Firm Trust Report

TOROA MANAGEMENT (HK) LIMITED

Reported as an exempt reporting adviserExempt Reporting Adviser

The cited SEC/IARD dataset reports this firm as an Exempt Reporting Adviser. That is a different regulatory category from a registered investment adviser. It is not SEC approval, endorsement, or a finding that the firm is trustworthy.

CRD: 315295
SEC file number: 802-121964
Principal office: UNIT 803, 8/F LHT TOWER
31 QUEEN'S ROAD CENTRAL, CENTRAL
HONG KONG
State not provided in this source record
Country not normalized from source record

Current as of: August 3, 2026
Retrieved: August 18, 2026
Source effective date: August 3, 2026

SEC/IARD source release: August 3, 2026 · InvestorTrustHub retrieved: August 18, 2026

Official identifiers

Identifiers come from the cited SEC/IARD firm roster. InvestorTrustHub does not invent missing numbers.

CRD
315295
SEC number
802-121964

Regulatory status

Reported

Exempt Reporting Adviser

A source reports this value. We have not independently confirmed it beyond the cited record.

Source

Reported

U.S. Securities and Exchange Commission / IARD Form ADV dataset.

Exempt Reporting Advisers (IARD firm roster)

View official IAPD search

A source reports this value. We have not independently confirmed it beyond the cited record.

Firm / ADV facts

Legal structure

Other (specify)

Website as reported

Website not present in this source record

Regulatory assets under management

Not found in checked sources

This source record does not include a regulatory assets under management figure. That does not mean the firm has no assets, and it is not a quality finding.

Regulatory disclosures

Firm reported No for Item 11 in this filing.

This is the Form ADV Item 11 checkbox as filed. It is not a disciplinary-event list and not a finding of a clean record.

Clients, compensation, and custody

Figures below are adviser-reported Form ADV items. They are not performance, popularity, or quality scores.

Reported scale

Reported

Item 5 scale fields are not filed on this form type.

As of March 23, 2026

A source reports this value. We have not independently confirmed it beyond the cited record.

Reported compensation methods

Reported

Item 5 compensation methods are not filed on this form type.

Compensation methods are the boxes the adviser checked on Form ADV. This is not a “fee-only” determination.

A source reports this value. We have not independently confirmed it beyond the cited record.

Reported custody

Reported

Item 9 custody is not filed on this form type.

Custody is reported as filed. It is not a risk score or a quality finding.

A source reports this value. We have not independently confirmed it beyond the cited record.

Other business activities (Item 6)

Reported

Commodity pool operator / commodity trading advisor

A source reports this value. We have not independently confirmed it beyond the cited record.

Current reported relationships

Names appear only as reported on this firm’s Form ADV. They are not standalone public profiles. Name-only or otherwise unconfirmed rows remain internal and are not shown.

Ownership and control

Schedule A is direct ownership. Schedule B is indirect ownership. An executive/control relationship is not the same as ownership.

Reported direct owner
WONG, KARVAN, KAI BONG
Individual as reported · Title/status as reported: CHIEF OPERATING OFFICER
Reported in Form ADV dated March 23, 2026 · Exempt reporting adviser filing
Reported direct owner
XU, Sixiao
Individual as reported · Title/status as reported: MANAGING PARTNER
Reported in Form ADV dated March 23, 2026 · Exempt reporting adviser filing

Reported indirect owner
XU, Sixiao
Individual as reported · Ownership range: 50% but less than 75% · Title/status as reported: SHAREHOLDER
Reported in Form ADV dated March 23, 2026 · Exempt reporting adviser filing

Reported executive/control relationship
WONG, KARVAN, KAI BONG
Individual as reported · Title/status as reported: CHIEF OPERATING OFFICER
Reported in Form ADV dated March 23, 2026 · Exempt reporting adviser filing
Reported executive/control relationship
XU, Sixiao
Individual as reported · Title/status as reported: SHAREHOLDER
Reported in Form ADV dated March 23, 2026 · Exempt reporting adviser filing

Related organizations

No current CRD-linked related organizations are available to display from Form ADV.

Private funds reported by the adviser

Named funds appear only on this adviser profile. InvestorTrustHub does not publish standalone fund pages from this graph.

Item 7.B private-fund count as reported (not a named-fund list) · Item 7.B: Yes as reported · Count 7.B.(1): 1 · Gross assets as reported: 354,825,000

Private fund reported by the adviser
TOROA MASTER FUND
805-7559820547
Cayman Islands · Reported in Form ADV dated March 23, 2026

Filing history / historical reported relationships

Historical filings are evidence of what was filed, not a restatement of current facts.

Filings in graph

RIA 0 · ERA 6

Latest relational filing

March 23, 2026

Exempt reporting adviser · Annual Updating Amendment ERA Report

ADV-W filings

Shown as historical evidence only

Recent sec form adv filings

2052756 · March 23, 2026 · ERA · Annual Updating Amendment ERA Report · current reported filing
1931443 · March 27, 2025 · ERA · Annual Updating Amendment ERA Report · historical filing
1821837 · March 27, 2024 · ERA · Annual Updating Amendment ERA Report · historical filing
1702784 · March 27, 2023 · ERA · Annual Updating Amendment ERA Report · historical filing
1607307 · March 30, 2022 · ERA · Annual Updating Amendment ERA Report · historical filing
1548469 · June 30, 2021 · ERA · Initial SEC ERA Report · historical filing

Sources and methodology

Evidence and source details

Material facts on this page are traced to the official SEC/IARD roster. Expand a panel to see source context. Raw 400-column filings are not dumped here.

Source, dataset, and retrieval

Source. U.S. Securities and Exchange Commission / IARD · Exempt Reporting Advisers (IARD firm roster) · record 315295 · retrieved August 18, 2026

Release: August 3, 2026

Evidence records tied to this firm: 7

Raw source snapshot: present

Source status text (not a consumer endorsement): ERA - Active

What these terms mean

What is an RIA?

A registered investment adviser is a firm whose Form ADV/IARD record reports it as registered with the SEC or, in other contexts, a state. InvestorTrustHub shows what the cited official dataset reports. Registration is a regulatory category, not a quality rating.

What is an Exempt Reporting Adviser?

An Exempt Reporting Adviser files a limited Form ADV report because it qualifies for an exemption from full SEC registration. It is not a registered investment adviser. Exemption from full registration is not a finding of safety, quality, or honesty.

What is a CRD number?

A CRD number is the Central Registration Depository identifier assigned to a firm or individual in the IARD/CRD system. InvestorTrustHub uses the firm CRD as the stable identity key. A CRD is an identifier, not an endorsement.

What is an SEC file number?

An SEC file number (often beginning 801- for registered advisers or 802- for exempt reporting advisers) is an official file identifier in SEC/IARD records. If this source record does not include one, that absence is not proof that no file number exists in another source.

What does “reported as registered” mean?

It means the cited official dataset reports the firm as a registered investment adviser as of the source date. It does not mean InvestorTrustHub or the SEC approved, certified, or recommended the firm.

What does it NOT mean?

Registration does not establish investment quality, performance, honesty, suitability, low risk, fiduciary compliance in every circumstance, or the absence of regulatory problems. Missing research is not a clean record.

What InvestorTrustHub has not researched yet

Absence from this page is not a finding that a record is clean, that no disclosure exists, or that the firm has no associated professionals.

Individual professionals associated with this firm
FINRA BrokerCheck research
Detailed disciplinary history (DRP events)
State-specific enforcement records
Form ADV Part 2 brochure narrative
Standalone public fund or owner profiles
Investment performance
Portfolio holdings
Consumer reviews