What exactly did the Court of Appeal decide on 24 February?

It rejected all conviction and sentence appeals by 12 defendants in the 35+ primary case, keeping prison terms of about 4.5 to 7.75 years. It also dismissed the Department of Justice’s bid to overturn the Lau Wai-chung acquittal, leaving that not-guilty verdict in place and reinforcing a broad reading of the Hong Kong NSL.

Why does the Lau Wai-chung acquittal matter for investors?

It shows courts will assess individual roles and intent, even in coordinated activities. While the court affirmed a broad NSL interpretation, the Lau Wai-chung acquittal highlights that specific evidence still drives outcomes. This dual signal shapes risk pricing, disclosure, and compliance planning for HK-exposed portfolios and issuers.

How does the ruling affect legal-political risk in Hong Kong?

Risk remains elevated where coordinated conduct could meet the NSL threshold, given the court’s broad reading of “other illegal means.” At the same time, role-specific analysis persists. Investors should review governance controls, advocacy policies, and disclosure to reflect both stricter boundaries and the possibility of acquittal in fact-sensitive cases.

What should company boards in Hong Kong do now?

Refresh risk registers, enhance scenario planning, and review staff activism, data governance, and escalation protocols. Update ESG and offering disclosures to reflect NSL-related exposure. Reference the 35+ primary case and the Lau Wai-chung acquittal in board discussions to calibrate controls, investor communications, and insurance coverage for HK operations and leadership.

Law and Government

Hong Kong 35+ Appeal: Lau Wai-chung Acquittal Upheld – February 24

ByDanny Kontos February 24, 2026February 24, 2026

The focus today is the Lau Wai-chung acquittal. On 24 February, Hong Kong’s Court of Appeal rejected all conviction and sentence appeals by 12 defendants in the 35+ primary case and dismissed the Department of Justice’s bid to overturn Lau’s not-guilty verdict. Sentences of roughly 4.5 to 7.75 years stand. The court reinforced a broad reading of “other illegal means” under the Hong Kong NSL. For investors in HK assets and listings, legal clarity and policy direction now factor more prominently into risk, valuation, and ESG assessments.