First, the China Securities Regulatory Commission took action against Futu, Tiger, and Changqiao, confiscating all illegal gains, and set a 2-year withdrawal period. Existing users can only sell, not buy.

Many people think this is already the strictest measure.
Today, the State Council issued another decision: for ordinary individuals who invest abroad without completing the required verification and filing procedures, illegal gains will be confiscated, with a maximum penalty of 10‰ of the investment amount; if they refuse to make corrections, their assets will be forcibly handled.
With brokerages gone, individual investing also carries legal risks.
From banning new account openings in 2022 to a joint notice issued by eight departments in 2026.
For ordinary people who want to invest in U.S. stocks, legitimate channels are getting narrower and narrower.