On 23 June 2017, the Hong Kong government introduced to the Legislative Council the Inland Revenue (Amendment) (No. 4) Bill 2017 with a view to extending the existing profits tax exemption for offshore funds to privately offered open-ended fund companies (OFCs) in Hong Kong. This article outlines the relevant conditions which an OFC must fulfil and provides comments on some of those specifics in considering whether the proposal would have the anticipated effect of attracting more asset managers to Hong Kong in this regard.