The Hong Kong Securities and Futures Commission has banned Mr Lui Pak Tong, a former licensed representative of Thunder Capital Limited, from re-entering the industry for life and fined him HKD 17.43 million, equal to the profit it found he made from misconduct. The SFC found that between September 2017 and June 2020, Lui caused a segregated portfolio of a fund managed by Thunder to make five unsecured loans totalling HKD 22.5 million to a company under his control, recommending the lending to Thunder’s Investment Committee without disclosing his conflicts of interest and failing to ensure fair treatment of the fund and its investors. The investigation also concluded that Lui had established Thunder, the fund and the borrower company with associates and that all three were effectively under his control, after which a substantial portion of the loan proceeds was transferred to Lui or connected persons including his wife; the fund received HKD 5.07 million in interest payments while Lui and connected persons retained HKD 17.43 million. The SFC assessed the conduct as wilful and dishonest, raising fitness and properness concerns, and as breaching the Code of Conduct and the Fund Manager Code of Conduct.
Hong Kong Securities & Futures Commission 2026-03-24
Hong Kong Securities and Futures Commission bans former Thunder Capital representative Lui Pak Tong for life and fines him HKD 17.43 million for misconduct
The Hong Kong Securities and Futures Commission has permanently banned Mr. Lui Pak Tong from the industry and fined him HKD 17.43 million for misconduct. Lui was found to have caused a fund managed by Thunder Capital Limited to make unsecured loans to a company he controlled, without disclosing conflicts of interest, and misappropriated loan proceeds. The SFC deemed his actions wilful and dishonest, violating the Code of Conduct and the Fund Manager Code of Conduct.