Hong Kong said planned tax concessions on performance fees and carried interest will not be extended to proprietary trading firms, shutting down speculation that the city might broaden its asset management tax relief.

In a statement, the Financial Services and Treasury Bureau said on Wednesday that the proposed legislation will not cover “businesses that use their own funds to buy, sell, or hold assets to generate income” since they don’t meet the relevant definition of a fund.

The clarification follows a Financial Times report that authorities were weighing tax breaks on performance fees for trading firms such as Jane Street.

Under the initial draft, the tax exemptions were tailored for private equity managers and hedge funds.

The government reiterated that the bill seeks to optimize the tax regime for private funds and family offices to bolster Hong Kong’s status as a global wealth hub.

The bill is currently being reviewed by the Legislative Council, with officials seeking to resume the second reading debate in the second half of the year.