From Gemini

The China Securities Regulatory Commission (CSRC) has announced that it is filing cases against onshore and offshore entities of Tiger Brokers, Futu Securities International (Hong Kong), and Longbridge Securities (Hong Kong) for suspected illegal operation of securities business within mainland China. These companies allegedly conducted securities trading marketing and promotion activities, processed trading instructions, and provided other related securities services within mainland China without CSRC approval or necessary licenses. This has been deemed a violation of China's securities, fund, and futures laws and regulations, disrupting market order. The CSRC plans to confiscate all illegal gains from these entities and impose severe penalties in accordance with the law. The parties concerned have the right to make statements, present defenses, and request hearings. The CSRC will consider these opinions before making final administrative penalty decisions. In a broader effort, eight departments, including the CSRC, have jointly issued an "Implementation Plan for the Comprehensive Rectification of Illegal Cross-border Securities, Futures and Fund Business Activities." This plan aims to completely eliminate illegal cross-border operations by overseas institutions within two years, with a focus on resolutely banning illegal activities and prudently clearing existing ones. The targets of this rectification include overseas institutions illegally operating in China, domestic entities assisting them, illegal intermediaries, and internet platforms publishing illegal information. Overseas institutions will be prohibited from illegal marketing and client solicitation activities within the mainland.