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Lui will succeed Mr Carlson Tong, who will step down next month having chaired the SFC for six years.

Welcoming Mr Lui's appointment, Tong said: "Lui has a wealth of knowledge and experience from his accountancy profession and his public services in various capacities. I am certain the SFC will benefit hugely under his leadership of the Board to continue steering the SFC in its regulation of the market, engagement with stakeholders, promotion of market development as well as collaboration with overseas and Mainland regulatory counterparts."

The SFC's Chief Executive Officer, Ashley Alder said: "I look forward to working closely with Mr Lui and the Board in furthering our core mission to protect the integrity and quality of Hong Kong's financial markets."

Lui said: "I am privileged to have been appointed as the Chairman of the SFC to build upon the strategic priorities set by Carlson and the Board. I look forward to helping to guide the SFC - a world-class securities regulator - to meet new challenges and opportunities during my tenure."

Tong said his time at the SFC has been rewarding and memorable. "It has been my honour to work with the Board, Ashley, senior executives and all SFC colleagues - who are dedicated and professional - on a host of regulatory initiatives and polices which contributed to strengthening Hong Kong's status as an international financial centre and greater connectivity and collaboration with the Mainland."

Alder added: "On behalf of all of us at the SFC, I would also like to extend my deep appreciation to Carlson for his outstanding contribution over the last six years."

"This has been a period of immense change for Hong Kong as an international financial centre as well as for the SFC itself. The organisation has now embraced a clarity of purpose and a decisive, bold and targeted approach across all its operations which could not have been achieved without Carlson's wise counsel, enthusiasm and energy, always putting the interests of Hong Kong first, especially when external obstacles to change have been challenging. For this we are grateful and wish him well in his continuing leading roles in public service," Alder said.