Asset Management
Victory’s Capabilities
In-Depth Research
We care about safeguarding your assets. Our experts utilize substantial data and information to make pivotal decisions and by analysing the fundamentals behind the macro and micro factors on a variety of sectors and asset classes, we can provide sustainable long-term returns to protect and grow your wealth. Our fund managers will keep you on top of the latest changes and trends to help you navigate the markets and make the best investment decision.
Local Insights
Our institutional experts have a well-established history in investment and fund management. They are connected with a network of knowledgeable local professionals, analysts, and researchers to unearth the most compelling opportunities in the Mainland China market. They maintain an active conversation with Chinese entrepreneurs and experts to better understand the underlying sector developments in order to give our investors a competitive edge.
Asset Allocation
We excel in the creation of custom solutions and strategies designed to help our clients benefit from changing market conditions to develop true portfolio diversification. Our investment committee implements a rigorous and robust analytical process to determine the appropriate application of tools and tactics for enhancing gains or mitigating economic downturns.
Our Distinction
With a wealth of experience in the global markets, Victory’s point of differentiation stems from their unique specialization within sectors such as TMT (technology, media, and telecom), energy, and consumer discretionary. Our team’s investment performance is renowned through the industry, our reputation and prudent business practices have been recognized by clients and industry peers alike. Victory securities is committed to bringing our clients the best-in-class investment performance.





作為勝利瑞柏基金系列的投資總監,以:「優質策略、高效執行,為投資者帶來高質回報」為管理宗旨。瑞柏深信,投資不論以價值、增長、行業、政策、技術、週期與情景分析為依歸,均有其優劣長短。投資方法需與時並進,但心法則恆久不變。瑞柏取各類投資心法之精髓,去蕪存菁,配合人本智慧(Assistive Intelligence)以及風控與操作紀律,冀為投資者帶來長遠高質回報。

Sze Tung


Sze graduated from the Li Ka Shing School of Professional and Continuing Education in Personal Financial Planning Program at the Open University of Hong Kong and has over 24 years of investment experience. He specializes in investments in the mainland China market including A-shares and H-shares of listed companies. Over the years Sze developed a unique investment philosophy which allows him to seize emerging opportunities by taking advantage of a sector’s rotation. Combining this approach along with his mastery in technical analysis, Sze is able to capture short-term profits ensuring that his funds and clients are positioned for the best growth trajectory. Sze is also a veteran of the Victory investment committee and a member of the Hong Kong Securities and Investment Institute (“HKSI Institute”).

Adam Zhou

Managing Director

Adam graduated from the Chinese University of Hong Kong with an MBA (Finance Program) and has over ten years of investment and finance experience. Responsible for the management of the ECM ventures, sales teams, and overall frontline business, he also specializes in fund management and acts as the Responsible Officer of Victory’s Asset Management arm.

He has led many of the group’s global expansion projects and established the US business. Adam continues to formulate and executes the company’s core strategies derived from the executive board’s mandate. He is currently spearheading developments across China, Singapore, and Japan to uncover new opportunities for Victory and its clients.

Li Ning

Chief Economist and Chief Investment Officer

Li Ning received his PhD in Business Management from the Business School of NanKai University. He has over 20 years of investment and research experience in international capital markets. Li has been a featured guest at numerous award ceremonies and conferences and was even invited to take part in a Hong Kong Cable Television financial program.

Li is an active advisor to the research and asset management team and an invaluable member of the Victory investment committee. The stellar performance of many of Victory’s in-house funds is a direct result of his insightful forecasts into the macroeconomy and exploration of the shifts in industry cycles.

Carmen Liu

Portfolio Manager

Carmen obtained her Master’s degree in Investment Management from the Hong Kong Polytechnic University. A certified CFA with 6 years of experience in the financial research and investment industry, she has been featured as a guest on Hong Kong Cable TV investment programs. Carmen mainly focuses on China and Hong Kong’s stock markets with a specialization in the TMT and pharmaceuticals sectors. Her acute perspective into China’s economic and policy changes keeps investors ahead of shifts in the market transformation cycle. Her investment philosophy favours industries that demonstrate high growth potential and through critical evaluation, she applies a bottom-up model to proficiently screen targeted companies exhibiting healthy financials to secure undervalued investment opportunities.