Reason for this visit

The international foreign exchange market in Hong Kong has been developing since the 1970s. Due to the removal of foreign exchange control in Hong Kong in 1973, there has been a large inflow of international capital, and an increasing number of financial institutions operating foreign exchange business have mushroomed. The foreign exchange market has become more and more active, developing 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 to have a more comprehensive understanding of foreign exchange brokers in Hong Kong, the survey team is going to pay on-site visits to local companies.

On-site visit

In this issue, the investigation team went to Hong Kong, China to visit the foreign exchange broker HUNGSING (licensee: Hung Sing Futures Limited) as planned according to its registered regulatory address that Unit 2505, 25/F, Shun Tak Centre West Tower, 200 Connaught Road Central, Sheung Wan, Hong Kong.

The survey personnel came to the destination in a developed business area of Sheung Wan on May 13, 2023, where a commercial building is situated, with convenient transportation including MTR and others. On the ground floor lie the Hong Kong – Macau Ferry Terminal, Sheung Wan Station, and Transportation Hub. There are also plenty of shops, restaurants, residential buildings, and department stores nearby, which are surrounded by a clean environment with huge crowds of people.

After entering the building, the survey team spotted that room 2505 was occupied by Hung Sing Securities Limited and Hung Sing Financial Group Limited from company directory. At meantime, HUNGSINGs company name and logo could be clearly seen at the door of the office.

After an on-site investigation, it is confirmed that the broker does have a physical presence here.

Conclusion

The survey team went to Hong Kong to visit forex broker HUNGSING as scheduled, and spotted the companys name at its registered regulatory address, which indicates that it has a physical business office here. Unfortunately, the survey personnel were not able to enter the company for a special visit, so the specific scale of its business is unknown. Investors are advised to make a sensible choice based on a comprehensive consideration.

Disclaimer

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