ComplianceOne Newsletter – February 2026
The topics discussed in this monthly newsletter are as follows:
Regulatory Updates
Market News
Enforcement News - Intermediaries
Enforcement News - Listed Companies
Regulatory Updates
1. SFC Launches Three Major Trading Initiatives to Boost Digital Asset Market Vibrancy in Hong Kong
On 11 February 2026, the Securities and Futures Commission (“SFC”) of Hong Kong issued a package of 3 new initiatives as part of its ongoing ASPIRe Roadmap (initially published in February 2025). These measures aim to enhance liquidity, expand product diversity, and strengthen Hong Kong's position as a sustainable and competitive virtual asset (“VA”) hub.
The 3 Initiatives Announced:
VA Financing to securities margin clients | Licensed corporations providing VA dealing services (“VA brokers”) are now permitted to offer financing for VA trading to their securities margin clients.
This is subject to sufficient collateral (initially including Bitcoin and Ether), prudent haircuts, concentration limits, robust governance, and investor safeguards aligned with existing securities margin financing principles.
*Please refer to SFC Circular on VA dealing services issued on 11 Feb 2026, for further information.
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High-Level Framework for VA Perpetual Contracts | The SFC introduced a principles-based framework guiding licensed virtual asset trading platforms (“VATPs”) in developing and proposing perpetual contracts (“Perp”, leveraged instruments without expiry dates) exclusively for professional investors.
Requirements emphasize transparent product design, risk disclosures, margin/liquidation mechanisms, operational controls, and market surveillance.
*Please refer to the SFC Framework paper on Perp issued on 11 Feb 2026, for further information.
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Aacceptance of Affiliated Market Makers on VATPs | Affiliates of licensed VATPs may now act as market makers on their platforms, providing additional liquidity channels. Strict safeguards must be implemented to mitigate conflicts of interest, including information barriers, functional independence, data security, and priority for client orders.
*Please refer to SFC Circular on permitting VATPs to accept affiliated market makers issued on 11 Feb 2026, for further information.
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SIGNIFICANCE:
In Feb 2026, Dr Eric Yip, the SFC’s Executive Director of Intermediaries delivered his speech at Consensus Hong Kong “Our structured development approach based on the ASPIRe Roadmap is essential to scaling our digital asset market. These targeted initiatives to enhance liquidity showcase the SFC’s unswerving commitment to developing Hong Kong’s digital asset market in a sustainable and collaborative manner.”
*Please refer to topic 2 of this Newsletter; and Keynote speech at Consensus Hong Kong 2026 issued on 11 Feb 2026, for further information.
These targeted enhancements build on Hong Kong's pro-innovation yet risk-controlled VA regulatory ecosystem. By enabling responsible leverage, deeper liquidity provision, and broader participation (particularly for sophisticated investors), the SFC aims to improve market depth, price discovery, and investor confidence while maintaining strong protections.
2. SFC Announces Key Liquidity-Focused Enhancements Under ASPIRe Roadmap to Deepen Hong Kong’s Virtual Asset Market Depth and Global Competitiveness
On 11 February 2026, Dr Eric YIP, Executive Director of Intermediaries of the SFC, delivered a keynote speech titled “All about Liquidity” at Consensus Hong Kong 2026. The address outlined the SFC’s strategic emphasis on cultivating high-quality liquidity in Hong Kong’s VA ecosystem as the next phase of development under the ASPIRe Roadmap.
The roadmap structures its initiatives across several pillars, with this year’s priority placed on Pillar A (Access) and Pillar P (Products) to enhance market depth, improve price discovery, and build investor confidence through calibrated reforms and responsible innovation.
Key announcements and ongoing initiatives on Pillar A and Pillar P:
ASPIRe - Pillar(s) | Sub-Sections | Details |
Enhancing Accessibility - Pillar A (Access) | Completion of VA licensing regimes | The SFC has concluded consultation on proposals to regulate: (i) VA dealing; (ii) VA Custody; (iii) VA Advisory; and (iv) VA Management; services and is advancing the legislative process at full speed.
Fast-track licensing assessments will facilitate a seamless transition to the new statutory framework upon enactment, ensuring continuity for market participants.
