TechFlow, November 3 — According to the Hong Kong Economic Times, Hong Kong regulators have imposed severe sanctions on companies linked to Chen Zhi, founder of the Cambodian online fraud syndicate "Prince Group." Records from the Securities and Futures Commission (SFC) show that the licenses of two Prince Group-affiliated firms—Mighty Divine Investment Management Limited and Mighty Divine Securities Limited—have been temporarily suspended.
Meanwhile, the Insurance Authority has imposed strict restrictions on Mighty Divine Insurance Brokers Limited, prohibiting it from conducting any regulated activities or receiving client funds. The measures took effect on October 28.
Prior to this, Chen Zhi was sanctioned jointly by U.S. and UK authorities over alleged involvement in online fraud operations in Cambodia, resulting in the seizure of $15 billion worth of Bitcoin assets. Last week, Singaporean police also took action, seizing six properties and various financial assets belonging to Chen Zhi and the Prince Group valued at over $150 million (approximately HK$1.17 billion), on suspicion of money laundering and forgery.
Notably, two Hong Kong-listed companies under Chen Zhi—Zhihaoda and Kun Group—continue trading normally.
