The Hong Kong Monetary Authority (HKMA) has issued a warning to the public in Hong Kong regarding Shao Bank. The HKMA has clarified that Shao Bank is not authorized to conduct banking business or take deposits in Hong Kong, and it has not been approved to establish a local representative office in the city under the Banking Ordinance. Given the global nature of the Internet, the HKMA has reminded individuals to exercise caution and verify the status of any entity offering bank accounts or soliciting deposits before transferring funds or disclosing personal information.
resource: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/03/20230321-5/