According to an announcement released by the China Securities Regulatory Commission (CSRC) on May 23, the regulator has decided to confiscate all illegal gains of Tiger Whale Securities, Futu Holdings, and their overseas-related entities, because they conducted cross-border securities and futures business without authorization. The proposed penalties are: Tiger Whale Securities 411.2 million RMB, and Futu Holdings 1.85 billion RMB. This enforcement action follows an investigation into these institutions’ expansion of overseas business activities that did not comply with regulations.

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