GROW Digital Wealth · Company Monitor

• 13 Aug 2026
  compliance ⚠⚠ THE 25 AUG ANNOUNCEMENT HAS BECOME A REGULATORY QUESTION, NOT A PR ONE — and legal has said do not mention GIG
  This is the most consequential thread of the week and it changes the shape of the launch. Legal reviewed the draft PR and advised 「最好不要提GIG」 — do not mention GIG. Kenny then went further: "We should think about whether or not we should announce this merger at this stage. I am also worried about the regulatory situation and do not want to highlight this at this moment." Alan's read on why: 「其實提到 HY HK 就可能已經帶來法律上的風險，因為他們本身就有官司在身」 — naming HY HK may itself create exposure because they are already in litigation. His alternative: 「一個辦法是完全不提 merger，就直接說思宏 rebranding。當然這樣就變成 non news，是百分百沒有人願意去 cover 的。」
  But the counter-argument is the business itself. Alan: "It'll be incredibly difficult for IFAs to sell if we don't make any announcement. Growhill and 思宏 don't exist now. IFAs' old client relationships only go so far. At some point people need to know this is a real company." And the modest version of the goal: 「不覺得我們需要做大量的所謂傳統宣傳，但這一刻思宏在互聯網上是「不存在的」。目標是至少讓我們可以被搜索到」 — just be findable.
  Two radical options Alan put on the table, both of which would change the cap table: ① "No merger — just set up a brand new company to do this with brand new shareholders." ② "Distribute GIG's stake in Growhill fully to the individual shareholders — Kelvin, Julius Baer etc — so it's not GIG holding a wealth co. GIG disappears from the cap table and it's just the individual 穿透股東." Kenny's objection: "if we do this, GIG is completely off our story. They won't be a shareholder anymore."
  Where it landed (Alan, 16:23): 「我們以8月25號做對外宣傳作為 milestone 目標，再想想內容怎樣處理」 — hold 25 Aug as the milestone, rework the content; 「因為理財師9月1號開賣之前希望我們可以提供到基本的品牌 exposure」. And at 12:54: "Talked to Cheney — we need to do this approach for Grogenta anyway so we can do it for Growhill as well. And we won't mention GIG in the press release."
  Also live: Kelvin has his own concerns about the GIG reference (which is only a factual line stating GIG is a shareholder). Kenny: "Seems every moment we touch GIG, they prefer to distance themselves" — and asked William to speak to Kelvin privately. William proposed a three-way call then a five-way including Ricky and Kelvin. William's own summary: "Wealth is sensitive." Kenny: 「大局為重」.
• 13 Aug 2026
  deal ⚠ NEW BLOCKER — the merger needs Julius Baer and Lighthouse approval at GIG level, and Lighthouse wants to sell
  Alan, 17:13: 「因為合併其實需要 JB Lighthouse 在 GIG 層面通過。我記得之前你有提到有跟他們打個招呼？股東協議有沒有 reserve matter？」 — the merger requires Julius Baer and Lighthouse consent at the GIG level, and he is asking whether the shareholders' agreement contains a reserved matter covering it. William's position: "Lighthouse know about it (as Scott is getting internal compliance approval). JB is in close loop with the GDW development and is aware of what we are doing. I will give JB a heads-up."
  And the material disclosure: Lighthouse wants to exit. Alan asked which of the two wanted to 退股; William: "LH — they want to make profit from their original investment as it comes with a low base," and on 14 Aug: "more on the money side, as they are a listed company and want to see more mark-up and exits." Two things follow. ① Confirm the SHA reserved-matter position in writing before 25 Aug — an announcement that presupposes a merger neither shareholder has formally approved is the wrong order. ② Note the awkward overlap: Scott (Lighthouse) is simultaneously a $500k-$1M name at 90% in the bridge book. A shareholder seeking an exit at GIG while its principal invests into the entity below is not fatal, but it needs to be understood before either is papered.
• 13 Aug 2026
  product ⚠ Cheney proposes DELAYING Two Sigma to 2027 — "I won't trust the team can sell it until we see $200-300M of FCN"
  A direct challenge to the entire Two Sigma launch plan, and it needs resolving fast because everything downstream assumes the opposite. Cheney, 10:53: "I would suggest we delay the launch of Two Sigma till 2027, Q1 or Q2." And the test he wants first: "I won't trust the team will be able to sell Two Sigma until we already see traction to sell at least 200 to 300 million FCN." His reasoning: "the sales difficulty between FCN and hedge fund is almost like 1:10." He added, candidly, "but would need Alan's help to manage Kenny's expectation." Alan's reaction: "That much? $200m?"
  William's counter is the middle path: "perhaps we can do soft book-building on a first-come-first-served basis, per Chen's feedback yesterday" and "make money — FCN is demand from IFAs and clients."
  What this collides with, if adopted: the $6M-by-15-Oct and $20M full-year Two Sigma targets in the Sales tab; the 1:3 配货 policy built around a Two Sigma ticket; the CIO notes 002 and 003, the second of which exists specifically to convert interested clients; the US$50M feeder / iCapital structuring work; and HKIC's stated interest in Two Sigma from Kenny's first meeting. Equally, Cheney is not wrong that a 3%/30% hedge fund is a harder sale than an FCN into an IFA base that has never sold one. → This is a genuine strategic fork and it should be decided explicitly at the 3-way, not drift. If Two Sigma slips, the 配货 ratio, the sales targets and the CIO-note distribution plan all need re-basing at the same time.
• 12 Aug 2026
  team Org structure settled: Grogenta = platform and listco · Growhill = the MFO / agency team · Chen Gang = MFO CEO with power inside sales only
  The construct (Cheney, 21:29): "Grogenta as platform and potential listco, then Growhill as MFO — or the agency team, in the insurance sense. Chen Gang is the MFO team head and naturally MFO CEO. Most convincing and appealing for IFA recruitment. But practically his power is within the MFO/sales org only." Chen and 文強 as CEO and Deputy CEO of 思宏财富 as MFO — explicitly not Group CEO or Grogenta CEO. 文強 is in fact doing chief-of-staff work, so either title fits.
  The control that makes it safe: given the US$1.5M p.a. opex already granted, they get maximum freedom inside the sales org, with board reserved matters on total budget and any spending above $1M. William's concern — "we don't want them to spend a lot without early revenue" — is answered by controlling at budget level rather than approving individual decisions; Cheney's read is that what they actually want is 決策對口, someone who decides, not a process.
  Function split agreed: GDW/Growhill runs ops, legal, compliance and IT with Cheney coordinating; finance and HR stay Group functions, with William as the coordinator to mainland colleagues. Systems adopt the Group standard — 企業微信 + 金蝶, with Summer or Lily onboarding staff, under Kelvin who runs Group support functions. Cheney on finance: "We really need Hengchu to step up… how can a company run without a budget before I got involved? What does the finance person do every day?" — which is the same R5-RED problem as the People panel.
• 13 Aug 2026
  team ⚠ Governance flag — Chen Gang announced 王潇 as 思宏 Chief Strategy Officer before the decision was made
  Sindy told Cheney that Chen Gang told Deckard, and effectively announced, that 王潇/Wang Xiao is 思宏财富 Chief Strategy Officer on Monday — before the leadership conversation about him had even happened. Alan: "He's definitely on probation. No title." Internal views on the motivation differ; William's line is the one to hold: 「結果說話」— he knows we are measuring him.
  Why it matters beyond the individual: the org structure agreed the day before gives Chen real authority inside the sales org and a CEO title that is deliberately bounded. A pre-announced C-level appointment on day one is exactly the boundary being tested. → Settle 王潇's status and Chen's appointment authority in the same conversation, before 25 Aug makes any of it public.
• 12-14 Aug 2026
  fundraise SAFEs going out to the first five — $2.75M · Loeb & Loeb engaged at HK$450k · no Cayman for Growhill
  Alan is papering the first tranche now: "Can you help me put in names and $$ for those ready to sign — Alan, Kenny, Louis, Scarlett, Cliff: 0.5 + 0.7 + 1 + 0.25 + 0.3 = $2.75M." The final three: Donnie (seeing Friday), Scott (may confirm next week), Eric Munson (~2 weeks). Target wire end-Aug; Scott says first week of September.
  Execution mechanics settled: SAFE by DocuSign, but the Deed must be wet ink — Cheney: "e-sign is not covering this legal doc form" — with grant signing arranged separately. Legal counsel: three quotes came in, the top around HK$700k; Loeb & Loeb quoted HK$450k and Cheney has used them before ("second-tier international, I recognise their professional work"). Alan: "Go the cheaper one?" — the Loeb & Loeb engagement letter arrived 13 Aug (Lewis Ho) and William has forwarded it.
  Structure decision — no Cayman for Growhill. Cheney: "another layer of Cayman is expensive and unnecessary given it won't be listed," and CRS is unavoidable in Cayman anyway since Cayman also reports. A HK holdco is sufficient — the only reason to prefer Cayman would be hiding the cap table from public search. His suggestion worth taking: put all ESOP, and even Chen Gang's ordinary shares, into a trust — shielded until listing.
  Also: Gib Dunham × Alan pitch is Friday 14 Aug, 21:30-22:30 HKT — Eric Munson's partner, "the one who knew the RIA space" — and Alan has asked William to join.
• 13 Aug 2026
  product The IFA number for the press release needs to be DD-able — Alan: "otherwise it's just 虚数" · FWD 80 agents signed, white-label site live
  Alan asked the right question before the announcement: "Who has a good count of non-HY/Chen Gang IFAs we have? Are they productive at all — I recalled 130 from FWD. Otherwise it's just 虚數." William's honest answer: "1. Regina. 2. Others are not. The FWD ones just started." Alan: "Can you ask Regina for the latest — I'll use that in the press release, assuming it's a DD-able number, IFAs logged on the system?"
  The real FWD position: William met FWD OCIO head Wisely — 80 FWD agents signed up, and the white-labelled site for FWD is ready (13 Aug). FWD's two asks: a customised site (done) and office space — where Alan's instinct is right: "can be a rebate rather than free upfront (bad idea)." Alan's follow-up question is the one that matters: "have they started selling anything at all?"
  → Before the press release: get Regina's system-logged number, and state only what survives diligence. An inflated adviser count in a launch release, in a market where WRISE publishes 129 licensed individuals, is a gift to anyone checking.
• 12-13 Aug 2026
  team Smaller items — PR quote RMB280k · client deck v20 corrections · Finloop/Fosun clarified · media coverage in train
  PR: 有連雲 quoted RMB 280,000 for 思宏财富 services (13 Aug). Fanny is the proposed operator — 劉 engaged her before at Noah — and Alan asked whether we have worked with her or her firm. Given the announcement content is now unresolved, do not commit the RMB280k until the GIG/merger language is settled.
  Client deck 客户简介 v20 issued, with mainland feedback to fix: remove the DeepSeek and 宇树科技 Unitree slides ("我们实际没有相关展业" — we have no actual business there), unify 理财师 vs 理财顾问, resolve "GDW or GrowHill?" on slide 9 ("GDW年度展望"), and a missing page 6. The DeepSeek/Unitree point is the same class of problem as the fabricated org chart — claims in investor and client material that the business cannot stand behind.
  Finloop / Fosun clarified (Cheney): "Fosun Wealth is Noah — they have a sales team. Finloop is GDW." The Finloop Sub-Distribution Agreement (31 Jul) has been circulated for review.
  Media: William supplied the GROW weekly report and China CTA commentary to Nye (hedge-fund reporter), who expects to run the story within days — separate from the Growhill announcement, but useful adjacent visibility. William has also been confirmed as a judge on the With Intelligence Hedge Fund Performance Awards APAC panel — one of only three judges; Alan's reaction: "Go sell Growhill!" and Kenny's: "choose the hard-to-get ones, so we can get allocation." Use it for credibility; keep the judging and the allocation conversations visibly separate.
• 12 Aug 2026
  team Headcount debate — Alan vs William on how fast to build · and the investor org chart is carrying people who don't work here
  New People & headcount panel added to the Team Weekly tab. The argument: William — "we should be careful on hiring, seems reaching 15 FT quickly… at GROW we had 75 ppl at peak"; Alan — "we cannot say we are building Asia's premier AI wealth platform and not invest in the most basic people infra… I will burn out soon, kind of burning out already"; Kenny — "focus on getting more revenue, not saving a few thousand dollars." Landing: face-to-face in HK this week, William "I am with you." Current state: 11 FTE (12 with Alan), ~5 productive non-sales, and ZERO in HR, finance, legal, compliance and PR.
  ⚠ The item nobody flagged as urgent: Alan, in the same thread — "We made up some people to show investors, eg, Ted Lee, etc. He's not doing anything here." Ted has since formally declined and is in the NO column. A deck showing him as team, in front of anyone still signing a SAFE, is a misrepresentation inside a live raise. Scrub it before the next signature and before 25 Aug. Second: compliance at zero is a licence risk, not a cost line — R3 has been RED since July, and in the preceding 72 hours a bank KYC sat unowned, "8.29" went unanswered, and IFA training material was found to contain client-side order tutorials. Interim RO now.
  The view on the substance: the benchmarks favour Alan — Arca runs $1.27B on 28 people and bought its back office via a single custodian; GDW is at 11 and has bought it from nobody — but William is right on mechanism. Cap fixed cost, not headcount: interim/fractional compliance and finance, equity-weighted marketing, ops +1 gated to onboarding volume. And the highest-return hire is not on anyone's list — a chief of staff to take workstreams off Alan, whose forecast and sales-ESOP items are both already marked SLOW.
• 11 Aug 2026
  product STRATEGIC UNLOCK — private-bank EAM desks expose trading and portfolio APIs. "We can be a custodian-agnostic total wealth solution platform."
  Gene, 18:54: "Just realised something really big but possible — EAM desks at all major PBs actually do provide trading APIs / portfolio APIs for clients and EAMs to interact with. The holy grail we always talk about — can clients use our platform without moving money directly out of the bank — is possible." And at 21:08, answering William's standing question: "the biggest automation challenge is whether we can use API to connect with their trading system and automate everything, instead of manual system clicking." The constraint is chicken-and-egg: "without a client on hand the PBs won't really work with us on integration, so we need actual clients pushing for integration and PoA signing." Alan: "Even just one client is enough?" — "Yes. Good to start with shareholders." Alan: "I only have a UBS. Kenny uses JPM." → Two banks, two shareholders, zero cost to start.
  Why this is bigger than it reads: it flips the hardest objection in the whole IFA pitch — the client never has to move custody. It also puts us in a lane a competitor already occupies: Arta AI is deployed at Bank of Singapore explicitly for external asset managers and family offices (Competitor tab), and UBS and Bank of Singapore are the top two EAM custodian picks among HK/SG EAMs. Moving first with our own shareholders' UBS and JPM accounts is the cheapest possible proof of concept — do it before the 25 Aug announcement so the story can carry it.
• 11 Aug 2026
  deal TS revised and cleared for signature — $1M penalty DROPPED, forfeiture made symmetric · Alan: "we good to go, let's sign"
  Alan's review found the structural hole: the exclusivity is terminable on one month's notice, and "Chen can get screwed by Wu — what if Wu says cancel, and Chen's ESOP stops vesting? Chen has no control over Wu cancelling exclusivity." Cheney's fix, accepted: "We can always exempt Chen Gang. So practically — Wu cancels, Wu gets no shares. Chen cancels, Chen gets no shares." William: "As long as we have rights to forfeit their shares we are protected" and "can we add a catch-up / clawback line if they do any harm to GH?" Alan pushed for a 12-month cliff before the first tranche. On drafting strategy — worth remembering: William, "let's not drag too long on the TS and play 文字游戲"; Cheney, "文字遊戲 is to be played in the actual transaction doc. Let's keep the TS vague"; William, "let's sign first, so that we remove the merge-will-happen-or-not uncertainty." Alan's close: "1 — revise this way. 2 — OK with dropping $1m. Then we good to go. Let's sign." William: "I will keep an eye on them signing today/tomorrow."
  ⚠ Counterparty risk: the team's working assumption is that the forfeiture, cliff and clawback protections must survive into the transaction documents — if the TS stays deliberately vague, the transaction docs must carry them. On the lawyer brief in writing.
• 11 Aug 2026
  compliance ⚠ TWO UNANSWERED COMPLIANCE QUESTIONS, both with a 1 Sep fuse
  ① "8.29" is circulating internally as a change date for mainland client access — and nobody answered it. In GDW SPOTx: Cheney — 「我們伺服器在香港，沒有特定封任何地方IP，但理解國內網絡不一定能順利登錄香港網站，客戶需留意」 (our servers are in HK, we block no IPs, but mainland networks may not reliably reach HK sites). 王潇 then asked: 「目前不會呢？8.29之後，大陸客戶還能正常交易對吧」 — "after 8.29, mainland clients can still trade normally, right?" The thread moved on without an answer. Given Futu (~RMB1.85bn proposed) and Tiger (RMB308m + RMB103m) were penalised in May for unlicensed mainland business, an unanswered question about mainland clients trading after a specific date is not something to carry into a 1 Sep launch. Get a written answer: what is 8.29, does it change anything, and what is the approved client-access position?
  ② The IFA training material includes client-side order-placing tutorials. Gene: 「是面向IFA的，當中會有客戶端下單的教學等，但是給IFA講解的」. Explaining the client interface to IFAs is fine; material that walks a mainland client through placing an order is a different thing entirely. RO review before it circulates.
