An accredited investor as defined in Section 4A of the SFA and Securities and Futures (Classes of Investors) Regulations 2018 is:

3D printing can be cheaper than CNC machining, especially when referred to 5-axis CNC machines. The most frequent ones are, however, 3-axis CNC machines, because the cost of the investment is lower. Recently, with the advent of 5-axis CNC machining, the efficiency of this subtractive technology has considerably improved. Despite this, the investment cost for a 5-axis CNC machine is very high, therefore most of the companies are equipped with 3-axis CNC machines or manual drills and mills.

CNC machines are used in various industries to produce finished parts. The reason why they boomed in the recent years, is because they can guarantee very high repeatability and precision in the order of thousandths of mm.

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(t) a person (other than an individual) who carries on the business of dealing in bonds with accredited investors or expert investors;

CNC machining and 3D printing can go hand in hand for the quick production of complex parts to be slightly finished on some surfaces. Depending on the material, 3D printed parts can be combined with machining to achieve very low roughness or to meet very low tolerances. PEEK and Carbon PEEK, for instance, have a good machining behavior that allows them to benefit from both technologies. The most common CNC machining operations performed on 3D printed parts are for finishing O-rings grooves, threaded holes and inside and outside diameters.Thanks to the combination between these two technologies, one can get the advantages of both with the accurate production of complex parts.

(v) a headquarters company or Finance and Treasury Centre which carries on a class of business involving fund management, where such business has been approved as a qualifying service in relation to that headquarters company or Finance and Treasury Centre under section 43D(2)(a) or 43E(2)(a) of the Income Tax Act 1947;

(A) whose net personal assets exceed in value $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;

CNC machining and 3D printing are two very different production methods used to build net shape parts. Their common point is the ability to provide products quickly, making them the technologies of choice for the rapid production of prototypes.

(C) whose income in the preceding 12 months is not less than $300,000 (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount;

(v) An entity (other than a corporation) with net assets exceeding S$10 million (or its equivalent in a foreign currency) in value. “Entity” includes an unincorporated association, a partnership and the government of any state, but does not include a trust; or

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On a high level, CNC machining and 3D printing use the same workflow: the part is designed with a CAD software and there is the generation of a G-code that defines the instructions for the machine operations. Then, both the machines need to be prepared for the process and, after the part is manufactured, post-processing might be performed. Even if these processes might have common aspects, the conditions are different in terms of production time, production cost, manpower and effort.

(c) any authorized financial institution, or any bank which is not an authorised financial institution but is regulated under the law of any place outside Hong Kong;

(A) an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or

(ii) is similarly constituted under the law of any place outside Hong Kong and, if it is regulated under the law of such place, is permitted to be operated under the law of such place,

(z) a partnership (other than a limited liability partnership within the meaning of the Limited Liability Partnerships Act 2005) in which each partner is an institutional investor.

An institutional investor as defined in Section 4A of the SFA and Securities and Futures (Classes of Investors) Regulations 2018 is:

(ii) as ascertained by referring to one or more audited financial statements, each being the most recent audited financial statement, prepared-

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(b) any intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong;

Like explained in the article about additive manufacturing vs traditional manufacturing, FFF technology has its advantages and disadvantages.

(ii) total assets of not less than HK$40 million or its equivalent in any foreign currency, at the relevant date, or as ascertained by referring to-

(i) as stated in a certificate issued by an auditor or a certified public accountant of the individual within 12 months before the relevant date; or

(B) an authorized financial institution, or any bank which is not an authorised financial institution but is regulated under the law of any place outside Hong Kong;

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(B) whose financial assets (net of any related liabilities) exceed in value $1 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount, where “financial asset” means —

Depending on the type of machining operation to be performed, there are multiple types of CNC machines that perform on polymers and composites:

(B) an authorized financial institution, or any bank which is not an authorised financial institution but is regulated under the law of any place outside Hong Kong; or

(ii)  as ascertained by referring to one or more custodian statements issued to the individual (either alone or with the associate) within 12 months before the relevant date;

(h) any government (other than a municipal government authority), any institution which performs the functions of a central bank, or any multilateral agency;

(iv) one or more custodian statements issued to the corporation or partnership (as the case may be) within 12 months before the relevant date; and

(ii) to manage the funds of the central government of that country (which may include the reserves of that central government and any pension or provident fund of that country); or

(vii) A corporation which the entire share capital is owned by one or more persons, all of whom are accredited investors.

