Vietnam-linked Fun Coffee collapses in Hong Kong after 222% return pitch

Hong Kong’s securities regulator has warned that Fun Coffee has seemingly run a cryptocurrency scam.

The venture linked to Vietnam masqueraded as a coffee investment brand. Total losses of more than HK$1 billion, or $127 million, are now being reported by investors across the city.

Fun Coffee promised 222% returns, then emptied its offices

Fun Coffee came to Hong Kong in late 2025 with loud promotions and a promise that did most of the selling, with annual returns of as much as 222%. To collect, participants were asked to download an app, complete what were called “tasks,” and send money via virtual assets. Interest was to come later. Many of those who signed up said they were brought in by someone they already knew.

The business claimed a headquarters on Vietnam’s Phu Quoc island, funds above US$1 billion, and more than 5,000 employees. It compared itself to the big coffee chains and floated ideas about going public. In December 2025, they held a local running event and handed out leaflets, some of them bizarrely framed as anti-fraud awareness.

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