Peng Tingting Test Announcement

II. Type 9 License: Providing Asset Management

1. Typical Business Activities:

• Discretionary Asset Management: Making investment decisions with full authority on behalf of clients, managing portfolios of securities, futures, and other assets.

• Fund Management: Establishing and managing public or private funds.

• Discretionary Account Management: Opening and managing separate investment accounts for clients.

• Portfolio Management: Asset allocation and trading decisions based on clients' investment objectives.

• Family Office Services: Managing wealth for high-net-worth families.

• Note: The Type 9 license is the core license for asset management business, and holders can directly operate client accounts for trading.

2. Typical Licensed Institutions:

• Asset management companies

• Hedge funds

• Private fund managers

• Asset management departments of certain integrated securities firms or banks

• Family offices

3. Key Requirements and Capabilities:

• May receive and hold client assets (typically required to be held by qualified custodians).

• Must possess professional investment decision-making and risk management capabilities.

• Usually combined with Type 1 License (Dealing in Securities) to trade directly on exchanges.

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