The CSRC takes action to confiscate illegal gains and impose heavy penalties; it seems the era of unlicensed domestic business expansion is truly coming to an end.

The China Securities Regulatory Commission announced that Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Cheung Chiu Securities (Hong Kong) Limited have engaged in illegal cross-border business activities, violating China's securities, fund, and futures laws and regulations. The three institutions conducted securities trading marketing, promotion, and transaction instruction handling without approval within the country, and were involved in illegal public fund sales and futures brokerage activities. The CSRC plans to confiscate all illegal gains of the relevant entities and impose strict penalties according to law. (Xinhua News Agency)