According to Wu Shuo, recently, pledge agreements such as LENA and Floki have been warned by the Hong Kong Securities and Futures Commission (SFC). Lawyer Wu Wenqian explained that the key lies in whether active promotion and sales have been made to the Hong Kong public. The SFC will examine multiple factors such as promotion channels, methods, audience groups, and language. However, if there is no advertising, active promotion, or sales to the Hong Kong public, but Hong Kong residents enter the platform to use the service on their own, it is not illegal. The SFC pointed out that any advertisement that promotes or invites the Hong Kong public to participate in collective investment plans without its approval is a crime.