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Permitting affiliated market makers (“AFMMs”) | Licensed VATPs may allow their affiliates to act as market makers, subject to robust safeguards including conflict-of-interest controls, information barriers, data security, functional independence, client order priority, and clear identification of market-making activities. This is expected to narrow spreads and provide more consistent liquidity.
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Shared order book
| Licensed VATPs will be enabled to integrate intra-group and global liquidity pools, giving Hong Kong investors access to deeper order books.
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Expanding Hong Kong’s product suite – Pillar P (Products) | VA margin financing
| VA brokers may offer financing for VA trading to securities margin clients, anchored to the existing securities margin financing framework.
Additional guardrails cover collateral quality (including use of VA as collateral), concentration limits, prudent haircuts, and governance requirements to support responsible leverage without compromising stability.
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VA perpetual contracts
| A principles-based framework has been introduced for licensed VATPs to develop leveraged perpetual contracts offered exclusively to professional investors. Key requirements include transparent product design, risk disclosures, valuation, margining and liquidation protocols, loss allocation management, and insurance-fund governance.
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Upcoming Initiatives under Pillar Re (Relationships)
A structured communication channel between the SFC and industry innovators (operated through an appointed agent) will provide regulatory clarity, support efficient resource allocation, and facilitate exploration of new market-making models, financing mechanisms, and leveraged products.
SIGNIFICANCE:
The SFC’s latest initiatives reflect a mature, balanced approach to scaling Hong Kong’s VA market in a sustainable manner. By expanding access channels, broadening product offerings with appropriate safeguards, and fostering structured innovation dialogue, the regulator aims to enhance liquidity, attract global flows, and strengthen price discovery while upholding investor protection and financial stability.
Market News
3. HKMA Targets Issuance of First Batch of Stablecoin Issuer Licences in March with Very Limited Number to Prioritise Prudent and Risk-Based Development
During the Legislative Council Panel on Financial Affairs briefing on 2 February 2026, the HKMA Chief Executive Eddie YUE Wai-man (“YUE") provided an update on the implementation of the Stablecoins Ordinance (effective 1 August 2025).
Upcoming license initiation plan
The HKMA aims to issue the first batch of licences in March 2026 and confirmed it has received 36 licence applications for fiat-referenced stablecoin issuers and is in the final stages of assessment. HKMA state that the initial number of licences will be very less, with stability and prudence as the overriding objectives.
Briefed Slides submitted to LegCo
The briefing slides submitted to LegCo on 26 January 2026 (and presented on 2 February 2026) outlined the HKMA’s core functions, including maintaining currency stability under the Linked Exchange Rate System, promoting financial system stability (including the banking system), supporting Hong Kong’s role as an international financial centre, and managing the Exchange Fund.
For more details of the slides, please refer to:
Background Timeline of HKMA plans of Stablecoins:
Date | Event |
May 2025 | |
1 August 2025 | |
August–September 2025 | Application window open; 77 expressions of interest received (36 formal applications) |
2 February 2026 | HKMA Chief Executive Eddie YUE briefs LegCo Panel; confirms 36 applications under review, targets March issuance of very limited first batch |
March 2026 (target) | First batch of licences expected to be issued |
SIGNIFICANCE:
The HKMA’s cautious approach limiting the initial batch to a very small number of licences while placing heavy emphasis on robust risk management, particularly anti-money laundering controls and reserve asset quality, reflects a deliberate strategy to foster stable, responsible growth in the stablecoin sector. This high-bar entry threshold aims to mitigate potential financial stability risks in an emerging asset class and reinforces Hong Kong’s reputation as a trusted, innovation-friendly yet prudently regulated international financial centre.
Successful issuance of the first licences in March 2026 would mark a concrete step forward in Hong Kong’s virtual asset ecosystem development, complementing parallel SFC initiatives on virtual asset trading platforms and liquidity enhancements.
4. Hong Kong’s Single-Family Offices total surpasses 3,380, Contributing Approximately $12.6 Billion Annually to Hong Kong’s Economy
On 10 February 2026, the Financial Services and the Treasury Bureau (“FSTB”) and Invest Hong Kong (“InvestHK”) jointly released findings from the Market Study on the Family Office Landscape in Hong Kong, commissioned by InvestHK and conducted by Deloitte. The study estimates that 3,384 single-family offices were operating in Hong Kong as of the end of 2025, marking an increase of 681 offices (over 25%) since the end of 2023.
