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About AC

AC Precious Metals Refinery Ltd.

AC Precious Metals Refinery Ltd. specialises in the refining of precious metals and is committed to providing high-quality precious metal products with outstanding value. Together with partners possessing extensive experience in gold trading, we strive to strengthen the local refining industry and position it within the international market.

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Vision

“

To be a trusted leader in precious metals refining,
trading, and digital innovation.

”

Mission

To be recognised as one of Hong Kong’s most trusted precious metals refineries.

A premier trading platform committed to the highest standards of transparency, integrity, and fairness throughout the entire transaction process.

To achieve the highest level of client satisfaction.

Best Pricing

To provide our clients with bespoke products of the highest prestige and quality.

To advance sustainability and social responsibility through strong corporate governance.

Company Structure

Management Level

Mr. CHENG, Kam Chiu Stewart

Chairman and Co-Founder

Mr. CHENG, Kam Chiu Stewart has served as Chairman of New Times Energy Corporation Limited since 2009. He is an established business executive, entrepreneur and business owner with over 40 years of worldwide executive management experience in major public companies. Mr. Cheng possesses strong entrepreneurial vision, proven strategic planning capability, and cross-disciplinary expertise across engineering, corporate management and business leadership, with extensive experience in the property development, precious metals, energy, investment and education sectors. He is also recognised for his philanthropic commitment and contribution to the community.

Mr. Cheng holds a Bachelor’s degree in Civil and Environmental Engineering from the University of Wisconsin–Madison, a Master’s degree in Civil Engineering from the University of California, Berkeley, and a Master’s degree in Business Administration from The Chinese University of Hong Kong. In 2023, he was awarded the 21st Honorary Fellowship by The Chinese University of Hong Kong. He is a professional engineer, a member of The Hong Kong Institution of Engineers, and also serves as a board member of The Chinese University of Hong Kong.

Mr. TANG, John Wing Yan

Executive Director

Mr. TANG, John Wing Yan was appointed as an Executive Director of New Times Corporation Limited in June 2017, after joining the Group in August 2015 as General Manager. Mr. Tang has 30 years of entrepreneurial, senior corporate management and strategic leadership experience, with extensive international business and management exposure spanning North America, Hong Kong, China, Asia, South America and Australia. Prior to joining the Group, he held senior executive positions with international corporations.

Mr. Tang is professionally trained as a structural engineer and was formerly admitted as a Chartered Engineer in the United Kingdom, and as a Registered Professional Engineer in the United States and Canada. He possesses a cross-disciplinary skill set spanning engineering, finance, corporate management and strategic planning. He has also authored and co-authored peer-reviewed technical publications and is the holder of U.S. Patent No. US6329589 in relation to the wireless transmission of solar power for exterior curtain wall systems in buildings.

Mr. Tang holds degrees in civil engineering, engineering and financial engineering from the University of Massachusetts, the University of California, Berkeley and Stanford University, respectively.

Mr. CHEUNG, Stanley

Managing Director

Mr. Stanley Cheung graduated from McGill University Montreal Canada with Bachelor of Commerce (Major in Management Information System) in his early years. Mr. Stanley Cheung has over 40 years’ experience in banking, finance, securities and futures brokering as well as forex dealing. He worked for Samuel Montagu & Company, once one of the world’s top bullion brokerage businesses and subsequently served as Executive Director of Simsen International Corp. Ltd. During the 1990s he set up the first ever Chinese finance news and data satellite system which covered the whole of mainland China. In addition, he has taken up key roles in social services activities, including Vice Chairman of Hong Kong Precious Metals Traders Association, Member of Kwai Chung & Princess Margaret Hospital Governing Committee, Member of The Community Chest General Donations/Special Events Organising Committee and Member of CPPCC, Luohu, Shenzhen. He also served as Vice Chairman of the Pok Oi Hospital, Director of the Hong Kong Securities Association Limited, and others.

Ms. SUN, Erica

 Assistant Financial Controller

Ms. Erica Sun joined New Times Corporation Limited in August 2025 as Assistant Financial Controller. She is a distinguished finance executive with more than two decades of strategic financial leadership across Fortune 150 multinational corporations, Chinese state-owned enterprises, and Hong Kong-listed conglomerates.

Ms. Sun holds a Master of Laws (LLM) and a Bachelor of Arts (Hons) in Accountancy. She is also a Fellow Member of both the Hong Kong Institute of Certified Public Accountants (FCPA) and the Association of Chartered Certified Accountants (FCCA).

