Tiger, Futu, and Changqiao will be fully banned from domestic operations. Existing mainland clients are only allowed to sell unidirectionally.

[Caixin] After more than three years of regulatory rectification, cross-border stock trading platforms that had long been operating in a gray area have finally moved into liquidation.

On May 22, the China Securities Regulatory Commission announced that it has, in accordance with the law, filed a case for investigation into relevant domestic and overseas parties of Tiger Brokers (NZ) Limited (hereinafter referred to as “Tiger”), Futu Securities International (Hong Kong) Limited (hereinafter referred to as “Futu”), and Changqiao Securities (Hong Kong) Limited (hereinafter referred to as “Changqiao”) for actions such as conducting illegal securities business within China, and issued a prior notice of administrative penalty.

The China Securities Regulatory Commission stated that the relevant domestic and overseas parties of Tiger, Futu, and Changqiao conducted securities transaction marketing and promotion, handled transaction instructions, and other related securities business services within China without approval from the China Securities Regulatory Commission, without obtaining permission to operate securities brokerage business or permission to operate securities margin financing and securities lending business, and obtained related profits. This violates the provisions of Article 120 of the Securities Law and constitutes illegal securities business operations.