, transparent cooperation with regulatory bodies, and providing uninterrupted service to its international client base.
About GA (Int’l) Capital Management Limited
GA (Int’l) Capital Management Limited is a Hong Kong-based financial services firm regulated by the SFC, providing asset management and securities advisory services to high-net-worth individuals and institutional clients throughout Asia, the Middle East, and Europe. The firm is known for its disciplined investment approach, strong compliance standards, and client-focused service.
For inquiries, please contact:
Kirk Doast, Chief Securities Lawyer
Email:
Phone: +852 3002 3446
Website:
Disclaimer: This press release is for informational purposes only and does not constitute financial advice. GA (Int’l) Capital Management does not guarantee investment outcomes or returns. Clients should seek professional advice tailored to their needs before making financial decisions.
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