  Separately — good instinct: William is circulating "Paying Referral and Brand Marketing Fee" and "Referral Fees and Introducer Arrangements" — which is precisely the right homework given the IA's 50%-of-commission referral benchmark and the licence conditions it imposed on two brokers on 12 Jul. Feed the conclusions into the Sales tab before advisers are paid anything.
• 10-11 Aug 2026
  fundraise Emirates is OUT for this round — and William converted it into something better · Ivan Wong joins Donnie · HKIC met but not pitched
  Michel/Emirates Investment Bank (meeting 10 Aug): busy with new systems, won't consider an investment until Q1, and wants to see the value of collaboration first. Kenny: "if we want their money for this round it might need to be his boss's personal pocket… this is their ticket of continued friendship with us. We have dated long enough… we need to be a bit more FOMO with these guys." William's move is the right one: "Let's start with the connection in custodian first — please refer the right ops people to me for execution." That turns a stalled equity conversation into a custodian relationship — and it lands the same day Gene found the PB EAM-API route. Treat Emirates as integration partner #3 behind UBS and JPM. InvestOman: "will be a long journey."
  Ivan Wong — older-generation banker, early 60s, knows Kathy Shi — likely co-invests with Donnie. Kenny: "Donnie is real. He can be 500K between him and his friend" — so the $500k already booked at 70% is Donnie + Ivan combined, not each. Pei Wang / Li Lin family office: unlikely to invest — 「可以交個朋友」; Alan "don't spend more time," Kenny "one time is great, they do have crazy resources." Not a fundraise line; Mrs Li's foundation is education/longevity philanthropy and Pei is running the Humansa deal.
  HKIC — first meeting held, and GDW deliberately not pitched. Kenny: "didn't feel like I should pitch in the first meeting." She is very interested in quant strategies — Two Sigma and KainoQ; follow-ups in September on KainoQ, and Kenny has invited her as keynote at a Wharton event in October alongside the Dean. Arriving at HKIC as a product conversation rather than a capital ask is the stronger sequence — and her Two Sigma interest is a direct opening.
• 11 Aug 2026
  product 25 Aug PR is the weakest link — and a competitor is running a Millennium raise the same day
  The PR problem, in Alan's words: Liu Shan has media connections including Asian Private Banker, but "seems like she has no idea about our announcement" — she was briefed by text. Alan: "You cannot do that. You need to give her background… we need to treat her better than just a text." And bluntly: "Honestly we had a terrible experience with her last time. PR is not her full-time job and GDW is certainly not her priority. Can she be more available for this? Or should we just give up?" William's read is harder — "don't think 劉 will add any value given the experience last time." Landing: a proper briefing call this week (Kristy + William), and William has opened a WeChat group. Paid placement agreed — Alan: "Yes we must, 應該幾萬元人民幣就可以了." ⚠ Keep it inside the rule already in the brand plan: coverage must come through third parties, "not us talking about ourselves, which is borderline illegal" — a paid 鱔稿 needs the same disclosure discipline. Alan's framing is the one to hold everyone to: "This announcement is a very important moment to get more press coverage on the company, so we can make it easier for our IFA to sell in the future."
  Also for the announcement: the Shenzhen office agreement was due to complete 11 Aug, and Alan wants the footprint stated — "So we should say GDW has offices in HK, SZ, SH? List them all out."
  ⚠ Competitive collision on the date: Endowus is hosting a Millennium International capital-raise webinar at 12:30 HKT on Tuesday 25 August — their CIO Hugh Chung with Head of Alternatives Yuhan Tan, on a US$92bn manager. Same day as our merger announcement, same audience, and Millennium is #2 on the very top-five hedge fund list William used to position 传承基金. Alan asked "they have alloc?" — worth answering, but the scheduling point matters more: check whether our announcement window collides, and consider moving the press moment a few hours earlier.
• 11 Aug 2026
  team New distribution lead: an MFO spinning out of 中原 — already licensed, and we are offering the GrowHill split · Noah stalls the EAM route · ops strain
  Cheney is in conversation with a new MFO spin-off from 中原 (Centaline). "They have got their licence so they are very likely to run independently, but I think our commission scheme would be attractive enough to push most of their flow to our side." He asked whether he could share the GrowHill commission split at executive-partner level; William: "I think it is OK to share — can attract them to join. Flow is key." This is the first inbound test of the payout as a recruiting instrument — exactly the lever the Competitor tab says we have to compete on against KGI's eat-what-you-kill. Track whether the split alone converts flow from a firm that does not need our licence.
  Noah is doing what we expected. Trying to get portfolio visibility on a client held at Noah: Gene — "EAM is the only way a licensed corp would allow sending client data to another party, and that party must also be a licensed corp." Cheney — "if Noah treats us as a competitor it could have countless means to drag and prolong the EAM agreement." Alan: it may be easier if the request comes from an individual acting for the client rather than from GDW. William floated an info@ mailbox for statement distribution; Cheney flagged the two open questions — whether Noah emails statements at all, and whether there is read-only portal access (a client will not hand over trading-capable credentials). This is the manual workaround for exactly the problem the PB EAM APIs would solve.
  Ops: Miranda is overloaded and "panicking on new tasks" — Cheney has taken over CEIS and is sorting her workload; William: "if we can get new ops supporting staff, please do so — wealth and IFA generate a lot of ad-hoc and tedious requests." Licence application quotes: Simon HK$120k vs Cheney's ex-head-of-compliance at HK$100k. A standard GDW_NDA_template.docx now exists. The weekly meeting has been renamed — "GIG/GDW Weekly Catch-up" cancelled, "Growhill Weekly Meeting" now recurring Tue 21:30-22:30 HKT. Two admin items to clear: three outstanding invoices from New World Tower (serviced office, suite 2109) and Alan's request that board entries follow "Update … → Action (Name)" format or his AI will not pick them up.
  Closed: the Antarctica/Citco "short form" alarm was a false alarm — Miranda queried it directly and Citco confirmed it was a generic notice to all investors with no action required; the existing FHE Fund SP short form stands.
• 10 Aug 2026
  product ⚠ THE JUMBO INSURANCE MARKET HAS STOPPED — first-hand, from Chen's own book Kenny/William/Alan · 08:09-08:17
  Kenny asked the right question this morning: "Can you see if there is indeed a sense of change around both trust and offshore insurance? Are Chinese slowing down or even not considering HK now?" The answer came back inside eight minutes, from people who write the business: Chen's typical case is a premium above US$1M — structured 1×5 (US$1m a year for five years) or 5×5 — "and it can get much higher for the HSBC big-whale clients"; Manulife writes the very largest. Then: 「呢個水平都停晒」— "They all stopped for now" — 「其實100都唔算好大」·「大家都睇定啲」·「邊會蒲頭咁高調買大保單」 ("who would stick their head up and buy a big policy that visibly"). The mechanism is visibility risk, not affordability — buyers are not gone, they are hiding. Why this matters more than it looks: it is independent, first-hand corroboration of the finding on the Competitor tab that the IA suspended the Mainland-visitor premium breakout after FY2024 — the official data went dark at roughly the moment the underlying activity went quiet. Anything in v48 that carries an insurance line off a Mainland-visitor assumption is now doubly unsupported: no published data, and a market our own people describe as stopped. Alan has the 2026-30 forecast marked SLOW; this belongs in that rework, not after it.
• 10 Aug 2026
  compliance The "US landing point" goes from idea to workstream — and it needs a compliance frame before it goes any further
  Kenny (08:10): "We talked about it a few days ago among us, and was wondering if we should set up a US landing point for our clients. East West Bank (obviously biased because that's their business) said clients want US since it's not CRS compliant." Alan: "Maybe the US is the only country that won't share data with China. But geopolitics shift can change it overnight as well." And in GDW PE Deals: 「现在是香港，但可能很快就无处可逃」. Live actions: William sees Oscar on Friday for the trust-structure side, and can test it with the new Manulife leads on Wednesday. Alan's own board carries it as "explore non-HK wealth landing points (Cheney, William)". ⚠ The compliance framing has to come first. "Not CRS compliant" is being repeated as a selling proposition. Marketing a jurisdiction on the basis that it does not report is precisely the conduct the SFC and IA are enforcing against right now — and it would sit very badly next to the Futu/Tiger penalties for unlicensed mainland solicitation. The defensible version is tax and succession structuring with full disclosure; the version in this thread is not yet that. Get RO sign-off on the language before it reaches a single client or a deck.
• 10 Aug 2026
  product 配货 CONFIRMED — 陳 agreed 1:3 · but the written 营销方案 says 1:1 at team level, and the denominator is still open
  William (08:36): "思淳 prepared a 銷售計劃, let's build based on that. 陳 agreed 1比3配." That closes the policy question this dashboard has carried since 8 Aug. The 营销方案 as drafted (08:44): Two Sigma 底层管理费 3%/yr, carry 30%; 思宏 subscription fee 2% on US$300k-1M, 1% above US$1M; first 15 orders get up to a 60% discount on the subscription fee; a Two Sigma HK office visit for US$2M clients, with teams that complete a US$2M allocation getting priority.
  ⚠ Two things to settle face-to-face on Wednesday, both flagged in-thread: ① The written plan says 「各执行合伙人团队层面 1：1」 — 1:1 at the partner-TEAM level, which is not what Chen agreed. William caught it immediately: "Should be 1 x 3." Team-level 1:1 and client-level 1:3 are completely different controls — the first can be satisfied by one big MMF ticket somewhere in the team while individual clients sit at 50% Two Sigma. ② Alan: "so to be clear, it's $1 and then plus $3, so it's $4?" — the denominator. Yes: $1 Two Sigma + $3 other = a $4 relationship, Two Sigma capped at 25%, which is how the playbook is written. William: "Confirm face to face on Wed."
  Alan's refinement is right and should go in the playbook verbatim: "make it flex that they don't need to invest in anything right away with the extra $3. They can park cash there, or do just MMF. I know it's hard to make an extra decision on an extra $3 if my original plan is to invest $1 only." That is already rule R2 — money-market and cash count — but say it in the objection-handling script, because it is the objection.
• 10 Aug 2026
  deal TS being signed today — Alan: "95% there" · new team board live at gdw-team.netlify.app · standing Monday call proposed
  Alan to the whole HK team (09:31): "Good progress on HY deal! 95% there. Just need to get TS signed. A ton of other work will get activated afterwards, leading to the merger announcement on August 25." In GDW PE Deals: "Now that we are signing TS, let's really move to making sales happen 🔥". Alan has stood up a team-facing board at gdw-team.netlify.app where each owner toggles their own task status — he has asked everyone to complete their first pass today — and proposes a standing 30-minute team call every Monday. Live-board delta already: P3 (compliant setup for IPO readiness) now reads SLOW PROGRESS, and William posted at 09:56: "HanKun Yin called over the weekend, told her we are in good progress in firm setup, will connect with lawyer Weng when we are ready to engage them." Note: the live board is now ahead of the 01:32 JSON export ingested earlier — treat the web board as the authority.
• 9-10 Aug 2026
  compliance East West Bank KYC now OWNED — Heng takes it · deadline still 12 Aug
  The unowned bank deadline flagged yesterday is closed on the ownership question. William replied on-thread at 21:57 on 9 Aug: "Thank you Sophia. Heng will take over." — copying Jessica Pang (East West Bank), Elsie Chan, 卢恒初 Heng Lu, hkops@growim.com, Yilan Tang and Account Review. Sophia Chiu (Maples) acknowledged. Still open: the substantive response is due 12 Aug — two days. And the root cause is unfixed: the request sat from 15 May to 5 Aug because it was addressed to a departed employee. Worth a five-minute fix this week — an audit of every regulator, bank and administrator contact that still points at a leaver.
• 10 Aug 2026
  team Advisory board becomes a real workstream — and Arca is the explicit model
  Kenny (08:43): "Arca has a crazy advisory board, we should have that too — stage 2, when we have more traction, say Q1 2027 — but can start thinking now about who to approach." The aspirational list: Kathy Shi (global board member of Julius Baer, Amy Lo's former boss, drove the investment into GROW), George Hongchoy, Kai-Fu Lee, Shan Weijian, and William adds "maybe some hedge-fund tycoon." Kenny: "Don't know if any of them will say yes but this is the aspirational list." The Arca reference is the competitor research feeding straight back into strategy — Arca's launch bench (Bill McNabb ex-Vanguard, Jason Wenk of Altruist, Morgan Housel, Peter Crawford ex-Schwab) is exactly the backers-as-validators play, and it is a cheap one. It also connects to the P7 投资专家顾问团 deck already in flight — that panel (Ted Lee, Paul Smith, PV Wang, William, Kelvin) is the near-term version of the same idea, and Alan has already asked for more local/Chinese names. Keep the two lists as one workstream, and get written consent from anyone named before either goes out.
• 10 Aug 2026
  fundraise Alan's chairman dashboard updated overnight — the bridge book is now probability-weighted, and Ted Lee is formally OUT export 01:32 · authoritative per William
  Alan's book (10 Aug 00:53), which supersedes our running total: 100% — Anchor $2.2M, Scarlett $250k · 90% — Cliff $300k, Scott $500k-1M · 70% — Eric Munson/Gib $500k, Donnie $500k · Unclear — Emirates Bank, TK · NO — Ted Lee, Bullish, BJ Chung, Simon Loong · unlikely this round — HKIC, QIA. → Get the SAFEs signed by those committed (Alan). Three reconciliations against what this dashboard said yesterday: ① Ted is a hard NO, not "may still invest on a delayed schedule" — close the conversation. ② Eric Munson and the US SpaceX/Adit family office are the same line — Alan books them together as "Eric Munson/Gib $500k at 70%", so our separate $1.0M Munson row and $0.5-1M US-FO row were double-counting; corrected in the cockpit. ③ Cliff is 90%, not confirmed — so genuinely committed is $2.45M, not $2.75M. The good news is the weighted number: ~$4.1M, which clears the $4M target — but it needs the two 70% names to land.
• 10 Aug 2026
  deal ESOP/KPI gap CLOSED — the last substantive open item on the HY deal · Alan: "terms broadly agreed, aim for signing this week"
  Alan ticked off "Finalise ESOP-related KPI incl metrics with Chen" as completed at 01:27 on 10 Aug. That was the 30%+ gap flagged on 20 Jul ("Pretty big gap in KPI tied to ESOP. 30%+ difference. Need to close.") and it has been the last real blocker. Alan's 10 Aug note: "Terms broadly agreed with HY. Aim for signing this week. Start refreshing all the other final docs." → Get the TS signed this week (William); refresh the final docs and get a lawyer onboarded (Cheney). This is consistent with the execution-version TS/MoU that Cheney circulated on 9 Aug — the two threads have converged.
• 10 Aug 2026
  product Two new workstreams from Alan: 20 IFA interviews in two weeks, and a non-HK wealth landing point
  ① IFA discovery (p7). Alan: "Want to do a round of IFA interviews to map client persona and needs, so we can better design our offerings." → explore with Chen and run 20 IFA interviews inside two weeks (Alan, Sindy, Cheney). Worth pairing with the competitor findings — the interviews are the cheapest way to test whether payout, product shelf or platform independence is what actually moves an adviser, which is precisely the question our KGI/WRISE analysis could not answer from desk research.
  ② Non-HK landing point (p4). Alan: "Need to evaluate tax on HK trust and insurance situation, how to mitigate, and if we should consider a US landing point." → Explore non-HK wealth landing points (Cheney, William). This lands the same week our research showed HK insurance economics being repriced twice in 12 months — the 70%/5-year commission spreading, the 50% referral-fee cap now being enforced, and the premium-financing restrictions. The two are the same problem seen from different ends; they should be worked as one piece, not two.
  ③ Brand D-Day (p8). "Aiming for merger announcement and rebranding to Growhill Wealth on August 25. Need to get website, URL, etc. all set up and ready for D-Day." → website, email, brand assets, URL (Kristy, Gene). ⚠ Add to that list the SFC register question — "Growhill Wealth" and "思宏財富" return zero results on the register today (see Competitor tab). Confirm whether the licensed entity is being renamed or Growhill is a marketing brand over GROW AM before the announcement copy is finalised.
• 9 Aug 2026
  product 传承基金 already holds 3 of the world's top 5 hedge funds — Two Sigma is the 4th, and Bridgewater is being courted wechat · HY-GDW 核心
  Against a circulated 「十大对冲基金公司」 ranking — 1 Bridgewater · 2 Millennium · 3 Citadel · 4 D.E. Shaw · 5 Two Sigma — William told the HY core group (Alan, Chen Gang and the HY principals): "2-4 传承基金有仓位，5很快会加" — the 传承基金 already carries Millennium, Citadel and D.E. Shaw, and Two Sigma goes in shortly. On the number one name: "1约了桥水的人见面" — a Bridgewater meeting is booked (the 陳靜 / Scott / iCapital thread). Alan and Chen both acknowledged. Why it matters: this is the strongest credibility artefact the sales story has — 4 of the global top 5 accessible on one platform — and it reframes Two Sigma from "a product we are pushing" to "the missing name in a shelf we already own." Worth building into the 25 Aug launch and the P7 deck.
