Tiger Securities has been fined heavily this time; their unlicensed cross-border operations have finally hit a wall.

BlockBeats reports that Xiangshang Rongke (formerly Tiger Securities) has announced that on May 22, 2026, some of its subsidiaries received notices from the CSRC Beijing Regulatory Bureau, involving unlicensed cross-border securities and illegal activities related to funds and futures conducted in mainland China. The regulatory authority imposed a total administrative penalty of 308.1 million yuan and confiscated 103.1 million yuan of illegal gains; the Chairman and CEO, Wu Tanhua, was issued a warning and fined 1.25 million yuan. As of the end of 2025, the group’s retail customer assets in mainland China accounted for approximately 10%.