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Suspected Unauthorised CIS Alert List

The investment arrangements included in this alert list have come to the SFC's attention through enquiries or complaints. They display certain characteristics of a "collective investment scheme"(CIS) as defined under the Securities and Futures Ordinance (SFO). As they are not authorised by the SFC, they may not be offered to the Hong Kong public.

This list is not exhaustive and may be updated from time to time as new information becomes available.

CIS offered to the Hong Kong public are subject to SFC authorisation under the SFO, unless exempted. In general, CIS must be sold by an intermediary licensed or registered with the SFC. Unauthorised CIS may generally be sold to professional investors only.

Investors should exercise extreme caution if they plan to invest in any non-SFC authorised CIS. They may suffer significant or even total losses in such investments.

This list may include different types of suspected unauthorised CIS arrangements, such as those involving real estate, digital tokens and initial coin offerings (ICO). Where a CIS involves overseas properties and scheme operators, the authorities in Hong Kong, including the SFC, may not be able to offer legal or regulatory assistance.

For further information on CIS,  investment in overseas propertiesICO and digital tokens, please follow the links.


  • The Suspected Unauthorised CIS Alert List provides an early warning to investors but it is not a substitute for investors’ own due diligence. If in doubt, investors should seek professional advice.
  • The fact that an arrangement does not appear on the list should not be taken as an indication that it is, or is not, an SFC-authorised CIS or otherwise safe for investment. A searchable list of investment products authorised by the SFC for public offering, including all authorised CIS, is available on the SFC’s website.
  • If you have been solicited to participate in any suspicious CIS investment arrangement, you may inform the SFC by completing our online complaint form.
  • If you have any questions about the list, please send your enquiry to unauthCIS_alert@sfc.hk.

Please view the list by selecting the first alphabet that starts off the name / description of each arrangement or the sub-group labelled “Chinese” for arrangements bearing only Chinese names / description. You can also search by name / description, by type or by location to check whether an arrangement is already on the list.

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Search tips:

This is a keyword search based on exact phrases. To facilitate searching, please only enter the keywords "AAA" in the search field when searching for "AAA Property" or "AAA" Token

A B C D E F G H I J K L M N O P R S T U V W X Y Z Chinese Others
Name/ description Location Type Add date
Digital token related
Investment fund
Other investments
Real property related

Last update: 25 Feb 2022

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