• 7-9 Aug 2026
  compliance ⚠ Citco incident — GDW is prepared to refund a client's subscription fee · commission to 智汇 already withheld so the refund is loss-neutral
  Sindy (7 Aug): "目前这笔订单，给智汇的佣金尚未发放，就是因为 citco 情况，我和恒初提前沟通，扣住暂不发放的。所以如果退申购费，我们这边不会造成什么损失。" — the trailer to 智汇 on the affected order was deliberately held back by Sindy and 恒初 once the Citco problem surfaced, so refunding the client's subscription fee costs GDW nothing. William: "I am ok to give back sub fee if necessary." Sindy is drafting the 话术 and 方案 (client script + remediation plan). Open: the nature and scope of the Citco failure is not documented anywhere in this dashboard — get it written down: which fund, how many clients, what went wrong, whether it recurs, and whether the refund needs RO sign-off. A fund administrator problem that reaches the client is a distribution-risk item, not just a service one — and it lands three weeks before the 1 Sep business start.
• 9 Aug 2026
  product Two Sigma client Q&A finalised (QA集锦 SX-vDX2) — the model-tampering answer is now scripted · ⚠ one line needs a compliance read
  Sindy and 宣思淳 Deckard iterated the pack through 17:43 (Deckard rewrote the last answer; Sindy reissued as vDX2) and shipped it to the product-sync group. The scripted position — 「对 Two Sigma 及 Spectrum 基金的影响：有限、未受冲击」 — rests on three claims: ① clients bore no loss — the US$165M deviation was repaid in full from the firm's own capital; ② performance and scale unaffected — Spectrum 2023 +8.376% · 2024 +10.659% · 2025 +10.97% · 1H2026 +6.45%, the 22-consecutive-positive-year record intact; ③ firm AUM US$85.5bn (manager's Jun 2026 report), a record, with institutional money still in net inflow, co-CIO structure landed and the equity-neutral platform consolidated. ⚠ Compliance read needed on one framing: the draft says the repayment is "SEC 文件中确认的事实" — that is true of the repayment itself, but the Jan 2025 SEC order was for access-control, compliance/supervisory failures and a Rule 21F-17(a) whistleblower breach, not for the tampering; and the individual is under indictment, not convicted. Any sentence that lets a client infer "the SEC sanctioned them for the tampering" must be corrected before this goes out. Same rule as the CIO notes: allegation stays allegation.
• 10 Aug 2026
  team GDW 周例会 — Mon 10 Aug 14:00-15:00 (企业微信, Sindy chairs) · William dials in — typhoon grounded the SH flight
  Weekly standing meeting set by Sindy in the SPOTx group. William: "my flight is rescheduled due to typhoon — I will join online." The same typhoon is why he now stays in HK the whole week rather than flying to Shanghai (return leg was also at risk), with SZ on Tuesday to see the GROW SZ PM team, buy the team lunch and scout the shared office as a GDW event space. This is the first working session after the execution-version TS/MoU landed — the agenda should carry the Chen signature (Mon/Tue), the East West Bank KYC due 12 Aug, and the Citco refund script.
• 9 Aug 2026
  deal TS + MoU now EXECUTION VERSION (PDF) — signature split agreed: William gets Chen/HY to sign Mon-Tue, Alan gets the SAFEs signed · Alan kills the merged-KPI idea
  Cheney circulated 思睿宏奕_合作备忘录_execution ver and 思睿宏奕_并购条款清单_execution ver (16:28) — "latest mutually agreed; executable once we fill in the 宏奕 holdco legal name as the signing party." Only the yellow field is open; HY were asked to give the legal name same-day. Alan: "No more modification. Just sign the current one." He also rejected HY's proposal to merge the two entities' KPIs — "much easier if we manage separately" — and framed the deadline hard: "Wu wants to negotiate KPI, we shouldn't give them more time — now or never." Work split (Alan, 15:45): William → HY signature by Tue/Wed; Alan → SAFE docs signed by investors. HK-resource fee confirmed at 3% per the Sat call, rising to 4-5% if more HK resource is needed. Gating consequence: the 25 Aug brand launch holds only if this signs early in the week.
• 9 Aug 2026
  fundraise Ted Lee's package REJECTED by Kenny + Alan — confirmed total drops back to $2.75M · Cliff Sheng's cash consulting ask also refused (advisory shares only) · new US family-office lead via Kenny
  Ted's revised ask (9 Aug, in writing): a smaller upfront ticket with the balance deferred, salary starting September, plus reimbursement of his investment if involuntarily terminated inside 2 years, and he wants to launch offshore China funds on the GIG/GrowHill platform into his old pension network (CPPIB et al). Kenny: "Invest or not. No reimbursement… if we take this we look sooo pathetic desperate — laughing stock of the street." Alan agreed. Landing: Ted may invest, a delayed payment schedule is fine, but no salary and no side deal on reimbursement — William to deliver. Same call on Cliff Sheng, who wanted US$10-15k/mo and to bring in "a few people": no cash, a small advisory share at most — Kenny/Alan see no revenue line. Kenny's corrected running total: 2.2 anchor + 0.25 Scarlett + 0.3 Cliff = $2.75M confirmed (Ted's $500k from 7 Aug comes out). New: a US family office — ~$500M from SpaceX, 40 of 48 deals exited, an Animoca investor (Adit Ventures) — pitched in NYC and likely in for $500k-$1M at the same $75M, possibly $1M alongside his contact Gib; Somesh Khanna (LPL board) parked for ~6 months "when we have more traction." Kenny sees Clara Tue, David Siegel next week; Alan sees Donnie Fri (TK Chiang is a separate line, not Donnie's). Bullish and WeLab now both "likely no." Alan's own flag: "we don't even have a proper dataroom… all of our cheques so far are 刷人情卡."
• 9 Aug 2026
  product Two Sigma structure pivots to a FEEDER — because Type 1 can't charge a management fee · $50M sizing · iCapital may build it · Kenny wants his own brand on the wrapper
  Cheney's licensing read (8-9 Aug): under a Type 1 permission GDW can take the subscription fee only — management fee and performance fee are both out; the fee has to be "a reasonable charge for the activity." Type 9 / DPM is what unlocks mgmt + perf fees. Two routes: (a) push clients onto a DPM mandate to buy the fund — nominee is still usable, but it has to be a genuine DPM of one product with real discretion to add and reduce; or (b) launch a feeder. Cheney: "$50M is worth a feeder — we can ask iCapital to build it for us and we control distribution," or build it in-house; he is checking iCapital's appetite. This reverses the 28 Jul "nominee account, no feeder" decision. Sizing discussed: US$50M, ~20% IRR expectation. Underlying is the Two Sigma spin-out — team one already running ~$200-300M, a second (Chinese) team leaving soon; the $50M is seed into the quant fund, not the VC. Kenny wants the wrapper to carry his own brand (his co-founded vehicle with David Siegel) and to distribute it through GrowHill using GDW's licence — a related-party angle to paper properly.
• 9 Aug 2026
  compliance ⚠ East West Bank KYC review on GROW GLOBAL FUNDS SPC is due 12 Aug — and it was addressed to someone who has left
  Periodic review #604303, opened 15 May 2026, reminded 5 Aug with a response date of 12 Aug 2026. Both the original and the reminder went to elsie.chan@growim.com and HKOPS@growim.com — Sophia Chiu (Maples, VP) escalated on 9 Aug: "Elsie is no longer in Grow per my understanding," copying Ma Zong and Lu Zong. Three days left and no confirmed owner. Action: assign an owner today, confirm what East West Bank still needs, and close the growim.com mailbox gap that let a bank deadline sit for three months.
• 9 Aug 2026
  product 25 Aug launch gets its hook: "digital employees" · investor deck v19 + P7 advisory panel assembled · William now in HK all week
  Kenny's PR angle for 25 Aug: not "AI" but a digital workforce — "digital employees working side by side with humans, supporting human IFAs," each with a staff ID number on the org chart, treated just like a human hire (GDW_Org_Chart_Abstract v6). Planned asset: a "team photo" of human and digital workers in front of the Growhill signage, shot before 25 Aug. Deck work: 20260809 思宏财富 客户简介 v19 and 思宏财富 P7 投资专家顾问团 v19 circulated. P7 panel so far — Ted Lee, Paul Smith (ex-CFA Institute chair, now GIG advisor), PV Wang (中國私募股權母基金之母), William, Kelvin; Alan wants more local/Chinese names — "Ted and Paul are probably seen as 老外." Everyone listed must consent to being named. Staff past-employer list extended: Maples, HSBC, CBRE, SAFE (中國外匯管理局), 廣發銀行, and 招商銀行 if GROW IFA counts. Travel: a typhoon grounded William's Shanghai flight (return leg also at risk), so he stays in HK all week (keeping the InvestOman / Michel-Emirates call; Alan covers InvestOman, William keeps Emirates), SZ Tue noon for the GROW SZ PM team and to scout the shared office as a GDW event space. Team dinner Wed 5-9pm, Town Club Teak House main room; Alan in HK Wed noon-Fri.
• 8 Aug 2026
  product Sales playbook v1 written (EN + 简体中文 + PDF) — William sets the 配货基本要求 1:3, and the Two Sigma target is re-scoped to match
  Closes the two gaps named in-thread: no 配货 policy (Alan, 7 Aug) and no 捽数 process (Cheney, 4 Aug). THE RULE (William, 8 Aug): every $1 into Two Sigma requires $3 into other platform products — funds, structured, PE, insurance AND money-market/cash all count → Two Sigma capped at 25% of a client's platform assets. Minimum viable TS client becomes $300k + $900k other = a $1.2M relationship. Design logic: Two Sigma is the scarce, in-demand product, so it is the right thing to gate; letting MMF count keeps the ratio sellable (parked cash is the easiest client "yes") while feeding the sweep and the next allocation. DECISION on the consequence: the ratio is policy and does not bend — the target bends. $20M moves to a full-year 2026 target; the launch window is re-derived from onboarding capacity to $6M Two Sigma / ~$24M platform inflow / ~20 relationships by 15 Oct (2-3 client approaches per adviser, vs six under the old plan). ⚠ Still open: $20M full-year implies ~$80M platform inflow vs the $27.5M 2026 AUM KPI — the TermSheet's "AUM excludes cash" definition bridges it, but means advisers can satisfy 配货 with parked cash that never counts toward Chen's vesting KPI. Agree a split target (AUM-counting vs total inflow) with Alan and Chen before 1 Sep. Playbook also carries the 9 红线, PI gate, 套餐 A-D, 7-stage process with SLAs, 捽数 cadence (文強 chairs Tue), payout mechanics, objection handling incl. the 5 Aug Beijing rule, and a Chinese one-pager for advisers. Files: 06_Business-Build/GDW-Sales-Playbook-v1{,-CN}.{md,html,pdf}. New Sales tab tracks the weekly curve against actuals.
• 6-7 Aug 2026
  deal HY shareholders meeting CLEARED — "以termsheet為準, 95% yes" · TS+MoU to sign as a combo w/c 10 Aug · brand launch set for 25 Aug: GDW sunset, Growhill public, Grogenta stays hidden
  Chen showed the MoU only at the 6 Aug 股東大會 (not the TS) — cleared, with the readout that the TermSheet governs and the rest are downstream transaction docs. Cheney: "sign termsheet + MOU as a combo in next few days, then prepare for announcement"; Alan notes announcing straight after MoU+TS isn't usual practice "but given our urgency of promoting we can do it"; William: "打鐵趁熱". Chen wants a catch-up call over the weekend 8-9 Aug; the Chen/Wu debrief led the 7 Aug 8:15am three-way. New "Growhill announcement prep" group (Alan, 7 Aug) — target Wed 25 Aug, timed so IFAs can sell from 1 Sep: Brand Launch Plan v1 + Merger Announcement Draft Kit v3 (press release, articles, pitch, partner post) + Brand Kit (Alan wants a darker brown). Strategy: announce the merger and Growhill ONLY — no mention of Grogenta, which stays a hidden ByteDance-style parent, revealed later via a separate Grogenta-branded "US$10M" funding announcement to TechCrunch + 36kr once money is banked. Media: William works CN (1-2 paid 鱔稿), APB for EN, RedNote/WeChat via third parties ("not us talking about ourselves — borderline illegal"). Domains settled: growhillwealth.com main; small IFAs/FOs under Growhill; large MFOs get horizons.grogenta.ai (Horizon accepts side-by-side, no white label). Alan: "I want to sunset GDW, it shouldn't show up anymore." Tech: deploy the marketing site + migrate all web/email off growdigitalwealth.com, cutover schedulable 00:00 HKT.
• 7 Aug 2026
  fundraise Ted Lee COMMITS US$500k @ $75M ($100k funded by end-Aug) + takes a paid CIO-office role · anchor CB drafted as a supplemental agreement · Michel 10 Aug · Yang's US partner 12 Aug
  Ted meeting held 7 Aug (HK Club / New World). William's written summary: "1. Commit USD 500k investment at 75m valuation, fund 100k by end of Aug; 2. Officially will take up FT/special advisor role of GDW product committee / CIO office, and receive USD 15k monthly salary; 3. If the rest of 400k don't come in next 6 months, terms expired." ⚠ William is checking the package with Kenny and Louis — the $15k/mo salary and the 6-month expiry are unusual for a bridge ticket and set a precedent for other advisers. Anchor CB structure landed (SUPPLEMENTAL AGREEMENT_20260807, from internal counsel Luo Jing): drafted as a supplement to the existing $75M subscription docs rather than a standalone CB — $2M new money = 2.53% at $75M, plus 14.14% GIFTED from GIG founders (existing shares, not new issuance → no tax either side); Grogenta valued at US$10M; the CB must convert into BOTH Grogenta and Growhill; wet-ink deeds, no DocuSign. Jing stalled on drafting → Cheney now drafting, Jing to revise; Cheney to advise supplemental-vs-standalone. Pipeline: Michel (ex-FAB/Emirates) Zoom Mon 10 Aug 5pm (Alan + William from SH); Yang (河洋, ex-Aspen Digital) brings his US partner to HK Wed 12 Aug 4pm; Brian Chan (Animoca) called 7 Aug ~21:20. Alan's round framing — "we have raised USD 10M in our angel round" (4M bridge + 2.5M prior + 3.5M Animoca in-kind) — he later hedged: drop the 3.5 figure, keep Animoca in the partner list. Roger/Figure is NOT an investor — it's a launch conflict: Roger won't back a second Asian Figure vehicle if Nuva/Animoca is already launching; William prefers going to Figure directly (a launch without seed capital "would not be a successful launch") and is taking it to Animoca.
• 6-7 Aug 2026
  product Two Sigma roadshow ran — "v good response", full sales pack shipped · Qube/QRT reachable via iCapital at $100k min · Antarctica on notice · ⚠ Beijing tax rule hits the insurance engine
  Two Sigma Spectrum roadshow Fri 7 Aug 9am — Alan: "William just did a great product call on TwoSigma apparently v good response." Sales pack complete and archived: factsheets (EN/CN/TW), 一页通 (SC/TW/CN), QA集锦, 逐字稿 transcript. 配货 policy deliberately excluded ("sales will do it in a separate week — this one is product intro") — Alan pressing for a written sales playbook: "Who's writing this up? … we don't want sales to cherry pick and just buy 200k of this." No orders before 1 Sep (agreed). New access: QRT Torus / Qube — Seviora/Qube quote 32.5-35% carry + 7%+ pass-through (~15-16% simulated after fees, $100M min), but the same underlying is reachable via iCapital at $100k minimum with a 0.2% feeder fee → open an iCapital account, bypass Antarctica. ⚠ Antarctica missed two months of orders — "我对他们平台的可靠性有非常大的疑心"; William: "agree we should diversify from Antarctica" (AML now cleared, 1 Aug trades approved, contract notes issued 7 Aug; MLD2 book-building live but no factsheet — GDW gives demand feedback next week). Kimi called off; FigureAI closes 31 Aug at $40B (next round $80B in Sep). ⚠ MACRO HIT (5 Aug): Beijing's new reporting rule on HK insurance + offshore trusts — Prudential −10% — is a double hit (港保 business AND the OPI 通道 revenue); pivot is to reposition Two Sigma inside "a bigger offshore wealth allocation story." A US-account/no-CRS workaround was explored and rejected (PPIP/Bermuda still CRS-caught, US tax worse, partnering a US EAM means handing over clients — William: "personally I think it is a trap").
• 5 Aug 2026 (late)
  dashboard All tabs re-based on TS V8/MoU v11 full text · new IT tab added (Atlas ingestion pending code entry)
  Both docs extracted in full and propagated: Overview KPI band + fact sheet + Timeline now show the 70/20/10 deal state, $2.75M bridge, HKEX-2030; Cap Table redline marked RESOLVED (GIG 70% papered as one block, TS §5.1) and ESOP scenarios superseded by the §5.3 pool (30% Grogenta-only: 15 mgmt = 5/5/5 · 10 IFA · 5 Wu); licence remedy corrected to HK$1M flat (TS §9.1(c)); exclusivity = overseas business, to closing +12mo post-termination, revenue disgorgement + vesting stop on breach; termination rights are deliberately minimal (long-stop 270/365d, regulator refusal, insolvency, fraud — everything else resolves as ratio adjustment). Compliance tab gains the binding TS rails (regulated revenue in licensed entities · mainland carve-out · no-early-control-transfer · TP files). New IT tab: Cheney's Atlas build map ("4-6 months of pending tasks", weekly progress artefact) linked but code-gated — enter the team code in a browser and the next refresh ingests the board; meanwhile the tab reconstructs the build state from comms (shipped: new platform + English portals + MCP admin bot + demo video; in flight: Sep-1 hardening list, DPM/Futu-API, agentic features Sep/Oct).
• 28 Jul-5 Aug 2026
  deal DEAL RE-CUT TO 70/20/10 AND PAPERED — Kenny: "we are all set with Chen!!!" · MoU v11 + TermSheet V8 iterated live 5 Aug · HY shareholders meeting Thu 6 Aug
