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The first case of a financial "internet celebrity" in Hong Kong was sentenced to imprisonment for establishing a fee-based social group to provide investment advice without a license.
On November 8, according to Hong Kong media Hong Kong 01, the Eastern District Court of Hong Kong ruled that financial “influencer” Chow Pak-hin illegally established and managed a subscription-based chat group through a social application and provided investment advice without a license, and was sentenced to six weeks in prison. It is reported that this case is the first in Hong Kong where an unlicensed investment advisor has been sentenced to imprisonment. The Hong Kong Securities and Futures Commission stated that Chow Pak-hin earned a total of 43,680 HKD by charging the members of the chat group, and will continue to crack down on illegal activities of financial “influencers” and hold them accountable.