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The Securities and Futures Commission (SFC) has suspended Mr Wong Ming Chung, a finfluencer known as Franky Wong and a licensed representative of Tse’s Securities Limited (TSL), for 16 months from 19 March 2025 to 18 July 2026 following his criminal conviction for providing investment advice on a subscription-based chat group on Telegram he hosted without a licence (Notes 1 to 4).
Although Wong was an SFC-licensed representative at the material time, he could only act for the firm (ie, TSL) to which he was accredited in carrying on business in regulated activities. However, he operated the Telegram chat group in his personal capacity between 2 January 2018 and 21 May 2019.
In the circumstances, the SFC considers that Wong is not a fit and proper person to remain licensed to carry on regulated activities due to his criminal conviction.
In deciding the sanction against Wong, the SFC has taken into account all relevant circumstances, including his cooperation in resolving the SFC’s concerns.
The SFC’s Executive Director of Enforcement, Mr Christopher Wilson, said, “Investors should remain vigilant and exercise caution when availing themselves of information shared by finfluencers. Some finfluencers who provide investment-related content on social media and other online platforms may in fact be conducting regulated activities for which they need to be licensed by the SFC. Finfluencers who are not licensed may not adhere to the SFC’s requisite standards of conduct and accountability, and investors may suffer by relying on their advice.”
“Before acting upon an investment advice, investors should ensure that firms and individuals who provide the advice are properly licensed,” Mr Wilson added.
Notes:
- Wong is licensed under the Securities and Futures Ordinance (SFO) to carry on business in Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. Wong has been accredited to TSL as a licensed representative since 20 August 2010.
- Finfluencers, or financial influencers, are individuals who leverage social media platforms to share investment-related content. Wong was also known as “股票狙擊手” on a social media platform.
- Under Schedule 5 of the SFO, “advising on securities” is a type of regulated activity under the SFO. Under sections 114(1)(a) and 114(8) of the SFO, it is an offence for a person, without reasonable excuse, to carry on a business in a regulated activity without a licence from the SFC.
- On 20 June 2024, the Eastern Magistrates’ Court convicted Wong of one charge of carrying on a business of advising on securities when he was not licensed to do so following his guilty plea. Wong was fined $10,000 and ordered to pay the SFC’s investigation costs. Please see the SFC’s press release dated 20 June 2024.
