Hong Kong DL Holdings with $3.5 Billion AUM to Buy Singapore-Based Wealth Management Firm with $2.6 Billion AUM for $50 Million, 400 HNW & Institutional Clients in India, Middle East, Switzerland, Africa & Europe
25th September 2024 | Hong Kong
Hong Kong DL Holdings with $3.5 billion AUM has announced entering into an acquisition MOU to buy Singapore-based wealth management firm with $2.6 billion AUM for around $50 million (More than 400 HNW & institutional clients in India, Middle East, Switzerland, Africa & Europe). DL Holdings (20/9/24): “DL Holdings Group Limited (“DL Holdings” or the “Company”, together with its subsidiaries, the “Group”, Stock Code: 1709.HK) announced that on September 19, 2024, DL Holdings has entered into an acquisition MOU with a Singapore-based wealth management firm (the “Target Company”). The consideration of the Sale Shares is expected to be settled by a combination of cash and allotment and issuance of shares of the Company. The Target Company was based in Singapore and with offices in Dubai, UAE. The preliminary valuation of the Target Company is expected to be approximately US$50 million. The Acquisition will help DL Holdings to expand its footprint in Southeast Asia, explore the Middle East market, and further build a global ecosystem for asset management and investment. DL Holdings aims to be a prominent asset management and financial services platform. DL Holdings’ current AUM has exceeded US$3.5 billion, with established offices in Shanghai, San Francisco, Singapore, and Japan. The Target Company has an AUM of approximately US$2.6 billion. It has a significant high-net-worth clientele and future growth potential in Singapore and the Middle East. The possible acquisition will create synergies between the two parties in terms of multi-family office and global investments, and will be complementary to the Group’s existing operation and business layout and consolidate its existing advantageous position … … Established in 2008, the Target Company has accumulated over 400 clients, serving high net worth individuals and institutional investor in India, the Middle East, Switzerland, Africa and Europe. The wealth management company has accumulated extensive experience in providing a full range of multi-family office services and solutions, and its management shares the same vision and objectives as DL Holdings in global asset management and financial services. Dubai is the economic and commercial center of the Middle East, where East meets West, the gateway to the Middle East and Africa, and an important node of the “One Belt One Road”. With the completion of this Acquisition, DL Holdings Group will take a significant step forward in its multi-family office and global wealth management footprint.” In 2023 November, DL Holdings had announced to launch Artificial Intelligence (AI) Family Office system in 2024. In 2023 September, DL Holdings had fully acquired the remaining 55% shares of DL Family Office ($2.3 billion AUM, Assets under Management) for $28 million (HKD 220 million) at $51 million valuation, having acquired 45% of DL Family Office in January 2023 which reported net profit of $2.5 million in 2022 (HKD 20 million, excludes financial costs & tax).
“ Hong Kong DL Holdings with $3.5 Billion AUM to Buy Singapore-Based Wealth Management Firm with $2.6 Billion AUM for $50 Million, 400 HNW & Institutional Clients in India, Middle East, Switzerland, Africa & Europe “
Andy Chen, Chairman of DL Holdings Group: “Over the past decade, DL has established a solid reputation in Hong Kong and the Asia Pacific region. After entering the Hong Kong Stock Connect, we are accelerating the expansion of our global asset allocation and looking for excellent partners. It is believed that this Acquisition will strengthen the Group’s impact in Singapore and expand the Group’s business scope in Singapore and Southeast Asia region by integrating the resources of the target company and building a stronger customer network. In addition, the move will strengthen the foundation for the Group to open up the Middle East market with Dubai as the core, and extend westwards into Europe and Africa.
This acquisition would build a close collaboration between our group and the Singapore-based Company which on one hand could provide our group and clients immediate access to the markets in Southeast Asia and the Middle East, while on the other hand giving the Singapore-based Company and its clients access to the markets in HKSAR, Japan and North America, thereby further enhancing the business coverage of both parties and the range of products that could offer to the combined clienteles. On the basis of the solid traditional business of multi-family office, DL has taken the lead in setting up an AI Family Office (DLiFO), which will leverage on the iterative upgrading and mature application of AI to cover and serve more and more clients, with the opportunity to grow the number of clients geometrically, and thus accelerating the achievement of the strategic goal of exceeding US$10 billion in AUM.”
