Jimmy Lai, the founder of Next Digital, has been convicted on all three counts of violating Hong Kong's National Security Law. The court found that Lai exploited social unrest and public disorder to incite citizens to confront the government. During his own defense, Lai admitted he pushed young people into the streets simply to create optics—a "visual" showing that people of different ages opposed the government. Li Kwai-wah, Chief Superintendent of the National Security Department, called Lai out directly: to him, young people were just tools to accomplish his political tasks. Despicable doesn't begin to cover it.
The court identified Lai as the mastermind behind three conspiracy charges and concluded that his sole objective—both before and after the National Security Law took effect—was to bring down the Chinese Communist Party.
The Timeline: From Legal Reform to Sedition
The verdict lays out the background: In February 2019, the HKSAR government proposed amendments to the Fugitive Offenders Ordinance to address legal gaps in handling cross-jurisdictional cases. From that point on, Lai weaponized Apple Daily to push citizens into the streets to protest the draft amendments.
What started as demonstrations escalated into resistance. Lai seized on the social chaos and breakdown in public order, turning Apple Daily into a platform for seditious articles designed to provoke hatred and confrontation against the Central Government and the HKSAR government.
Speaking to reporters, Li Kwai-wah stressed what everyone should focus on: Jimmy Lai's role in the "Black Riots" events. For Lai, young people were nothing more than tools to help him achieve his political goals. That's what makes this so heinous.
Lai's Own Words: Students Were Just "Visuals"
During his defense, Lai personally admitted that on June 8, 2019, in a WhatsApp group created by Lee Cheuk-yan to mobilize participation in that year's "June 9 March," he forwarded a message suggested by Martin Lee. The message called for more young people to take to the streets and join the march—specifically to use the visuals of the march to highlight that people of different age groups were dissatisfied with the government. Lai also admitted in court that he had instructed staff to interview petitioning students to inspire other students to join the marches.
Trial evidence showed that the "Video Talk" and "Support Students Subscription Plan" promoted by Apple Daily during the protests—under Lai's direction—were deliberately targeted at young people to incite them to participate in anti-government movements.
Li Kwai-wah slammed Lai for treating "students and young people" as nothing more than a "visual" to achieve political ends. But strategically inciting young people to engage in anti-government activities led to many of them ending up in prison with their futures destroyed, causing immense heartbreak for their parents.
Lai was the driving force behind the entire chaos and cannot escape responsibility. His crimes are too numerous to list, and the evidence is ironclad.
The Double Standard Lai Won't Address
Leung Chun-ying, Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), put it bluntly on social media: Jimmy Lai has harmed an entire generation of Hong Kong teenagers. "For this alone, what sentence could possibly be too severe?"
Leung said he has read almost all of Jimmy Lai's signed articles in Apple Daily and his interviews with foreign media, and has consistently rebutted them publicly. He pointed out that Lai seriously misjudged both the domestic and international situation—grossly overestimating his leverage—thinking that lip service support from the US and Western countries meant he could act with impunity.
Leung argued that during the trial, Lai first made strategic errors, then was riddled with mistakes and contradictions during cross-examination. "If he really is a 'political prisoner' as some Westerners claim, why not just keep pretending to be a hero? Why push the blame for Apple Daily's sedition onto his subordinates? Why argue that he 'did not interfere with editorial decisions'? Why say 'instructions regarding part of the editorial content were issued before the National Security Law took effect, and afterwards content had to avoid illegality while walking a fine line'? Why say 'columns only listed facts or analysis and speculation'?" Leung noted that only a political coward would defend himself in this manner.
Leung also noted that Lai claimed to be a British citizen, yet the UK, the US, and other Western countries would absolutely not allow their own citizens to collude with foreign forces. Leung emphasized that Lai was the flag-bearer, the brains, the treasurer, and the mouthpiece who charged forward blindly, harming an entire generation of Hong Kong teenagers. For this point alone, no sentence could possibly be too severe!
Leung also posted in English, stating that Jimmy Lai is neither a democrat nor a freedom fighter as depicted by certain Western media and politicians. For years, Lai attempted to convert the high degree of autonomy Hong Kong enjoys under the Sino-British Joint Declaration and the Basic Law into de facto independence for Hong Kong, thereby undermining the nation's sovereignty over Hong Kong. He was even audacious enough to plot the overthrow of the Central Government. He might be an ignorant fool, but he is definitely not innocent.
