The Zhitong Finance App learned that on October 23, the Hong Kong Government announced that the Chief Executive appointed former Judge Bao Huali of the High Court of First Instance as Chairman of the Market Misconduct Tribunal and the Hong Kong Securities and Futures Appeals Tribunal. The terms of office will take effect from December 1, 2026 and January 1, 2027 for a period of 3 years, respectively.
A Hong Kong government spokesman said, “Mr. Bao Huali has over 40 years of experience in the legal profession. He joined the judiciary in 2010 and served in the Court of First Instance of the High Court before retiring in 2021. We are confident that Mr. Bao Huali can lead the effective operation of the two tribunals with his extensive experience and knowledge in adjudication and judicial matters.”
The Hong Kong Government also thanks outgoing Chairman Xia Zhengmin for his valuable contributions and dedicated service to the two tribunals during his tenure. The Chief Executive has also authorized Xia Zhengmin to complete cases already initiated before the end of his term of office.
The Market Misconduct Tribunal and the Securities and Futures Appeals Tribunal are both established under the Securities and Futures Ordinance (Chapter 571).
The Market Misconduct Tribunal deals with six types of market misconduct, namely insider trading, false trading, price manipulation, disclosure of information on prohibited transactions, disclosure of false or misleading information to induce transactions, and manipulation of the securities market. The tribunal is also empowered to investigate irregularities in the disclosure of price-sensitive information by listed corporations.
The Hong Kong Securities and Futures Appeals Tribunal reviews specified decisions made by the Hong Kong Securities and Futures Commission, the Hong Kong Monetary Authority and investor compensation companies accredited by the Hong Kong Securities and Futures Commission under the Securities and Futures Ordinance to effectively ensure that the relevant regulatory decisions are reasonable and fair.
The other two current chairmen of the two tribunals are former Deputy Chief Judge Lun Minggao of the High Court of Appeals and former High Court Appeals Judge Mack Weider.