  Final structure (TermSheet V8 + MoU v11, archived): both Grogenta (tech, ex-GWM Cayman) and 思宏财富/GrowHill Wealth (licensed): GIG 70% / HY-side 20% unconditional / 10% performance shares. The 20% = 6% designated HY shareholders + 10% Chen Gang & 王湛儒 (=文強, Chen's HK partner) + 4% three other founders, 3-yr vesting. +30% option pool at Grogenta ONLY (mgmt 15% = 5 Alan/5 tech/5 future-CEO · IFA 10% · HY-founder special 5%); 思宏财富 has no pool. Board 4:1: independent chairman (repping AB) + William + Kelvin/Ricky + Kenny (strategic-shareholder seat for Frances/Louis/Scott) + 1 HY — Chen accepted 3 Aug. Wu: IN but ring-fenced — keeps China-insurance economics: on HY offshore insurance, "$100 commission → GrowHill keeps $3-5, HY gets $95-97" (revenue-based, settled by William×Chen call 5 Aug) + GDW gets exclusivity on HY China's offshore business (飞单 = share cancellation) + a separate Wu KPI for his 5%. GDW takes over HY HK team salaries agreed (individual figures internal) from Aug — Hunghom rent HK$70k REFUSED. Protections: DD materiality $1M / >30% adviser attrition / ratio-adjustment cap 30pt; insurance-licence deadline 31 Dec 2026 (remedy −3pt or HK$1M, per the final TS text); exclusivity + non-solicit letter (overseas business, until closing + 12mo post-termination); long-stop 270d (ext. 365). KPI fight resolved by holding financial targets (Kenny: "it's not about 对赌 — at his scale we cannot get listed"); "70:30 optics" kept for Chen's shareholders (80:20-incl-ESOP framing rejected). Next: HY/思宏 shareholders meeting Thu 6 Aug (MoU only shown), TS signing this week, formal docs T+60 → early/mid-Sep signing, PR blast after TS. 文強 being considered as RO. Frances (5 Aug): 陳鋼人品 OK, but "老胡有点不正" — keep Wu watched.
• 28 Jul-5 Aug 2026
  fundraise Anchor CB $2.2M CONFIRMED (Louis 1M · Alan 0.5 · Kenny 0.7) + Scarlett 250k + Cliff 300k · Scott $0.5-1M signing mid-Aug · "US$10M angel round" announcement planned mid-Sep
  Tracker 4 Aug: anchors $2.2M in; Scarlett confirmed 250k; Cliff Sheng 300k (SAFE + Deed sent); Scott (Lighthouse): compliance reviewing, mid-Aug signature, early-Sep wire — William pushing to $1M (PFIC answered: not PFIC); Ted: meeting Fri 7 Aug 10:30 HKGTA — no committed number yet (internal estimate 250k @60%); Bullish likely NO (30 Jul 10pm pitch — venture team is blockchain-only; possible Sylvia HK follow-up); Simon Loong likely no (paternity); HKIC/QIA/Oman parked longer-term (no Clara meeting held yet). Anchor instrument: 2-tranche CB converting into BOTH Grogenta and GrowHill — Luo Jing drafting off Kenny's math ("$2M new money → 2.53%; +14.14% founder gift shares, no tax"). Post-close comms: announce "$10M angel round" (4M bridge + 2.5M prior + Animoca 3.5M in-kind), press mid-Sep. New leads: Yang (ex-Aspen Digital) + US partner 12 Aug · Erebor Bank/Craftt · Michel call to schedule · Bridgewater Asia intro (陳靜 via Scott/iCapital) · Temasek HK mid-Aug (Qube access). No money wired yet; close still 31 Aug. Cash check: US$1.2M on hand, burn HK$555k/mo GDW + HK$300k HY HK → 12-18mo runway pre-raise.
• 28 Jul-5 Aug 2026
  product Two Sigma DD + distribution agreement in motion — fees set, $20M-by-Oct-15 target · Kimi called OFF · 7% AB Figure fund Oct · Sep 1 = business start
  Two Sigma Spectrum: fees set 28 Jul — 300k-3M: 1/1/0; 3M+: 1/0/0 (1% sub split 0.7 IFA / 0.3 GDW; mgmt-fee waiver at $3M platform assets); capacity $10-20M end-Q3 (Juan); nominee account, no feeder; $20M minimum clarification + PPM/DDQ/distribution agreement exchange running via Sindy×Juan (email 31 Jul); IFA training decks built 5 Aug; hard rules: no Kenny name, nothing in 朋友圈; net-return math (9-10% after 3/30) drew Kenny's "absolutely ridiculous from a client perspective" — Cheney floats a Singularity + Two Sigma barbell (Singularity may soft-close in 1-2mo). "No order before 9.1" — Sep 1 is business start (IFA contracts). Kimi secondary CALLED OFF (Cheney 4 Aug: "too rush and I don't trust Hongyi") — lesson logged: "our sales team is not ready for time-sensitive deals"; DeepSeek got zero traction; FigureAI secondary teaser only ($40B val, closes 31 Aug). 7% products: AB Figure fund (weekly dealing, ~7%, target Oct) + 高息寶 bundle sooner + AI cash-optimizer Sep/Oct. DPM ready bar "small twists"; FCN moving FinLoop→Gold Horse (IFAs prefer 盈立/uSmart); AllFunds $70k/yr held ("hold our bullet"); iCapital onboarding free; Bridgewater/Qube access threads open. Tech: English-dubbed platform demo video produced overnight for the Bullish NYC pitch (= the investor "agentic demo" deliverable); GDW MCP admin bot live; "$5M of system in 2 months," 70-item hardening list before Sep.
• 28 Jul-5 Aug 2026
  team CEO decision: Cheney = COO (~Oct start) — William Chow passed over · ESOP mgmt pool 5/5/5 · Heng out Sep/Oct · Regina + 王潇 released
  Chow passed: Alan — "we do not need William Chow if Cheney comes"; Cheney's own read: "good coordinator… not good at zero-to-one — another Alan"; William: "need someone to execute and manage sales"; keep Chow warm for internationalization later. Cheney takes COO post-raise (~Oct), asked to bring 500k capital. Mgmt ESOP restored to 15% = 5% Alan / 5% tech team / 5% future CEO (2% time + 3% KPI; "tech's KPI is sales"). Heng: back to group / out — finance rebuild Sep/Oct. Compliance: hired the ex-Noah consultant (HK$20k/mo) over Jon (36k) for 1 RO + 10 LR filings; 文強 RO candidacy live. Bert 1:1 held 31 Jul ("interesting") — he's 90k/mo vs 15-20k market for a 挂名 RO → must take real KYC/onboarding work and sit with GDW in Central (Chen agreed). Cuts executed: Regina (Tao Shuang) + 王潇 released; Sindy = "the only one worth keeping" of China product — HK relocation push continues (still hesitant); 思淳 into GROW SH office. Auditor call 28 Jul: no immediate blocker; watch transfer-pricing 合理性 from the SFC angle; consolidated audit later at Grogenta level. ADGM licence (Frances's name) transferable to Grogenta; 劉央 interested in using the UAE licence. Office: 1 Peking Rd Oct (HY wants 12 seats @13k ≈ HK$100k — push back).
• 20-27 Jul 2026
  deal Chen counter-construct "35% = 20 no-strings + 15 KPI" · SZ kickoff a success · Wang Xiao building Wu's plan-B — info blackout ordered
  Chen accepts "70/30 + 5% Wu" as settled but is recutting the internal split — his 22 Jul tabled construct ("GDW gives 35%: 20% no strings + 15% KPI; Chen takes 10 of the 20; Wu + HY shareholders the other 10 — Wu really maybe 3%") directly conflicts with the sent v20260718 (30% = 14+6+10, Wu 5% KPI outside). Alan reads it as designed for Wu to reject (Wu loses the offshore insurance income funding his onshore ops). KPI gap: HY wants 2027-28 targets cut ~30%; Alan holding the line — "there's only one set of numbers: investors, you, and me" — anchored to the HKEX profit tests; his bridge: AUM gap ≈ the MMF/cash product, insurance −30%, IFA count −20%; reminder issued: "$20M Two Sigma they have to sell." Timeline: Chen→Wu talk Tue 28 Jul, HY board next week, signing ~2 weeks out; nothing signed locks the 70/30 yet. SZ kickoff Fri 24 Jul (Ritz-Carlton 思宏合伙人说明会) = "great event and traction"; Kenny presented the investor doc; Cliff Sheng attended → now CEO-candidate AND investor prospect. Frictions: Chen resists sales targets/playbooks ("didn't want to run a sales team like Noah days") — GDW to steer 套餐ABCD/配货 in year one; Bert left early after unfriendly Q&A → William 1:1 Fri 31 Jul 11:30. ⚠ Counter-intel: Wang Xiao (invested RMB7.5M into HY) is actively building Wu's plan-B offshore team and pumping Bert for setup info; Regina gathering info — full info blackout ordered, Regina removal asap, Wang's termination timed to the Wu decision. Entities named: Grogenta (Grow Wealth Mgmt Cayman renamed) + GrowHill Wealth 思宏财富 (SFC 149 + HY brokerage, not yet incorporated); board Chen 1 / GDW 4; IFA equity requires licensed-IC status + GDW employment before vesting.
• 20-27 Jul 2026
  fundraise Bridge instruments FINALIZED · Ted at $300k · Scott TS out · HKIC = Clara Chan responded · Ariel cut
  Instruments (Cheney, 26 Jul): externals sign a SAFE in Grow Wealth Management (Cayman) at $75M pre-money cap + a stapled "GrowHill Share Entitlement Deed" (free 1:1 GrowHill shares) — issuing from the shell holdco (inc. 21 Jan 2025) avoids the FRR hit on the SFC entity; anchors (Louis/Kenny/Alan) via 5-yr interest-free GIG Convertible Loan, fallback conversion at GIG's last-round mark (~$120M placeholder, being updated). Deck moved to DocSend-only (anti-circulation/举报). Alan's positioning: "we fundraise $4M with $2M committed — not entirely true but I'm sticking to it." Pipeline: Ted Lee countered the $500k ask at $300k + an IPO-option special term + product-committee advisor seat + name use — met Alan 23 Jul (Town Club), "that's a good number"; William to close. Scott (Lighthouse): $500k under consideration — asked for TS + structure, personal/US-trust format, prefers Cayman corporate; SAFE + Deed + one-pager drafted, to send. HKIC: Clara Chan responded 23 Jul — meeting within 2 weeks (name confirmed; earlier "Carol" reference resolved). QIA VC offering family-office intros (DeepSeek/Kimi access story); Bullish → Alan sees the NY team in August; Scarlett "real confirmation this week" (not yet landed); Li Lin re-approached via FO head 王培; new prospects: Cliff Sheng, WeLab's Simon Loong. Ariel cut from the raise ("did not bring anything meaningful"). Kenny flies to NY Tue 28 eve.
• 21-27 Jul 2026
  product Alan's ExCom board ingested · HKEX assessment: earliest listing 2030 · standalone P&L v1 · Two Sigma $10-20M capacity · PE shelf fires up
  Alan's dashboard JSON ingested (export 20 Jul 22:41; the live layer is his 20 Jul history entries — new ExCom board panel in Business build). HKEX 主板 assessment v1: only the profit test works — FY2028 audit FAILS (2026+27 cumulative negative); FY2029 audit PASSES ($15.3M + $8.2M prior-2yr + $23.5M 3-yr) → earliest qualifying record FY2027-29, listing window 2030; phases: 12-18mo prep from 2028 (sponsor, 3-yr DD, JV-continuity fix, net-vs-gross revenue policy) → FY29 audit → A1 Q2-2030 → list 2H-2030; Cayman/no-onshore structure to sidestep CSRC filing. Standalone P&L v1 (self-contained NewCo): 2030 rev $181M / net rev $32.1M / EBITDA $21.8M (12%); breakeven 2027 (+$0.28M); 2026 −$1.97M. Alan's TLDR: "we need to make $$." Two Sigma: Juan confirms $10-20M capacity end-Q3/early-Q4 (Spectrum; 2-3 wks to confirm); product committee Tue 28 Jul on fees/terms; the Sep-1 first product will NOT be Two Sigma (timing) — 思淳 advice: focus ONE product, ~$15M 打量. "Secret weapon" (William): AI-enabled IFA DPM via nominee account + Futu API — Cheney: doable and legal. Product board adds WeLab margin lending (Simon Loong), the 7% cash product (design ASAP), insurance-lending cut, Hyperliquid-perp FCN (not urgent). PE shelf (new "GDW PE Deals" group): Kimi/Moonshot secondary (~$31B val / $67.96 per share, $5-10M tickets, ~$20M in blocks, 5/0/0 fees — Cheney DDing SHA/ROM) · DeepSeek new round (~RMB480B val via 元禾, mid-Aug deadline) · Macau casino deal (何猷君 × Caesars: $5M min, money-back-if-no-licence, HIGH RISK — counterparty/资金挪用) · GAIB GPU financing (25-40% equity IRR / 13-14% debt) · 昆仑芯 (Cheney bearish). ⚠ In-thread legal flag: IFAs aren't yet contracted to a GDW-owned entity — "we don't sell until Sep 1; our legal is a mess." Ops: old-client migration completing; English portals live; fund admin renegotiated to $70k/fund/yr; CITCO/Antarctica nominee-KYC blockage — tri-party call this week.
• 20-27 Jul 2026
  team CEO race narrows — William Chow vs Cheney-as-COO/CTO, decision this week · Heng transitioning out · housecleaning
  Kenny met Kelly (not the fit) + William Chow ("almost there") — but HK$220k/mo flat; Alan: "too expensive unless he can bring in USD1.5M"; possible Oct onboarding. Curveball: Cheney wants to go all-in as COO/CTO over product/ops/tech — Alan (24 Jul): "smarter, more 接地氣 than William Chow"; top-heavy risk flagged. Alan's board ranking: Chow > Kelly(?) > Fiona > Cliff Sheng (Cliff → product-MD/advisor option; Bowen → deputy-CEO/marketing idea; Fiona met 27 Jul). Decision targeted this week. Finance: Heng moves back to the group — finance-head hire + rebuild Sep/Oct (Alan's board has finance AND compliance roles at RED). Gene renewed; Cheney's fee to rise post-raise; Sindy HK-relocation package in discussion; Zhang Tao out mid-Aug. Structure/audit: AICo↔WealthCo charge model settled = revenue-share (mid/back-office outsourcing) + fixed platform fee; auditor engagement URGENT (Alan: "don't go further down a path an auditor might refuse") — GIG auditors ZSZH/Fuson/大信 + possible Baker McKenzie opinion (~$10k); non-licensed income labelled "brand consultancy"; Finder Agreements kept OUT of the licensed entity. UAE entity: usable for revenue-share but cannot conduct HK licensed activity. Office: Chen team 6-8 seats at 1 Peking Rd (Oct target).
• 20 Jul 2026
  product New-entrants watchlist added to Competitor tab — Alpaca · Feathery · Wealthfront (WLTH), standing monitor
  Researched & carded per William's ask. Alpaca ($135M Series-D ext led by Peak XV + ~$300M debt, $1.15B mark, 16-17 Jul): agent-first brokerage rails — MCP server with 65 tools for LLM agents, self-clearing, 7M+ accounts, SBI Asia channel → potential custody/execution PARTNER, not competitor; BD conversation recommended pre-QIA. Feathery ($30M Portage-led, 14-15 Jul): AI onboarding/doc-extraction/carrier-auto-fill for wealth & insurance → the blueprint for Miranda's 100-client onboarding bottleneck and multi-insurer application auto-fill; buildable in-house (Cheney/Gene). Wealthfront — premise corrected: IPO COMPLETED Dec 2025 ($485M @ $2.63B), now $9.70 / $1.45B = 31% below offer (7 Aug 2026) because ~74% of revenue is rate-linked cash-sweep spread → two lessons: cite its automation ceiling (~$267M AUM / 4,000 clients per employee) in the AI-cost-base pitch, and anchor the GrowHill-Tech listing story on durable fee revenue (4-7× multiple), never on rate/flow windfalls — validates the recurring-%-of-net north-star. All three set as standing monitor items refreshed each update cycle.
• 19 Jul 2026 (eve)
  product v48 assumptions benchmarked vs peers (deep research) — 2 aggressive, rest defensible
  Deep-research pass against primary filings (LPL 10-K/Q4'25 adversarially verified · Schwab RIA study · SJP AR25 · Noah 20-F/Q1'26 · iFAST AR25 · AIA FY24 · MDRT official · HK IA practice notes). Conservative/in-line: 2–2.5 new clients/adviser (full-time peers do 4–7; Noah RMs ~6–7), $200–600k tickets (Noah offshore avg $470k/registered client), 90% retention (LPL 97% verified, SJP 94.9%), 68/32 split (inside the 60–80% full-service platform band; iFAST blended ~66/34). Aggressive: ① adviser ramp 50→1,000 active (HUB24's best-ever year +572 in a mature market, SJP +14, RJ +75, Cerulli 72% rookie washout; must be framed as HY-merger/cohort M&A with Chen's 100/330/610 KPI as the delivery contract); ② insurance $130–150k/adviser = 1.9–2.5× the MDRT HK bar (~US$60k FYC) for the AVERAGE adviser — defence is producer selection + AIA HK's +23% VONB tailwind, plus a sensitivity at $70k. ⚠ New model gap: HK IA commission-spreading rule (eff. 1 Jan 2026) caps yr-1 participating-policy commission at 70% with ≥5-yr spread — v48 books commissions in-year; cash timing needs rebuilding (compounds the ~$600k free-cash position). Killer stat: GDW assumes $0.4–1.5M new money per adviser/yr vs $3.5–7M at LPL/RJ/SJP/HUB24 — 3–10× below peers. Scorecard panel added to Forecast tab; full cited note at 04_Research-Notes/GDW-v48-Assumptions-vs-Peers.md.
• 19 Jul 2026 (PM)
  dashboard Forecast tab REBUILT on the recalculated v48 — the investor-deck model, fully loaded
  William supplied a recalculated copy (Desktop/GROW HK/Copy of GDW NewCo forecast model v48.xlsx, 19 Jul 11:15). Headlines: 2030 gross $209M / net revenue $34.4M / EBITDA $24.0M (11%) / net income $20.4M; breakeven 2027 (+$1.05M); total AUM $5.12bn + $790M legacy AUA = $5.9bn. 2026 lands at $19.6M gross (referral $9.5M + insurance $7.5M) / EBITDA −$1.6M. Cash: $1M open + $4M Q4'26 raise → trough $3.41M; −$0.59M without — the raise is now REQUIRED in-model (v32's "$0.6M need" is gone). Notable: the model's "AUM (HY basis)" line — $27.5M/'26, $316.5M/'27, $1.21bn/'28 — is exactly the Chen KPI target set in the v20260718 proposal. vs v32: gross up ($192→209M) but net/EBITDA down ($28.5→24.0M, margin 15%→11%) — the merged model keeps less. v48 has no scenario engine (v32 scenarios kept as labelled legacy). ⚠ This copy still contains the QA bugs Sindy/Heng flagged (field-payout memo $52.2M, office lease missing) — confirm Alan's Monday version has the fixes. Forecast + Adviser-engine + Watch rebuilt; file archived as 02_Source-Documents/GDW-NewCo-forecast-v48-RECALC.xlsx.
• 19 Jul 2026
  dashboard WeChat finance office read on-screen — v48 locks for investors MONDAY 20 Jul; QA bugs found; free cash is thin
  Read the GDW Finance Office group + Heng DM live in the app. Alan (18 Jul 01:57): "we will lock this version [v48] for investor deck which we will be sharing with people starting Monday" — he'd tied historical→forecast→transition and needed OCIO AUM same-night "to send over to counterparties" (Heng confirmed OCIO $90M for both 2025 & 2026). Team QA on v48 since: Sindy — IFA-Earnings row 13 PE term pulls rows 13/15 instead of 17/20 (gross rev − EBITDA); the 2027 memo shows $52.2M field payout, correct is $26.5M; suggests FCN take rate 1.5% (model has 2.0%). Heng (19 Jul) — Referral sheet 2026 hard-coded to actual $9.5M while Business Drivers still shows $6M; the planned office lease is missing from Expenses; earlier: positive income-tax line is a loss-carryforward artefact (leave blank). William: "good catch" — ⚠ fix list is open while the model locks Monday. Consolidated NewCo P&L snapshot: 2026 EBITDA −$1.6M (merged view; vs GDW-only adjusted −$137k H1). Heng DM (19 Jul): GDW free cash = ~US$250k (Cayman) + ~HK$2M (GA) + ~US$100k+ incoming (mgmt fee + Antarctica redemption in process) — razor-thin against the Aug HY commission wave; William asked Heng for a cash-used-since-inception calc (not urgent). NOTE: WeChat desktop logged out during the read — William must re-scan QR to restore access.
• 17-18 Jul 2026
  product Second WeChat pass (IFA工作组 · Miranda · Sindy) — MMF-sweep design · RO/NAV vendor quote · "Carol" meeting Thu 10am
  GDW IFA业务工作组 (Fri): MMF Plus implementation design settled in principle — the Futu/Robinhood-style cash-sweep (王潇: internet brokers pioneered it, "诺亚也跟进了" this year); Sindy's design = no capital advance by GDW, purely timing/process coordination of MMF-redemption → other-fund subscription; 王潇: at volume it must be system-driven, humans can't keep up — William: "Exactly. See if system can support first"; find process + cost, then decide together. Classified "important, not urgent." Miranda (Fri): vendor quote coming next week for a package incl. 1 RO + 3 licensed representatives + weekly-NAV admin — "cheaper than Maples"; William: fine at market rate, pick on service quality ("need them to be really helpful and respect you"). Sindy DM (Fri): Sindy flies to HK Sun/Mon for the full week with the team (Tue AM Alan meeting; SZ Fri); William: "Carol will see me/us Thur 10am" — a Thursday 23 Jul 10am meeting, likely the HKIC introduction Alan requested (he said "Clara" — reconcile the name).
