The debacle began when an HKEx consultation paper suggested that low-value shares should be delisted after a certain period of time, a proposal which led to the collapse of the majority of so-called 'penny shares', and devastated many investors by wiping out their life savings in the process.

A report on the events following the publication of the consultation paper, released on Tuesday, condemned Mr Ma, arguing that he had 'clearly misinformed' Financial Secretary Antony Leung Kam'chung, and that his 'lack of close geographical connection' with his staff had prevented him from properly inspecting the delisting proposals before they were made public.

Pressed several times since the release of the report to apologise, Mr Ma refused, arguing that he had not failed in his responsibilities.

However, possibly due to pressure from above, the Financial Services Secretary appeared penitent on Wednesday, admitting his guilt and publicly apologising for his role in the recent events:

'Since the penny stocks matter happened, I have been very distressed and self-critical,' he revealed. 'Although the report did not say I was negligent, the unfortunate matter did happen under my jurisdiction. As well as this, my performance at the Legislative Council was not good and I know that many investors were affected...I therefore feel like expressing my deep regret. I also want to officially and sincerely apologise to the public.'

However, the gesture has been condemned as too little, too late by the SAR's media.

'Should he think an apology was enough, let it be known that the public doesn't,' the Hong Kong Standard warned darkly, adding that: 'The government needs to relearn the ABCs of crisis management and damage control. What it has done in the past two days was certainly below par and disappointing.'