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

(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

d.    Formed cutters:   A formed cutter has cutting teeth on its periphery which are used to cut special shapes, e.g., (I) a concave-shaped cut­ter will cut a convex­ shaped ridge, (2) a convex cutter will cut a U-shaped groove, and (3) a third shape can be used to cut gear teeth.

(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

All the others parts of  a  milling  machine  are for  the sake of the  cutters:  the table lifts the workpiece into the cutter; the knee  lifts  the table; the spindle  rotates  the  arbor  or  shank that turns the cutter, etc.

(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-

(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;

Irma:           Now put these spacers and this bearing bushing on the arbor too: They’re going to hold the cutter in place on the arbor.

Machine Shop VESL Copyright © by Lisa Hillyard is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License, except where otherwise noted.

(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.

Note:          In previous lessons you have studied different kinds of milling machines. In this lesson you will  study  the different kinds of milling cutters; the cutters are very important, because they are the parts that finally cut  and shape the parts that the company makes and sells.

(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;

(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;

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-

(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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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:

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

1.    Arbor-Mounted Cutters: This type of cutter is shaped like a wheel with a round hole in the center. It is threaded onto an arbor and is held in place by spacers and bearing bushings and by a nut which is tightened at the end of the arbor; the other end of the arbor is then inserted into, and driven by, the spindle.

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Plain milling cutters are chiefly used to make flat surfaces; they do this by cutting chips of metal from the surface of the workpiece. Plain milling cutters come in a variety of sizes; on the ones that have helical teeth, the helix can vary        in number of degrees, up to as much as 60° or even more. The helix-type cutter produces a smoother surface.

(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

(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;

(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;

HarbourVest is a private markets firm with 40+ years of experience and insight, with interwoven skills across asset classes, and relationships that build futures.

There are a wide variety of arbor-mounted cutters. They are used with the horizontal mill. Let’s look at some different kinds of arbor-mounted cutters:

Angular cutters come in a variety of sizes and angles; some have teeth only on one side of the cutter; others have teeth on both sides. Some of the uses of an angular

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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-

Slitting saws have a dish-shaped profile to prevent them from binding in the cut. There is a safety hazard in  the use of the saw because of the possibility of the blade shattering under heavy use. To use the slitting saw safely, machinists should run the saw at a much slower rate than for other cutters; also they should not tighten the arbor nut as much nor should they lock the blade onto the arbor.

(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.

b.    Side milling cutters:   A side milling cutter is a wheel-shaped piece of steel with cutting teeth on its periphery and on its side or sides.  Such cutters are usually narrower than the plain milling cutter. The teeth on this cutter can be straight or staggered; the staggered type has teeth which are set in alternate positions on the right and the left side of the cutter.

(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

c.    Angular milling cutters:    An angular milling cutter has teeth that are at an angle to the cutting axis (the horizontal axis of the arbor); they are neither parallel nor perpendicular to that axis, but are at some other angle.

(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;

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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”).

e.   Metal slitting saws:   A metal slitting saw is a circular saw which is fitted onto an arbor and used to cut off pieces of metal, as, for example, when a workpiece is cut off from the rest of the stock.

(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;

(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

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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);

(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-

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(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;

(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,

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

(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 —

(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 —

(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;

(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

(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;

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

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

Irma: .        The first thing is to mount the cutter on this arbor. Use that helical plain cutter. And be careful you don’t cut yourself…so use this shop rag to pick up the cutter.

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(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;

(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-

a.        Plain milling cutters:   A plain milling cutter is a cylinder of tough steel with cutting teeth on the periphery. They can be of two styles:

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

(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;

(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;

Lee:             Sure. I learned those in VESL class. That’s an angular cutter. ‘Those two are formed cutters. That’s a straight side cutter and there’s another one with staggered teeth. It also looks like you have two or three different slitting saws.

(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;

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.

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(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;

(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

(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,

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

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.

(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 —