Two major affects to the Hong Kong Market:
Economic Impact: Single-family offices contribute approximately HK$12.6 billion annually to the local economy through operating expenditures alone and directly employ over 10,000 full-time professionals. When including multifamily offices and supporting service providers, the overall economic benefits are expected to be substantially greater.
Hong Kong’s Wealth Management Position: As of end-2024, assets under management in Hong Kong reached approximately HK$35 trillion (about US$4.5 trillion). The city ranked second globally in the number of ultra-high-net-worth individuals as of June 2025, reinforcing its status as a leading destination for family offices.
Key highlights from the announcement and study:
Upcoming measures in 2026 | Upcoming measures include legislative proposals in the first half of 2026 to expand preferential tax regimes for funds and single-family offices to cover additional asset classes such as precious metals, loans, private credit investments, and digital assets. |
Achieving the new target set out in the Chief Executive's 2025 Policy Address | The Government aims to assist more than 220 family offices to establish or expand in Hong Kong from 2026 to 2028.
*The target was set out in the Chief Executive's 2025 Policy. |
Comments from Representatives of FSTB and InvestHK
Mr Christopher HUI, Secretary for Financial Services and the Treasury, attributed the sustained growth to Hong Kong’s advantages under the “one country, two systems” framework, including its role as a leading global asset and wealth management hub with predictable environment, connectivity to the mainland and the world, and supportive policies.
Ms Alpha LAU, Director-General of Investment Promotion at InvestHK, highlighted strong overseas interest (particularly from Europe and Southeast Asia) in Hong Kong’s flexible investment environment, no geographical restrictions on investments under the preferential tax regime, high privacy (no general licensing requirement for single-family offices), and tax incentives.
SIGNIFICANCE:
The surge in single-family offices underscores Hong Kong’s strengthened position as Asia’s premier wealth and asset management hub, attracting diverse global capital through targeted policy enhancements, tax competitiveness, privacy protections, and strategic connectivity. The substantial annual economic injection of HK$12.6 billion (via operating expenditures) and direct employment of over 10,000 professionals highlight the sector’s growing role in driving local financial services growth, job creation, and broader ecosystem development. With forthcoming tax expansions (including digital assets) and ambitious growth targets, these developments reinforce Hong Kong’s appeal to ultra-high-net-worth families amid global shifts toward sustainable wealth management and intergenerational planning, further solidifying its status as a trusted international financial centre.
5. SFC Hosts Third Broker Forum to Strengthen Industry Collaboration, Address Emerging Risks, and Promote Compliant Innovation in Hong Kong’s Capital Markets
On 2 February 2026, the SFC successfully hosted its third broker forum at the SFC office and online, attracting over 600 participants from the financial sector. The event served as a key platform for open dialogue between the regulator and industry participants, fostering a culture of compliance while supporting market development and financial innovation.
Key highlights from the forum:
For the first time, the forum included a dedicated panel discussion examining the regulatory and commercial implications of the growing prevalence of finfluencers (financial influencers) in the market.
Other sessions covered important industry developments and regulatory updates, including:
Latest progress on the Integrated Fund Platform;
Conduct issues related to IPO sponsors (referencing the SFC’s circular issued on 30 January 2026);
Enhanced controls for client onboarding processes and measures to prevent potential layering activities.
SIGNIFICANCE:
The third broker forum underscores the SFC’s proactive and collaborative approach to regulation, engaging directly with market participants to better understand industry’s challenges, support industry development and tackle emerging risks, particularly the influence of finfluencers and conduct issues in IPO sponsorship and client onboarding while promoting innovation in areas such as fund platforms and broader asset management.
Enforcement News - Intermediaries
6. SFC reprimands and fines Kylin International (HK) Co., Limited $9 million for fund management failures
On 9 February 2026, the SFC has reprimanded and fined Kylin International (HK) Co., Limited (CE: BCH442) (“Kylin”) HKD 9 million for multiple failures in managing private funds over a period of three years.
**Kylin ceased carrying on regulated activities on 31 December 2023. Following its application, the SFC revoked its license on 22 January 2025
The misconduct occurred between August 2018 and July 2021, during which Kylin acted as the investment manager or consultant for six sub-funds of a Cayman-incorporated fund. The SFC identified failures across Five Key Areas:
1) Failed to manage and disclose conflicts of interest arising from six loans extended by it or its director to four of the sub-funds.