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(l) any individual, either alone or with any of his associates (the spouse or any child) on a joint account, having a portfolio (see below) of not less than HK$8 million or its equivalent in any foreign currency at the relevant date or-

(i) is a registered scheme as defined in section 2(1) of the Occupational Retirement Schemes Ordinance (Cap. 426 of the Laws of Hong Kong); or

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(n) any corporation the sole business of which is to hold investments and which at the relevant date is wholly owned by any one or more of the following persons-

(x) a Service Company (as defined in regulation 2 of the Insurance (Lloyd’s Asia Scheme) Regulations) which carries on business as an agent of a member of Lloyd’s;

(ii)  a corporation with net assets exceeding $10 million in value (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe, in place of the first amount, as determined by —

(j) any person of a class which is prescribed by rules made under section 397 of the SFO for the purposes of this paragraph as within the meaning of this definition for the purposes of the provisions of the SFO, or to the extent that it is prescribed by rules so made as within the meaning of this definition for the purposes of any provision of the SFO.

In case of problems uploading the file (greater than 10MB) or other information requested, please contact us at the e-mail3dparts@roboze.com

The first of such classes of additional “professional investor”, under the Securities and Futures (Professional Investor) Rules (Cap. 571D of the Laws of Hong Kong), are:

FFF (Fused Filament Fabrication) is the most common 3D printing technology. It extrudes continuous filament of thermoplastic materials or composites in order to form an object, layer by layer. Roboze is leader in the FFF technology for high performance polymers and composites (check FFF of PAEK polymers)

(B) where the corporation is not required to prepare audited accounts regularly, a balance sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance sheet, which date must be within the preceding 12 months;

(b) a statutory board as may be prescribed by regulations made under section 341 of the SFA, as prescribed in the Second Schedule of the Securities and Futures (Classes of Investors) Regulations 2018;

(k) any trust corporation (registered under Part VIII of the Trustee Ordinance (Cap. 29 of the Laws of Hong Kong) or the equivalent overseas) having been entrusted under the trust or trusts of which it acts as a trustee with total assets of not less than HK$40 million or its equivalent in any foreign currency at the relevant date (see below) or-

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(ii) an individual who, either alone or with any of his or her associates on a joint account, falls within the description in paragraph (k);

Benefits and limits of CNC machining might vary according to the different equipment, but some common advantage and disadvantages of 3-axis CNC milling machines are as follows.

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Computer numerical control (CNC) machines transform blocks or rods of material to the net shape by following a coded programmed instruction.CNC were discovered about 80 years ago, when it was possible to combine the machining processes together with the precision of computer numerical control. These CNC machines are now able to achieve very fine tolerances and smooth surfaces as well.Depending on the type of machine, usually CNC machines don’t require a manual operator directly controlling the machining operation all the time. Machining is the most common production method for metals, wood, and ceramics, and it is also common for low to mid-volumes of plastics and composites. It provides the desired shape with very good accuracy and precision but tends to waste material in the generation of removed chips.

(h) a company or co‑operative society that is licensed under the Insurance Act 1966 to carry on insurance business in Singapore;

(a) any recognised exchange company, recognised clearing house, recognised exchange controller or recognised investor compensation company, or any person authorised to provide automated trading services under section 95(2) of the SFO;

HarbourVest is an independent, global private markets firm with over 42 years of experience and more than $132 billion assets under management as of June 30, 2024. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit.

