They used to rely on fake documents to open accounts; now they’re selling “internal channels” instead. Businesses that evade regulation are only going to swap skins—it won’t disappear.

Starting in late May, many banks in Hong Kong required customers to sign cross-border disclosure statements at the counter and verify the source of funds and transaction records, with some banks suspending the opening of investment accounts. Banks and brokerages also initiated checks on existing accounts. Previously, intermediaries had helped mainland residents bypass regulations to open Hong Kong brokerage accounts using false account proofs, invitation codes, and other methods; after policy adjustments, these intermediaries shifted to promoting the "last window period," recruiting customers through internal channels and account opening secrets, mostly involving small and medium-sized Hong Kong brokerages, with more covert tactics.