Reason for this visit

The Hong Kong foreign exchange market is an international market developed after the 1970s. Since the removal of foreign exchange control in Hong Kong in 1973, there has been a large inflow of international capital and the number of financial institutions operating foreign exchange business has continued to increase. The foreign exchange market has become more and more active, and it has developed into an international foreign exchange market. The Hong Kong foreign exchange market is an invisible market with no fixed trading venue. Traders conduct foreign exchange transactions through various modern communication facilities and computer networks. Hong Kong's geographical location and time zone conditions are similar to those of Singapore, making it very convenient to trade with other international foreign exchange markets. Participants in the Hong Kong foreign exchange market are mainly commercial banks and financial companies. There are three types of foreign exchange brokers in this market: local brokers, whose business is limited to Hong Kong; international brokers, who expanded their business to the Hong Kong foreign exchange market after the 1970s; international brokers that developed in Hong Kong, whose business has expanded to foreign exchange markets abroad. In order to help investors or practitioners have a more comprehensive understanding of foreign exchange dealers in Hong Kong, the survey team is going there to conduct on-site visits.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange dealer qihuo852 as planned. The survey address is 8/F, Tien Chu Commercial Building, 173-174 Gloucester Road, Wanchai, Hong Kong.

The survey personnel came to the destination of the current survey according to the above address. The office of qihuo852 is located in the famous traditional business district of Wan Chai, Hong Kong, close to the MTR and various public transportation. The surrounding environment is clean and crowded. There are also shops, restaurants, markets, residences and hotels of all trades. The destination is an ordinary commercial building with an electronic water sign and a front desk inside. Having found that the water sign marked “Vercap Financial Services Limited” rather than “qihuo852” on the 8th floor, the survey personnel went upstairs for a visit.

The survey personnel did not find any operating company on the 8th floor, and both the water sign and interior of the unit were vacant. The front desk employee of the building said that the trader qihuo852 had never settled in the building. Therefore, it is confirmed that the dealer's office does not exist here.

Conclusion

The investigators went to Hong Kong, China to visit the foreign exchange dealer qihuo852 as planned, but did not find the dealer's office at its publicly displayed business address. The dealer may have just registered a company at this address without a real business venue. Please choose this dealer carefully.

Disclaimer

The content is for informational purpose only, and shall not be taken as final order for making choice.