2) Failed to appoint an independent auditor to audit the sub-fund’s financial statements and failed to perform monthly reconciliations or regular valuations of the sub-funds’ assets.
3) Failed to implement adequate systems and controls for KYC and suitability assessment.
4) Neglected to maintain records demonstrating compliance with AML/CFT regulations.
5) Misrepresented its regulatory obligations by incorrectly informing investors that it was exempt from the suitability assessment requirement as they were classified as professional investors.
*For more details of the background, please refer to the Statement of Disciplinary Action
The SFC attributed the misconduct to failures by senior management, including Mr. Steven WONG Yung (former Responsible Officer and CEO) and Ms. ZHU Hong (former director and manager-in-charge). The SFC had previously taken separate disciplinary actions against WONG (March 2025) and ZHU (August 2025).
SFC Reminders for All Licensed Asset Managers
Asset managers are strongly reminded to carefully review and implement the guidance set out in the circular to licensed corporations engaged in asset management business, issued by the SFC on 9 October 2024.
SIGNIFICANCE:
Licensed Corporations, particularly private fund managers, must ensure robust systems and controls are in place and functioning, to accurately understand and discharge their regulatory obligations, and to remind that senior management will also be held responsible for any systemic deficiencies.
This high-profile SFC enforcement action reinforces the regulator's zero-tolerance stance on governance lapses, conflicts of interest, and AML/CTF weaknesses in asset management, particularly for private funds.
7. Masterminds jailed up to 24 months in securities fraud case involving social media “stock tips” of alleged ramp-and-dump schemes
On 9 February 2026, the District Court sentenced two masterminds to substantial prison sentences (22 and 24 months) their wives to community service (180 and 120 hours), after convictions for securities fraud involving the shares of four Hong Kong-listed companies.
Involved Individuals (here referred to as “Defendants”)
Defendants | Background |
Mr. LI King Hong (“LI”) | Mastermind(s) of the Schemes
Former SFC-licensed representative for Type 2 regulated activity, accredited to Core Pacific-Yamaichi Futures (H.K.) Limited until 15 January 2021 |
Mr. LAM Hin Fai (“LAM”) | Mastermind(s) of the Schemes |
Ms. CHAN Ngai See (“CHAN”) | Mastermind(s)’s Wives, directed by the mastermind(s) |
Ms. Betty HUI Pui Yan (“HUI”) | Mastermind(s)’s Wives, directed by the mastermind(s) |
Case Details
Between June and September 2020, LI and LAM act as the masterminds, directed CHAN and HUI to deceive an account executive at CVP Securities Limited ("CVP") on nine occasions. They falsely represented ownership of shares in the following companies to induce CVP to place selling orders:
NOIZ Group Limited (formerly Merdeka Financial Group Limited, stock code: 08163)
National Investment Fund Limited (stock code: 01227)
Contel Technology Company Limited (stock code: 01912)
Sino Prosper (Group) Holdings Limited (stock code: 00766)
Acting on information from “WeChat teachers” promoting the schemes on social media, the defendants engaged in naked short selling. They sold shares at inflated prices despite not owning them, then repurchased the shares at lower prices after subsequent declines to close their short positions. This resulted in illicit profits of HK$3.3 million while exposing CVP to significant risk of losses and undermining the integrity of the securities market.
Court Order
Defendants | Sentenced to |
Mr. Li King Hong | 24 months in prison |
Mr. Lam Hin Fai | 22 months in prison |
Ms. Chan Ngai See | 180 hours of community service |
Ms. Betty Hui Pui Yan | 120 hours of community service |
*For further details, refer to SFC press releases dated 23 June 2023, 18 August 2023, and 12 September 2024.
SIGNIFICANCE:
Account executives and compliance staffs of brokerage firms plays a critical role as the first line of defence. They must carefully verify share ownership and be vigilant against client attempts to engage in naked short selling or other deceiving practices.
Apart from that, the successful outcome of this case demonstrates the effectiveness of SFC’s close collaboration with the Police in tackling financial crime to protect the integrity of our securities market.
