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Deep Tide TechFlow News, June 2nd, Tiger Securities (TIGR.O) announced: Recently, on May 22nd, the Beijing Regulatory Bureau of the China Securities Regulatory Commission imposed administrative penalties on some of the company's subsidiaries and ordered the confiscation of illegal gains, totaling approximately 411 million RMB (about 59.7 million USD).
The penalties stem from some subsidiaries conducting unlicensed cross-border securities business within China, as well as illegal activities related to fund and futures businesses.
The company sincerely accepts the penalties and has confirmed them as major matters after the first quarter.
Considering the company's overall profitability and cash flow situation, this one-time expense will not have a significant adverse impact on the company's operations or long-term development.