China Investigates TigerBrokers, Futu, and Longbridge for Illegal Securities Operations

China's Securities Regulatory Commission has launched an investigation into TigerBrokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Longbridge Securities (Hong Kong) Limited for conducting illegal securities operations both domestically and internationally. According to ChainCatcher, these entities have been operating without the necessary approvals for securities brokerage and margin trading services, violating Article 120 of the Securities Law. The commission plans to confiscate all illegal gains from these operations and impose severe penalties in accordance with Article 202 of the Securities Law, Article 136 of the Securities Investment Fund Law, and Article 132 of the Futures and Derivatives Law. The involved parties have the right to present their case, argue, and request a hearing before a final administrative penalty decision is made.