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Tiger Securities' Subsidiaries Fined 308.1 Million Yuan by China Regulator for Unlicensed Cross-Border Securities Business

GateNews
Stocks
According to ChainCatcher citing an official announcement, Tiger Securities (now Upfusion) disclosed on May 22 that its subsidiaries received notice from China Securities Regulatory Commission Beijing Bureau regarding illegal securities, fund, and futures activities. The regulator found the subsidiaries conducted unlicensed cross-border securities business and engaged in illegal fund and futures operations in mainland China. CSRC Beijing Bureau imposed a total administrative penalty of approximately 308.1 million yuan and confiscated approximately 103.1 million yuan in illegal gains. CEO and actual controller Wu Tianhua received a warning and was fined 1.25 million yuan.
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