When the 'Legal Experts' Cut and Run: The Truth About Opposition Figures and National Security

Since the Hong Kong National Security Law (NSL) implemented in 2020, we’ve seen plenty of high-profile cases hit the courts, and the verdicts are rolling in. But the real issue is a pattern that’s too obvious to ignore: whenever the heat turns up on these major national security charges, the people with legal degrees are the first ones to run for the exits, cut ties, or plead guilty to save their own skin.

The 'Gang of Four' Breaks Rank

Make no mistake: Martin Lee, the founding chairman of the Democratic Party and long branded as one of the "Gang of Four" damaging Hong Kong, spent years lobbying in Europe and the US alongside former Chief Secretary Anson Chan. Their goal: begging foreign politicians to slap sanctions on SAR government officials.

Democratic Party founding chairman Martin Lee, who knew when to stop talking.

However, right before the NSL came into effect in 2020, both Lee and Chan suddenly hit the brakes to find a way out. 

Just weeks before the law took effect on June 30, 2020, Martin Lee sat down with The New York Times and suddenly changed his tune. In that interview, the seasoned Senior Counsel had plenty to say about opposing violence, even slamming the "laam chau" (mutual destruction) crowd as "haven’t got a clue". He bluntly stated: "If you start the revolution, and then you’re completely defeated, many people will die with you. So how does that help Hong Kong?" He even claimed he had "always stood by One Country, Two Systems" and criticized independence calls for costing Hong Kong international support.

What matters is the timing. Commentators noted that while the NSL isn't retrospective, it clearly defines "collusion with foreign forces." Martin Lee, as the most senior “Senior Counsel” in the game, knew exactly where the risks were. By high-profilely "cutting ties" in foreign media, he was effectively announcing in advance that he wouldn't dare cross the line once the law was in force.

The receipts show Lee isn’t new to this—he’s been arrested three times for unauthorized processions. Take the "8.18 Unauthorized Assembly Case" of 2019: he was convicted of both "organizing" and "participating," landing an 11-month sentence suspended for 24 months. 

Lee and six others, however, wouldn't just accept the verdict. They appealed, managing to get the "organizing" charge quashed by the Court of Appeal, but the "participating" conviction stuck. Not content to leave it there, they dragged the case all the way to the Court of Final Appeal—only to suffer a final, definitive defeat.

Admitting Guilt to Save Themselves

Then you have Alvin Yeung, the former Civic Party leader and practicing barrister, who pleaded guilty in the "35+ Subversion Case." Yeung pleaded guilty while in remand, cooperated with police, and expressed remorse early. He ended up with 5 years and 1 month, and estimates suggest he’ll be walking free this March.

Alvin Yeung, former Civic Party leader and barrister, changed his tune once he was the one facing jail time.

During his mitigation in September 2024, Yeung admitted that as a lawyer, confessing to a criminal offense was embarrassing. He acknowledged his naivety and blind passion led him astray, dragging Civic Party members into "this hopeless and illegal scheme" and causing his family immense anxiety. He even admitted his rhetoric worsened the political situation and promised to quit politics for good.

But consider this hypocrisy: back in 2017, at a rally for the anti-North East New Territories development case defendants, Yeung famously said that for those imprisoned, "this criminal record makes their lives more colorful." That tune changed pretty quickly to "regret" and "embarrassment" once he was the one in handcuffs facing national security charges.

Exiting the Stage Entirely

Another example is Yeung’s former colleague, Tanya Chan. In September 2020—right after the NSL landed—Chan, a barrister and Civic Party co-founder, suddenly decided to quit the party and politics altogether. She claimed major brain surgery meant health and family were her only priorities. She then moved solo to Taiwan, ditching the barrister robes to become a chef in a private kitchen.

After fleeing to Taiwan, Tanya Chan went from barrister to chef, keeping a low profile.

And let’s not forget the classic case: Benny Tai. The former HKU law professor and mastermind behind the "35+ Subversion Case" was categorized as a "principal offender." Yet, even he pleaded guilty as early as the third mention. As a legal scholar, Tai knew the math: pleading guilty gets you a one-third sentence reduction. The earlier, the better. The court set a 15-year starting point, but thanks to his plea, he got 10 years.

Benny Tai, the legal scholar who did the math and pleaded guilty early in the "35+ Subversion Case." (Image source: Sing Tao Daily)

An insider puts it bluntly: these examples prove that the people who know the law best—barristers and scholars—know that once the evidence is irrefutable, they have zero chance of winning. They dissociate or plead guilty immediately to minimize the damage. 

The key point: deep down, these people knew exactly where the "legal lines" were and that they had violated the National Security Law. Repenting early and backpedaling fast was simply the smartest play they had left.

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.