China Securities Regulatory Commission plans to severely punish Tiger, Futu, and Changqiao according to law

May 22nd News, according to Jinshi, the China Securities Regulatory Commission (CSRC) has filed an investigation and issued a prior notice of administrative penalties against TigerBrokers(NZ)Limited, Futu Securities International (Hong Kong) Limited, and Changjiang Securities (Hong Kong) Limited for illegally operating securities businesses within the territory. Tiger, Futu, and Changjiang's relevant domestic and overseas entities, without the CSRC's approval and lacking licenses for securities brokerage and margin trading businesses, engaged in securities trading marketing and promotion, processed trading instructions, and provided other related securities business services within the territory, thereby obtaining relevant income. This violates Article 120 of the Securities Law and constitutes illegal operation of securities businesses. In accordance with Articles 202 of the Securities Law, Article 136 of the Securities Investment Fund Law, and Article 132 of the Futures and Derivatives Law, the CSRC intends to confiscate all illegal gains of the relevant domestic and overseas entities of Tiger, Futu, and Changjiang, and impose severe penalties according to law. The parties involved have the right to make statements, defend themselves, and request hearings regarding the proposed administrative penalties. The CSRC will fully consider the opinions of the parties before making a final administrative penalty decision in accordance with the law.