Hong Kong's Securities and Futures Commission (SFC) has prohibited Steven Wong Yung, former responsible officer and chief executive officer of Kylin International (HK) Co., Limited, from re-entering the industry for 14 months from 18 March 2025 to 17 May 2026 for failures in managing various private funds. The misconduct relates to the period from August 2018 to July 2021, when Kylin acted as investment manager and or consultant to sub-funds of a Cayman-incorporated fund. The SFC found Wong failed to discharge his duties as a responsible officer and senior management member to ensure appropriate standards of conduct and adherence to proper procedures in managing the relevant funds, and to properly manage risks associated with Kylin’s business. In setting the sanction, the SFC took into account Wong’s cooperation and an otherwise clean disciplinary record. The SFC noted that its action against Wong is connected to ongoing disciplinary actions against other related entities, and it will not disclose details of the case against Wong until those proceedings conclude.
Hong Kong Securities & Futures Commission 2025-03-19
Hong Kong's Securities and Futures Commission bans former Kylin CEO Steven Wong for 14 months over private fund management failures
The Hong Kong Securities and Futures Commission (SFC) has banned Steven Wong Yung, former CEO of Kylin International (HK) Co., Limited, from the industry for 14 months due to failures in managing private funds. The misconduct occurred between August 2018 and July 2021, with Wong failing to uphold standards and manage risks. The SFC acknowledged Wong's cooperation and clean record, and noted ongoing related disciplinary actions.