Lower your voices that make you money, don’t show off wealth! Now it’s all gone, right? GONE.

Today, the China Securities Regulatory Commission named Tiger, Futu, and Changqiao, planning to impose strict penalties and confiscate the proceeds of illegal activities according to law.
During the two-year rectification period, existing users are only allowed to close positions and exit, no new purchases are permitted; funds can only flow out, no longer flow in, and after the deadline, the app will be completely shut down.
The reason: During this period, the wealth effect from IPOs in US stocks and Hong Kong stocks has been significant, attracting a large outflow of funds, which is not beneficial for the long-term development of the A-shares market.
The phase of wild growth for cross-border brokers has basically ended. Going forward, the competition is no longer about who expands faster, but who can better survive within the regulatory framework.