┌───────────────────────────────┐
                      │  BVI Approved / Professional  │
                      │        Master Fund            │
                      └──────┬────────────────────────┘
                             │  Class P Performance Shares
                             ▼
          (no tax, no CRS WHT)             Board & KYC outside HK
┌───────────────────────────────────┐    ┌─────────────────────────┐
│   BVI Business Company (“CarryCo”)│    │  Bank / EMI (Airwallex  │
│   – holds only Class-P shares     │    │  + back-up deposit bank)│
│   – registered agent in BVI       │    └─────────────────────────┘
└───────────────┬───────────────────┘
                │ 100 % ordinary shares
                ▼
        Hong-Kong resident individual
        (or an HK family trust)