Prior to joining the Group, Ms. Sun has demonstrated her expertise in strategic business partnership, corporate restructuring and financing, mergers and acquisitions, tax optimization strategies and enterprise resource planning management. Her proven ability to drive financial transformation while maintaining regulatory compliance in achieving operational excellence brings a truly global perspective to financial leadership and corporate governance for the company.

Mr. LEE, Stephen

Senior Consultant

Mr. Stephen Lee joined AC Precious Metals Refinery Limited in June 2021 as Chief Operating Officer and has served as Consultant to the Company since February 2026. He continues to provide valuable counsel to the Company by drawing on his extensive industry experience, technical knowledge and operational expertise, thereby supporting the Company’s ongoing strategic development.

Mr. Lee possesses over 40 years of experience in the precious metals industry and has developed deep expertise in precious metals trading and refinery operations through his work with both local and international refineries. He received professional training in the early stage of his career at a well-established refinery in Italy, which laid the foundation for his long and distinguished service in the industry.

Throughout his career, Mr. Lee has made significant contributions to the development of the precious metals sector. In 2000, he assisted China Cooperative Gold Mine by providing technical know-how and industry expertise, and played a key role in its successful qualification as one of the first batch of approved physical gold deliverers of the Shanghai Gold Exchange.

Mr. Lee also served as a member of the Executive and Supervisory Committee of The Chinese Gold and Silver Exchange Society for its 43rd, 44th and 45th terms.

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Terms and Conditions
Risk Disclosure Statement
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Personal Information Collection Statement

The information contained in this Account Application is true, complete and accurate and you agree to notify AC Precious Metals Refinery Limited (“AC”) of any changes to that information. AC is entitled to rely fully on such information and representations for all purposes, unless AC receives notice in writing of any change. AC is authorized at any time to contact anyone, including your banks, brokers or any credit agency, for the purpose of verifying the information provided on this Account Application. Attached copy of AC Privacy Policy formed part of the Customer Agreement of AC (“Customer Agreement”). I/We, the undersigned Client(s), have read and understood the clause within AC Privacy Policy.

I/We, the undersigned Client(s), have read and understood the provisions of the attached Customer Agreement of which this document forms a part. I/We hereby apply to open the above type(s) of account and agree to be bound by the Customer Agreement (receipt of a copy whereof is hereby acknowledged by me/us) including its Standard Terms and Conditions and relevant Schedule(s) as the same may be amended from time to time. I/We acknowledge and confirm that Cheung’s has provided the Risk Disclosure Statement as set out in this document hereto in a language of my/our choice (English or Chinese) and I/we have been invited to read the Risk Disclosure Statement, to ask questions and take independent advice if I/we wish.

Risk Disclosure Statement

The risk of loss in gold bullion/silver trading can be substantial. You may sustain losses in excess of your initial margin funds. Placing contingency orders, such as “stop-loss” or “stop limit” orders, will not necessarily limit losses to the intended amounts. Market conditions may make it impossible to execute such orders. You may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, your position may be liquidated. You will remain liable for any resulting deficit in your account. You should therefore carefully consider whether such trading is suitable in light of your own financial position and investment objectives. (Please refer to “Customer Agreement”).

GOLD BULLION/SILVER TRADING RISK: GOLD BULLION/SILVER TRADING IS NOT REGULATED BY THE SECURITIES AND FUTURES COMMISSION (THE “SFC”). THEREFORE, TRADING GOLD BULLION/SILVER WILL NOT BE SUBJECT TO RULES OR REGULATIONS PROMULGATED BY THE SFC WHICH INCLUDES BUT IS NOT LIMITED TO CLIENT MONEY RULES. GOLD BULLION/SILVER TRANSACTIONS ARE NOT SUBJECT TO 3-TIER MARGIN EXECUTION. IN THE EVENT THAT YOUR GOLD BULLION/SILVER TRADING ACCOUNT FALLS BELOW THE MARGIN REQUIREMENT, CHEUNG’S TRADING PLATFORM WILL TRIGGER AN ORDER TO CLOSE ALL GOLD BULLION/SILVER OPEN POSITIONS. NO NOTICES OR WARNINGS WILL BE PROVIDED BY AC.

Terms and Conditions

These Rules should read together with and are subject to the terms and conditions of the Customer Agreement.

  1. Sales and Purchases of Precious Metals and Related Transactions by the Customer

    1. The Customer may enter into Transactions with the Company for the sale and purchase of Precious Metals and Related Transactions. Each Transaction is subject to the terms and conditions set out in the Customer Agreement and in the confirmations relating to such Transaction

  2. Notwithstanding that the Customer has satisfied the Customer’s obligations under the Customer Agreement, the Company at its sole discretion may decide to accept or reject instructions given by the customer in respect of Transactions and is not obliged to enter into any Transaction.

