First Digital Trust (FDT), A company with negative equity means its total liabilities exceed aggregate assets — in other words, it is practically financially insolvent. That’s why, under international banking regulations, banks are subject to stringent capital adequacy requirements, or risk losing their banking licenses. However, in the case of FDT, it has been in negative equity not just once, but for three consecutive years — ending 2024 with a negative HK100 million! And that’s not even accounting for the massive losses resulting from its large-scale misappropriation of user assets. Yet somehow, it’s still out there raising billions in public funds as we speak. The real question for Hong Kong regulators and law enforcement agencies is this: How could this possibly happen under their watch? FDT's very existence at this very moment is a mockery of the rule of law in Hong Kong.