First Digital Trust (FDT) have blatantly defied all fiduciary and regulatory norms by claiming to manage a 501.8 million securities portfolio in the Aria Commodity Finance Fund under its own legal title — supposedly on behalf of Techteryx. According to Hong Kong’s Securities and Futures Ordinance (“SFO”), any person or company offering securities portfolio management services must hold an SFC Type 9 license — unless it's exclusively for a wholly owned subsidiary or a parent company holding 100% of its shares. Clearly, FDT is not just flouting trust industry norms — it is outright disregarding the rules governing banking and investment in Hong Kong. In other words, its actions show total contempt for Hong Kong’s regulators and enforcers.