After serving time in the “35+” subversion case, Andrew Chiu Ka-yin is putting on the record: the 2019 “Black Riots” and the so-called “primary elections” were not some organic political wave, but a “scheme” steered by people with ulterior motives. It matters because it goes straight to intent and orchestration. In an exclusive TVB News interview, he admitted that he hated himself for not able to disconnect himself with the situation and the extreme violence at that time.
Chiu, sentenced to seven years, was released early in late October after sentence deductions, becoming the first national security prisoner freed early since the Safeguarding National Security Ordinance took effect.
Chiu says he owed Hong Kong people the truth—and he’s finally saying it.
In the “35+” case, Chiu didn’t just appear as a defendant—he also served as a accomplice witness, and the court materials listed him as an organizer alongside Benny Tai Yiu-ting, Au Nok-hin, and Ben Chung Kam‑lun. The court sentenced him as a “principal offender” for conspiracy to commit subversion against state power, setting the term at seven years. He ultimately walked out after nearly five years served, following deductions.
Chiu told TVB News he wanted to assist the prosecution within the first months of detention, framing it as a duty to tell the truth although he feared retaliation after release.
When violence crossed the line
Chiu pinpointed two episodes from the anti-extradition bill period that, in his words, disgusted him most. One involved student “Kin Chai” Tsang Chi-kin in a riot case—Chiu said Tsang was persuaded to pay for an escape and then “betrayed.” The other was the Ma On Shan incident in which an elderly man was set on fire after arguing with protesters. Chiu said the situation had spiraled into something frightening, yet he stayed silent because he was already entangled in the political camp and felt bound by bloc loyalty. He now says he hates himself for not speaking up then.
He said he does not agree with violence—and he cast himself not only as a former participant in the political current, but also as a victim of violence. In November 2019, he was attacked outside Taikoo Shing Centre by a middle-aged man, Chan Chun, who stabbed him and bit off his left ear; Chan was later sentenced to 14 years in prison.
Chiu’s core argument is blunt: from the amendment storm to riots to the so-called “primary elections,” he now sees the entire arc as a coordinated “scheme,” manipulated by people with ulterior motives to strike at the SAR government and the country’s constitutional order. On that basis, he said he wants to apologize to the country, Hong Kong, and the general public, and he stressed he won’t return to politics anytime soon—and won’t emigrate either.
As an insider put it, Chiu’s confession forces Hong Kong people to confront the level of violence seen in 2019, describing it as reaching the level of terrorist attacks. Jimmy Lai and his Apple Daily as advocates of “no differentiation between peaceful and valiant protesters,” makes him the instigator and chief culprit.
The Apple Daily playbook
Yesterday (December 15) Jimmy Lai was convicted on three counts: conspiracy to publish seditious publications and collusion with foreign forces. The court's judgment summary—written by three National Security Law judges—puts him at the forefront as protests morphed into a resistance movement. Both Lai and Apple Daily were "leading the charge," according to the judges' written reasoning. If you want the "receipts," that's where they are: in the court's own words.
An insider who watched the interview offered a straightforward read: Chiu's remorse is genuine. That matters because it reflects how the Central Government and the SAR Government enforce the law—strictly, but with room for mercy. Truly repentant national security prisoners get a shot at early release.
The warning is equally direct: diehard anti-Hong Kong elements should not expect leniency. In other words, remorse may open doors, but obstinacy won’t—and the legal system will treat them accordingly.
Ariel
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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.