DL Holdings Group – DL Holdings Group (1709.HK) is a Hong Kong-listed company and has been included in the Stock Connect. DL Holdings Group is a leading asset management and financial service platform in the Asia-Pacific region with focus on family office. The Group is dedicated to providing full-cycle customized wealth management and inheritance services to ultra-high-net-worth families. Additionally, the Group also offers global asset allocation and management services to high-net-worth families, financial institutions, private enterprises and third-party wealth management platforms. Headquartered in Hong Kong, the Group maintains permanent offices in Shanghai, San Francisco, Singapore and Japan. Committed to aligning with the interests of its clients, DL Holdings delivers customized global family wealth management, private banking and investment banking services. As of 2023, the Group’s AUM has exceeded US$3.5 billion, with nearly US$2.1 billion managed through DL Family Office. The listed company also holds a Singapore RFMC fund license, a Cayman Islands SIBL fund license, and more than 20 Hong Kong Limited Partnership Funds (LPF).
DL Holdings to Launch Artificial Intelligence Family Office System in 2024 January, Established DL Institute For New Economic Research & Digital Family Office Earlier in 2023
17th November 2023 – DL Holdings is targeting to launch Artificial Intelligence (AI) Family Office system in 2024 January, having established DL Institute For New Economic Research and the digital family office earlier in 2023. DL Holdings: “ With the rapid development and global industrial application of AI technology in recent years, the wealth management and asset management industries are also facing great opportunities and challenges. Traditional wealth management methods, asset allocation methods, valuation structure logic, and most importantly, customer needs are all constantly changing and developing in a non-linear manner. In order to adapt to and lead the future development trend of family office wealth management, DL Holdings is building a decentralized AI platform based on large models and big data, which will become the underlying logic and new architecture for the future development of family office and the wealth management industry. DL Holdings established DL Institute For New Economic Research and digital family office this year, transforming the asset management business into a smart asset management and wealth inheritance platform supported by digital technology. On this basis, the Group has established the global AI business department, The AI family office system based on DL-GPT API are currently in the research and development stage and are nearing launch, and they are expected to become available in January 2024. The presidents of China and the United States will convene in San Francisco, USA, to engage in discussions encompassing a wide range of bilateral and global subjects, including science and technology, economy, and education, between the two nations. DL Holdings has incorporated an AI technology company in Silicone Valley, US, with the goal being to forge a new ecosystem of AI wealth management, utilizing AI technology and blockchain technology to empower the continued philosophy of “Delivering Legacy” of the Group, giving everyone access to an AI steward that can learn and evolve independently, to truly possess their own family office, and command over their wealth and life.” In October 2023, Hong Kong DL Holdings fully acquired the remaining 55% shares of DL Family Office ($2.3 billion AUM, Assets under Management) for $28 million (HKD 220 million) at $51 million valuation, having acquired 45% of DL Family Office in January 2023 which reported net profit of $2.5 million in 2022 (HKD 20 million, excludes financial costs & tax).
Andy Chen, Chairman of DL Holdings Group:” The advancement of artificial intelligence is poised to revolutionize traditional family offices. Previously, family office services were exclusive to ultra-high net worth clients; however, in the era of artificial intelligence, individuals from all walks of life can now have their own family offices, enabling them to enhance their financial investment capabilities and strive towards self-improvement. Undoubtedly, artificial intelligence will spearhead the prevailing trend, and DL Holdings is committed to wholeheartedly embracing the opportunities and challenges presented by this technology.”
