Tiger Brokers: Subsidiary fined RMB308.1 million by Beijing Regulatory Bureau

Xiangshang Rongke (formerly Tiger Brokers) announced on May 22 that some of its subsidiaries received a notice from the Beijing Regulatory Bureau of the China Securities Regulatory Commission (CSRC). The bureau has launched an investigation into their suspected illegal activities in the securities, fund, and futures businesses. The investigation found that these subsidiaries engaged in unlicensed cross-border securities business and illegal fund and futures-related activities in mainland China. Based on the investigation results, the Beijing Regulatory Bureau imposed administrative penalties totaling approximately RMB308.1 million and confiscated illegal gains totaling approximately RMB103.1 million. Mr. Wu Tianhua, the company's director, CEO, and actual controller, also received a warning and was fined RMB1.25 million. As of the end of 2025, retail client assets in mainland China accounted for approximately 10% of the company's total client assets in its consolidated financial statements.