Odaily Daily reported that Sun Yuchen publicly accused First Digital Trust (FDT) of violating Hong Kong's Securities and Futures Ordinance on X platform. According to its disclosure:
First Digital Trust (FDT) openly disregards all fiduciary obligations and regulatory norms, claiming to represent Techeryx in managing a securities investment portfolio of up to $501.8 million in Aria Commodity Finance Fund under its own legal name.
According to the Securities and Futures Ordinance (SFO) in Hong Kong, any individual or company providing securities investment portfolio management services must hold a Class 9 license from the Hong Kong Securities and Futures Commission, unless the service is limited to its wholly-owned subsidiary or provided by its 100% controlled parent company.
Obviously, FDT is not only ignoring the basic principles of the trust industry, but also openly disregarding Hong Kong's laws and regulations on banking and investment. In other words, its behavior has completely disregarded Hong Kong's regulatory and law enforcement agencies.