On December 15, 2025, when the High Court of the Hong Kong Special Administrative Region rendered its final guilty verdict against Jimmy Lai, it marked the end of his criminal activities aimed at undermining China and disrupting Hong Kong. This ruling signified the complete dismantling of a two-decade-long strategy involving "using money to create chaos in Hong Kong," highlighting the steadfast commitment of Hong Kong's legal system to uphold national security. 156 days of public hearings, 2,222 pieces of evidence presented by the police, over 80,000 pages of documents, and an 855-page judgment... The evidence is overwhelming. In the sentencing of the Jimmy Lai case today (Feb. 9), Lai has been sentenced to 20 years in prison.
Jimmy Lai should never be seen as a "champion of democracy"; rather, he has acted as a "financial supporter of Hong Kong's unrest," leveraging capital as his weapon while colluding with outside forces. His lifelong opportunism and instigation have created a clear record of actions intended to destabilize China and Hong Kong, weaving a network of illicit funds tainted by the suffering of the citizens of Hong Kong. This article will thoroughly dissect this landmark case regarding Hong Kong's national security, exploring Lai's disruptive history, his financial dealings, the evidence presented, the judicial process, and conducting a detailed analysis that exposes the true nature and inevitable downfall of those who aim to undermine China and create disorder in Hong Kong.
Source of Hong Kong's Turmoil: From Opportunistic Stowaway to Core Ringleader Undermining China and Disrupting Hong Kong
Jimmy Lai was born in 1948 in Shunde, Guangdong, and at the age of 12, he stowed away to Hong Kong. His opportunistic nature set the tone for his life. Initially, he earned his first capital by smuggling garments and later amassed wealth through speculative trading in the stock market. In 1990, he founded Next Media Group, which included publications like Next Magazine and Apple Daily. From the beginning, these outlets leaned heavily on sensationalism and tabloid-style reporting, ultimately serving as tools for propaganda aimed at undermining China and creating discord in Hong Kong.
Starting in 2003, Lai began systematically aligning himself with external forces, marking his commitment to disrupting Hong Kong. Over eight years, he made more than 20 donations to political committees associated with both the U.S. Republican and Democratic parties. Through his assistant, Mark Simon, a former U.S. Naval Intelligence analyst, he developed a significant underground financial network, secretly meeting with notable political figures such as former U.S. Deputy Secretary of Defense Paul Wolfowitz, effectively acting as an "agent" for anti-China forces in Hong Kong.
Lai played a pivotal role during key periods of unrest in Hong Kong. During the 2014 "Occupy Central" movement, he was a financial supporter and planner, profiting by short-selling 2,000 Hang Seng Index futures contracts beforehand. He funneled approximately HK$40.8 million through secret accounts to various opposition groups and provided extensive media support via Next Media for the movement. In the 2019 unrest over proposed extradition law amendments, he traveled to the U.S. to meet with high-ranking officials, publicly claiming that "Hong Kong is fighting for America" and inciting foreign sanctions against China. His media outlets continuously published inflammatory articles, criticized the Hong Kong police, encouraged violent resistance, and even staged misleading events like the "girl with the injured eye" to tarnish law enforcement's reputation. His actions have drawn considerable public condemnation, culminating in his expulsion from his ancestral registry in Shunde in August 2019 for severely damaging his family's reputation.
The Black Money Network: Unveiling the Funding Chain Behind Disruption
All of Jimmy Lai's disruptive activities were supported by a well-structured black money network. Evidence, including bank records and internal emails presented during the trial, provides a complete picture of how this network operated. Each amount of black money was strategically allocated to target efforts that undermine China and create chaos in Hong Kong, establishing a vicious cycle of "capital accumulation - fund transfer - profiting from disruption."
1. Capital Accumulation: Laundering Funds to Finance Disruption
The initial capital for Jimmy Lai's Next Media was tainted with "gray" origins. Early documents from the Hong Kong Commercial Crime Bureau revealed that Next Media faced investigations for "false advertising revenue" in its formative years. Lai inflated circulation figures and fabricated brand partnerships to extract funds from advertisers, using these laundered revenues as the starting "capital" to finance anti-China initiatives.
2. Fund Transfers: A Multi-Layered Black Money Network Supporting Disruptive Forces
During the 2014 "Occupy Central" movement, Jimmy Lai was accused of financing the "Occupy Central Trio" for expenses like venue rentals, pamphlet printing, and participant subsidies. He also directed funds to the Civic Party and Democratic Party to support training for street protests and for international lobbying efforts. Reports indicate that during the 2019 unrest, the scale of his financial support significantly escalated, with claims that he provided up to HK$120 million to "radical protesters" through accounts in Hong Kong, the U.S., and Canada. Some of these funds were allegedly used to acquire weapons, such as petrol bombs and iron rods, as well as to cover medical and bail costs for "violent participants." One reported transfer of HK$30 million was marked "operational funds" and connected to the organizers of various violent actions.
