The Hong Kong Securities and Futures Commission has obtained the first court order in Hong Kong to impose confiscation penalties on a financial internet celebrity who provided paid investment advice in social media chat groups without a license.

According to the Zhtng finance and economics APP, on November 7th, the Eastern Magistrates' Court in Hong Kong ruled in a criminal case brought by the Securities and Futures Commission of Hong Kong (SFC) that financial internet celebrity Zhou Baixian (formerly known as Zhou Jianxi) was found guilty of providing investment advice in a subscription-based chat group he established and managed on Telegram without a license. Zhou was sentenced to six weeks in prison. He was also ordered to pay the investigation costs of the SFC.