On September 16th, Forgame Holdings (00484.HK) announced that its indirect wholly-owned subsidiary, Foga Investment Limited, had submitted a license application to the Securities and Futures Commission of Hong Kong to conduct regulated activities under Type 4 (providing advice on securities) and Type 9 (asset management) of the Securities and Futures Ordinance.
On September 13th, 2024, Foga Investment received approval from the China Securities Regulatory Commission for the aforementioned license application, but subject to certain licensed conditions. Specifically, Foga Investment is prohibited from holding client assets (as defined in the Securities and Futures Ordinance) and can only provide services to professional investors (as defined in the Securities and Futures Ordinance and its subsidiary legislation).
After obtaining the license, Foga Investment will be able to provide regulated financial services to professional investors, further expanding the group's business scope. This is consistent with the group's diversified business development strategy and is in the best interests of the company and its shareholders. The board of directors believes that obtaining the license will help develop the group's financial services business and ensure stable income.