The 1998 Financial Services by-election was originally scheduled on 5 November 1998 after impeachment of the incumbent Legislative Councillor Chim Pui-chung for conspiring to forge documents.

Fung Chi-kin from the Hong Kong Progressive Alliance and was declared elected on 16 October after uncontested, retaining the seat for the pro-Beijing camp.

On 9 September 1998, after the summer recess ended, Edward Leong moved a resolution in the Council which reads:[2] That whereas the Honourable CHIM Pui-chung was convicted on 1 August 1998 in the Court of First Instance of the High Court in the Hong Kong Special Administrative Region of a criminal offence, and was sentenced on 3 August 1998 by the same Court to imprisonment for one month or more (as particularized in the Schedule), this Council relieves the Honourable CHIM Pui-chung of his duties as a Member of the Legislative Council.A voting was followed by the debate.

The question was put which reads: "That the resolution moved by Dr LEONG Che-hung, as set out on the Agenda, be passed.

[4] Upon the adoption of the resolution, the President announced that: "In accordance with Article 79 of the Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China, I now declare that Mr CHIM Pui-chung is no longer qualified for the office of a Member of the Legislative Council.