(Yicai) Oct. 15 -- The government of Hong Kong has named Kelvin Wong Tin-yau as the new chairman of the Securities and Futures Commission for a three-year term.

Hong Kong's Chief Executive John Lee made the appointment, with Wong's term to start on Oct. 20, the local government announced yesterday. Wong will succeed Tim Lui, who has held the position since October 2018, including a reappointment in 2021.

Wong was the chairman of the Hong Kong Accounting and Financial Reporting Council before the new appointment. He has also served as executive director and deputy managing director at COSCO Shipping Ports, a local listed company, and worked as an independent non-executive director for two other firms listed in the city.

"We must seize opportunities and embrace challenges to nurture a sustainable and vibrant capital market that protects investor interests while promoting economic growth, enhancing corporate governance, and stimulating innovation," Wong noted.

Wong brings extensive experience in securities and futures market operations, capital market development, corporate governance, and financial regulation, according to the Hong Kong government.

Following the announcement of Wong's appointment, COSCO Shipping said that he had resigned from all his positions in the company. China ZhengTong Auto Services Holdings also announced that he had stepped down from his posts on Oct. 8.

Wong's background includes a stint as a non-executive director of the SFC from 2012 to 2018, during which he briefly chaired the Investor and Financial Education Council. Earlier, he held positions on the Standing Committee on Company Law Reform and was a member of the Listing Committees of the main board and growth enterprise market of the Hong Kong Stock Exchange.

Editors: Tang Shihua, Martin Kadiev