The Jimmy Lai trial ripped the mask off "Stand with Hong Kong." Courts heard how Lai and his operatives weaponized this so-called advocacy group to pursue their "international line"—code for colluding with foreign forces to destabilize national security. But even after ringleaders Andy Li Yu-hin and Chan Tsz-wah got arrested and locked up, Stand with Hong Kong keeps on running. Someone's still pulling the strings.
Born in the chaos of the anti-extradition bill period, "Stand with Hong Kong"—also known as the "lam chau team" (SWHK)—adopted the scorched-earth slogan "If we burn, you burn with us". They've always claimed to be independent, grassroots, funded by crowdsourcing. That story fell apart in court. Evidence showed Lai bankrolled their global ad campaigns and international lobbying—specifically their push to get foreign countries to sanction China.
After the implementation of the Hong Kong National Security Law, Stand with Hong Kong still did not restrain itself. It keeps churning out anti-China content online, publishing report after report. Just last month, they handed the European Union a hit list—14 Hong Kong SAR government officials and police officers they want sanctioned for alleged "human rights violations" and "abuse of force" during 2019.
A Web of Anti-China Allies
Stand with Hong Kong doesn't work alone. They team up constantly with other anti-China outfits, issuing joint statements, lobbying Washington, London, and Brussels to slap sanctions on Hong Kong SAR officials. They've publicly demanded the British government intervene to free Jimmy Lai. They've organized multiple protests in London opposing construction of the Chinese embassy in the UK.
The operation is aggressive, the activities extensive. Yet the key players hide in shadows. Where's the money coming from?
In recent years, the team's gone underground. They operate mainly through online publications and mobilization, coordinating with overseas individuals and organizations. Their website and social media? No contact persons listed. No one claiming responsibility.
The Crowdfunding Fairy Tale
They claim they "rely on crowdfunding to maintain operations". But since their last crowdfunding drive in May 2020, Stand with Hong Kong hasn't published a single shred of public information showing any subsequent fundraising activity.
So where does the cash come from? Informed sources suggest looking at Stand with Hong Kong's overseas network for answers.
Organizations working hand-in-glove with Stand with Hong Kong include the Committee for Freedom in Hong Kong Foundation—run by Mark Clifford, former Next Digital Group director. There's Hong Kong Watch, funded by Mark Simon and operated primarily by Benedict Rogers. There's the Hong Kong Democracy Council, fronted by fugitive national security suspect Anna Kwok. And since 2023, Stand with Hong Kong has served as secretariat for the UK's All-Party Parliamentary Group on Hong Kong.
These "friendly organizations" form a network with crystal-clear political objectives. Through overseas advocacy and coordinated actions, their primary target is attacking the Central Government and the SAR government.
In other words: Jimmy Lai may be behind bars facing trial, but the organizations and individuals Stand with Hong Kong maintains close contact with all have direct or indirect ties to Lai. Whether this team—which brands itself a "grassroots organization"—receives operational funding and other support within this anti-China network remains the billion-dollar question.
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.
