Tiger Securities is really scared! It hurriedly clarified that it is “not failing to cooperate with regulators,” and by paying a 400 million-yuan fine, it emphasized that compliance is the matter of life and death.

China Securities Regulatory Commission (CSRC) yesterday imposed a fine of 411.2 million RMB on Tiger Securities. Tiger International today urgently issued a statement denying claims of "refusing to cooperate with regulation" or "hardline confrontation with regulators," emphasizing that compliance is the company's lifeline. However, just yesterday, Tiger Securities (Hong Kong) Chief Operating Officer Wang Shan publicly stated that the relevant notice "does not directly apply to its Hong Kong entity."
(Background: The fine is out! China heavily penalizes Futu with 1.85 billion RMB and Tiger with 410 million RMB, with two major CEOs also held accountable)
(Additional background: Futu and Tiger saw pre-market crashes of 40%! China enforces "nuclear-level" regulation: mainland clients can only sell, not buy, starting immediately)

Key Summary

• Tiger International issued a statement denying "hard confrontation with regulation," stating that compliance is the company's lifeline and will strictly cooperate with CSRC rectifications
• Since 2023, has ceased opening accounts in mainland China; by the end of Q1, mainland clients' assets accounted for about 10%
• The day before, Hong Kong COO Wang Shan said "the notice does not apply to Hong Kong," but the next day, the parent company quickly changed tone to show loyalty

Tiger International Holdings (Nasdaq: TIGR) today (23rd) issued a statement clarifying in response to recent public claims of "refusing to cooperate with regulation" and "hard confrontation," stating that these remarks are completely false. The statement emphasizes that compliance is the company's lifeline and that it will strictly follow the guidance of the China Securities Regulatory Commission and relevant regulatory authorities for rectification.

Tiger International states that since 2023, it has fully ceased opening accounts and marketing activities for users in mainland China. By the end of Q1 2026, mainland Chinese clients' assets will account for approximately 10% of the group's total global assets. The company also notes that overseas market clients and asset scales continue to grow steadily, and it will steadily advance compliance work to ensure client asset safety.

Just the day before, they were bragging

Interestingly, the timing is notable. Yesterday (22nd), the CSRC officially announced a notice of administrative penalty, proposing to confiscate all illegal gains from Tiger and impose a fine totaling 411.2 million RMB, including about 308.1 million RMB in fines and about 103.1 million RMB in confiscated illegal gains.

On the same day, Tiger Securities (Hong Kong) Global Limited COO Wang Shan stated publicly that "we are aware of the relevant notice issued by the CSRC," but immediately emphasized that the notice "does not directly apply to its Hong Kong entity," citing that the company holds a license from the Securities and Futures Commission (SFC) of Hong Kong, operates independently, and is regulated by the SFC.

Some public opinion interpreted this as "hard opposition to the government," but Tiger International's parent company clarified today that it is clearly a fire drill.

Fell sharply overnight

After the news broke yesterday, Tiger Securities (TIGR) plummeted over 40% pre-market in the US stock market, and Futu Holdings (FUTU), which was also penalized, also dropped about 40%. On the same day, the CSRC issued an 1.85 billion RMB fine to Futu, and Changqiao Securities was also penalized.

The core illegal facts of the three brokerages are consistent: they provided account opening, marketing, order processing, and fund transfer services to mainland Chinese investors through domestic related entities and online platforms without approval from the CSRC.

Frequently Asked Questions

How much did China’s CSRC fine Tiger Securities?

The CSRC fined Tiger Securities a total of 411.2 million RMB, including about 308.1 million RMB in fines and about 103.1 million RMB in confiscated illegal gains. The core illegal act was providing cross-border securities services to mainland investors without approval.

What is the current proportion of mainland Chinese clients' assets at Tiger Securities?

According to Tiger International’s announcement, by the end of Q1 2026, mainland Chinese clients' assets will account for about 10% of the group's total global assets. The company has ceased opening accounts and marketing to mainland users since 2023.