The Hong Kong Securities and Futures Commission temporarily revoked the license of former senior executive Pan Kanghai of the public futures company for ten months.

The Securities and Futures Commission (SFC) of Hong Kong has temporarily revoked the license of Mr. Pan Kanghai, former responsible person and Chief Executive Officer and core function supervisor in charge of overall management and supervision of the public and futures company (the Company), due to his supervisory failures. The revocation is for a period of ten months, from June 11, 2025 to April 10, 2026. The SFC found that Mr. Pan did not fulfill his duties as the responsible person and senior management of the Company to ensure that the Company maintains proper standards of conduct and follows appropriate procedures. Mr. Pan also did not effectively manage the risks related to the business of the Company in this capacity. Specifically, Mr. Pan's failures are related to the Company's clients issuing trading instructions through a client self-established system, as well as monitoring the suspicious fund transfers and trading patterns in client accounts by the Company. These incidents occurred between June 2017 and December 2018. In making the decision to impose the above sanction, the SFC has considered all relevant circumstances, including the need to convey a strong deterrent message and remind senior management of licensed corporations in the market that they must bear responsibility if they fail to fulfill their duties.