Navigating Listed Closed-ended Alternative Asset Funds In Hong Kong. On 30 June 2026, the Securities and Futures Commission (SFC) issued its Frequently Asked Questions (FAQs) on the Listed Closed-ended Alternative Asset Funds (LAFs). This facilitates international asset managers to utilise LAFs as a fund raising vehicle in Hong Kong to attract regional capital into offshore master funds. Specifically, LAF constitutive documents and offering documents must include certain provisions that mirror the governance framework of Hong Kong public listed companies. Share Buy-back MechanismTo manage secondary market discounts for units / shares of LAFs, the FAQ provides for specific share buyback rules.