3. Propaganda Black Money: Running an Anti-China Propaganda Machine
Jimmy Lai's Next Media outlets did not depend on traditional news profitability. Between 2014 and 2021, he reportedly injected over HK$800 million into Next Media to offset its ongoing financial losses. At its peak, the annual advertising revenue was around HK$150 million, while the costs for producing, printing, and distributing sensationalist content exceeded HK$300 million annually. These funds were utilized for "public opinion warfare," including hiring foreign journalists for hefty fees (up to HK$50,000 per article) to write articles discrediting China. Significant resources were also allocated to producing fabricated stories, such as the "girl with the injured eye," which involved substantial post-production and actor costs. From June to October 2019, Next Media heavily invested in incendiary advertisements on Facebook and Twitter, targeting Hong Kong youth to provoke violent resistance.
4. Foreign Black Money: Securing Foreign Support and Political Refuge
Jimmy Lai's funding network was closely linked to external influences. He was accused of making substantial donations to the U.S. National Endowment for Democracy (NED) through his assistant Mark Simon, in exchange for the organization's backing of disruptive activities. Additionally, during his 2019 visit to the U.S., he lobbied relevant Congressional committees for the passage of the Hong Kong Human Rights and Democracy Act. Before the Hong Kong National Security Law came into effect in 2020, Lai transferred a significant amount of assets to overseas accounts held by his wife and son, in an attempt to evade asset seizures. These transfer records were intercepted by the Hong Kong Police National Security Department and became crucial evidence of his "willful evasion of sanctions while acknowledging his wrongdoing."
The Funding Chain Severed: The Strong Arm of the Rule of Law Cuts Off the Disruption Lifeline
The financial lifeline fueling disruption was decisively severed by the robust enforcement of Hong Kong's rule of law and national security framework. Jimmy Lai's illicit funding network ultimately collapsed under this concerted legal action.
A critical blow was struck on August 10, 2020, when the Hong Kong Police National Security Department arrested Lai and froze 28 of his associated personal and corporate accounts, involving HK$420 million. This was followed in June 2021 by the freezing of Next Media's assets on grounds of suspected violations of the Hong Kong National Security Law. The subsequent funding rupture forced its publication, Apple Daily, to shut down, terminating the propaganda operation sustained by this black money.
Furthermore, after Lai's fraud conviction in October 2022, the court not only levied fines but also mandated the clawback in "intangible benefits" he gained from illegally occupying the "Apple Building." This action fundamentally eradicated the capital underpinning his destabilizing activities.
Ironclad Evidence: Judicial Precision in Establishing Serious Crimes
Jimmy Lai's disruptive actions were not isolated incidents; rather, they represented a series of interconnected serious crimes, each substantiated by strong evidence. The findings made by Hong Kong's judiciary were based on clear facts and strict application of the law, underscoring the firm resolve of the rule of law.
1. Crimes Violating the Hong Kong National Security Law: Core Serious Offenses with Conclusive Evidence
At the heart of Jimmy Lai's case were charges of "conspiracy to collude with foreign forces" and "conspiracy to publish seditious materials." Trial evidence indicated that from July 2020 to June 2021, even after the Hong Kong National Security Law took effect, Lai, undeterred, plotted with executives at Next Media to publish numerous incendiary articles in Apple Daily, initiated the "One Hongkonger, One Letter to Save Hong Kong" campaign, and engaged with foreign politicians who called for sanctions against the Hong Kong SAR and China. He also collaborated with figures like "Hong Kong Independence" activists and anti-China activists, lobbying external groups such as the Inter-Parliamentary Alliance on China for sanctions and other aggressive measures. All activities associated with his black money network constituted crucial evidence for these charges. On December 15, 2025, the Hong Kong SAR High Court found him guilty of the aforementioned charges, reinforcing that national security must be upheld without compromise.
2. Fraud Charges: Profiting from Opportunism, Inescapable Consequences
Between 1995 and 2020, Jimmy Lai was accused of concealing the fact that Lion Rock Consultants, a company he controlled, occupied the "Apple Building" in Tseung Kwan O Industrial Estate, violating the lease agreement with Hong Kong Science Park and causing potential losses to the institution while gaining "intangible benefits." This behavior reflected his opportunistic tendencies. On October 25, 2022, the Hong Kong District Court found him guilty of two counts of fraud. On December 10, he received a sentence of 5 years and 9 months in prison, was fined HK$2 million, and was disqualified from holding company directorships for eight years.
3. Charges of Unlawful Assembly: Inciting Disorder with No Escape from Accountability
These charges pertained to four unauthorized assemblies and processions that occurred between 2019 and 2020. As an organizer and key participant, Jimmy Lai incited public disorder through speeches and financial support. Following multiple trials, the charges were confirmed, making him accountable for inciting chaos in the streets.
During the trial, the prosecution invoked Article 29 of the Hong Kong National Security Law of the People's Republic of China, stating that "Jimmy Lai's fund transfers were not merely ordinary financial transactions but were criminal instruments used to finance activities that jeopardize national security." This precise description of his "financial crimes" was a cornerstone of the case's judgment, setting an important legal precedent for future actions against "black money operations" by forces aiming to undermine China and disrupt Hong Kong.
