Tiger Brokers: One-time expenses will not have a significant adverse impact on the company's operations or long-term development

On June 2nd, Tiger Securities (TIGR.O) announced that on May 22nd, the Beijing Regulatory Bureau of the China Securities Regulatory Commission imposed administrative penalties on some of its subsidiaries, ordering the confiscation of illegal gains totaling approximately 411 million RMB (approximately 59.7 million USD). The penalties stem from certain 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 recognized them as a significant event subsequent to 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 its operations or long-term development.