8. Retail trader sentenced in SFC’s false trading case
Following a criminal prosecution brought by the SFC, the Eastern Magistrates' Courts has sentenced Mr. NG Ka Hei to 220 hours of community service for false trading in the shares of six Hong Kong-listed companies. The court also ordered Mr. NG to pay a fine of HKD 117,715, which represents the profit gained from his illicit trading activities, as well as HKD 199,669 to cover the SFC's full investigation costs.
Mr. NG made illicit profits by selling shares at artificially high prices he created through “scaffolding” and wash trading between 20 September 2022 and 24 October 2024. He placed and cancelled trading orders at increasing prices and traded between his various securities accounts as both buyer and seller.
SIGNIFICANCE:
The SFC will pursue criminal sanctions for market manipulation, seeking not only to punish and deter but also to fully recover illicit gains and the costs of enforcement. Robust compliance and surveillance are essential to avoid similar severe penalties. As Mr. Michael Duignan, SFC’s Executive Director of Enforcement, said: “False trading undermines investor confidence in the market. The SFC is committed to taking resolute action against such misconduct to protect market participants and uphold the integrity of Hong Kong’s securities markets.”
9. SFC obtains worldwide court orders in Hong Kong and England and Wales to freeze suspects’ assets up to HK$4.3 million in alleged insider dealing
On 24 February 2026, the SFC announced that it has secured a worldwide interim injunction order from the Court of First Instance of Hong Kong (“HK Order”) against:
Involved Individuals | Background |
Mr. CHAN Ching Wa (“CHAN”) | Former Assistant Vice President in the Listing Division of the Hong Kong Exchange and Clearing Limited (“HKEX”)
Extended relatives with LAM and CHAU |
Mr. LAM Cho Man (“LAM”) | Extended relatives |
Mr. CHAU Chi Kwong (“CHAU”) | Extended relatives |
The SFC alleges that CHAN accessed confidential and price-sensitive information about various Hong Kong-listed companies prior to their public announcements and used it for insider dealing.
In parallel, the SFC initiated proceedings in England and Wales, obtaining an interim injunction order from the High Court of Justice Business and Property Courts of England and Wales (“UK Order”) to freeze the assets of CHAN and CHAU in that jurisdiction. This marks a first-of-its-kind action by the SFC in England and Wales, aimed at preserving assets where suspects have left Hong Kong and transferred holdings overseas.
Case Details
The SFC’s ongoing investigation involves 24 listed companies in total. The allegations center on insider dealing in shares of at least seven Hong Kong-listed companies:
Jinmao Hotel and Jinmao (China) Hotel Investments and Management Limited (Stock code: 6139);
SOHO China Limited (Stock code: 0410);
Beijing Capital Land Limited (Stock code: 2868);
Lifestyle International Holdings Limited (Stock code: 1212);
Get Nice Financial Group Limited (Stock code: 1469);
Ping An Healthcare and Technology Company Limited (Stock code: 1833); and
ENN Energy Holdings Limited (Stock code: 2688).
CHAN allegedly procured LAM to trade shares on his behalf or counseled him to do so using the inside information. LAM is further accused of disclosing the information to CHAU, who then traded the relevant shares.
Court Order
The HK Order and UK Order prohibit the three individuals from disposing of or diminishing the value of their assets in Hong Kong and overseas (including England and Wales), up to specified values:
CHAN Ching Wa LAM Cho Man | Assets up to HKD 3,709,566 are frozen |
CHAU Chi Kwong | Assets up to HKD 604,545 are frozen |
SIGNIFICANCE:
This case marks a significant escalation in the SFC’s enforcement strategy. It establishes that the geographic movement of persons or assets will not be a barrier to accountability. The ultimate message is that the cost and risk of engaging in market misconduct like insider dealing have been substantially raised, reinforcing the principle that Hong Kong's markets are fair, orderly, and protected by a regulator with a long and forceful reach.
10. SFC bans Andy LAU Ka Ho for life for Serious Misconduct
On 26 February 2026, the SFC imposed a permanent prohibition on Mr. Andy LAU Ka Ho (“LAU”), a former licensed representative of Sun Hung Kai Group Licensed Entities, from re-entering the industry for life over serious misconduct, based on an investigation initiated by the following entities.
