A shell corporation named Laurore Ltd. recently made headlines by submitting a filing worth approximately $436 million in BlackRock’s iShares Bitcoin Trust (IBIT) exchange-traded fund. This marked its inaugural and sole submission, which included a Hong Kong address and contact number, igniting significant interest within the cryptocurrency community and triggering a wave of social media discussions.
Adding to the intrigue was the mention of “Zhang Hui” as a director in the U.S. Securities and Exchange Commission (SEC) documentation—a name that is as prevalent in China as “John Smith” is in Western countries, according to Jeff Park, Chief Investment Officer at ProCap.
In fact, CoinDesk discovered that there are over 100 individuals named Zhang Hui registered as directors across various companies within the Hong Kong Company Registry.
(Hong Kong Company Registry)
This revelation led to intense speculation over whether Chinese capital might be infiltrating the cryptocurrency market through spot bitcoin $BTC$64,502.52 exchange-traded funds.
“It feels like capital flight,” remarked Park on his post. Bloomberg’s ETF analysts also chimed in; James Seyffart commented on his attempts to unravel this mystery earlier that day but found himself at an impasse after nearly an hour of investigation.
The plot thickened when CoinDesk visited the Hong Kong location cited in Laurore’s SEC filing.
The directory indicated that Avecamour Advice Ltd occupied the suite instead of Laurore itself. Moreover, it appears that Laurore—holder of IBIT shares—is not registered in Hong Kong at all.
(Sam Reynolds/CoinDesk)
After several attempts by CoinDesk to reach someone from Laurore for comments, they finally responded through a spokesperson who stated that their owner prefers anonymity without providing any additional information.
This leaves many questions unanswered:
- Who exactly is Avecamour?
- What links exist between these two firms?
- And how does this enigmatic “Zhang Hui” fit into everything?
‘Private enterprises’
An examination of corporate records revealed that Avecamour Advice is entirely owned by Avecamour Ltd., which operates out of the British Virgin Islands.
The records from Hong Kong indicate Zhang Hui—whose passport prefix matches those issued on mainland China—as being listed solely as director for Avecamour Advice since its incorporation back in March 2025. However, no further public information regarding either company or its stakeholders could be uncovered.
(Hong Kong Company Registry)
Laurore’s representative informed CoinDesk that “the owner of Laurore also serves as a director for Avecamour,” suggesting Zhang Hui may indeed own this mysterious entity too.
However, no further details about either Zhang Hui or these companies were provided.
“Our principal values privacy; thus their involvement with IBIT reflects personal investment beliefs,” said their spokesperson.
It’s important to note that while 13F filings identify reporting managers involved with investments—they do not mandate disclosure regarding ultimate beneficial owners—large investors frequently utilize multiple legal entities for structuring purposes or confidentiality reasons.
“Given these are private businesses we refrain from sharing more ownership specifics,” added their spokesperson.
The implications behind it all
