(Bloomberg) -- Hong Kong named Kelvin Wong as the new chairman of the Securities and Futures Commission for a three year-term.
Wong, who’s currently chairman of the city’s Accounting and Financial Reporting Council, will take on his new role on Oct. 20, according to a government statement. He will succeed Tim Lui who completed six years as chairman.
Wong “has been dedicated to serving the financial services industry of Hong Kong, with extensive experience in the operation of the securities and futures markets, capital market development, corporate governance and financial regulatory matters,” Financial Secretary Paul Chan said.
In an unusual dual capacity arrangement, Wong will continue as chairman of the AFRC until Dec. 31.
Wong served on the SFC board as non-executive director for six years ending 2018. He was also a long-time executive director and deputy managing director of COSCO Shipping Ports Ltd. until resignation effective Monday.
An Erhu player and an adviser to the Hong Kong Chinese Orchestra, Wong was trusted with setting up the independent audit watchdog in 2019 and led the transition from the industry self-regulation model.
Under Wong’s new chairmanship, the 35-year-old SFC will usher in the 10th anniversary of Stock Connect, a trading link between the Chinese and Hong Kong market where billions of Hong Kong dollar changes hand everyday.
The watchdog is the primary regulator of the city’s stock market, which recently saw daily turnover reach more than HK$300 billion ($38.6 billion) following a barrage of Chinese market support measures.
(Adds more details on Wong and the SFC)
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