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China Fines Offshore Brokers Futu, Tiger, Longbridge in Cross-Border Crackdown

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The China Securities Regulatory Commission has fined three securities brokers for operating without proper approvals, according to a Friday notice from the securities watchdog.

The fines are part of a broader initiative by Beijing to crack down on unauthorized cross-border investments.

Tiger Brokers (NZ), Futu Securities International (Hong Kong), and Changqiao Securities (Hong Kong), also known as Longbridge, received administrative penalties for conducting securities trading within mainland China without the regulator's approval.

In a statement, Futu disclosed that the CSRC imposed a 1.85 billion yuan fine against the company, along with a 1.25 million yuan penalty for its founder and CEO Li Hua. The broker added that it is cooperating with the regulator.

Tiger Brokers' Nasdaq-listed parent company, UP Fintech, said it was handed a 308.1 million yuan fine. The firm said it is cooperating with regulatory authorities, pledging to "strictly implement the rectification measures required."

Longbridge also expressed its willingness to comply with rectification measures imposed by the CSRC, but did not disclose the details of its penalties, Reuters reported.

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