• 18 Jul 2026
  deal FORMAL Chen proposal sent — v20260718: 30% = 14% unconditional + 6% designated HY shareholders + 10% KPI
  After two days of live negotiation (Chen OK with 70/30; Wu demanded 5% upfront; Wenqiang 激动 over "only 10% unconditional"), the landing zone became 14% unconditional + 6% for the designated HY shareholders (MaoJie et al., written into the cap table, "no tricks") + 10% KPI-linked. The KPI 10% splits 2% (2026) / 4% (2027) / 4% (2028) with graduated vesting (100%→100% · 90%→90% · 80%→80% · 70%→40% · ≤60%→0). Unified targets: AUM $27M/315M/1,200M · insurance rev $7M/28M/61M · active IFAs 100/330/610 · cost cap $1.0/1.5/1.8M. Wu (宏奕创始人) gets 5% — but KPI-linked on the same targets, not upfront. Kenny sees it as the vesting test "to see if we allow Chen to vest"; formal doc (Chinese) shared 18 Jul. Cap Table tab re-cut to this basis. Source: 02_Source-Documents/GDW_HY_ChenGang_Equity-KPI-Proposal_v20260718.docx
• 16-17 Jul 2026
  deal Chen negotiation dynamics — 68/32 untouchable · Wu has zero leverage · $20M Two Sigma 考牌
  Kenny×Chen (16 Jul): Chen aligned internally on 70/30. 68/32 field-payout is "基本法 不能动" ("don't be like Noah, changing terms back and forth — no credibility") — but Chen volunteered TP (~10% deduction before IFA payout) as GDW's margin lever; management-fee assumption stays 68/32. Read on Wu: he can't raise funds → zero bargaining power; worst case Chen abandons the HY shell and applies for fresh licences (insurance brokerage is the easy leg). Chen's fair criticism: GDW looks like "a bunch of part-timers" (no compliance officer, part-time tech/finance) → build the HK team. New execution test: Chen's team to sell US$20M of the Two Sigma fund by end-2026 (their own 2026 all-HF target was $15M) — the 头炮 product, William + product team doing 100% roadshow support; Sindy compiling XHS Two Sigma materials ("量化黄埔军校" angle).
• 18 Jul 2026
  fundraise Investor deck FINAL — "20260718 GROW Digital Wealth-Investor Presentation" good to go; Ted Lee at $300-500k; HKIC intro requested
  Deck iterated v12→v16→v17→final in 3 days; Alan: "This version is good to go" — first shares to Scarlett and Donnie. New narrative spine: HK = world's #1 cross-border wealth hub ($2.95T, overtook Switzerland — BCG 2026 via Bloomberg 27 May), AI × WealthTech leader, $18T China hinterland; team page runs the Noah track record (1,600 advisers, US$674M peak revenue 2021); an "inorganic/M&A" page added. Open framing Qs: add GIG's $800M to AUA ("typical, and they're our shareholder — we have the mandate, just no fee") · EAM listed as absorb/grow lane. GROW China stats offered for the pitch: 445 accounts, RMB 3.8bn AUM, 100% of clients positive (75.5% of positions). Ted Lee: Kenny/Alan happy to meet in 1-2 wks, $300-500k ticket works. Alan asked William to get a meeting with Clara at HKIC — William on it. Franklin Templeton call happened 16 Jul ("useful relationship"). Deck archived: GDW-Investor-Presentation-20260718-FINAL.pptx
• 17-19 Jul 2026
  compliance CRS / mainland-IFA structure SETTLED — each MFO seconds one HK-licensed rep; UAE entity pays B2B
  Oscar's original idea (GDW HK → GDW UAE → IFA co → sub-agent, for CRS comfort) was stress-tested by Cheney and revised: a UAE-licensed rep doing licensed activity in HK is a criminal offence; B2B payments to the HK MFO still leave CRS exposure at MFO level; and routing every individual through the UAE co makes it look like a laundering vehicle. Agreed plan (19 Jul): each MFO must place one HK-licensed rep inside the GDW HK licensed entity (minimally paid) — "a fair request" — with GDW UAE paying the MFO B2B consulting fees + BD salary/AUM commission (no visa/tax issue). Also settled: use the 12-month regulator window, not Miranda's conservative 3 months ("don't tie our own hands"). Full structure + money-flow + SOP/SLA to be presented at the Fri 24 Jul Shenzhen full-team session.
• 18 Jul 2026
  team Org chart drawn (Chen's ask) — SPOT roles assigned; Ted Lee joins Product as unpaid consultant; model v33→v48
  Sales = Chen (Wenqiang in sales, CS sits under sales) · Ops = Bert front-end KYC + Miranda mid/back-office, both report to William first · Product = Sindy + Deckard + Ted Lee (ex-CPPIB Asia head / ex-Blackstone — unpaid consultant; launching a China FoF offshore fund at GROW; GDW may use his name; bio drafted) · Tech = Cheney + Gene. Re-label "part-time" people as GROW Investment Group secondees on the IFA-facing chart. Also: separate AI-company naming underway (Cayman) — must NOT carry the Growhill brand (arms-length/authenticity of platform income for IPO); candidates "Grogenta"/"Grovesta". Forecast model jumped v33 → v48 (adds MMF Plus / PE / FCN / Carry engines, GDW-legacy split, merged half-year view; 100 new IFAs in '26 vs 150 before) — ⚠ computed totals not cached in the file; Forecast tab stays on v32 until a recalc lands. IRD follow-up letter received 18 Jul (scanned — needs reading). Ops: Miranda walks through the 100-client onboarding bottleneck Tue 21 Jul 9am; GDW team dinner Thu 23 Jul (Town Club, 7 pax); platform English version live (demo.growdigitalwealth.co · code gdw2026).
• 16 Jul 2026
  product Product shelf logged — 32/50 fund houses + 18/50 hedge funds live
  From GDW Product.pptx: contracted with 32 of the top-50 mutual-fund houses (foreign + Chinese + HK + Korean — HSBC, BlackRock, UBS, PIMCO, Franklin Templeton, E Fund, CSOP…) and 18 of the top-50 global hedge funds incl. 6 of the top 10 (Millennium, Citadel, Point72, D.E. Shaw, TCI, Two Sigma). Strong "selective platform, not a supermarket" evidence for the QIA/Scott decks. Open top-tier BD targets: JPM, Fidelity, Schroders, Capital Group. New Product shelf panel in the Business build tab.
• 16 Jul 2026
  fundraise New forecast model v32 — consolidated NewCo P&L + 5-scenario engine
  Major upgrade (v28→v32): full merged-entity P&L with insurance/alts, and category names now match the finance-office remap (License → Referral Service). Base case 2030: rev $192M / net rev $41M / EBITDA $28.5M (15%) / net income $24M; breakeven 2027; total AUM $5.3bn; modelled funding need just $0.6M. Scenarios span $118M–$301M gross / $18M–$53M EBITDA. Standout: base EBITDA ($28.5M) sits below Benchmark-reality ($28.8M) — cutting insurance commission to 55% raises net margin to 20%, so the commission-downside barely dents EBITDA. Forecast + CFO + Scenarios tabs rebuilt on v32. ⚠ reconcile the "$0.6M funding need" against the live $2–7M bridge in the deck.
• 16 Jul 2026
  product WeChat sweep — Horizons partnership in active fund DD
  Read the other GDW/GROW WeChat groups directly. Live one is GDW / Horizons 沟通群 (11): Horizons (Bella) diligencing a GDW fund "BSY" and sharing their DD-report template; ⚠ GDW has no completed DDQ/RFP for BSY yet — Sindy providing factsheet + presentation + PPM (via 达沃/Dawo app) instead. Minor ops gap: fund DD documentation incomplete for at least one shelf product. The 思宏 groups are dormant/logistical (核心群 stale since 7 Jul; 工作组 = weekly-meeting links + PE-deal lists; legal stale since 15 Jun) — the live deal talk is in the finance office + WhatsApp, not these groups.
• 16 Jul 2026
  compliance Read the GDW Finance Office WeChat group directly (app)
  Message text isn't extractable from WeChat's encrypted DB, so read via the app itself. Live thread (Alan · Heng · Sindy · William): Alan reconciling his investor model to the finance team's actuals. Key: "26年 GDW standalone 以你的为准 — my 2026 forecast has HY mixed into it" (confirms the gross-vs-adjusted split as an open item); OCIO margin validated at 30bp ($120M × 0.3% ≈ $0.4M); category remap (license+distribution → one "distribution"; "referral" = "license service"); open Q to Heng (distribution $90k rev vs $161k cost); deciding if Carry/Subscription continue 2027-30. Folded into the CFO finance-office panel.
• 16 Jul 2026
  dashboard GDW finance office (WeChat) — gross P&L view + IRD + ADGM true-up
  From the group's shared files: gross-view FY26 forecast $9.27M revenue (referral/Oscar $8.0M booked gross at ~2% margin) vs EBITDA −$588k — the "two honest views" issue now extends to the full-year forecast; keep gross vs adjusted labelled. IRD letter: profits-tax clearance for the GROW Growth Fund termination (needs SFC s.104 answer + cessation-date audit). ADGM/FSRA true-up US$14.1k due 17 Jul (NH INV-20261006; underlying FSRA $52k incl. 4 approved persons). LPF: $3.4M time deposit; $490k→HKD loan-to-RP; HK SPV account opening. CFO tab has the full panel; docs archived.
• 15 Jul 2026
  deal HY deal RECUT — 70/30 into TWO NewCos; Chen 30% = 14% + 6% + 10%
  New structure (Growhill papers 13-14 Jul + Alan's 陈刚股权与业绩目标 deck 15 Jul): Growhill Wealth/思宏集团 (holds Grow AM 1/4/9 + HY insurance broker) + GrowHill Tech (platform IP, VIE-linked, the IPO vehicle) — each 70% GIG side / 30% HY. Chen's 30% = 14% upfront (incl. suggested 4% carve for MaoJie, his call) + 6% bar1 (low 对赌) + 10% bar2 (company-level KPI that also binds chairman/mgmt). Alan+William see Chen 16 Jul; full-team SZ session 24 Jul. SFC s.132 approval = 4-6 mo critical path; IA leg (4-8 wks) completes first. Cap Table tab rebuilt on the new waterfall.
• 15 Jul 2026
  fundraise Bridge tracker set — close by 31 Aug; Michel/EIB + Franklin Templeton + QIA in motion
  Kenny's goals: 1) Anchor CB $1.5-2M (Louis/Alan/Kenny) · 2) Donnie Lam/Scarlett/TK Chiang $0.5-0.8M (Kenny) · 3) Bullish $1-2M (Alan) · 4) Scott $1-2M (William, call Wed 22 Jul). Longer: HKIC, QIA (deck by 28 Jul, Kenny×Louis mtg), Michelle. Worst case $2-2.5M bridges to 1Q27 merged-entity raise. Michel Longhini (Emirates Inv Bank) call 15 Jul: bank (not PA) interest, China-synergy angle, formal zoom w/ Ruth+Kenny+Alan early Aug — Kenny flags 75M won't pass institutional DD (Scott = higher probability). Franklin Templeton zoom Thu 2:30pm. Google-Sheets fundraising tracker live.
• 14-15 Jul 2026
  product Old-system client-data crisis — resolved same day; growdigitalwealth.co live
  Cheung To claimed old-system client data was vendor-encrypted and unrecoverable (vendor contract ended) — Cheney/Gene retrieved everything within hours and cracked the password handling. Full migration to Cheney's new system before end-July; users reset passwords "for security." Domain moved off AWS → growdigitalwealth.co (demo./app. live), growdw.com redirects. OTP constraint: no legal SMS to mainland numbers without onshore entity → email OTP interim (UX risk for Chinese clients — watch). New-platform demo to core team 16 Jul (recorded for IFA training).
• 14 Jul 2026
  fundraise Historical monthly financials delivered · forecast model v28
  The series Alan needed for the investor story: monthly 2025.01–2026.06 (AUM $87M→$114M over H1'26, 123 IFAs, advisory ~$95k/mo). GDW-only FY26 forecast (714 recut): advisory $735k + license $105k + distribution $50k. v28 drivers: 150 new IFAs 2026 → 400/yr by 2029; fees 1% sub + 0.7% mgmt (GDW margin 32%/60%). Assumption confirmed w/ Heng/Sindy: gross revenue 1.7%, Oscar revenue in full (= "License service, Cat E" referral line).
• 10-15 Jul 2026
  deal PE-deals shelf building: Figure AI · Galaxy (G-Dragon) · Anduril · Horizons
  Figure AI Series C — secondaries closed; GDW claims only access until Series D. Galaxy Corp (G-Dragon) pre-IPO via GDW nominee: 3% access fee (Ariel 2.5% / GDW 0.5%), nominee counts as AUA. Anduril $15M min blocked by UBO rule (~20% PRC-passport line → need 80% non-PRC; Taiwanese angle). Unitree/DeepSeek closed (A-share STAR; onshore = GDW won't touch). Horizons CP (Paul, ex-William team): white-label platform partnership, DPM structure, two product-flow models. Sindy building a PE-deals dashboard.
• 14 Jul 2026
  dashboard Revenue-strategy actions executed: payout grid · CFO KPIs · HanKun addendum
  GDW-Adviser-Payout-Grid.xlsx (06_Business-Build): tiered 65→83% + 5% recurring kicker; headline "88% for stars" wins recruiting vs LPL 87.9%/EAM 80% while blended ~72% keeps platform ~28% (≈3× LPL's take). CFO tab gains 2 north-star KPIs (recurring % of net · bps net take). HanKun pack addendum: 5 counsel questions on the May-2026 SFC/CSRC crackdown + IA PI-exemption confirmation (needs William/broker entity).
• 14 Jul 2026
  product Revenue-driver strategy + market research (24 sources)
  New working paper GDW-Revenue-Driver-Strategy.md (04_Research-Notes): the $2M→$50M math needs advisers 6× AND activation 3× AND productivity ~1.75×; take-rate benchmarks (LPL net 26bps · iFAST ~1% AUA/84% recurring · HUB24 29bps); HK now #1 cross-border hub ($2.9T, BCG-verified); ⚠ IA commission cap 1 Jan 2026 — PI-exempt = GDW moat; ⚠ 22 May 2026 SFC/CSRC crackdown makes formalistic reverse solicitation unsafe → fold into HanKun pack. Citable: BCG "AI-first = +15-20% revenue/adviser."
• 13 Jul 2026
  deal HY latest term (TBC): 12% + 10% + 10% = 32%
  New HY structure to confirm: initial 12% locked (includes MaoJie 4% + 2nd shareholder 4% + ~4% Chen team) + two 10% KPI tranches. Cuts HY max from 40% → 32% (−8pt) and folds the paid shareholders inside the initial tranche. Founder-friendly — improves the GIG redline once signed. Cap Table tab updated (donuts/matrix still on v10 40% pending signature).
• 13 Jul 2026
  dashboard Cap Table: GIG redline monitor + Angel round + Alan/ESOP re-cut
  Added the GIG single-largest-shareholder redline, the $2M Angel Strategic round (20% @ $10M), Alan's 15% chairman (5% direct + 10% from ESOP), and the ESOP pool re-cut (Lean 15 / Rec 18 / Full 22).
• 12 Jul 2026
  fundraise Intro call with BJ (Simon Investment Managers, Korea) — investor + partner
  Two-track: potential ~$2M bridge shareholder and a commercial partnership (Korea products ↔ China RE). Next: William to set up BJ↔Rick Lee + an in-person HK meeting. Full detail in the Meeting Notes tab.
• 11 Jul 2026
  deal HY equity essentially agreed — 30% + 2% kicker
  Chen Gang's bottom line came in at 30% (up from the 20% impasse on 9 Jul); Alan proposed 30% + a 2% outperformance/goodwill kicker — William agreed. Next: simulate the cap table + lock KPIs on a Mon/Tue call. Chen is under pressure to launch in August ("佢叫咗咁多人上船，佢一定要開船").
• 11 Jul 2026
  product 50 FWD IFAs registered; migrating to Cheney's new system
  Building a historical monthly IFA/AUM/rev/client series back to 2025 for the model (Sindy + Heng); a GDW marketing dashboard is in progress.
• 10 Jul 2026
  fundraise New investor: Qatar Investment Authority (QIA) VC arm
  Met via King Leung (InvestHK). Likes "AI × Wealth," wants HK/China champions, ticket US$1–5M, fast follow-up. Needs a big 2025/26-YTD number to justify $75M — plan: package GROW AUM through GDW (AUA+AUM → "$100M already") + a signed contract to service GROW's ~US$800M. If US$5M confirmed, Alan takes an active co-chairman role.
• 10 Jul 2026
  product AWS block resolved — domain/email moved to GoDaddy
  Gave up on the AWS KYB approval that was stalling the offshore domain/email; bought the domain another way and is setting up email first. Clears the infra blocker flagged in Watch items.
• 10 Jul 2026
  fundraise June revenue confirmed: gross ~HK$35M (~US$4.4M), net 2%
  Consistent with the CFO tab — net revenue is ~2% of gross flow; Oscar contributed ~HK$100k net in June. Reinforces the "package the number" challenge for the raise.
• 9 Jul 2026
  compliance RO + Frances sign-off on the pragmatic SFC read
  SFC circular 26EC29 reviewed; online account opening OK, offshore platform access OK, no online pitch to known-mainland clients. Referral legal in HK; fees to the IFA firm; top-line senior-partner holds the licence. Noah operates the same way. (Detail in the Compliance tab.)
• 9 Jul 2026
  deal HY shareholding v10 circulated; 40% ask flagged as a control risk
  Draft structure had HY/Chen at 40% → single largest holder of 思宏 ("dangerous — must not be a majority block"). Resolved two days later at 30%+2%.
• 9–11 Jul 2026
  product Active shelf: Heritage FoF, G-Dragon/Galaxy Corp, Figure AI, Thai SWF
  Heritage (Citadel/TCI/P72 access, 1.5/15 on top) pushed to family offices + Franklin Templeton; G-Dragon/Galaxy Corporation pre-IPO and Figure AI have closing windows; a Thai SWF deal discussed in Shenzhen. Nominee route (3% FA fee) for tickets <$20M counts as AUA.
• 9 Jul 2026
  team Gene (ex-consultant, HK$60k/mo) → full-time offer
  More productive than the old Shanghai IT team. William also flagged proper compensation for Alan/Kenny in the new round (GROW founders currently on modest GIG salaries).
• 10 Jul 2026
  dashboard CFO tab added (FY2025 + H1'26 actuals) + revenue-reconciliation one-pager
  Actuals loaded (H1 rev $0.94M, EBITDA −$137k); the $0.94M-vs-$2.38M revenue-view issue documented in a board-ready PDF.
• 8–9 Jul 2026
  dashboard Competitor tab (LPL + Arca visuals + Fosun), Investment-thesis panel, public teaser, iCloud handoff pack
  Public teaser hosted at gdw.growai.work; the whole hub mirrored to iCloud with a resume/handoff pack.
• Open / next
  Weekend 8-9 Aug: Chen catch-up call · w/c 10 Aug: SIGN TS + MoU as a combo (gates everything below) · Mon 10 Aug 5pm Michel/Emirates Zoom · Wed 12 Aug 4pm Yang + US partner (HK) · clear Ted's $500k + $15k/mo package with Kenny & Louis · Cheney to decide supplemental-vs-standalone CB and finish the draft · assign the 配货/sales playbook owner before 1 Sep · open the iCapital account, give Ivan MLD2 demand feedback · 17 Aug Sindy · 25 Aug Growhill brand launch (confirm or move) · 31 Aug bridge close + FigureAI close · 1 Sep business start · mid-Sep Grogenta $10M PR · 15 Oct $6M Two Sigma · exit Wang Xiao + Regina on signature · outside-counsel quotes for the ~10 transaction docs (legal structure / money flow / compliance + SOP-SLA for Chen team) · Chen response to v20260718 proposal · QIA deck by 28 Jul · HKIC (Clara) meeting · recalc model v48 · hire compliance officer · close bridge by 31 Aug
  The open actions that gate the August launch and the raise.