The action stemmed from an SFC investigation initiated by a joint self-report from:
Sun Hung Kai Investment Services Limited (“SHKIS”);
Sun Hung Kai Commodities Limited (“SHKCOM”); and
SHK Fund Management Limited (“SHKFM”)
(collectively, “SHK Entities”; now known as Everbright Securities Investment Services (HK) Limited, CES Commodities (HK) Limited and Bright Fund Management Limited respectively).
In imposing the lifetime ban, the SFC considered the persistent nature of the misconduct and its severe deceptive elements, which included:
Conducting unauthorized trades in a client’s account.
Executing online trades without the client’s knowledge or authorisation.
Fabricating trading instructions from the client’s email.
Providing forged account statements showing inflated cash balances and portfolio values.
Blocking a cash withdrawal by falsely claiming a fictitious high-interest deposit arrangement and providing a forged confirmation to support it.
*For more details of the background, please refer to the Statement of Disciplinary Action.
SIGNIFICANCE:
LCs must build a multi-layered defence system combining effective supervision, strong internal controls, direct client verification, technological safeguards, and a strong compliance culture to prevent, detect, and stop such misconduct. Reliance on an employees’ integrity alone is a severe and unacceptable control failure.
Enforcement News - Listed Companies
11. SFC obtains compensation and disqualification orders against former directors of Arta TechFin Corporation Limited for Breaches of Directors' Duties Causing Substantial Company Losses
On 10 February 2026, the SFC has secured a Court of First Instance order mandating that Mr. Andrew LIU (“LIU”), a former non-executive director of Arta TechFin Corporation Limited (formerly Freeman Financial Corporation Limited), and Mr. Quincy HUI Kwong Hei (“HUI”), its former managing director, jointly compensate the company for the financial loss incurred. The compensation of $57.5 million relates to losses sustained by Arta TechFin from its acquisition and subsequent disposal of a stake in LIU’s Holdings Limited.
LIU, HUI and other seven other former executive directors were disqualified from acting as a director or in any way being concerned with or taking part in the management of Arta TechFin and any other corporation without leave of the Court.
LIU Andrew | 8 years disqualification |
HUI Quincy Kwong Hei | 6 years disqualification |
Seven other former executive directors and independent non-executive directors of Arta TechFin | Ranging from 1 to 2 years depending on their involvement and the severity of their misconduct. |
SIGNIFICANCE:
This case is a reminder for all directors and senior managers in Hong Kong-listed companies to exercise heightened diligence, particularly in conflict-of-interest situations. It affirms the SFC’s commitment to holding individuals accountable to maintain market integrity and protect investors as Mr. Michael Duignan, SFC’s Executive Director of Enforcement, said: “We welcome the judgement. This judgment sends a clear and unequivocal message that directors, whether executive or non-executive or independent non-executive, who neglect their fiduciary duties or fail to protect the company’s interests will be held fully accountable. The SFC stands resolute in its commitment to enforcing the highest standard of corporate governance and individual accountability. We will not hesitate to take decisive action to protect investors, safeguard company assets, and uphold the integrity of our markets.”
12. SFC Reaches Settlement Agreement with Sino Wealth International Limited and Clear Prosper Global Limited for Breaches of Takeovers Code Rules
On 16 February 2026, the SFC has finalized a settlement with Sino Wealth International Limited and Clear Prosper Global Limited regarding breaches of the Takeovers and Mergers Code related to dealings in Giordano International Limited shares. The case centres on their parent company, CHOW Tai Fook Nominee Limited (“CTFN”), and a group of parties acting in concert with it (the “Relevant Concert Group”).
Key Findings of the Breach | Settlement Terms |
| Sino Wealth and Clear Prosper have agreed to provide compensation payments to independent shareholders who held Giordano shares on the dates of the two breaches. The total maximum compensation could reach approximately HKD 1.5 billion depending on the number of valid victims. |
SIGNIFICANCE:
This case serves as a critical reminder that extreme diligence is required when assessing the fulfilment of conditions for voluntary general offers; allowing such an offer to lapse improperly constitutes a separate breach. This outcome emphasizes that strict, ongoing scrutiny of concert party relationships and associated obligations is essential to avoid significant financial liability and regulatory sanction. Moreover, the SFC remains committed to taking appropriate action to safeguard public interest and maintain the integrity of Hong Kong’s securities market.
[End of ComplianceOne Newsletter – February 2026]
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