Table of Contents
1. From a barber apprentice to a Premier League giant
On March 4, 2014, the atmosphere in the District Court was solemn. 54-year-old Yeung Ka-shing, wearing a mask, stood in the prisoner's dock with his head down, listening quietly to the judge reading out the verdict. This once-prosperous businessman, the first Chinese to own a Premier League club, was found guilty yesterday of money laundering of more than HK$720 million. He was found guilty of all five charges and was remanded in custody until this Friday for sentencing, facing a maximum sentence of seven years in prison. The prosecution also revealed that it will apply to confiscate HK$400 million of assets involved in the case. This moment marked the fall of Yang Jiacheng from the pinnacle of business and sports to the bottom of his life.
2. From a village boy to a billionaire: Yeung Ka-shing’s rise to fame
Yeung Ka Shing's rise to fame is a legendary epitome of Hong Kong society. Born into a low-income housing estate family, his father ran a vegetable stall. After graduating from Form 5, he entered the barber industry and gradually rose through the ranks from an apprentice to a well-known hairstylist. He has served superstars such as Brigitte Lin. However, what really made his wealth explode was not the scissors, but the stock market and Macau's gambling industry.
In the early 1990s, he seized the opportunity of Hong Kong's economic transformation and shifted the focus of his career to financial investment. He was particularly good at speculating on third- and fourth-tier stocks and getting involved in Macau's gambling industry. Market rumors said that Yeung Ka Shing made hundreds of millions of yuan in profits here, and witness James Tien even exaggeratedly claimed that he made "one billion or eight billion". This wealth laid the foundation for his future lavish spending.
In 2004, the Macau gambling stock craze swept the market, and Omas Holdings, invested by Yang Jiacheng, became the focus. The stock was injected with Greek Mythology Casino assets by "Street Market Great" Wu Wenxin, and the share price soared from a few cents to nearly 4 yuan.
In 2007, Yang Jiacheng acquired 29.9% shares of Championship team Birmingham for HK$240 million, becoming the first Chinese owner of a Premier League team. In 2009, it spent nearly HK$1 billion to complete the full acquisition, and became the talk of the town. He flaunted his wealthy lifestyle: a Maybach luxury car worth HK$6 million, a yacht worth HK$49 million, a mansion on Barker Road in The Peak and properties in London. He also frequently invited the media to witness team games, projecting the image of an international business tycoon.
All this glory gradually faded after the money laundering case was exposed. Birmingham fans had mixed reactions to his conviction. Some were happy and thought he had finally paid the price for his crimes, but others were concerned about whether the club's funds were implicated by dirty money and hoped that he would completely cut ties with the club.
3. Money laundering case exposed: the core charges of five crimes
On June 30, 2011, Yeung Ka-shing was arrested by the Commercial Crime Bureau of the Hong Kong Police at his residence on Barker Road, The Peak, shocking the business and sports communities. He was accused of laundering more than 720 million yuan in dirty money between 2001 and 2007 using three personal bank accounts and two accounts opened by his father, Yang Song. The prosecution said that these five accounts recorded huge amounts of deposits and withdrawals over seven years, but the balances were extremely low, indicating that their operating model was highly consistent with money laundering.
Specifically, the prosecution evidence showed that:
- Abnormal cash transactions: Five accounts frequently recorded large cash deposits and withdrawals. For example, Yang Jiacheng once deposited 6.3 million yuan in cash into a bank, claiming that it was used to "cover stock positions." An expert witness pointed out that 6.3 million thousand-dollar notes stacked up would be about half a meter high, questioning the claim that it is more efficient than remittances or checks. The witness responded calmly: "For securities practitioners, this is not a lot."
- Mystery over my father's household registration: The average monthly deposits of Yang Song’s two households from 2004 to 2007 reached 1 million yuan, but his annual income was only a few thousand yuan, which was seriously inconsistent with the deposit amount. Yang's father died in July 2012, and the judge believed that these households were actually controlled by Yang Jiacheng.
- Underworld figures implicated: The case involves a person nicknamed "Zhengbao"Zhang ZhitaiYang said that he would cooperate with him to invest in Macau VIP casinos and listed companies, so Zhang deposited money in him. The prosecution questioned why the transactions were conducted through the casino account, believing that this was a means of concealing the source of funds.
- Testimony of James Pui Chung: When testifying, James Tien mentioned that Yeung invested in the stocks of his son's company, but the funds were also transferred through Macau casinos. The judge questioned the unreasonable behavior of the two.
Yang Jiacheng defended himself in court, claiming that his wealth came from hairdressing business and legal investments. He said that after returning to Hong Kong in 1989, he opened the Vole Hair Salon in the Royal Pacific Hotel and the Peninsula Hotel, with an annual income of about 6 million yuan, and that transactions with Zhang Zhitai and others were normal business practices. However, these arguments failed to convince the court.
4. Trial focus: Judge denounces “telling lies while testifying”
During the trial, Yeung Ka-shing's testimony was repeatedly questioned by the prosecution and the judge. In his verdict, the judge accused him of "telling lies while testifying" and believed that the source of his wealth was inconsistent with the evidence. Here are some key points of contention:
- Exaggerated income from haircuts: Yang claimed that the hair salon brought in 6 million yuan in revenue each year, but did not provide specific evidence to support his claim. The judge believed that even if his clients included celebrities, such a scale of income was extremely unreasonable in the Hong Kong barbering industry at the time.
- Father's role clarified: Yang Jiacheng argued that the deposits in his father's account came from his business income, but Yang Song's annual income was only a few thousand yuan, which could not explain the monthly deposits of one million yuan. The judge determined that Yang's father was just a "puppet" and that the household registration was controlled by Yang.