Sourced from WhatsApp (Alan AB Lau · Kenny/William/Alan · GDW IT · Cheney · Ted Lee · Gene · Sindy) + WeChat shared files, to 19 Jul 2026. Gmail + Zoom checked 16-19 Jul: nothing material (newsletters only; no meetings recorded). WeChat: finance-office group + Heng DM read on-screen via the app (19 Jul) until the desktop session logged out — re-scan the QR to restore access; other WeChat coverage is via shared files (DB encrypted). New entries are added at the top on each refresh. Figures are as stated in chat — verify before external use.

Kenny Lam — EEDK Holdings Ltd Senior Advisor Agreement · ~22 Jul 2025

Parties: Grow Investment Partners LLC (Cayman) ↔ EEDK Holdings Ltd (Representative: Kenny Lam). HK law. A hybrid advisor + seed-investor agreement. (Execution date blank in the doc — filename 20250722; confirm.)

⚠ Cap-table flags: Kenny's seed enters at a $50M post-money — below the $75M Animoca mark; note the entry basis in the cap table. The advisory grants carry anti-dilution and a 3% one-time $1bn milestone — material founder dilution to model. Confirm the blank execution date. Source: 02_Source-Documents/Senior Advisor Agreement - Kenny Lam_20250722.docx

Alan Lau — Executive Chairman 15% staged · T1 direct + T2/T3 from ESOP

Role: Executive Chairman of GDW (joined ~1 Jul 2026; ex-Animoca CBO / ex-Tencent WeSure). Equity = an initial grant + two KPI-milestone tranches, mirroring the Animoca 5/5/5 staged approach. Key structure (13 Jul): only Tranche 1 (5%) is a fresh direct grant; Tranches 2 & 3 (5% + 5%) are carved from the existing 15% ESOP pool — so they don't add new dilution on top, they allocate the pool.

