Wu Shuo learned that the Hong Kong Securities and Futures Commission recently imposed penalties on Saxo Capital Markets (Hong Kong) Limited for distributing non-SFC approved virtual asset funds and virtual asset-related products on its online platform, violating regulatory requirements, with a fine of 4 million yuan. The SFC pointed out that Saxo Capital Markets failed to assess whether clients possessed the knowledge to invest in virtual assets as required, did not provide sufficient risk warnings, and failed to establish appropriate procedures for product due diligence. Although Saxo Capital Markets has taken remedial measures and voluntarily compensated affected clients for their losses, the SFC determined that its conduct violated the relevant "Guidelines on Online Distribution Platforms and Investment Advisory Platforms" and "Code of Conduct."