Story perspectives

China regulator fines Tiger, Futu, Long Bridge for cross-border trading.

5/22/2026

Summary

CSRC Cracks Down

The China Securities Regulatory Commission (CSRC) penalised Tiger Brokers, Futu Securities International and Long Bridge Securities for cross-border trading and will confiscate their ill-gotten gains.
The CSRC launched a crackdown with the Ministry of Public Security and the People’s Bank of China to eradicate securities, futures and fund-management operations.
After a Hong Kong Securities and Futures Commission order, Futu stopped opening accounts for mainland-Chinese applicants and is complying with rectification requirements.

Summary

SFC Tightens Oversight

Securities and Futures Commission found deficiencies in 12 brokers and will close accounts with forged documents.
It will tighten verification of new accounts and funding sources to stop illegal cross-border trades.
KPMG said Hong Kong raised HK$209.9 billion ($26.8 billion) in Q1 equity capital, while Futu and Tiger have underwritten 80 and 45 listings respectively since early 2025.
Dacheng partner Zhan Kai warned that penalties may rise or lead to criminal prosecution despite current leniency.

History

Historical Context

June 2015 saw China’s Shanghai Composite tumble about 30%, wiping roughly ¥6 trillion from market value and prompting the CSRC to levy a ¥2 billion fine on brokerages. The 2015-16 turbulence, driven by speculative borrowing, led regulators—including the CSRC, Hong Kong’s SFC and the People’s Bank of China—to reopen investigations of Tiger Brokers, Futu and Long Bridge, signaling tighter offshore oversight.

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CSRC Cracks Down

The China Securities Regulatory Commission (CSRC) penalised Tiger Brokers, Futu Securities International and Long Bridge Securities for cross-border trading and will confiscate their ill-gotten gains.
The CSRC launched a crackdown with the Ministry of Public Security and the People’s Bank of China to eradicate securities, futures and fund-management operations.
After a Hong Kong Securities and Futures Commission order, Futu stopped opening accounts for mainland-Chinese applicants and is complying with rectification requirements.

1 / 3