Is it progress or regression? Xiao Feng: In 2018, when I came to Hong Kong, the Hong Kong Securities and Futures Commission told me that Hong Kong does not need to issue licenses now, and there is no legal basis to issue licenses to you. Under the common law of Hong Kong, enterprises can act without legal prohibition, while regulatory authorities cannot act without legal authorization. The regulatory authorities joked that you can open your business by turning left when you go out, and no one cares about you. Xiao Feng joked and asked, "Isn't it completely unattended? The other party said: No, someone is in charge, the police station will take care of it. His logic is clear: if you defraud consumers, defraud investors, or misappropriate customer assets, it is a criminal offense and falls under the jurisdiction of the police department, not the financial regulatory scope of the China Securities Regulatory Commission. Full text: https://mp.weixin. (qq.com)/s/TYljgaDrsTpXsqh9fZbdbQ