DL Holdings Group (1709.HK) is a Hong Kong-listed asset management and financial services platform with a core focus on investment banking business, covering securities trading, financial consulting, multi-strategy investment fund management, investment research, financial loans and other financial services. Its subsidiary, DL Securities, holds SFC licenses for Type 1 (securities trading), Type 4 (advising on securities) and Type 6 (advising on corporate financing) regulated activities. The Group’s subsidiary, DL Capital, mainly provides asset management services, holding SFC licenses for Type 4 (advising on securities) and Type 9 (asset management) regulated activities. The Group’s subsidiary, ONE Advisory, provides one-stop, bespoke and comprehensive global identity planning consulting services and solutions for high-net-worth individuals and families. The listed company also holds a Singapore RFMC fund license and a Cayman Islands SIBL fund license. The Group has established 18 limited partnership funds in Hong Kong, which mainly invest in private equity. The Group’s subsidiary, Seazon Pacific, is committed to providing overall solutions for supply chain management.
Hong Kong DL Holdings Fully Acquires Remaining 55% Shares of $2.3 Billion DL Family Office for $28 Million at $51 Million Valuation, Acquired 45% of DL Family Office in January 2023 with Net Profit of $2.5 Million in 2022
21st September 2023 – Hong Kong DL Holdings has fully acquired the remaining 55% shares of DL Family Office ($2.3 billion AUM, Assets under Management) for $28 million (HKD 220 million) at $51 million valuation, having acquired 45% of DL Family Office in January 2023 which reported net profit of $2.5 million in 2022 (HKD 20 million, excludes financial costs & tax). DL Holdings: “This strategic move follows the successful acquisition of a 45% stake earlier this year, establishing DL Family Office as a wholly-owned subsidiary of DL Holdings. Consequently, DL Holdings has emerged as the foremost asset management and financial services platform in Hong Kong, with a primary focus on multi-family office services. The consideration for this acquisition, totaling HK$220 million, will be settled through a combination of cash and promissory notes, comprising HK$70 million in cash and HK$150 million in promissory notes. Importantly, this financial arrangement will not encumber DL Holdings with any cash flow constraints, ensuring the company’s continued financial strength and stability … … Throughout this year, DL Holdings Group has embarked on a series of strategic initiatives. In May, the company formalized a strategic cooperation agreement with Soochow Securities (Hong Kong). In August, DL Holdings announced its investment in and acquisition of a new integrated commercial tower in Central, subsequently named “DL Tower.” Most recently, the company established the “DL Institute for New Economic Research.” In the midst of prevailing global economic uncertainties, DL Holdings remains proactive, adhering to the ethos of “seizing every crisis opportunity, maintaining sensitivity and vigilance.” Rooted in a long-term perspective, DL Holdings continues to explore new avenues for investment, mergers, acquisitions, and strategic collaborations on a global scale. The company is dedicated to establishing a premier asset management platform that delivers top-tier services to its family clients.”
Andy Chen, Chairman of DL Holdings Group: “Three compelling factors underpin our swift move. Firstly, DL Family Office’s exceptional track record and esteemed industry reputation significantly bolster and elevate our listed group’s standing within the industry. Secondly, the full integration of the family office business into our parent company is expected to yield a substantial increase in our management scale, client base, revenue, and profits. Thirdly, the family office business will seamlessly synergize with our existing securities, asset management, real estate, and research institute divisions, enhancing DL’s internal dynamics, reducing communication barriers, and elevating service standards for both family and corporate clients.”
DL Holdings Group (1709.HK) is a Hong Kong-listed asset management and financial services platform with a core focus on investment banking business, covering securities trading, financial consulting, multi-strategy investment fund management, investment research, financial loans and other financial services. Its subsidiary, DL Securities, holds SFC licenses for Type 1 (securities trading), Type 4 (advising on securities) and Type 6 (advising on corporate financing) regulated activities. The Group’s subsidiary, DL Capital, mainly provides asset management services, holding SFC licenses for Type 4 (advising on securities) and Type 9 (asset management) regulated activities. The Group’s subsidiary, ONE Advisory, provides one-stop, bespoke and comprehensive global identity planning consulting services and solutions for high-net-worth individuals and families. The listed company also holds a Singapore RFMC fund license and a Cayman Islands SIBL fund license. The Group has established 18 limited partnership funds in Hong Kong, which mainly invest in private equity. The Group’s subsidiary, Seazon Pacific, is committed to providing overall solutions for supply chain management.
