Can’t speculate on U.S. stocks anymore for people within China, with Chinese residency/identity?

Today’s major news directly cut the share prices of several platforms in half.
I used to think that since Futu and Tiger have been operating for so many years, nothing would happen.
But this time, the CSRC went straight for the highest-pressure level of action.
Case filing for an investigation + administrative penalties.
And they confiscated all illegal gains.
You should know that the revenue scale of these platforms is incredibly staggering.
If you really calculate it based on “all illegal gains,” no one can imagine how big the amount would be.
More importantly, regulation isn’t just about fines.
It’s telling everyone that
investors within China who participate in overseas securities trading through cross-border internet brokers can’t continue to do so.
Regulators are closing the door completely.
The era when Chinese retail investors could freely trade/speculate on U.S. stocks is over.