Gov't stops Next Digital probe after liquidation process advances

The Financial Secretary said continuing the investigation was no longer needed after a review.

The Financial Secretary has ended the investigation into the affairs of Next Digital Limited (NDL) after the company’s liquidation process began, its shares were delisted, and former senior officers were convicted of offences endangering national security.

The Financial Secretary directed the termination of the investigation, with the inspector’s term of office expiring on 27 July.

The Court of First Instance of the High Court granted a winding-up order against NDL on 15 December 2021, and the liquidation process is underway.

The Stock Exchange of Hong Kong cancelled NDL’s share listing on 12 January 2023.

Several former senior officers of NDL were convicted of offences endangering national security and sentenced to imprisonment on 15 December 2025, and 9 February 2026.

Three NDL subsidiaries were convicted and fined in the same criminal case.

On 24 March 2026, the Chief Executive-in-Council ordered the subsidiaries to be struck off the Companies Register under the Hong Kong National Security Law and the Companies (Winding Up and Miscellaneous Provisions) Ordinance. The subsidiaries were dissolved following the order.

The Financial Secretary considered that continuing the investigation was no longer necessary after reviewing the circumstances and relevant factors.

“Having carefully reviewed these circumstances and all relevant factors, the Financial Secretary considered that it was no longer necessary to continue the investigation into the affairs of NDL,” the government said.

The Financial Secretary said NDL’s governance and financial problems, along with unlawful acts committed by its senior officers through corporate vehicles, represented an isolated incident.

The secretary said Hong Kong’s corporate governance regime remained aligned with international standards, with listed companies generally adhering to high standards of corporate governance.