Felicity Wong

FELICITY WONG has gained extensive experience servicing financial services industry participants, primarily hedge, private equity, credit and fund-of-fund managers, broker-dealers, listed companies, multinational financial institutions, and global conglomerates headquartered in the U.S., the P.R.C., Singapore or elsewhere, as well as advising insurance companies, pension funds, sovereign wealth funds, family offices, venture capitalists, institutional investors, startups, technology companies, and payment service providers.  

Specifically, Felicity is actively involved in providing strategic advice to clients with respect to their legal and regulatory needs related to market intermediaries engaged in financial services, insurance, trust and corporate services, money lending, and operations, as well as payment businesses. Felicity has significant experience advising clients across issues relating to the following:

• establishment/acquisition/restructuring of financial services business operations in Hong Kong, covering fund managers investing in both traditional and virtual assets; brokers; distributors/placement agents; private wealth managers; and corporate financiers;
• application of Stablecoins Ordinance and Guidelines and Practice Notes issued by the Hong Kong Monetary Authority (HKMA), as well as compliance with ongoing regulatory requirements under the Securities and Futures Ordinance, its subsidiary legislations, and the codes and guidelines issued by the Securities and Futures Commission (SFC);
• establishment/restructure of traditional private wealth management platforms in light of technological impacts across financial services firms’ business operations and compliance in light of the SFC’s “front loaded” and “same business, same risks, and same rules” regulatory approach;  
• preparation of compliance manuals, structuring internal controls systems, policies, and procedures covering, without limitation to professional investors assessments, suitability requirements, and marketing protocols, as well as handling SFC regulatory reviews and inspections;
• implementation of securities/product distribution/marketing plans in or from outside Hong Kong, targeted at Hong Kong investors;
• establishment/restructure of family offices, managed account arrangements, and collective investment schemes, including hedge funds, real estate investment trusts, private equity/venture capital funds, distressed debt/credit funds, hybrid funds, and retail funds; 
• representation of investors (institutional, family offices, insurance companies, pension funds, and ultra-high-net-worth individuals) in negotiating terms for investment (in the form of joint venture arrangements, restructures, side letters necessitating MFN elections, or otherwise) in funds and/or managed account mandates; and
• advising licensed corporations, technology companies and payment services providers on the licensing and regulatory requirements pertaining to the adoption of distributed ledger technologies (tokenization) in product offerings.

Felicity has been recognized as a recommended lawyer in Investment Funds by The Legal 500 Asia Pacific 2026.

Felicity is qualified to practice Hong Kong law and is fluent in English, Cantonese, and Mandarin Chinese.

License applications and regulatory advisory

• Handled and advised numerous UK/U.S. private equity firms with regard to establishing marketing and sales outposts in Hong Kong and handled SFC licence applications to capture fundraising opportunities among Asian based investors especially family offices.
• Advised a U.S.-based private equity firm on Hong Kong licensing and regulatory compliance issues post-acquisition.
• Handled the SFC licence application of one of the world’s largest insurance conglomerates with over 150 offices globally and provided ongoing strategic regulatory advice on its plans to expand its wealth management business arm. 
• Advised a U.S. broker-dealer on its expansion plans and the ongoing regulatory compliance requirements of its HK affiliate.
• Advised one of the market-leading P.R.C. quantitative trading firms on its Hong Kong licence application. 
• Advised over 188 Hong Kong–licensed corporations and/or their affiliates regarding the implications to their businesses under Hong Kong securities and payment laws (including the Stablecoins Ordinance), regulations, and the SFC- and HKMA-issued guidance.
• Secured SFC approval for one of the P.R.C.’s leading real estate developers with regard to its acquisition of licensed corporations that are approved to conduct Types 1, 2, 4, 5, 6, and 9 regulated activities.
• Advised on and handled the licence application for a global consulting company’s first Hong Kong–regulated subsidiary to conduct Types 1, 4, and 6 regulated activities.
• Advised a financial conglomerate in relation to its acquisitions of six financial services target companies, including two SFC-licensed corporations. 
• Assisted an Abu Dhabi–headquartered global financial services conglomerate, one of the largest global family offices, and various Hong Kong–listed companies with securing their SFC licences.

