Hong Kong Securities and Futures Commission Bans Steven Wong Yung For 14 Months For Fund Management Failures

The Securities and Futures Commission (SFC) has prohibited 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 14 months from 18 March 2025 to 17 May 2026 for failures in managing various private funds (Notes 1 to 3).

Between August 2018 and July 2021, Kylin was the investment manager and/or consultant of sub-funds of a Cayman-incorporated fund (Note 4). 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.

In deciding the sanction, the SFC took into account Wong’s cooperation with the SFC in resolving the SFC’s concerns and his otherwise clean disciplinary record.

Notes:

Wong was accredited to Kylin and approved to act as its RO for Type 9 (asset management) regulated activity from 25 November 2016 to 30 November 2023. Wong is currently not licensed by the SFC.
Wong was Kylin’s manager-in-charge of the (i) overall management oversight; (ii) key business line; (iii) anti-money laundering and counter-terrorist financing; (iv) compliance; (v) operational control and review; (vi) risk management; and (vii) information technology at different intervals.
Kylin has ceased carrying on regulated activities since 31 December 2023. Following its application, the SFC revoked its licence on 22 January 2025.
The SFC’s disciplinary action against Wong is related to its disciplinary actions against other related entities concerning the management of the funds in question. As the disciplinary actions against those entities are still in progress, the SFC will not disclose the details of its disciplinary action against Wong until the conclusion of its actions against those entities.