This time, cross-border brokers have caught the attention of the CSRC, with Futu, Tiger, and Changqiao all on the list. Operating domestically without licenses is finally going to be penalized; compliance is unavoidable.

The China Securities Regulatory Commission has filed investigations and plans to impose administrative penalties on domestic and foreign entities such as TigerBrokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Cheung Chiu Securities (Hong Kong) Limited for engaging in illegal securities business operations within the country. They are not authorized to carry out securities trading promotion, process trading instructions, and other related activities within the country. Illegal gains will be confiscated and penalized; the parties involved have the right to make statements, defend themselves, and request hearings.