Hong Kong DL Holdings to Fully Acquire Remaining 55% Shares of $2.3 Billion DL Family Office at Maximum $63 Million Valuation, Acquired 45% of DL Family Office in January 2023 with Net Profit of $2.5 Million in 2022
13th July 2023 – Hong Kong DL Holdings has announced to fully acquire the remaining 55% shares of DL Family Office ($2.3 billion AUM, Assets under Management) at a maximum of $63 million valuation (HKD 500 million), having acquired 45% of DL Family Office in January 2023 which reported net profit of $2.5 million in 2022 (HKD 20 million, excludes financial costs & tax). DL Holdings: “As Hong Kong’s first financial institution to establish a multi-family office providing family legacy planning services, DL Family Office is a licensed corporation under the SFO and is permitted to carry on Type 4 regulated activity (advising on securities) and Type 9 regulated activity (asset management). The two subsidiaries under DL Family Office, DL Emerald Wealth Management and DL Advisory, offer insurance, family structure advisory, taxation, education and healthcare and other family office services. The current AUM of DL Family Office have reached US$2.3 billion (approximately HK$18 billion). The net profit of DL Family Office was HK$20 million in 2022 and expected to exceed HK$40 million in 2023. The listed DL Holdings will acquire 55% of DL Family Office at a valuation of no more than HK$500 million, involving an expected investment of HK$275 million. As explained during the Annual General Meeting of DL Holdings, the Company recorded a revenue of HK$190 million and a gross profit of HK$102 million last year, with licensed financial services contributing a revenue of HK$126 million and a profit of approximately HK$38 million. The core business of DL Holdings generated a net profit, excluding financial costs and tax, of HK$20 million. The Company has achieved a record of distributing dividends in three consecutive years. The family office business has always been the core business of DL Holdings. After the merger of family office business, the listed Company is gradually transforming into an asset management and financial service platform with the family office as the core business. DL Holdings aims to create a four-in-one wealth management model consisting of “family office + investment bank + investment bank”.” Earlier in 2023 May, China headquartered Soochow Securities (Hong Kong) and DL Holdings with $3 billion AUM (Assets under Management) have formed a full strategic partnership in family office, wealth management, joint operations & equity, cross-selling financial products and to jointly promote Mainland China, Hong Kong, Great Bay Area (GBA) and Asia-Pacific (APAC). See below for more info.
Hong Kong DL Holdings to Fully Acquire Remaining 55% Shares of $2.3 Billion DL Family Office at Maximum $63 Million Valuation, Acquired 45% of DL Family Office in January 2023 with Net Profit of $2.5 Million in 2022
- DL Holdings (1709. HK) to Acquire Remaining 55% Stake of DL Family Office at Valuation of No More Than HK$500 Million
10th July 2023 – DL Holdings Group Limited (“DL Holdings” or the “Company”; Stock Code: 1709.HK) has recently announced the signing of a Memorandum of Understanding (MOU) regarding to the potential acquisition of the remaining stake in its affiliated company, DL Family Office (HK) Limited (“DL Family Office”), following the acquisition of 45% stake of DL Family Office in January 2023. The Group will acquire the remaining 55% stake of DL Family Office at a valuation of no more than HK$500 million. After the acquisition, DL Family Office will become a wholly-owned subsidiary of the listed DL Holdings Group.
- Since the commencement of the acquisition in 2021, DL Holdings has acquired 45% of DL Family Office in a year and a half, then announced the complete acquisition half a year later. The swift acquisition progress demonstrates the rapid development and significant profits of family office business, which contribute to increased income and profits of the listed Company, the scale of asset under management (AUM), the number of customers and the extended service scope.