Licensed corporation acquisition

• Represented BGX Group Holding Limited, a progressive leader in cryptocurrency services, in connection with the proposed subscription of 187.6 million new shares from BC Technology Group Limited (HKEX: 863) under the specific mandate. The net proceeds from the subscription are estimated to be approximately HK$710 million (US$90.9 million). BC Technology, Asia’s leading public fintech and digital asset company, is the parent company of OSL, the world’s first insured and SFC-licensed digital asset platform. 
• Represented GF Holdings (Hong Kong) Corporation Limited, a wholly owned subsidiary of GF Securities Co., Ltd. (HKEX: 1776), in connection with its purchase of 20.20% of the issued shares of Value Partners Group Limited (HKEX: 806) from the founding shareholders, totaling approximately RMB1 billion (US$140 million).

E-commerce, Tokenization and Payment (including Stablecoins)

• Advised one of the leading P.R.C. digital technology companies on its business plans to establish a Hong Kong–regulated presence and on the launch of its Web3 business offerings in Hong Kong from chain, wallet, dealing, and distribution to custody.
• Advised one of the world’s largest payment services providers in relation to Hong Kong payment-related licensing requirements.
• Advised a U.S. multinational technology company on the application of the Hong Kong Stablecoins Ordinance. 
• Advised a Hong Kong–listed company on its strategic business plans to tokenize real world assets. 

Separate Managed Account Arrangements, Fund Formation, Fund Structuring, and Co-investment Vehicle

• Advised the Hong Kong asset management subsidiary of a Chinese insurance company with the establishment of its flagship Hong Kong open-ended fund company and two initial sub-funds, as well as advising on the establishment of the fourth segregated portfolio of its flagship Cayman SPC fund.
• Advised on structuring various investment funds from SICAV, unit trusts, limited partnership funds, segregated portfolio companies that may be standalone, umbrella, or master feeder fund structures domiciled in Delaware (USA), the Cayman Islands, the British Virgin Islands, Mauritius, Singapore, or Hong Kong.
• Advised the offshore asset management arm of one of the largest multinational mining and metal refining companies headquartered in China with regard to its suite of investment funds.
• Handled the establishment of private equity and hedge funds with hybrid offering terms such as side pockets that are evergreen in nature offered globally, including to U.S., EU, Singapore, and Hong Kong investors.
• Advised three out of the four top Chinese state-owned investment companies in relation to the establishment of private equity funds, Hong Kong regulatory requirements, and investments in private fund arrangements. In 2018, advised one of the key cornerstone investors in relation to an investment fund primarily focused on investing in the Greater Bay area. In 2019, advised a UHNW investor with regard to its US$20 million investment in a co-investment fund.
• Represented a licensed manager in establishing an open-ended fund company in Hong Kong and seeking the SFC’s authorization for retail offer.
• Handled the formation of a co-investment vehicle for one of China’s leading investment firms with over US$13 billion under management.
• Advised on and documented separate managed account, fund-of-one vehicles, and external asset management arrangements.

LP Representation Mandates

• Acting for investors including Master Kong, GOME, Shouggang-Grand, and/or Huarong with regard to their investments in funds or co-investing in underlying portfolio investments with investment funds.
• Advised one of the top P.R.C. insurance companies with respect to its investment mandate across global managers located in the U.S., UK, and Hong Kong, as well as investments in private equity funds and secondaries funds managed by U.S. and European fund managers.
• Advising a European pension fund on investments in real estate and infrastructure funds, including commingled funds, club deals, and other funds with unique investment features.

• Certified ESG Planner