The Securities and Futures Commission (SFC) has imposed a lifetime ban on Xie Yangxiong, a director of Wansom Asset Management (Hong Kong) Limited and Wansom Securities (Hong Kong) Limited, for providing false and misleading financial information to the SFC in support of their license applications and failure to maintain sufficient liquid capital. Xie deposited funds into the bank accounts of both firms to meet their liquid capital requirements and then withdrew the same funds shortly after. This resulted in their liquid capital deficits varying from $1.58 million to $3 million from July to October 2018. The SFC found that Xie’s misconduct was the direct result of his consent or connivance. The SFC considered Xie’s honesty and integrity, a strong deterrent message to the industry, and Xie’s otherwise clean disciplinary record while deciding the sanction.