- As Hong Kong’s first financial institution to establish a multi-family office providing family legacy planning services, DL Family Office is a licensed corporation under the SFO and is permitted to carry on Type 4 regulated activity (advising on securities) and Type 9 regulated activity (asset management). The two subsidiaries under DL Family Office, DL Emerald Wealth Management and DL Advisory, offer insurance, family structure advisory, taxation, education and healthcare and other family office services. The current AUM of DL Family Office have reached US$2.3 billion (approximately HK$18 billion). The net profit of DL Family Office was HK$20 million in 2022 and expected to exceed HK$40 million in 2023. The listed DL Holdings will acquire 55% of DL Family Office at a valuation of no more than HK$500 million, involving an expected investment of HK$275 million.
- As explained during the Annual General Meeting of DL Holdings, the Company recorded a revenue of HK$190 million and a gross profit of HK$102 million last year, with licensed financial services contributing a revenue of HK$126 million and a profit of approximately HK$38 million. The core business of DL Holdings generated a net profit, excluding financial costs and tax, of HK$20 million. The Company has achieved a record of distributing dividends in three consecutive years.
- The family office business has always been the core business of DL Holdings. After the merger of family office business, the listed Company is gradually transforming into an asset management and financial service platform with the family office as the core business. DL Holdings aims to create a four-in-one wealth management model consisting of “family office + investment bank + investment bank”.
- Furthermore, DL Holdings has entered into a strategic partnership with Soochow Securities (Hong Kong). The two parties have launched all-round cooperation in the aspects of family office, wealth management, joint operation and equity, including docking domestic and overseas client resources, providing asset allocation strategies and investment products, and selling various financial products on behalf of each other, to jointly promote cross-border investment and wealth management between mainland China and Hong Kong, the Greater Bay Area, and even the Asia-Pacific region. The flagship strategic fund jointly managed by the two parties will be launched soon, and more asset management products will be introduced in the future.
DL Holdings Group (1709.HK) is a Hong Kong-listed asset management and financial services platform with a core focus on investment banking business, covering securities trading, financial consulting, multi-strategy investment fund management, investment research, financial loans and other financial services. Its subsidiary, DL Securities, holds SFC licenses for Type 1 (securities trading), Type 4 (advising on securities) and Type 6 (advising on corporate financing) regulated activities. The Group’s subsidiary, DL Capital, mainly provides asset management services, holding SFC licenses for Type 4 (advising on securities) and Type 9 (asset management) regulated activities. The Group’s subsidiary, ONE Advisory, provides one-stop, bespoke and comprehensive global identity planning consulting services and solutions for high-net-worth individuals and families. The listed company also holds a Singapore RFMC fund license and a Cayman Islands SIBL fund license. The Group has established 18 limited partnership funds in Hong Kong, which mainly invest in private equity. The Group’s subsidiary, Seazon Pacific, is committed to providing overall solutions for supply chain management.
China Soochow Securities & $3 Billion DL Holdings Form Full Strategic Partnership in Family Office, Wealth Management, Joint Operations & Equity, Cross-Selling Financial Products & Jointly Promote Mainland China, Hong Kong, Great Bay Area & APAC
30th May 2023 – China headquartered Soochow Securities (Hong Kong) and DL Holdings with $3 billion AUM (Assets under Management) have form a full strategic partnership in family office, wealth management, joint operations & equity, cross-selling financial products and to jointly promote Mainland China, Hong Kong, Great Bay Area (GBA) and Asia-Pacific (APAC). Announcement: “In recent years, with rapid growth of the global wealthy population and demand for wealth management, family office business, as an important field to promote rapid growth of the asset and wealth management industry, is a significant direction which the HKSAR government has fully promoted. Several favourable policies have recently been announced to attract more family offices to settle in Hong Kong, fully reflecting the determination of Hong Kong to enhance its competitiveness as a global wealth management center and develop the city as a family office hub … … Soochow Securities (Hong Kong) Financial Holdings Limited, a wholly owned subsidiary of Soochow Securities Co., Ltd. has entered into the duly strategic cooperation agreement with DL Holdings in Hong Kong. Both parties will launch all-round cooperation in the aspects of family office, wealth management, joint operation and equity, including docking domestic and overseas client resources, providing asset allocation strategies and investment products, and selling various financial products on behalf of each other, to jointly promote cross-border investment and wealth management between mainland China and Hong Kong, the Greater Bay Area, and even the Asia-Pacific region, thereby empowering each other for win-win cooperation.”
