Hong Kong Appoints New Market Watchdog: Former Accounting Regulator Kelvin Wong to Replace Tim Lui as SFC Chairman

Kelvin Wong, a regulatory authority in accounting, has been appointed as the forthcoming chairman of the Securities and Futures Commission (SFC) in Hong Kong. At the age of 63, Wong is set to embark on a three-year tenure from October 20, succeeding the incumbent chairman, Tim Lui.

At the age of 63, Wong is set to begin a three-year tenure starting from October 20. In anticipation of his new responsibilities as a market regulator, he has stepped down from his positions as both executive director and deputy managing director at Cosco Shipping Ports. This information was revealed in a company filing submitted to the stock exchange on Monday.

He will make history as the first ex-executive of a publicly traded firm to lead the market regulatory body. His three predecessors – Lui, Carlson Tong Ka-shing, and Eddy Fong Ching – were all professionals in the field of accountancy.

Wong expressed his gratitude for being named the chairman of the SFC, a premier international securities regulator, according to a statement. He described it as a significant time for the SFC and emphasized the importance of seizing the possibilities and addressing the difficulties to cultivate a sustainable and dynamic capital market. He stressed that this market should not only safeguard the interests of investors, but also stimulate economic development, promote enhanced corporate governance, and inspire innovation.

The government has announced that Wong will maintain his position as the head of the audit regulator Accounting and Financial Reporting Council (AFRC) until the conclusion of this year. Initially, his tenure was supposed to last until September 30 of the following year.

The administration has not yet declared a replacement for Wong at the AFRC.

"Under Wong's guidance, the AFRC successfully carried out changes in accounting and auditing regulations, aligning Hong Kong's regulatory system with global standards," stated Financial Secretary Paul Chan Mo-po.