The 78-year-old founder of the now-defunct Apple Daily newspaper was found guilty last month of collusion charges under a sweeping national security law, as well as one count of seditious publication.
Collusion offences "of a grave nature" will result in a prison term of between 10 years and life, while sedition comes with a maximum of two years.
Lai, a British citizen, has been behind bars since 2020, and multiple Western nations, including the United States and Britain, have called for his release.
The three-judge panel did not specify when they will sentence Lai and his eight co-defendants, which include six Apple Daily executives.
"There are a lot of legal issues... It's not an easy task," Judge Alex Lee said.
Defence lawyers conceded that the case -- which involved calls for foreign sanctions -- was likely of a "grave nature", meaning long jail terms.
All defendants except Lai pleaded guilty and some testified against him, which would entitle them to shorter sentences, the lawyers argued.
The court heard that associate publisher Chan Pui-man and her subordinate Lam Man-chung only played limited roles in the criminal conspiracy.
Chan, an award-winning journalist, sought a lenient sentence so she could take care of her elderly mother who suffers from dementia, her lawyer added.
Hong Kong activist investor David Webb dies at 60
Hong Kong (AFP) Jan 13, 2026 -
David Webb, a Hong Kong activist investor who campaigned for market transparency and democratic accountability, died on Tuesday aged 60, according to a statement posted on his social media.
"It is with great sadness that we share that David M. Webb MBE passed away peacefully in Hong Kong on Tuesday January 13th, 2026 from metastatic prostate cancer," the statement read.
"David will be missed by family, many friends, and supporters. The family request privacy at this difficult time."
Webb was championed by retail investors, who saw him as a rare outlier in a corporate world known for vested interests and opacity -- and a headache for regulators whose failings he laid bare.
His online database, Webb-site, was an invaluable resource for regulators, investors, journalists and lawyers for decades until its shutdown late last year.
Webb told AFP in 2024 that his ethos could be summed up in one word: "fairness".
"Fair treatment, which comes with giving people all the information that is relevant and giving them the power to make decisions," he said.
"And choice, whether it's in economics or in finance or in politics."
Webb revealed his cancer diagnosis in 2020.
He was awarded a Member of the Order of the British Empire (MBE) last year for his decades-long contributions to Hong Kong.
- 'Did my best' -
Born in Britain, Webb moved to Hong Kong from London in 1991 and retired from investment banking seven years later.
"Having already made enough money to be financially secure, I was more interested in leaving some mark on the system than just dying rich," Webb told AFP.
His wide-ranging causes included corporate transparency and tax reform.
He founded his non-profit website in 1998, which tracked the ins and outs of the financial sector and gave him a platform.
His greatest triumph was his 2017 expose of the "Enigma Network", involving cross-shareholdings in 50 listed companies, which had eluded regulators.
The ensuing crash wiped out $6 billion in market value.
Webb was a longtime member of Hong Kong's Takeovers and Mergers Panel and at one time served as an independent director of the city's stock exchange operator.
He told AFP he often ran up against vested interests but "I don't think I'm at war with anybody".
Webb, who became a Hong Kong permanent resident, believed that the former British colony's success was its "differentiation" from mainland China.
He addressed pro-democracy demonstrators during the city's 2014 Umbrella Movement, speaking in favour of a "free market in leadership".
The activist investor also criticised Hong Kong authorities during the city's huge and sometimes violent pro-democracy protests in 2019.
In one of his last public appearances, Webb warned in May 2025 that the rise of authoritarianism in Hong Kong had threatened its core economic model.
Looking back at his career, he told reporters he was "certain" he would stay in Hong Kong.
"I wanted to make a contribution... I will die confident that I did my best."
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