Page 61 - 期货和衍生品行业监管动态（2025年11月）

期货和衍生品行业监管动态

SFC Secures First Custodial Sentence Against Finfluencer for Provision of Paid
Investment Advice on Social Media Chat Group without Licence (2025/11/7)

The Eastern Magistrates’ Court today convicted Mr Chau Pak Yin, a finfluencer

and previously known as Chau Kin Hei, for providing investment advice on a

subscription-based chat group on Telegram he hosted without a licence in a criminal

prosecution by the Securities and Futures Commission (SFC).

Chau was sentenced to six weeks’ imprisonment. He was also ordered to pay the

SFC’s investigation costs.

The Court heard that between 16 April 2021 and 14 May 2021, Chau hosted a

chat group on Telegram named “Futu 真·財自 Private Group” under his Telegram

username “Futu 大股東”. The Telegram chat group welcomed members of the public

on paid subscription basis.

During the material time, Chau circulated commentaries, recommendations and

target prices on various securities and responded to questions raised by paid

subscribers of the Telegram chat group regarding the performance of securities listed

on the Nasdaq. He charged members of the Telegram chat group a monthly

subscription fee of US$200 or HK$1,560, earning subscription fees totalling

HK$43,680.

The SFC’s Executive Director of Enforcement, Mr Michael Duignan, said, “The

SFC is committed to tackling the unlawful acts of finfluencers. We will have no

hesitation in holding finfluencers accountable when their provision of

investment-related content and advice on social media and online platforms constitute

regulatory activities for which they should have been licensed.”

“Finfluencers who are not licensed by the SFC may fail to meet the SFC’s

required standards of conduct and accountability, potentially exposing investors to

significant risks and harm. Therefore, investors should verify finfluencers’ regulatory

45