According to Wu, the third upgrade (Uplift) of the flagship fund of Frontier Capital Management Co., Ltd. ("Flagship Fund SP") was approved by the Securities and Futures Commission to accept stablecoin subscription and redemption. The group has distributed about 12 dividends since its establishment 7 years ago. Frontier Capital began to apply for a virtual asset asset management license issued by the Hong Kong Securities and Futures Commission in 2019, and officially obtained the license in January 2022. In March of the same year, Frontier Capital issued its first compliant virtual asset fund.
In February 2023, the Hong Kong Securities Regulatory Commission uplifted the asset management authority of Frontier Capital for the second time, making Frontier Capital the first virtual asset multi-strategy hedge fund to be licensed. This time, the Hong Kong Securities Regulatory Commission also accepted the proposal put forward by Frontier Capital Management Co., Ltd., allowing investors to subscribe and redeem fund units with stablecoins.
Fore Elite believes that this breakthrough provides investors with a convenient way to participate in the compliant and licensed virtual asset market, and also demonstrates Hong Kong's proactive attitude in building a global virtual asset center over the past year. Since its establishment in March 2022, the Fore Elite flagship fund has also performed extremely well, with four dividends paid as of the first quarter of 2024, with a total dividend of up to HK$360 million.