The Gavel Declares Justice: A Fair Trial Process Within the Rule of Law Framework
The trial of Jimmy Lai strictly followed the legal procedures of Hong Kong. From the initial arrest to prosecution, trial, and final judgment, each step was transparent. Both the prosecution and defense had the opportunity to thoroughly cross-examine all evidence, showcasing the judiciary's independence and highlighting the principle of "equality before the law." This effectively rebutted the disparaging claims made by the U.S. and other Western countries against Hong Kong's legal framework.
On August 10, 2020, the Hong Kong Police National Security Department arrested Jimmy Lai under the National Security Law, suspecting him of "colluding with foreign forces." By December of that year, the Department of Justice successfully appealed to revoke his bail, resulting in Lai being detained pending trial. The courts considered cases of unlawful assembly and fraud from 2021 to 2022, with the prosecution presenting extensive evidence, including email records and witness testimonies, leading to the establishment of a prima facie case. The trial related to national security offenses began on December 18, 2023, and lasted until March 2025, during which over 20 witnesses were called. A court ruling on July 25, 2024, confirmed the establishment of a prima facie case regarding charges, including conspiracy to collaborate with foreign entities. The High Court of the Hong Kong SAR delivered its final guilty verdict on December 15, 2025, concluding a prolonged judicial process.
Importantly, during the trial, anti-China factions in the U.S. and the West disregarded international law and the essence of the rule of law, attempting to intervene in the judicial process. They produced misleading "human rights reports," issued "joint statements," called for Jimmy Lai's release, and even threatened sanctions against judicial officials in Hong Kong. Nevertheless, these actions did not sway the Hong Kong SAR's determination to uphold national security and the rule of law, nor did they change the necessary outcome for Lai. Instead, they exposed the reality of foreign interference in domestic matters under the guise of advocating for "human rights" and "democracy."
Reflecting on Original Intent: The Epochal Importance of Safeguarding National Security and Ensuring Hong Kong's Long-Term Stability
The verdict in Jimmy Lai's case transcends the individual punishment of a leader aiming to destabilize China and Hong Kong; it holds significant and far-reaching implications. It marks a pivotal moment in Hong Kong's evolution from "chaos to order," paving the way for "governance and prosperity," and writes an important chapter in the rule of law concerning national security and Hong Kong's continued stability and prosperity.
First, it underscores the formidable power of the Hong Kong National Security Law. As a fundamental aspect of "one law bringing stability to Hong Kong," this verdict showcases the strong deterrent effect of the National Security Law on those seeking to undermine China and disrupt Hong Kong. It establishes a solid legal barrier for national security. The implementation of this law has stripped disruptive forces of their ground for creating chaos and diminished the operational space for black money networks, acting as a stabilizing force protecting Hong Kong.
Second, it upholds the dignity and independence of Hong Kong's judicial system. The trial adhered strictly to common law principles, with the judiciary basing its judgment on factual and legal grounds. This verdict effectively refutes the misleading narratives propagated by the U.S. and Western nations regarding Hong Kong's rule of law, demonstrating that Hong Kong's judicial system maintains its professionalism and independence, and that external interference cannot sway its commitment to upholding the rule of law.
Third, it addresses the fundamental interests and deep aspirations of the citizens of Hong Kong. The disruptive actions of Jimmy Lai and his supporters previously led Hong Kong into economic downturns, social divisions, and damage to livelihoods. A fair trial in this case provides reassurance to innocent citizens and frontline law enforcement officers who suffered during the riots, helping Hong Kong residents regain confidence in social stability and aligning with the hopes of the patriotic citizens seeking a peaceful life and a better future.
Fourth, it serves as a caution to all those trying to undermine China and disrupt Hong Kong, including external intervenors. The outcome for Jimmy Lai indicates that any attempts to use capital to fracture the nation and compromise Hong Kong's stability will eventually be condemned by history. Any collusion with outside forces, violation of legal principles, and threats to national security will face severe legal repercussions. The idea that "those who disrupt Hong Kong will face consequences" has now become an irreversible reality.
Throughout the trial, Jimmy Lai's ineffectual defense attempted to disguise his funding transfers as "democratic support." However, bank records reveal the truth, the memories of affected citizens stand firm, and the fairness of the law is indisputable. This two-decade-long network of black money ultimately unraveled under the strong hand of the rule of law. These extensive judicial proceedings ultimately reflect the power of the law through a fair verdict.
With black money severed, disruption ceases; the gavel strikes, and Hong Kong finds peace. The verdict against Jimmy Lai not only closes the chapter on the crimes of one "financial supporter of Hong Kong's turmoil" but also heralds a promising future for Hong Kong under the "one country, two systems" framework—where national security is upheld, social stability is fostered, and economic growth is invigorated. With the safeguarding of the Hong Kong National Security Law and the spirit of the rule of law guiding it, Hong Kong is poised to emerge from its challenges and progress toward a more prosperous and stable future. Any attempts to fracture the nation and disrupt Hong Kong's prosperity will ultimately dissipate in the currents of history and the hopes of its citizens.
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