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When talking about CNC machines, one usually refers to milling CNC machines, since they are the most common. There are more types of machines on the market, depending on the number of axis in motion: there are 3-axis, 4-axis and 5-axis CNC machines. The main difference between these types of CNC machines is in the complexity of the movement between the workpiece and the cutting tool. The higher the number of axis, the higher the design freedom obtainable. The most flexible ones are the 5-axis CNC machines. They offer high flexibility in the production of complex part, requiring fewer machining steps.

Continuation solutions encompass a host of transaction types in which a GP secures interim liquidity and/or additional primary capital for their LPs in a strongly performing asset, or set of assets, that the GP will continue to own and control. Specifically, they include continuation funds, new funds created by GPs for the purpose of acquiring the asset(s) that continue to be managed by the same GP and capitalized by one or several secondary buyers, or equity recapitalizations involving a direct equity or structured equity investment into a portfolio company. These transactions can also include a parallel investment from the GP’s latest fund into that same pool of assets (a “cross-fund trade”).

HarbourVest Partners, LLC is a registered investment adviser under the Investment Advisers Act of 1940. The information on this site is intended solely for the benefit of firms and companies seeking private equity investment capital by providing general information on our services and philosophy. The material on this site is for informational purposes only and does not constitute an offer or solicitation to purchase any investment solutions or a recommendation to buy or sell a security nor is it to be construed as legal, tax or investment advice. Unless otherwise indicated, any information available through this site is as of the date indicated therein and may not be updated or otherwise revised to reflect information that subsequently becomes available. HarbourVest is under no obligation to update the information contained on this site. Additionally, the material on this site does not constitute a representation that the solutions described therein are suitable or appropriate for any person and HarbourVest does not accept any liability with respect to the information. By using this site you agree to the Terms of Use.

(ii) is an offshore scheme as defined in section 2(1) of that Ordinance and, if it is regulated under the law of the place in which it is domiciled, is permitted to be operated under the law of such place,

“Professional Investor” under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the “SFO”) and its subsidiary legislation) means:

(f) any registered scheme as defined in section 2(1) of the Mandatory Provident Fund Schemes Ordinance (Cap. 485 of the Laws of Hong Kong), or its constituent fund as defined in section 2 of the Mandatory Provident Fund Schemes (General) Regulation (Cap. 485A of the Laws of Hong Kong), or any person who, in relation to any such registered scheme, is an approved trustee or service provider as defined in section 2(1) of that Ordinance or who is an investment manager of any such registered scheme or constituent fund;

(c) an entity that is wholly and beneficially owned, whether directly or indirectly, by a central government of a country and whose principal activity is —

(u) a designated market‑maker as defined in paragraph 1 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations;

CNC and 3D printing are used to produce different polymers and composites parts, showing multiple advantages and disadvantages.

(y) a corporation the entire share capital of which is owned by an institutional investor or by persons all of whom are institutional investors;

(iii) to manage the funds (which may include the reserves of that central government and any pension or provident fund of that country) of another entity that is wholly and beneficially owned, whether directly or indirectly, by the central government of that country;

(A) an intermediary, or any other person carrying on the business of the provision of investment services and regulated under the law of any place outside Hong Kong; or

Generalizations have been made to show the differences between machining and 3D printing. Here’s a table showing the main differences between these two technologies.The most commonly used CNC machines in the industry are milling, since they easily bring parts to precise fine tolerances. Usually, when talking about CNC, one refers to 3-axis Milling CNC machines.

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The main difference between CNC machining and 3D printing is in the nature of the technology: while CNC machining subtracts material from a billet to form a net shape part, 3D printing adds material, layer by layer. The difference in the nature of the process results in different outputs in the finished parts, as well as different possibilities in terms of geometry and precision requirements.

(d) any insurer authorized under the Insurance Ordinance (Cap. 41 of the Laws of Hong Kong), or any other person carrying on insurance business and regulated under the law of any place outside Hong Kong;

(w) a person who undertakes fund management activity (whether in Singapore or elsewhere) on behalf of not more than 30 qualified investors;