trust institution is involved in a $500 million fraud case, and cryptocurrency tycoon Justin Sun believes it is a problem with the Hong Kong system. Hong Kong Legislative Council member Chen Zhenying explained that trusts in the mainland mainly invest in financial products or manage finances through banks, but in Hong Kong, trust companies assist clients in handling entrusted assets. Business involving Mandatory Provident Fund is managed by the MPF Authority, insurance matters are overseen by the Insurance Authority, and investments are regulated by the Securities and Futures Commission. If in the form of a company, the assets are entrusted to a trust company, meaning that none of the four major regulatory bodies have authority over it. Investors are urged to carefully investigate the background of companies.