- Questionable Transactions in Macau: Yang's transactions with Zhang Zhitai and Zhan Peizhong were conducted through casino accounts. The judge believed that this was evidence of deliberate concealment of the flow of funds rather than normal business behavior.
- Unusual cash operations: More than 700 million yuan was deposited into the five accounts within seven years, but the balance was very low, which is inconsistent with the general legal business model. The judge said this was a typical money laundering tactic.
In addition, the testimony of Pan Ji, former deputy director of Lippo Securities, also became the focus. Pan admitted that he had business dealings with Yang, including investing in Yang's mainland projects and holding 350 million shares of Hongfeng International Holdings (the predecessor of Birmingham Global), and serving as a non-executive director of SMI Group. The prosecution alleged that Yeung and his company held approximately 25% shares in Star Media and questioned whether the relationship between Poon and Yeung went beyond being a "regular customer". This evidence further undermined Yang's defense.
5. Ruling and consequences: 400 million yuan in assets face confiscation
On March 3, 2025, after a trial lasting several years, the District Court found Yeung Ka Shing guilty of five counts of money laundering. He remained calm after hearing the verdict, had a brief conversation with Birmingham Global Executive Director Ma Ruichang, waved goodbye to his family, and was then taken away in a prison van. The judge is scheduled to initiate the confiscation procedure of HK$400 million in assets on the 3rd of next month. Key considerations for sentencing:
- The amount involved is huge, and it is one of the largest individual money laundering cases in Hong Kong history.
- The criminal behavior spanned seven years, indicating a long-term systematic operation
- Using relatives’ accounts to increase the difficulty of investigation
Yang Jiacheng's current net worth remains controversial. In terms of stocks alone, it holds 834 million shares of Birmingham Global (closing price yesterday was HK$0.204, worth approximately HK$170 million) and 261 million shares of suspended Seng Pao Media (worth approximately HK$4 million), with a total book value of over HK$180 million. In terms of real estate, he bought a house on Barker Road in The Peak in 2010 and took out a mortgage of HK$50 million, but he stopped paying the mortgage in 2011 and the house was confiscated by the lender the following year. Currently, there are only units in Ying Biao Building with a market value of HK$11 million and units in Whampoa Garden with a market value of HK$7.5 million left.
6. The fate of Birmingham City: fans hope for a split
Yang Jiacheng's conviction will have a far-reaching impact on Birmingham Football Club. In 2014, he resigned as chairman and executive director of Birmingham Globe due to the case. The club's share price fell by more than 30% after it resumed trading, and its financial situation has been in a long-term slump. Fans had polarized reactions to this: some were glad that he was finally punished by law, believing that his money-making operations damaged the club's image; but others were worried that if 400 million in assets were confiscated, the club's funding chain would be affected, affecting its daily operations.
Fans generally hope that Yang will "break up" with the club. One fan wrote on social media: "It's a good thing that he's in jail, but don't drag down the club. We need new funds and a new start." Birmingham Globe is currently taken over by other management, but its future remains unclear. Now that Yang Jiacheng has been convicted, fans are worried:
- Risk of capital chain rupture: If the 400 million assets involved in the case are confiscated, it may affect the club's operating funds
- Sponsor withdrawal pressure: The scandal involving dirty money may damage the team's reputation
- Alliance qualification review: The English Football Association may launch an investigation into the source of club funds
Some radical fans even launched a campaign to "cut off Yang Jiacheng", demanding that he completely withdraw from the management to avoid affecting the team's performance in the Championship.
7. The mystery of wealth: Yang Jiacheng’s real assets
Although Yang Jiacheng claimed to be wealthy, the judicial investigation revealed that his financial situation was full of contradictions:
- Stock assets: It holds 834 million shares of Birmingham Global (market value of approximately 170 million) and 261 million shares of Sing Pao Media (market value of 4 million), but both companies have been in long-term losses and have extremely poor liquidity.
- Real estate shrinkage: The Peak luxury mansion was taken back by the silver owner, and now only middle-class properties such as Whampoa Garden are left, with a total value of less than 20 million.
- Heavy debt: Including yacht mortgage loans and multiple private loan lawsuits. Market rumors said that he had tried to sell the yacht at half price to "raise the flag" for the lawsuit but failed.
The judge directly pointed out that he "fabricated the image of a wealthy man" and actually covered up the funding gap through complex financial operations. This "house of cards"-style wealth structure eventually collapsed due to a money laundering case.
8. Conclusion: The Price of Wealth and Crime
Yeung Ka-shing’s money laundering case is not only his personal tragedy, but also a warning to Hong Kong’s business community and the international sports community. From a village boy to a Premier League team owner, it took him less than 20 years to reach the pinnacle of life, but due to greed and illegal operations, he fell into the abyss in just a few years. His story is a reminder that wealth without a legal basis will eventually be brought to justice.
The trial of case number DCCC860/11 has come to an end, but Yang Jiacheng's future is still full of uncertainties. Can he reflect on his past in prison? Can Birmingham City escape its shadow? These questions will only be answered with time.
Profile of Yang Jiacheng
- June 27, 2007: Acquired 29.9% equity in Birmingham for HK$240 million.
- June 2008: Acquired Sing Pao.
- October 8, 2009: Acquired more than 90% of Birmingham’s shares for nearly HK$1 billion.
- June 30, 2011: Arrested for money laundering.
- February 5, 2014: Resigns as Chairman of Birmingham Globe.
- February 7, 2014: Birmingham Global resumed trading, with its share price falling by more than 30%.
- March 3, 2025: Convicted of money laundering and remanded in custody awaiting sentencing.