⚠ Net new dilution from Alan's chairman equity = 5% (Tranche 1 only) — Tranches 2 & 3 come out of the already-modelled 15% ESOP, so they don't expand the pie. But two things to watch: (1) ESOP budget — Alan taking 10% of 15% leaves only 5% for CEO/CXOs/sales, so top up the pool or re-cut it; (2) the redline — Alan's personal stake still climbs to ~20% (5% angel + 15% chairman), rivalling GIG regardless of where the shares come from. Source: user brief 13 Jul + Chairman Service Agreement draft.

Angel Strategic Shareholders $2M → 20% @ $10M post

An angel/insider round — US$2M for 20% of GDW at a US$10M post-money valuation (a deep insider entry; matches the v10 "insider tranche", convertible, with the discount funded by founders transferring their own shares). This is on top of Kenny's contracted senior-advisor equity and Alan's 15% Exec-Chairman equity (5% direct + 10% from ESOP). They wear multiple hats.

⚠ $10M is far below every other mark ($15M seed → $50M Kenny → $75M Animoca → $123M FO) — deep insider pricing, and the discount comes out of founders' own shares. Note that Alan and Kenny appear in three places each (angel + role equity) — the cap table must sum all their slugs so their true combined ownership is visible. Source: user brief 13 Jul; v10 bridge tab.

IFA senior-partner equity — the 权益授予协议 template phantom equity · 10 Jul 2026

The implementation of the 10% IFA pool: a virtual-share / dividend-right contract (虚拟股/分红权) for senior partners (高级合伙人) — contractual incentive only, no shareholder rights before settlement; independent-contractor relationship, HK law, HK courts.

Source: 02_Source-Documents/WeChat-Shared-Files/权益授予协议_20260710.docx · Also live in distribution build-out: Horizons CP white-label (Paul, ex-William team — GDW shelf ↔ their DPM wrapper, full-transparency DD: PPM/IDD/ODD + fee terms) · IFA commission table 外部合作佣金表 archived · Gene full-time offer (60k → Alan proposes 70k→80k with funding) · new-platform demo 16 Jul recorded for IFA training.

Alan's own RAG, 10 Aug — and the two things he has flagged as slipping

• Jun 2021
  GROW Investment Group founded in Shanghai
  By William Ma and senior Noah alumni; "China's UBS" pedigree, first multi-strategy hedge fund in China.
• 2022
  Julius Baer takes an equity stake in GROW
  Low-double-digit US$M investment; QDLP/QFII distribution partnership. Lighthouse also on the cap table.
• Early 2025
  GDW spun out of GROW
  GROW Asset Management (HK) repurposed as the digital wealth platform; HK SFC Types 1/4/9.
• 6 Dec 2025
  Animoca Brands term sheet signed (announced 15–16 Dec)
  5% + 5% + 5% tiered structure at $75M post-money; crypto/RWA product shelf; renamed GROW Digital Wealth.
• Q4 2025
  Group AUM $564M, +40% YoY; GAM turns profitable Nov–Dec
  73% of growth from net new subscriptions. GDW still a cost centre; board (Julius Baer's David Shick) demands exit benchmarks and KPIs.
• May 2026
  PRC regulators wind down Futu / Tiger / Longbridge
  Two-year wind-down for unlicensed mainland solicitation — compliant offshore channel narrows to a short list including GDW.
• Jun 2026
  Alan Lau appointed GDW Chairman
  ex-McKinsey Digital Asia Senior Partner, ex-CEO Tencent WeSure, Animoca CBO. "Dawo Shuzhi" app soft-launching; ADGM Cat 3C licence secured.
• 24 Jul 2026
  SZ kickoff — 思宏合伙人说明会 (Ritz-Carlton)
  "Great event and traction"; Kenny presented the investor doc; Cliff Sheng turned investor-prospect.
• 5 Aug 2026 — now
  Deal papered: TS V8 + MoU v11 agreed — 70/20/10 both entities
  Kenny: "we are all set with Chen." HY shareholders meeting 6 Aug (MoU shown); TS signing targeted this week; bridge $2.75M confirmed of $4M.
• Mid-Aug – 1 Sep 2026
  Scott signs (~mid-Aug) · 31 Aug bridge close · Sep 1 business start
  IFA contracts go live Sep 1 ("no order before 9.1"); wires trail into early Sep; first product launch (not Two Sigma).
• Early/mid-Sep 2026
  Formal transaction docs signed (8-doc set) · PR blast + "$10M angel round" announcement
  Formal docs T+60 from TS; Grogenta rename; GrowHill setup; SFC s.132 clock starts (up to ~6mo); IA approval + insurance licence by 31 Dec 2026 (−3pt/HK$1M remedy).
• 15 Oct 2026
  $20M Two Sigma sales test deadline
  The 考牌 for Chen's team; capacity $10-20M confirmed by Juan for end-Q3/early-Q4.
• 2027
  EBITDA breakeven · institutional round
  Teaser targets $1B platform assets and 350+ advisers by end-2027; larger priced round once HY integration and adviser scale-up are proven.
• 2029–2030
  Target IPO window · plan horizon $5.2B / $207M
  List as an AI platform at ~50× P/E on ~$18M 2029 net profit → ~US$1B valuation. Base case 2030: $36.5M EBITDA, ~1,130 advisers, $66.5M cash. GIG shareholders keep fund cash flows + GDW equity upside.

NEW — the monthly history & the 714 forecast recut

GDW finance office (WeChat) — the GROSS view & housekeeping files to 16 Jul

Actuals — FY2025 & H1 2026 finance pack · 10 jul 2026

Basis: adjusted management view (调整数) — strips insurance-channel settlement (YQ1H/XW1H), non-GDW salaries, and the AI-tech allocation (raw view books $1.47M AI revenue offset by $1.53M allocated IT cost — net ~−$60k). Don't let the $2.38M "allocated" revenue view reach investors unexplained. FY2025 per GA audit; HKD→USD @ 8. Source: finance pack 10 Jul (archived in 02_Source-Documents). Full board-ready reconciliation: 04_Research-Notes/GDW-Revenue-Reconciliation-H1-2026.pdf.

Monthly results — 2026 H1 actual $0.94M · H2 = plan

H1 2026 actual revenue $0.94M (≈$157k/month average) — the green bar marks the June close of H1. The gold bars show the planned H2 ramp, which now depends on the HY cohort producing from August and the new lines (distribution, AI) scaling. Send July's monthly input and I'll start the true actual-vs-plan overlay.

June read: on plan. 2026 is an investment year — planned net revenue ~$1.9M against $3.5M opex → −$1.7M EBITDA. The single biggest cost is 2026 launch S&M ($1.7M, ~48% of opex); it steps down sharply from 2027, which is what drives the swing to profit.

🚩 REDLINE — GIG must stay the single largest shareholder of GDW

The bottom line for all book-building: no term may be signed that lets any other single holder equal or exceed GIG's stake. Every new grant/round is checked against this.

Status (5 Aug, TS V8/MoU v11): REDLINE RESOLVED. The TS papers GIG as ONE 70% block in both entities ("甲方连同其现有股东整体" — the acting-together is now in the document, not an understanding). Fully diluted at Grogenta: GIG ~53.8% vs HY-side max ~26.9% (+26.9pt); at 思宏财富 (no pool): 70 vs 30 flat. The table above reflects the July negotiation state — kept for history; the green SIGNABLE panel below is the live basis. Redline set by William 13 Jul; satisfied by TS §5.1. Residual watch: within-GIG founder dilution from the bridge (SAFE + founder gift shares ~14.14%) — track at the GIG level, not the NewCo level.

✅ SIGNABLE STRUCTURE — TermSheet V8 + MoU v11 iterated to 5 Aug 2026 · Kenny: "all set with Chen" · supersedes ALL prior cuts

Redline check: PASSES comfortably — GIG ~53.8% fully diluted at Grogenta vs HY-side max ~26.9%; at 思宏财富 (no pool) GIG holds 70/20/10. The July anxiety (founders-below-Chen at FD) is resolved by the pool sitting at Grogenta only and HY's total dropping from 35%-of-100 to 35-of-130. Next gates: HY shareholders meeting CLEARED 6 Aug ("以termsheet為準 — 95% yes"; Chen showed the MoU only) → TS + MoU to be signed as a combo w/c 10 Aug → formal docs (~10-doc set: framework, Share Grant Deed w/ performance pledge, transfers, SHA, ESOP, board/shareholder resolutions incl. Grogenta rename, GrowHill setup, SPA for GIG→Growhill sale of Grow AM, SPA for HY's insurance-broker entity as consideration). Cheney is getting outside-counsel quotes for the set.

Anchor CB — the supplemental-agreement route Luo Jing draft 7 Aug · Cheney taking over

SUPERSEDED — waterfall of formal proposal v20260718 (18 Jul)

⚠ The donuts/scenario matrix further down still show the OLD single-entity v10 model re-based to 32% — treat this waterfall as the source of truth until the model re-run lands. The 15 Jul "bar1/bar2" deck and its stale-8% inconsistency are superseded by this doc. Sources: 02_Source-Documents/GDW_HY_ChenGang_Equity-KPI-Proposal_v20260718.docx · WhatsApp Kenny/William/Alan 16-18 Jul.

Ownership evolution — the dilution arc (base case)

Founders/GIG go 85.7% → 59% (post-merge) → 42% (fully diluted) on the confirmed HY 32% term (up from 36% on the old 40% basis — the 8pt HY gave up flows to the founders). The 68/32 merge is the big step; the 30% employee pools are the second. Base view assumes HY earns its full 32% and GDW hits its targets. Re-derived from the v10 waterfall at HY 32%; to be reconciled against the model re-run.

SUPERSEDED (5 Aug) — ESOP pool re-cut scenarios

Settled by TS V8 §5.3: option pool = 30% at Grogenta only — management 15% (5% Alan / 5% tech team / 5% future CEO, each ~2% time-based + 3% KPI, "tech's KPI is sales") + IFA 10% + HY-founder special 5% (Wu, own KPI schedule TBD pre-formal-docs). 思宏财富 carries NO pool. Option-plan documents due within 90 days of the Grogenta closing. The 15/18/22 scenarios below are July planning history.

Allocations illustrative — CEO/CXO/sales splits are planning placeholders pending the actual hires (William Chow / Kelly Zheng CEO search live). v10 ESOP detail tab: CEO 5 · Sales 2 · CXOs 2 · Chairman 3 · IPO unlock 3.

⚠ Reconciliation — the model vs the terms you're adding

• Alan Lau's 15% — reconcile with v10's ESOP. v10 gives "Chairman 3%" inside the 15% ESOP. Actual structure: 5% direct grant (new) + 10% from the ESOP pool. So only the 5% is truly additive to v10; the 10% just re-labels ESOP as Alan's. Net founder dilution is small, but the ESOP pool must be re-cut (Alan eats 10 of 15) and Alan's personal ~20% checked against the redline.
• Animoca modelled at 5% flat (diluting to ~2% fully diluted), not its 5/5/5 earn-in to 15%. If Animoca hits its milestones, that's another ~10% not in this table.
• Kenny's specific 1% + advisory isn't broken out — likely inside "external 5%"; confirm his GDW 1% and his separate GIG advisory (0.5%+0.5%) are captured.
• Bridge dilutes founders hardest: the insider tranche's discount is funded by founders transferring their own shares (14.3% secondary) — per-founder 12% → 8.1%.
• Angel Strategic Shareholders = $2M for 20% @ $10M (Louis $1M/10%, Kenny $0.5M/5%, Alan $0.5M/5%) — this is the insider tranche. Alan & Kenny each appear in 2–3 places (angel + chairman/advisor equity); the model must sum their slugs. Alan's true max ≈ 20%, Kenny's ≈ 10% — see the Angel card in Business build.
• This tab now reflects the real v10 base case. Source: 02_Source-Documents/20260705 GDW HY shareholding calc v10.xlsx (9 tabs incl. waterfall, scenarios, bridge, ESOP/IFA detail).

⚠ Figures corrected 9 Aug 2026 — six of them were wrong before this refresh

On the re-rating claim specifically: LPL's market cap sits on $7.5bn of debt; Arca's post-money sits on most of a $64M raise as net cash. Like-for-like on enterprise value the premium is 10.8× (on $1.27B assets) to 13.7× (on $1.0B) — roughly half what this tab used to say. The ">20×" version survives only on our own valuation guess combined with the understated asset figure. Do not put ">20×" in front of an investor as a point estimate; say "mid-teens to low-twenties depending on construction, on an undisclosed valuation."

Also worth knowing: RIABiz's launch coverage was not a puff piece. Michael Kitces frames Arca as "another player" on an existing playbook; Joel Bruckenstein likens it to a semi-captive broker-dealer with vendor lock-in; an anonymous wealth manager: "the growth story is acquisition, not AI." Expect an investor who has read it.

GDW is at the base of the curve LPL climbed

The story in one figure: GDW sits at the base of the same growth curve LPL climbed for 20 years (left), but keeps ~3× the net revenue per dollar and targets a higher margin off its AI cost base (right) — and the market pays a 20×+ premium for the AI operating model (bottom-right). Figures: model v27 (GDW), Morgan Stanley LPLA model & filings (LPL), Arca public reporting.

Arca in one figure — the AI-native proof point

Arca proves two things GDW needs true: an AI-native platform can support >$1B on 28 people (left), and the market pays a ~25× premium for that model over a traditional platform (right). GDW runs the same architecture — but in Asia HNW, not US mass affluent, so the two don't compete. Valuation estimated from press; the open question for both is execution at scale.

How GDW frames itself vs Arca GDW IT chat · 8 Jul

Internal read on Arca: "they try to be more futuristic, but less practical… 'built for agents' is the interface/experience game — I don't think AI is the interface game here." The differentiator GDW lands on is operating efficiency, not interface novelty:

"We squeeze every dollar from extremely efficient operations with AI — and benefit our partners and clients."

i.e. Arca sells an AI-native experience; GDW sells AI-native unit economics (the ~10% cost base) that flow through to adviser payouts and client pricing. Same architecture claim, different emphasis — and a cleaner story for a cost-sensitive, HNW Asian market.

⚠ The finding that reframes the whole tab: the licence is not the moat — the adviser bench is

At least eight HK firms already hold the identical Type 1/4/9 stack we treat as our barrier to entry — including an insurer (Chubb) and a robo-adviser's family office (Carret/Endowus). What separates them is licensed headcount, and on that measure we are at the bottom:

Two things follow. ① Recruitment velocity, not licence scope or product shelf, is the binding constraint — which is exactly what the HY merger is for, and it raises the cost of any slip in the TS signature. ② "Growhill Wealth" and "思宏財富" return ZERO results on the SFC register today. With the brand launch set for 25 Aug, confirm now whether the licensed entity is being renamed (an SFC-approved change) or whether Growhill is a marketing brand sitting over GROW AM — and make sure the announcement language matches whichever it is. This is a compliance question with a 16-day fuse.

⚠ Insurance economics were repriced twice in the last 12 months — and the PI carve-outs are our ground

Market context worth carrying into investor conversations all 2026 primary sources

AI WealthTech Landscape — as of Jul 2026

Global scan: respected players + latest AI developments (research compiled from LinkedIn, industry lists & press).

Key 2026 developments

• Advisor "co-pilots" are the flagship trend — BlackRock Aladdin Wealth launched Gen-AI "Auto Commentary" (Oct 2025); Morgan Stanley is first client (Portfolio Risk Platform).
• Big banks building in-house: Morgan Stanley (Debrief; AI @ Morgan Stanley with OpenAI), JPMorgan (IndexGPT, OmniAI), RBC (with TIFIN).
• Agentic AI moving from pilots into real advisor workflows; hyper-personalized proposals & risk alignment at scale.
• 81% of wealthtechs call AI their most critical technology, but most still face an "implementation gap" (piloting, not scaled).
• GIM (Grace Investment Machine) raised a $20M Series A (Jul 2026, co-led by Hony Capital with IDG Capital & Monolith) to scale agentic, autonomous investing — a signal that capital is flowing into fully-autonomous "investing machines," not just advisor copilots.
• Silvia AI (CFO Silvia) crossed $50B in assets on-platform (Jul 2026, ~14 months post-launch) and is now public via ProCap Financial (Nasdaq: BRR) — an AI "personal CFO" for self-directed investors, monetizing freemium to paid subscription (over 10% of monthly actives paying within 2 months). The US, consumer-side face of the agentic-investing wave; watch its RIA / white-label push.

