An Entity Under Doo Financial Successfully Registered As A Dealer In Precious Metals and Stones Under Hong Kong Customs and Excise Department

News | 07 May 2024 11:18/AM GMT

We are excited to announce that Doo Group’s sub-brand, Doo Financial’s subsidiary, Doo Metals HK Limited, has successfully registered as a dealer in precious metals and stones (License No.: A-B-24-04-06541) under the Hong Kong Customs and Excise Department.  

After obtaining this license, the company is authorized to operate precious metals and stone businesses in Hong Kong, providing our clients with more investment choices and wealth opportunities. 

Hong Kong Customs and Excise Department’s Dealers in Precious Metals and Stones License 

Following Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) Part 5C, the Hong Kong Customs and Excise Department is the regulator in charge of implementing the registration regime of dealers in precious metals and stones since 1 April 2023.  

Any person, partner, or corporation seeking to carry on a business of dealing in precious metals and stones in Hong Kong, including specified non-cash transactions or specified cash transactions, must follow this registration regime to apply for registration with the Hong Kong Customs and Excise Department. 

After strict examination by the Hong Kong Customs and Excise Department, Doo Metal HK Limited has successfully registered as a dealer in precious metals and stones. The company is authorized to carry out precious metal and stone businesses, including: 

License-authorized businesses 

(a) Trading in (including purchasing and selling), exporting or importing precious metals, precious stones or precious products; 

(b) Manufacturing, refining or carrying out any value adding work on precious metals, precious stones or precious products; 

(c) Issuing, redeeming or trading in precious-asset-backed instruments; or 

(d) Acting as an intermediary in respect of any of the activities in paragraph a, b or c. 

Articles covered in the regulatory regime 

(a) Precious metal: gold, silver, platinum, iridium, osmium, palladium, rhodium or ruthenium, in a manufactured or unmanufactured state; 

(b) Precious stone: diamond, sapphire, ruby, emerald, jade or pearl, whether natural or otherwise; 

(c) Precious product: any jewellery or watch that is made up of, containing or having attached to it, any precious metal or precious stone, or both; 

(d) Precious-asset-backed instrument: any certificate or instrument backed by one or more precious metals, precious stones or precious products that entitles the holder to such assets (in entirety or in part); but does not include – 

(i) Any securities, a futures contract, any interest in a collective investment scheme, a structured product or an OTC derivative product as defined by the Securities and Futures Ordinance (Cap. 571); or 

(ii) A virtual asset. 

Building a Diverse Investment Portfolio 

Doo Financial is the onshore brokerage brand under Doo Group. Its objective is to provide investors with global brokerage services in trading securities, futures, funds, bonds, Pre-IPO and IPO placement, and many other financial products and services.  

Doo Financial remains committed to providing investors with a wide range of products, helping them achieve their investment goals while navigating the various market conditions and effectively pursuing risk management. 

Currently, due to geopolitical circumstances, the monetary policy adjustment by the central banks, and other factors, there has been an increase in volatility in the global economy. Precious metals have become a hot pick for global investors for risk aversion.  

Additionally, Hong Kong, as an internationally renowned financial center, is one of the connecting hubs for global financial markets. Its dynamic precious metal trading market has also provided investors with abundant investment tools and potential investment opportunities. 

Through the obtaining of this license, Doo Financial has further expanded its business to include dealing in precious metals and stones. They will provide high-quality precious metal and stones trading services to enhance its financial investment portfolio, helping clients to take advantage of the unlimited opportunities in Hong Kong and around the world. 

In the future, Doo Group and its sub-brands will continue to explore more market-leading opportunities. We will continue to develop our brokerage, wealth management, property, payment exchange, FinTech, financial education and other main business lines. With this, we will provide our clients with a more diverse investment portfolio, while letting them enjoy a highly efficient and reliable investment experience.