For years, they banged the drum for justice, noisily protesting outside banks as they sought the return of money lost on minibonds when Lehman Brothers went to the wall in 2008.
Whereas once there were dozens of investors banging drums and hanging banners, now just a handful continue their daily protests outside banks in Central - and while they are determined to fight on, they know all too well that their bargaining power is diminishing.
While 35,000 of the 43,000 Hongkongers who bought Lehman-linked minibonds have long since been compensated between 60 per cent and 97.5 per cent for their losses, at least 2,500 had not received a cent by the time a Legislative Council subcommittee released its report on the affair yesterday. The outcome for investors who didn't settle or complain to regulators is unknown.
Compensation deals excluded those defined as professional or experienced investors.
'Victims who persist in protesting have become more isolated. There's a concern that our bargaining power is decreasing,' said Peter Chan Kwong-yue, former chairman of the Alliance of Lehman Brothers' Victims. 'But the report will not signify the end of our fight for justice. We will continue to see what we can do.'
Chan said many of those who joined the protests chose to accept compensation, while others could no longer take the stress. There were also elderly investors who physically struggled to make it to protests.
The group did manage to muster about 100 protesters outside the Legco building for the release of the report, which said Hong Kong's 'ineffective' financial regulatory structure was at the root of the problems leading to the crisis.