There are three ways for Chinese people to buy U.S. stocks, and they are becoming one. I don't need to tell you how complicated this used to be. Opening a TD Ameritrade account required a passport and an overseas bank account, and depositing funds via wire transfer took 3-5 business days and could be returned. Futu and Tiger Securities were simpler, but they are now being phased out. Tokenized U.S. stocks have the lowest barrier, but what you hold isn't real stock, with no voting rights and no dividend guarantees.

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