Alpaca — agent-first brokerage infrastructure UPD 9 Aug — TWO rounds in 2026, not one

Correction: there were two raises. $150M Series D + $40M credit line, 14 Jan 2026, led by Drive Capital at a $1.15B post-money — co-investors Citadel Securities, Opera Tech Ventures (BNP), MUFG Innovation Partners, DRW, Kraken, Portage, Horizons, Bank Muscat, Derayah. Then $135M equity + $300M debt on 16 Jul 2026, led by Peak XV (debt from Kraken's parent Payward and BMO); no updated valuation mark. Total raised $321M+. ~20% of clients are in Asia; holds a Japan FSA broker-dealer licence (via SBI) and an IFSCA licence in GIFT City; Asia clients include Syfe and Dime!. But no SFC licence and no HK entity — we would consume Alpaca as US execution/custody rails underneath our own licence. It solves no HK regulatory perimeter.

Feathery — AI workflow automation for wealth & insurance UPD 9 Aug — $30M is cumulative, not the round

Correction: $30M is total funding to date including a Series A announced 14 Jul 2026 led by Portage (Index, Bain Capital Ventures, Clocktower, Allstate SV, Erie SV); the round size itself is undisclosed. 300+ firms; wealth logos Sequoia Financial, Allworth, Mission Wealth. Sharper read on fit than we had: it is a workflow-and-forms orchestration layer, not a KYC/AML engine — no identity verification, sanctions screening or PEP checks — and its integration value is concentrated in US custodians with no non-US markets mentioned. For HK we would still build the SFC-facing KYC/AML and suitability stack ourselves. Keep as reference architecture; weak buy today.

Wealthfront (Nasdaq: WLTH) — the automation benchmark & a valuation warning IPO COMPLETED Dec 2025 · $485M raised @ $2.63B · now 34% below offer

Monitor cadence for all cards: refresh on each dashboard update cycle — Alpaca (HK/Asia moves, prime-brokerage launch, SBI channel), Feathery (APAC entry, wealth-client wins), WLTH (next earnings 21 Aug 2026 — the live read on how public markets price automated wealth), Arta AI (further HK/SG bank wins), Keenai (post-19 Aug launch: document the product shelf), Kristal.AI (whether the Series B ever closed). Sources: company releases and SEC/SFC/MAS/IA primary filings — deep research run 9 Aug 2026; where a figure is self-reported or undated it is labelled as such.

Atlas ingestion — PENDING access

Atlas sits behind a team access code, which I can't enter on William's behalf. To ingest the full task board: open atlas.gggdddwww.com in the browser, enter the team code, and the next refresh will pull every task/status/priority into this tab. Until then, the build picture below is reconstructed from team comms to 5 Aug.

Team & structural context

• Cheney → COO (~Oct, post-raise) over product/ops/tech; Gene renewed; tech team carries 5% of the Grogenta management pool ("tech's KPI is sales").
• All GDW tech + IP transfers into Grogenta at the Main-Line-1 closing (TS §3.1 — IP & Business Transfer Agreement; GDW's 11 staff move with it). Grogenta is the future fundraise/IPO vehicle — platform-income authenticity (arms-length service fees, transfer-pricing files) is a build requirement, not just legal.
• System of record: from the agreed switch date, all overseas transactions process through the 思宏/GDW platform as the sole business record (MoU §4) — HY's IFAs migrate onto it; 思宏 system = the only book.
• Infra notes: growdigitalwealth.co domain (GoDaddy); email OTP for mainland clients (SMS illegal without onshore entity — UX risk to watch at scale); AllFunds $70k/yr held ("hold our bullet" — use test account).

⚠ Open regulatory / bank deadlines 9 Aug 2026

• East West Bank — periodic KYC review, GROW GLOBAL FUNDS SPC #604303 — response due 12 Aug 2026. Opened 15 May, reminded 5 Aug. Both went to elsie.chan@growim.com + HKOPS@growim.com; Maples (Sophia Chiu) escalated 9 Aug: "Elsie is no longer in Grow", copying Ma Zong and Lu Zong. No confirmed owner, 3 days left. → assign today, confirm the outstanding items with Jessica Pang, and fix the departed-staff mailbox routing that let this sit three months.
• Licensing constraint on the Two Sigma economics (Cheney, 9 Aug): Type 1 = subscription fee only — no management fee, no performance fee. Type 9 / DPM is required to charge mgmt + perf. Either move clients onto a genuine DPM mandate (real discretion to add/reduce, nominee still usable) or wrap it in a feeder. → this reverses the 28 Jul "nominee, no feeder" decision and needs RO sign-off before any fee schedule goes to advisers.
• Related-party flag: Kenny wants the feeder to carry his own brand (his vehicle co-founded with David Siegel) and to distribute through GrowHill on GDW's licence. Paper the conflict, the fee flow and the IC approval before it is marketed.
• ⚠ "8.29" — an unanswered question about mainland client trading. In GDW SPOTx on 11 Aug, 王潇 asked 「目前不會呢？8.29之後，大陸客戶還能正常交易對吧」 and the thread moved on. Cheney had just noted our servers are in HK with no IP blocking, but that mainland networks may not reach HK sites reliably. With Futu and Tiger penalised in May for unlicensed mainland business, an internal date circulating as a change point for mainland client trading needs a written answer before 1 Sep. → establish what 8.29 refers to, whether it changes anything, and the approved client-access position.
• IFA training deck contains client-side order-placing tutorials (Gene, 11 Aug: 「當中會有客戶端下單的教學等，但是給IFA講解的」). Teaching IFAs the client interface is fine; material that could walk a mainland client through placing an order is not the same thing. RO review before circulation.
• Antarctica / Citco short-form alarm — CLOSED, false alarm. Miranda queried it directly; Citco (Jordan Cullinane, 10 Aug) confirmed it was a generic notice to all investors, no action required, and the existing FHE Fund SP short form stands. Good handling — the pattern to repeat.
• Citco — client remediation in motion. GDW is prepared to refund a subscription fee on an affected order; the trailer to 智汇 was pre-emptively withheld so the refund is loss-neutral. Sindy drafting the client script and plan. → document the incident properly (fund, clients affected, root cause, recurrence risk) and confirm whether the refund needs RO sign-off. Landing three weeks before the 1 Sep business start.
• Two Sigma client Q&A (QA集锦 vDX2) — one line to correct before release. The pack describes the US$165M repayment as "SEC 文件中确认的事实." True of the repayment; but the Jan 2025 SEC order was for access-control / compliance-supervisory failures and a Rule 21F-17(a) whistleblower breach — not for the tampering, and the individual is indicted, not convicted. Remove any wording a client could read as "the SEC sanctioned them for the tampering."
• Pro-forma cap table owed to Ross Zachary (Navigator Global Investments) — he asked 7 Aug, for compliance, what the parent's ownership is and will be pro forma. William has sent the round history; the pro-forma is still outstanding.

Deal compliance rails — as papered in TS V8 5 Aug 2026 · binding design constraints

• Regulated revenue stays in licensed entities: ALL insurance-broking revenue books into 宏奕香港 (宏奕安裕有限公司); ALL securities/AM revenue books into Grow AM. Grogenta & 思宏财富 charge only arm's-length service/platform fees for non-regulated services, with transfer-pricing documentation maintained (TS §4.2) — matches the auditor's watch-point (TP 合理性 from the SFC angle).
• Mainland carve-out: HY's PRC entities, business, revenue and costs are outside the transaction scope entirely (TS §2) — the Futu-precedent firewall.
• No early control transfer: until SFC/IA approvals, Grow AM's control, voting and economics stay 100% with GIG; nothing may be structured that "could be seen as early transfer of control or economics of a licensed corporation," and every interim arrangement must be fully disclosable to regulators (TS §11(b)) — the clean answer to the s.132 process.
• Approvals path: SFC s.132 for 思宏财富 + all ≥10% look-through holders · IA approval/filing for 宏奕香港's change of control + fit-and-proper · insurance licence by 31 Dec 2026 (GIG-only remedy −3pt/HK$1M). Termination is nearly impossible by design — licence delay, KPI miss and DD findings all resolve as ratio adjustments, never termination.
• Open compliance actions: ① fix the §4.2 insurance-split wording (revenue-based, per the 5 Aug call) before formal docs · ② Wu-channel SOP + audit rights (内地展业 contamination risk) · ③ 文強 RO appointment sequencing · ④ HK-counsel review of MoU before signature (the MoU's own header requires it).

Mainland-IFA / CRS structure settled William × Oscar × Cheney · 17-19 Jul 2026

The question: how mainland IFAs/MFOs plug into GDW without CRS exposure freezing their bank accounts. Oscar's original route — GDW HK → GDW UAE (ADGM entity) → IFA co → sub-agent — was killed by Cheney on three grounds: (1) a UAE-licensed rep doing licensed activity in HK is a criminal offence at scale; (2) UAE→HK-MFO B2B payments still leave CRS exposure at the MFO level; (3) routing every individual through the UAE co makes it read as a money-laundering vehicle.

Latest guidance GDW IT chat · to 9 Jul 2026

The team reviewed the actual SFC circular 26EC29 (8 Jul) and the RO signed off on a pragmatic, "not strictest" interpretation — William: "most peers are using a similar approach"; the counter-point accepted was "strictest means no business." On 9 Jul, Frances (ex-Noah) confirmed points 1–3 below are workable and that Noah operates the same way.

⚠ This is management's RO-approved operating interpretation (with Noah precedent) — still to be confirmed by HanKun's formal opinion. The "don't ask where the client is" posture and the VPN grey area are exactly the points to get counsel to bless explicitly.

GDW × Ted Lee — prospective shareholder (breakfast) breakfast · 17 jul 2026

Attendees: William Ma (GDW) · Ted Lee (prospective shareholder/investor · ex-CPPIB · deep hedge-fund network). Tags: fundraising prospective-investor deal-flow

Purpose: relationship-build + pitch Ted on the GDW pre-A round and two adjacent deals.

Source: transcript-20260717-143137.txt (auto-transcribed voice recording, ~1,250 lines).

BJ — Simon Investment Managers (Korea) intro call · 12 jul 2026

Attendees: BJ (CEO & co-founder, Simon Investment Managers / "SIMONE") · William · Kelvin · Ariel. Context: BJ is a potential GDW shareholder (bridge prospect ~$2M) and now exploring a commercial partnership.

⚠ Keep BJ on two tracks: advance the commercial partnership and the ~$2M bridge equity in parallel — don't let the equity ask stall behind the partnership. Full recap: 08_Meetings/2026-07-12_BJ-Simon-Investment-intro-call.md

⚠ Two items from that thread that need action before the next SAFE and before 25 Aug

• ① The investor org chart contains people who do not work here. Alan, verbatim: "We made up some people to show investors, eg, Ted Lee, etc. He's not doing anything here… so we should take those out." William added: "I can see a few on the HY side like CS, IR etc." Ted Lee has since formally declined and sits in the NO column of the bridge book. If a deck showing him as team is in front of anyone still signing a SAFE, that is a misrepresentation inside a live raise. It was treated in-thread as tidy-up; it is the only item here carrying legal exposure. → Scrub the org chart and the P7 deck before the next signature and before the 25 Aug announcement. Costs nothing.
• ② Zero compliance FTE is a licence risk, not a cost decision. R3 has been RED on Alan's own board since July. In the 72 hours before this discussion: a bank KYC sat unowned because it was addressed to a leaver; the "8.29" mainland-trading question went unanswered; IFA training material was found to contain client-side order-placing tutorials; and the IA referral-fee regime changed underneath us. William's caution is correct on its own terms — "the 'right' candidate is much more important as any turnover on compliance staff is bad" — but it is being used to justify delay. → Interim RO / compliance contractor NOW, permanent hire later. You cannot onboard IFAs onto a Type 1/4/9 platform from 1 Sep with nobody in the seat.

Week of 20 Jul 2026 — internal team weekly team meeting

Reviewed system-migration progress, live account openings, distribution partnerships (Orphans/Aufne & 先进宝/FinLoop), securities-borrowing setup with China Merchant (金马), IFA recruitment and the 837号文 compliance hit, coordination/merger friction with the Cheng Gang (成刚) team, the thin-margin revenue challenge and high-margin product options, single-flagship vs multi-push sales strategy plus AI fund-selection tooling, and real cash-flow pressure from fast IFA settlement. Meeting in Mandarin; parts 1 & 2.

• 惠兄 / 横臺 — reconcile the Middle East invoices: verify valid vs over-claimed (only ~20% was due; they now claim the ~80% balance + extra fees); summarize and meet Will in person (Will in tomorrow 4pm).
• Ching Lee / IT — finish old-user migration incl. the required automation feature; progress report to the group ~Wed; target complete before next Fri; 8/1 data cutover (old app becomes read-only, ~1-month overlap).
• Miranda / Marina — pull Haiming's docs from the old system and re-open Haiming & Emma on the NEW system; run the offline open flow; coordinate with DPS on the borrowing SOP if needed.
• China Merchant (金马) — provide the detailed securities-borrowing SOP, confirm who administers it (them vs GDW), and price it vs DPS.
• Zhang Tao (张涛) — meet the Orphans/Aufne HK counterpart; get City/Cindy products listed to fill gaps; expand fund knowledge from ~5-6 to 10+ funds; build out client network/funnel.
• Will — meet the Orphans head in Shanghai (~after the 27th) and push to speed onboarding toward direct API; pursue direct GP links (e.g., 景灵/Kimi) for genuine scarcity.
• Prof Wang (王教授) — joint marketing push + performance-table updates + in-group strategy readings; continue IFA/理财社 outreach; build per-fund FAQ libraries + the internal MCP fund-recommendation tool; work the IFA compliance (IC 留痕) and commission-collection fixes.

• 837号文 compliance — need a proper IC (HK ID + Type-1 license) for compliant referral / 留痕; interim sub-account workarounds are non-compliant and temporary. Rising priority as IFA recruitment ramps.
• Cheng Gang (成刚) team merger & org clarity — IT is currently prioritizing their side; open questions on whether Cheng Gang sells externally for GDW, the role of William/Regina, absorption of Marina/Ye Xiaobin/Zhao, and account-opening handover. Fix the comms gap (the Hongyi training mix-up). ~1 month of re-org expected.
• Hongyi (红艺) / Shihong (施红) split — Cheng Gang vs Wu Tianyi is their internal matter; GDW stays neutral (business model: the teams/IFAs are the clients).
• Revenue / high-margin products — card 代销 & FCN won't fix thin margins; explore active management / PE / own funds (a fund needs ≥US$10M to launch) — pending the Cheng Gang team's conclusion. Avoid buying secondary-market quotas (compliance risk).
• Sales strategy — lead with a single flagship "true-scarcity" product; separately solve how to move mid-tier funds at volume; current productivity ~US$2-3M/month.
• Finance — thin margins + immediate IFA settlement = real parked-capital / cash pressure; cost control continues; revisit once scale stabilizes.

Source: transcript-20260720-190002.txt + transcript-20260720-191034.txt (auto-transcribed voice recording, 2 parts, Mandarin).

Objections advisers will hear from day one

⚠ OPEN STRATEGIC FORK — Cheney proposes delaying Two Sigma to 2027 13 Aug 2026 · unresolved

Cheney: "I would suggest we delay the launch of Two Sigma till 2027, Q1 or Q2… I won't trust the team will be able to sell Two Sigma until we already see traction to sell at least 200 to 300 million FCN. The sales difficulty between FCN and hedge fund is almost like 1:10." He added he would need Alan's help to manage Kenny's expectation. Alan: "That much? $200m?"

William's middle path: "perhaps we can do soft book-building on a first-come-first-served basis, per Chen's feedback" — and "make money; FCN is demand from IFAs and clients."

→ Decide this explicitly at the three-way call, not by drift. If Two Sigma moves, the ratio, the targets and the CIO-note distribution plan must be re-based in the same decision — otherwise the Sales tab and the client-facing notes describe a launch that is no longer happening.

Two Sigma commercial terms — as drafted in the 营销方案 思淳 · 10 Aug 2026 · DRAFT, pending Wed face-to-face + RO sign-off