Overruling the IPFUND case – no more "private company" exclusion for collective investment schemes?

In the recent decision of Department of Justice v IPFUND Asset Management Limited & Anor [2023] HKCA 925, the Hong Kong Court of Appeal overturned the District Court's ruling which previously set the grounds for excluding collective investment schemes in the form of Hong Kong private companies from falling within the ambit of "securities" under the Securities and Futures Ordinance (Cap. 571). After the ruling, it has become less clear whether the "private company" exclusion still applies as a matter of law.

To read more on the ruling as well as how this may affect you, please click here.