The Hong Kong Securities and Futures Commission (SFC) has banned Ms Zhu Hong, a substantial shareholder, director and former manager-in-charge of core functions at Kylin International (HK) Co., Limited, from engaging in any regulated activities for 12 months from 16 August 2025 to 15 August 2026 and fined her HKD 400,000 for failures in managing various private funds. Between August 2018 and July 2021, Kylin acted as investment manager and/or consultant to sub-funds of a Cayman-incorporated fund. The SFC found that Zhu, who was responsible for approving borrowing agreements on behalf of the sub-funds and implementing internal controls to prevent money laundering and terrorist financing, failed to discharge her duties as Kylin’s director and manager-in-charge for Anti-Money Laundering and Counter-Terrorist Financing. In setting the sanction, the SFC considered her acceptance of liability, remorse and otherwise clean disciplinary record; it also noted that while Zhu was not licensed under the Securities and Futures Ordinance, she fell within the definition of a “regulated person”. The disciplinary action is related to an ongoing SFC disciplinary case against another related entity concerning the same fund management issues, and the SFC will not disclose further details about its action against Zhu until that case is concluded.

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