  3. All Prices, Exchange and Interest Rates, Premiums or Discounts are provided for reference or information purposes only, unless the Company makes it explicitly clear to the Customer at the time that any prices, rates or Premiums/Discounts quoted by the Company to the Customer are actual Dealing Prices, Exchange or Interest Rates, or Premiums/Discounts at which the Company is prepared to enter into Transaction(s). The Company is not under any obligations whatsoever to enter into Transaction(s) at such prices, rates or premium/discounts.

  4. The Customer may give instructions to the Company in respect of Transactions as may be specified by the Company subject to the execution of the relevant documents. The Company will not consider these instructions to have been received by the Company unless the Customer provides them in a manner satisfactory to the Company and further that the Company confirms receipt of such instructions.

  5. Any instruction by the Customer in respect of a Transaction once given is irrevocable unless the Company has provided prior written consent to the contrary. The Company is entitled to rely on its belief in good faith that any such instruction, given by whatsoever means, emanates from the Customer, whether or not such instruction is given personally or authorized by the Customer and notwithstanding any error or misunderstanding or lack of clarity in the terms of any such instructions. The Customer agrees to be bound by all instructions which the Company believes in good faith to have been given or authorized by the Customer and shall indemnify the Company for all Indebtedness, liabilities, obligations, losses, damages, penalties, actions, suits, judgments, costs, charges and expenses arising from or in connection with any Transactions or action taken by the Company or its correspondents and agents in accordance with or pursuant to any such instructions. The benefit of this indemnity is held by the Company for itself and on behalf of its correspondents and agents.

  6. The Company shall within one Business Day following completion of a Transaction send by mail and/or by:

    1. Facsimile, e-mail or other electronic means to the Customer a written confirmation of the Transaction.
    2. In addition, statements will be supplied by the Company to the Customer at regular intervals that is mutually acceptable to the Company and the Customer with the proviso that any such agreed interval will be at least monthly.
    3. Any written confirmation or statement is conclusive and deemed to be accepted by the Customer unless the Customer submits an objection in writing within two Business Days in the case of a confirmation, and five Business Days in the case of a statement, after these have transmitted to the Customer by mail or facsimile, e-mail or other electronic means. The Company’s records shall, in all respects, be conclusive unless and until the contrary has been established.

  7. The Customer may appoint Authorized Persons to act on its behalf and authorizes and instructs the Company to act on the instructions given by the Customer or by the Authorized Persons with respect to sale and purchase transactions. The Customer will give, and ensure that the Authorized Persons give, clear instructions to the Company when conducting such sale and purchase transactions, and these instructions must be clearly distinguished from requests for indicative prices or rates.

  8. Transactions and Settlement

    1. Unless otherwise specified by the Company, the Customer may enter into Transactions with the Company on a spot basis only.

    2. The Company may agree with the Customer to enter into any Transaction on a physical delivery basis. In that case, the Company and the Customer will agree on the terms of the Transaction including, but without limitation, the quantity, quality and form of the Precious Metal to be delivered, its price, and the date, place and method of delivery.

    3. Except as provided in Clause 8.b, actual delivery of Precious Metal pursuant to a Transaction may not be required. The Customer shall instruct by 13:00 [Hong Kong] time on the Business Day immediately prior to the Value Date of each Transaction, that it will either

      1. Settle the transaction by corresponding payments of money and precious metals to Close Out that Transaction; or

      2. Roll-over that Transaction [by replacing the matured obligations under that Transaction by new obligations on such terms as the customer and the Company shall agree]; or

      3. Settle the transaction into underlying accounts in precious metals and currencies held by the customer with the Company.

    4. In the absence of any instructions from the customer, the Company may at its sole discretion:

      1. Close Out the relevant Transaction or roll-over the relevant Transaction on such terms as the Company may prescribe and credit or debit the respective Account Balances accordingly

      2. Deem the Customer to have effected a Close-out Transaction in respect of the relevant Transaction immediately prior to the Value Date of that Transaction, or

      3. Handle the relevant Transaction in any such manner, as the Company, at its sole discretion, Considers appropriate.

    5. On the Value Date of a Close Out Transaction, the profits or losses thereby realized shall be credited to or debited from the relevant Account Balance. The Closed Out Transaction(s) shall thereupon be regarded as closed positions for the purposes of this Agreement.

