According to Foresight News, a Hong Kong court has ruled that an individual, identified only as Huang, was operating an unlicensed securities advisory business. The Eastern District Court in Hong Kong found that Huang had set up and managed a Telegram chat group called 'FRANKY - Live Market Broadcast Valley' from January 2, 2018, to May 21, 2019. The group, which was open to the public for paid subscriptions, provided daily commentary on the performance of the Hang Seng Index and various Hong Kong-listed securities. Huang also responded to subscribers' questions within the group.
Huang admitted to the charge of operating a business providing advice on securities without a license and was fined HKD 10,000. In addition to the fine, Huang was also ordered to pay the costs of the Securities and Futures Commission's investigation.
Despite being a licensed representative of the Hong Kong Securities and Futures Commission, Huang was only authorized to act on behalf of the company to which he was affiliated. The case serves as a reminder of the legal requirements for operating a securities advisory business in Hong Kong.