Outspoken economist Gao Shanwen leaves his Hong Kong financial firm: source

Gao’s license in Hong Kong lapsed at the end of last month, and he is no longer working at a financial firm in the city, SFC records show

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Published: 6:00pm, 10 Jan 2025

Outspoken analyst Gao Shanwen, chief economist at SDIC Securities, left the Hong Kong unit of the company, and his license with the city’s market regulator has expired, according to a person familiar with the situation.

Gao’s departure came after he raised questions about China’s official growth data last month.

According to the website of Securities and Futures Commission (SFC), Gao’s license allowing him to offer investment advisory services as a representative of SDICS International Securities (Hong Kong) lapsed on December 31.

Gao cannot carry out any investment advisory services in Hong Kong because he has no principal, meaning he is not working for a financial firm regulated by the SFC, according to the regulator’s website. Gao was licensed starting in May 2012.

His license expired because Gao resigned from the Hong Kong financial firm, according to a source familiar with the situation. The source added that Gao was still with the mainland unit of SDIC Securities, a financial firm based in Shenzhen.

SDIC Securities did not respond to an email inquiry, and Gao could not be reached for comment.

At an investor meeting in Shenzhen in December, he said China’s economic growth figures have been overstated by 3 percentage points annually over the past several years.