The Financial Secretary has given directions to terminate the investigation into the affairs of Next Digital Limited (NDL), and the inspector’s term of office expired on July 27.

The Financial Secretary noted today that the Court of First Instance of the High Court granted a winding-up order against NDL on December 15, 2021, and the relevant liquidation is now underway.

In addition, the listing of NDL’s shares was cancelled by the Stock Exchange of Hong Kong on January 12, 2023.

A number of former senior officers of NDL were convicted of offences endangering national security and sentenced to imprisonment by the Court of First Instance on December 15, 2025 and February 9, 2026.

Three subsidiaries of NDL were convicted and fined by the Court of First Instance in the above criminal case. On March 24, 2026, the Chief Executive-in-Council, pursuant to the Hong Kong National Security Law and the Companies (Winding Up and Miscellaneous Provisions) Ordinance, ordered them to be struck off the Companies Register, and the three subsidiaries were dissolved forthwith.

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 and hence directed the inspector to terminate the investigation pursuant to the Companies Ordinance.

The Financial Secretary emphasised that as an international financial centre, Hong Kong possesses a corporate governance regime that is sound, efficient and aligned with international standards. Companies in Hong Kong, particularly listed companies, generally adhere to high standards of corporate governance.

He pointed out that the governance and financial problems of NDL, as well as the unlawful acts committed by its senior officers exploiting corporate vehicles, represented only an isolated incident.

The Government, regulatory bodies and the business community will continue to work together to ensure that Hong Kong consistently adheres to its internationally acclaimed corporate culture and high standards of corporate governance, maintains a high-quality, fair and efficient market, and remains steadfast in safeguarding its status and reputation as an international financial and commercial centre.

The Government expresses its gratitude to Clement Chan for his exemplary professional competence and high degree of professionalism during his tenure as the inspector for upholding the principles of objectivity and impartiality, and for faithfully discharged his duties with dedication and distinction.