The Securities and Futures Commission (SFC) of Hong Kong has prohibited Mr Steven Wong Yung, a former responsible officer (RO) and chief executive officer of Kylin International (HK) Co., Limited, from re-entering the industry for 14 months.
The ban will run until 17 May 2026.
The SFC has taken the action because of Steven Wong Yung’s failures in managing various private funds.
Between August 2018 and July 2021, Kylin was the investment manager and/or consultant of sub-funds of a Cayman-incorporated fund. Wong was responsible for overseeing the overall operations and internal controls of Kylin.
The SFC found that Wong failed to discharge his duties as an RO and a member of the senior management of Kylin to ensure its maintenance of appropriate standards of conduct and adherence to proper procedures in managing the funds in question, and to properly manage the risks associated with Kylin’s business.
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