China’s securities regulator has opened enforcement actions against Futu, Tiger Brokers, and Longbridge Securities, accusing the offshore online brokerages of illegally serving mainland investors who used the platforms to trade U.S. and Hong Kong stocks.
The China Securities Regulatory Commission (CSRC) said on May 22 that it had opened investigations and issued administrative penalty pre-notification letters against Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, Longbridge Securities (Hong Kong) Limited, and their related onshore and offshore entities.
The regulator said the firms conducted securities brokerage and margin-financing services in mainland China without approval and also “illegally” engaged in public-fund sales and futures brokerage activities….
China Moves to Shut Down Offshore Stock-Trading Channels Used by Mainland Investors