Zhen Xue, President of Soochow Securities: “Soochow Securities (Hong Kong) and DL Holdings have signed a strategic cooperation agreement, taking advantage of the ‘favorable timing, geographical and human conditions.’ The ‘favorable timing’ refers to the global economy gradually recovering from the COVID-19, with China’s economy rebounding strongly after reopening. The favorable geographical’ signifies that both Soochow Securities (Hong Kong) and DL Holdings are based on the shores of Victoria Harbor, adhering to the principles of ‘one country’ while utilizing the advantages of ‘two systems,’ constantly creating new value for clients in this unique geographical position. The ‘ favorable human conditions’ aspect involves DL Holdings possessing a comprehensive talent system and reserves, with the core management team having an average of over twenty years of industry experience. Soochow Securities (Hong Kong) also continues to improve its personnel allocation, fostering a highly efficient and stable team of professionals. Against this backdrop, through complementing and promoting each other, the collaboration between the two parties will undoubtedly generate a synergistic effect where ‘1+1>2,’ bringing about a win-win situation to enhance the core competitiveness of both companies.”
Andy Chen, Chairman of the Board and Executive Director of DL Holdings: “DL will fully leverage its own strengths, particularly focusing on the unique advantages of serving family office clients, corporate clients, and global asset allocation. We will fully connect with Soochow extensive domestic and international client resources, deeply explore the wealth management needs of existing clients, jointly expand the service scope for clients in new areas, and achieve alignment in principles, complementing each other’s businesses, and promoting mutual assistance, all with the goal of swiftly seizing the cross-border asset management market in Hong Kong and the Greater Bay Area in this new era. Simultaneously, we will leverage Soochow’s strong research capabilities and resource network to provide DL’s clients with more comprehensive and in-depth investment banking services and domestic capital support, positioning ourselves as the frontrunners in the industry.”
Soochow Securities & DL Holdings Management Team
Soochow Securities (Hong Kong) Financial Holdings Limited
Soochow Securities (Hong Kong) is a wholly owned subsidiary of Soochow Securities Co., Ltd. (601555.SH). As the platform of internationalization strategy, Soochow Securities (HK) acts as an overseas window for Soochow Securities. Soochow Securities (HK) now holds licenses issued by the Securities and Futures Commission (SFC) of Hong Kong, for Type 1, Type 2, Type 4, Type 5, Type 6, and Type 9 regulated activities, which aims to provide comprehensive and high-quality corporate finance, asset management and brokerage services for global and Hong Kong clients. Leveraging cross-border collaborations through Soochow Securities’ the geographical advantages and rich client resources, Soochow Securities (HK) focuses on securities and futures brokerage, institutional sales and research, corporate finance, fixed income, and asset management, committed to becoming an investment and finance platform with leading characteristics.
DL Holdings Group Limited
DL Holdings Group (1709.HK) is a Hong Kong-listed asset management and financial services platform with a core focus on family office operations. With 13 Years of Establishment, DL dedicated to Serving Ultra-High Net Worth and High Net Worth Individuals and Enterprises in the Asia-Pacific Region, Holding SFC Licenses 1, 4, 6, and 9, with Total Assets Under Management Exceeding $3 Billion. DL has offices in Hong Kong, Shanghai, Singapore, and San Francisco. It is currently the first and only publicly listed group in Hong Kong that combines family office operations. Its business covers a wide range of services including full-cycle family office services, investment banking services, asset management, global real estate investments, alternative investments, insurance services, as well as family governance and planning.
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