Hong Kong’s Securities and Futures Commission (SFC) has banned Zhu Hong, a former senior manager of Kylin International (HK) Co., Limited, from regulated activities for 12 months and fined her HK$400,000 for failures in managing private funds.
SFC Fines and Bans Zhu Hong Over Fund Management Failures
The ban runs from August 16, 2025, to August 15, 2026.
Zhu, a substantial shareholder, director and former manager-in-charge (MIC) of Kylin, was found to have breached her duties between August 2018 and July 2021, when the company acted as investment manager and consultant to sub-funds of a Cayman-incorporated vehicle.
At the time, Zhu was responsible for approving borrowing agreements on behalf of the funds and overseeing internal controls designed to prevent money laundering and terrorist financing.
The SFC’s investigation concluded that she failed to properly discharge her responsibilities in these areas.
In determining the penalty, the SFC said it had taken into account Zhu’s acceptance of liability, her remorse, and her otherwise clean disciplinary record.
Kylin was licensed under Hong Kong’s Securities and Futures Ordinance (SFO) to carry out Type 9 (asset management) activity from 2014 until January 2025, when its licence was revoked following the firm’s application.
Zhu served in multiple MIC roles during her tenure, including anti-money laundering, risk management, and finance and accounting.
The regulator said its disciplinary action against Zhu is connected to a separate ongoing case involving a related entity’s management of the same funds. Details of that matter remain undisclosed pending its conclusion.
