SFC suspends Shum Wai Nap, ex-PICC (1339), for 7 months for failures in managing a private fund

As Webb-site noted when PICC was fined on 5-Feb-2024, the manager known only as "S" must have been Shum Wai Nap. In 2020 he moved from PICC to Tianda Asset Management Ltd, but ceased to be licensed there on 24-Apr-2024.

Further information

Statement of Disciplinary Action

SFC suspends Shum Wai Nap for seven months for failures in managing a private fund

Issue date: 2024-06-20 16:15:00

The Securities and Futures Commission (SFC) has suspended Mr Shum Wai Nap, former licensed representative of PICC Asset Management (Hong Kong) Company Limited (PICC), for seven months from 20 June 2024 to 19 January 2025 for fund management failures (Note 1).

The SFC’s investigation found that while Shum was the investment manager on behalf of PICC for a Cayman-incorporated fund between May 2018 and April 2020, he failed to properly manage the fund to ensure that its investments were in line with its stated investment strategy, objectives and investment restrictions.  He also failed to properly manage the risks of the fund in accordance with PICC’s policies (Note 2).

In particular, the SFC found that:

In deciding the disciplinary sanction against Shum, the SFC has taken into account all relevant circumstances, including:



  1. Shum was licensed under the Securities and Futures Ordinance and was accredited to PICC from 11 September 2017 to 8 April 2020 to carry on Type 4 (advising on securities) and Type 9 (asset management) regulated activities.  He is currently not accredited to any licensed corporation.
  2. Shum was designated by PICC to act as investment manager of the fund from 2 May 2018 to 8 April 2020.  The SFC reprimanded and fined PICC $2.8 million for its failures to discharge duties as the manager of the fund between May 2018 and May 2020.  Please refer to the SFC’s press release dated 5 February 2024.
  3. The fund’s investment objective was to achieve capital preservation combined with steady capital appreciation over a long term through primarily investing in a diversified portfolio of equity securities. 
News captured as of:2024-06-20 16:15:00

Source: SFC



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