Ariel
** 博客文章文責自負,不代表本公司立場 **
History was made in global finance this week. Boston Consulting Group (BCG) released its 2026 Global Wealth Report on Wednesday (27 May), revealing that Hong Kong's cross-border wealth management assets reached US$2.95 trillion — a 10.7% year-on-year surge. That figure edged past Switzerland's US$2.94 trillion by roughly US$10 billion, making Hong Kong the world's largest cross-border wealth management center for the first time.
The milestone triggered a global media storm. More than 600 overseas reports followed the release, with the Associated Press, the Financial Times, Bloomberg, Reuters, and Canada's National Post all turning their focus to this defining shift in the global wealth management landscape.
Hong Kong's lead over Switzerland is slim — but the growth gap is not. Bloomberg noted that Hong Kong overtook Switzerland by a narrow margin, driven by an influx of capital from the Chinese Mainland and a rebound in Hong Kong's local stock market. What matters far more, though, is trajectory: BCG projects that cross-border wealth managed in Hong Kong will grow at roughly 9% per year between 2025 and 2030, compared to only about 6% for Switzerland.
Bloomberg goes further. By 2030, the gap in assets under management between the two centers is forecast to widen to nearly US$600 billion. Today's slim lead is not a finish line — it is the opening lap of a far larger structural shift.
Two core drivers explain Hong Kong's rise. The Financial Times focused on the diversification appetite of wealthy investors from the Chinese Mainland. Post-pandemic, investors sought to spread assets across jurisdictions to hedge against geopolitical risk — and a surge of that capital flowed into Hong Kong, helping it topple Switzerland's long-standing status as the traditional safe haven.
Financial Times coverage of the report.
Reuters added the numbers: wealth from China and a boom in IPOs in 2025 drove Hong Kong's cross-border assets to US$2.95 trillion.
BCG report co-author Michael Kahlich cuts to the structural point. "What ultimately matters is client proximity," he said. His view: two hubs are now forming in global wealth management — Singapore and Hong Kong serving Asia, and Switzerland, the United Kingdom, and the United States serving the West. Hong Kong's rise, in other words, is not simply about beating Switzerland. It reflects a structural migration of the global wealth management center of gravity towards Asia — a shift BCG describes as "unlikely to be reversed."
This development has prompted deep soul-searching in Switzerland. The FT quoted a UBS banker based in Zurich who questioned whether Switzerland had done enough to actively defend its position in wealth management — or had simply been coasting on the strength of its stable environment. Reuters noted that while Switzerland's growth rate is slower, its client base is more diversified, spanning regions across the globe. That breadth could prove a resilience advantage, whereas Asia's hubs remain heavily reliant on growth from the Chinese market.
BCG acknowledges that Switzerland retains unique value in navigating geopolitical uncertainty — particularly in attracting safe-haven flows amid ongoing instability in the Middle East. Yet BCG's own projections expose a key tension: diversification may bring stability, but against the backdrop of Asian wealth growing at roughly 9% per year, Switzerland risks a continued relative decline if it does not actively adapt.
Across international media coverage, one competitive advantage of Hong Kong was repeatedly emphasized — its connectivity function under "One Country, Two Systems." The Associated Press highlighted how Hong Kong's close ties with the Mainland market have driven its wealth management business. Reuters likewise noted that Hong Kong "is cementing its role as China's gateway to global markets."
This is more than a geopolitical dividend — it reflects deliberate policy work. Hong Kong issued a family office policy statement in 2023, followed by tax incentives and the New Capital Investment Entrant Scheme. Financial Secretary Paul Chan Mo-po stated after the report's release that Hong Kong's free, open, transparent, and predictable economic policies — alongside a stable and secure investment environment — are attracting a growing number of ultra-high-net-worth individuals and family offices to set up in the city. By end-2025, more than 3,380 single-family offices were operating in Hong Kong, up more than 25% from two years prior.
A slim lead is a warning signal as much as a trophy. The Hong Kong Economic Journal editorial noted that while Hong Kong surpassing Switzerland is a testament to the advantages of "One Country, Two Systems," Singapore is closing the gap at an annual growth rate of 10.3%, and Switzerland still holds the resilience of a diversified client base. Whether Hong Kong can sustain its position depends on its ability to broaden its global client base while consolidating its role as China's gateway.
A century-old wealth management order is witnessing a profound "East rising, West declining" moment. Hong Kong's displacement of Switzerland with US$2.95 trillion in cross-border wealth management assets is not merely a triumph for one city — it is a reflection of a shifting tide in the direction of global capital flows.
Yet, the real contest is not today's margin; it is the gap in growth rates that will decide the winner over the coming decade. As BCG put it, the future of wealth management centers is not about who offers the best safe haven — it is about who can stay closest to clients. And Asia is rapidly becoming the place where those clients are.
