What did the Court of Appeal decide in the Jimmy Lai appeal?

The Court of Appeal overturned the 2022 fraud conviction related to the Apple Daily building lease. The earlier verdict was set aside, and the judgment applies only to the fraud matter. Written reasons will guide next steps. The ruling does not affect his separate national security case, according to officials.

Will the Hong Kong DOJ appeal the fraud ruling?

The Department of Justice said it will study the judgment and consider an appeal. No timeline was announced. If pursued, the case could proceed to the Court of Final Appeal, subject to leave. Investors should watch for official filings or statements that outline the grounds and scope of any appeal.

Does this ruling change the national security case?

No. Officials and lawmakers stated the fraud decision is separate and does not affect the national security case. Markets are likely to treat the two tracks independently. Any pricing impact should therefore be modest near term, pending further legal steps and official updates from the Department of Justice.

How might this decision affect investor sentiment in Hong Kong?

It adds a supportive datapoint on due process and judicial review, which may help sentiment around commercial disputes. That said, broader policy and geopolitical risks remain in focus. Expect limited near-term repricing, with potential shifts in risk premia only if further legal developments or official statements change perceived uncertainty.

Law and Government

February 27: Jimmy Lai Fraud Conviction Quashed; HK DOJ Weighs Appeal

ByDanny Kontos February 27, 2026February 27, 2026

The Jimmy Lai appeal moved markets’ attention back to rule-of-law signals in Hong Kong. On 27 February, the Court of Appeal quashed his 2022 fraud conviction linked to the Apple Daily building lease. The Department of Justice said it will study the judgment and consider an appeal. Officials and lawmakers said the decision does not affect Lai’s separate national security case. For investors, the Jimmy Lai appeal could trim some perceived legal risk at the edges. We explain what changed, possible next steps, and what to watch now.