    6. The Company will within one Business Day following the Close Out, roll-over or offsetting of any Transaction, send a written confirmation of the Close Out Transaction or roll-over Transaction to the Customer by mail, facsimile, e-mail or other mutually acceptable electronic means.

  9. Payments by Customer

    1. All payments due to be made by the Customer under or pursuant to the Customer Agreement and these Rules shall be made in immediately available funds at the agreed time and date and no payment will be recorded as a credit to the customer’s account until the Company has received the funds with good value in its bank account.

    2. All payment to be made by the Customer under or pursuant to the Customer Agreement and these Rules shall be made in full, without any set-off, deduction or withholding whatsoever. If by law the Customer is unable to make any payment without a deduction or withholding being made, it shall forthwith pay to the Company such additional amount so that the net amount received and retained by the Company will equal the full amount of funds, which the Company expected to receive had no such deduction or withholding been made.

    3. No payment to the Company under the Customer Agreement and these Rules pursuant to any judgement or order of any court or otherwise shall operate to discharge the obligations of the Customer under this Agreement unless and until payment in full has been received by the Company in the currency in which such payment was due, this is referred to in this agreement as the “currency of obligation”. If the amount of the currency of obligation fall shorts of the amount expected to be received by the Company due to the Exchange Rate conversion, the Company shall have a separate and additional course of action against the Customer for the recovery of such sums equal to the amount of the shortfall.

      1. Without prejudice and in additional to all the other rights of the Company and obligations and liabilities of the Customer under this Agreement, all Transactions the Company may from time to time agree to enter into transaction with the Customer shall be settled upon request at anytime by the Company.

      2. Without prejudice to the Company’s right of requesting the Customer to settle any Transactions forthwith, prior to any dealings in the Precious Metals, the Customer shall deposit with the Company such sum of money and/or provide the Company with such security by way of Initial Down Payment and/or executing such Security Document as may be determined and required by the Company.

      3. Without prejudice to any of the Company’s rights under this Agreement, the Company shall be entitled at anytime to call for additional further Down Payments and/or provision of security:-

  10. Fees and Charges

    1. The Customer shall pay to the Company a commission at such rate or rates of the Precious Metal transacted as the Company shall from time to time charge.

    2. The Customer shall pay to the Company a daily custodian fee at such rate of rates as the Company may from time to time charge of the Precious Metal outstanding in the Customer’s account with the Company at the close of business of that day.

    3. The Company shall pay or receive a daily carrying charge and/or premium at such rate or rates as the Exchange or the Clearing House as the Company determines of the Precious Metal outstanding in the Customer’s account with the Company at the close of business for the day. Such carrying charge or premium payable to or receivable by the Customer may be quoted in a fix sum or as a certain percent per day or per annum calculated on the closing price of the Precious Metal times the amount of the outstanding position of the Precious Metal.

  11. Password

    1. The Company may allocate a password to the Customer or if applicable to each Authorized Person for identification purposes to be used in the course of business between the two parties for certain activities such as but not limited to the Customer using the AC platform.

    2. The Customer or the relevant Authorized Person(s) may change the password at any time but any change shall be effective only once it has been received and accepted by the Company.

    3. The Customer and each Authorized Person shall act in good faith, exercise reasonable care and diligence in keeping the password in secrecy. At no time and under no circumstances shall the Customer or any Authorized Person(s) disclose the password to any other person(s).

    4. The Customer irrevocably accepts that it is fully responsible for any accidental or unauthorized disclosure of the Customer’s password to any other person(s) or any Authorized Person(s) and fully bears the risks of any password being used by any unauthorized person(s) or for unauthorized purposes.

    5. Upon notice or suspicion of any password being disclosed to or obtained by any unauthorized person(s) or any unauthorized instructions being given, the Customer shall notify the Company in person as soon as practicable or by telephone at such telephone number(s) as the Company may from time to time prescribe and the Company may ask the Customer to confirm in writing any details given. Upon receiving such notice, the Company will suspend its services and no further instructions will be accepted until the Company has designated a new password to the Customer or the relevant Authorized Person(s). The Customer or the relevant Authorized Person will follow such procedures and complete such forms as the Company may prescribe for such purpose.

    6. Provided that the Customer and the Authorized Person have complied with Clauses 11.c and 11.e, the Customer shall not be liable for any Transactions concluded after the Company has actually received the notice referred to in Clause 11.e. However, the Customer shall remain liable for all Transactions whether or not authorized by the Customer prior to the Company’s actual receipt of such notice.