Regulatory decision is final; overseas identity has become hard currency. The generational game has just begun.

On May 22, after the CSRC issued hefty fines to overseas brokers such as Futu, Tiger, and Changqiao, the Futu app community suddenly evolved into a covert, marriage-and-dating-style securities market, revealing the middle class’s intense demand for overseas identities. The account-opening threshold has been raised step by step—from utility and water/electricity bills to overseas passports—making identity a rare, hard currency and enabling asset allocations such as U.S. stocks and overseas insurance. With regulators’ crackdown finally landing, the price of “identity insurance” has jumped, and this intergenerational transfer will continue to push up the value of overseas identities.