Lam was defeated by Cheung but the former was reportedly able to earn HK$2 million from the match as Cheung promised to give him an extra HK$1 million on top of the HK$1 million appearance fee if he was unable to knock out Lam.

Lam is best known as the ex-boyfriend of Miss Hong Kong 2015 winner Louisa Mak Ming-sze. Lam, a former barrister, is currently a branch manager of Prudential Hong Kong insurance firm.

His feud with Cheung, founder of Hong Kong Esports and grandson of late tycoon Cheung Kung-hai, started earlier this year when the younger tycoon said he would give back HK$1 million to his YouTube fans.

Lam accused Cheung of copying his idea as Lam previously aimed to raise the same sum to hire 100 staffers for his insurance sales team.

The long-awaited celebrity boxing exhibition "We Are Champs 2021" was held Saturday night at Kowloon Bay International Trade & Exhibition Centre. Before the match, Lam had said he could knock out Cheung

Instead, Lam earned the name "running man" from announcer Joey Leung Wing-chung as Lam danced around the ring to avoid Cheung's attacks and frequently wrapped his arms around Cheung's neck or waist.

Leung chided: "It seems like Lam Chok loves exchanging sweat with [Cheung]."

Lam's energy flagged by the third round.

His face also appeared battered by the fourth round from Cheung's punches.

"I hope Lam Chok will learn to respect others," said Cheung after his win, "And take it easy with the newsjacking."

When the match was over, Cheung's coaching team rushed to the ring to scold Lam but was stopped by the referee and Lam's coach.

Lam's coach Bomber Heung Pak-wing told local media that Cheung's coaching team was emotional when Lam's team teased Cheung for failing to knock out Lam.

Five other matches were on show on Saturday, including a fight between YouTuber Jason Chau who beat singer Steven Cheung Chi-hang, and local boxer Raymond Poon Kai-ching's match with Muay Thai expert Dylan Yiu Tat-fai, which was won by the former.