The Securities and Futures Commission ("SFC") has banned Steven Wong Yung from the industry for 14 months, effective March 18, 2025, for fund management failures between August 2018 and July 2021 at Kylin International.
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On March 19, 2025, the Securities and Futures Commission ("SFC") imposed a prohibition against Mr. Steven Wong Yung, a former responsible officer ("RO") and chief executive officer of Kylin International ("HK") Co., Limited (Kylin), from re-entering the industry for a period of 14 months, commencing on March 18, 2025, and concluding on May 17, 2026. This decision was made in response to Wong's failures in managing private funds from August 2018 to July 2021.
During his tenure at Kylin, Wong was responsible for overseeing the overall operations and internal controls of the company, which acted as an investment manager and/or consultant for various sub-funds of a Cayman-incorporated fund. The SFC found Wong to have inadequately discharged his duties as an RO and a member of Kylin's senior management, including failing to maintain appropriate standards of conduct and manage associated risks.
The SFC considered Wong's cooperation in addressing its concerns and his unblemished disciplinary record before imposing this sanctions. Wong's accreditation with Kylin for Type 9 (asset management) regulated activity, from November 25, 2016, to November 30, 2023, was revoked due to these issues. Additionally, Wong is no longer licensed by the SFC.
Kylin International has ceased its regulated activities since December 31, 2023, and the SFC revoked its license on January 22, 2025. The SFC's actions against Wong are part of a broader disciplinary investigation involving other related entities concerning the management of the same funds. The SFC will not disclose the details of its disciplinary action against Wong until the conclusion of its actions against the other entities.
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