SFC petitions for the winding up of Adamas Asset Management (HK) Limited and seeks to appoint provisional liquidators

Feb 26th '21

The Securities and Futures Commission (SFC) has presented a petition to the Court of First Instance (CFI) to wind up Adamas Asset Management (HK) Limited (Adamas) [1 & 2].


The SFC has also obtained an order from the CFI on 25 February to appoint Ms Chan Pui Sze and Ms Mak Hau Yin, both of Briscoe Wong Advisory Limited, as joint and several provisional liquidators of Adamas to, amongst other things, manage the affairs of Adamas (including its rights and powers in relation to the private funds advised or managed by Adamas) as they consider appropriate.


The matter will return to the CFI on 9 March for a hearing as to whether it will continue the appointment of the provisional liquidators.


Since Adamas’ sole director and ultimate shareholder, Paul Lincoln Heffner, passed away in January 2021, there has not been any person with proper authority attending to its affairs and Adamas has not been operational.


The SFC considers that it is in the public interest for Adamas to be wound up so that liquidators can be put in place to (i) assist in the orderly and expeditious winding up of the funds advised or managed by Adamas to facilitate the return of assets to investors, (ii) preserve the records of Adamas so that they will not be lost, disposed of or otherwise misused or dealt with by unauthorised persons to the prejudice or detriment of Adamas or the fund investors and (iii) carry out an independent investigation of the business and affairs of Adamas for the protection of the interests of the fund investors where necessary.


Source: SFC



  1. Adamas is licensed under the Securities and Futures Ordinance (SFO) to carry on business in Type 9 regulated activity (asset management), subject to the conditions that it (i) shall only provide services to professional investors and (ii) shall not hold client assets. It is engaged in the business of advisory and management of private funds for offering to investors in Hong Kong.
  2. The SFC’s application was made pursuant to section 212 of the SFO and the provisions of the Companies (Winding Up and Miscellaneous Provisions) Ordinance.  Section 212 of the SFO permits the SFC to initiate winding up proceedings if it appears to the SFC that it is desirable in the public interest for a corporate to be wound up and on the ground that the making of a winding up order would be just and equitable.