The Hong Kong High Court has provided a rare glimpse into the opulent and often opaque financial dealings of the elite who once dominated China’s entertainment and investment sectors. A recent 100-page judgment has finally settled a long-standing dispute involving Huang Youlong, the ex-husband of superstar actress Zhao Wei, revealing a staggering AUD 60 million (approximately $40 million) gambling debt accrued over just six days in 2015.
The case centered on a claim by Alice Choi, a former marketing executive at Crown Perth in Australia, who sought to recover millions in interest based on alleged oral credit agreements. However, the court dismissed the claim, ruling that the credit was extended by the now-infamous Suncity Group rather than Choi personally. This verdict highlights the precarious nature of the junket system, where multi-million dollar transactions were often settled through informal handshakes and cross-border grey-market channels.
For Huang and Zhao, the revelation serves as another chapter in a precipitous fall from grace that began with a botched corporate takeover in 2016. Once hailed as the "Warren Buffett of China," the couple was hit with a five-year ban from the Chinese securities market in 2018 after attempting a highly leveraged acquisition of Wanjia Culture. That move, which utilized 50-times leverage, drew the ire of regulators who were tightening their grip on speculative capital and aggressive private investors.
The timing of the court’s disclosure coincides with Zhao Wei’s recent public confirmation of her divorce, effectively distancing her brand from Huang’s mounting legal and financial liabilities. As Zhao’s business footprint continues to shrink—with many of her former 17 companies now dissolved or deregistered—the saga underscores the end of an era. It was a period defined by the convergence of celebrity influence and aggressive private equity, which has since been dismantled by Beijing’s push for financial stability.