The China Securities Regulatory Commission sanctioned three brokers for illegally facilitating overseas securities trading for domestic investors, according to a Friday statement by the watchdog.
Tiger Brokers (NZ), Futu Securities International (Hong Kong), and Longbridge Securities (Hong Kong) will have their ill-gotten claims confiscated and face "severe penalties," the regulator said.
"Such illegal cross-border business operations have disrupted the market order and should be subjected to a heavy crackdown," the securities regulator said.
CSRC's move is seen to crack down on illegal outflows and regulate market misconduct, the South China Morning Post reported separately.