Retail broker KVB Kunlun made another major change to its operations on Monday, with chief financial officer Wong Yiu Kit set to leave the firm.
According to a statement put out by KVB Kunlun, Wong will leave the broker at the end of this week “in order to devote more time to
his other personal engagements.”
Wong wasn’t just a CFO. The outgoing executive was also a director, company secretary and a representative to the Stock Exchange of Hong Kong.
Yuan Feng, an executive director and deputy chief executive officer of KVB Kunlun, will replace Wong as the broker’s representative to the stock exchange.
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Yu Hiu Kwan has been appointed company secretary. The Hong Kong-based executive has worked as company secretary for a number of financial services firms previously.
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Wong’s departure from KVB Kunlun comes less than two weeks after the broker’s chief executive officer, Stefan Liu, announced that he would be leaving the company.
In a statement issued towards the end of July, KVB Kunlun said that Liu was leaving the firm because of a disagreement with the board. That disagreement stemmed from warnings, issued by regulators in Australia, New Zealand, and Hong Kong, asking the broker to cease providing trading services to clients based in China.
Another senior figure at the broker, Huang Songyuan, confirmed that he would be leaving the broker at the same time as Liu.
The statement confirming Liu and Songyuan’s departures was itself released less than two weeks after KVB Kunlun said it expected substantial losses in the first half of this year.
In its financial report, the broker said that low volatility and tightening regulation in Hong Kong and Australia meant it was likely to lose cash over the six month period. The firm also said that it was in the process of identifying clients based in China so that it could stop doing business with them.