In his first term as chairman of the Securities and Futures Commission, Tong pushed for Shanghai-Hong Kong stock connect and mutual fund recognition between the mainland and Hong Kong.
Both the SFC and its mainland counterpart, the China Securities Regulatory Commission, have yet to approve any fund to be offered via the mutual recognition scheme officially inaugurated July 1.
He also has said the Hong Kong exchange needs to rethink dual-share structure reform when facing increasing competition from US stock exchanges, after it turned down Alibaba’s $230bn IPO as the exchange did not permit dual-share structure that is typical among Chinese internet companies.
His second term begins from 20 October 2015. Tong was appointed SFC chairman for the first time in October 2012. He had served as a Non-Executive Director of the SFC since 1 April 2011, after he retired from KPMG where he served as Asia Pacific chairman.