The China Securities Regulatory Commission announced that investors in stocks will continue to carry out transactions through the original overseas institutions.
According to the China Securities Journal, a spokesperson for the CSRC said on Wednesday (February 15) that the CSRC recently deployed and carried out the standardized rectification work of illegal cross -border exhibition industry in domestic securities companies.
A spokesman for the CSRC said that on December 30 last year, the CSRC promoted the rectification of illegal cross -border exhibitions of Futu Holdings and Tiger Securities in accordance with the law, and issued a press release.On January 13 this year, the Securities and Futures Commission officially issued the management measures of securities brokerage business, which clearly strengthened the daily supervision of illegal cross -border brokerage business, and steadily and orderly promote the rectification norms.
The spokesman said that the standard rectification work of the above illegal cross -border exhibition industry is carried out in accordance with the principle of "effectively curbing increment and orderly resolving the stock".The core requirement is that it is not allowed to solicit domestic investors that are not allowed to recruit domestic investors in violation of regulations. At the same time, investors in the stocks are still allowed to continue trading through the original overseas institutions, but the existing investors to overseas accounts to overseas accountsWhen transferring incremental funds, we should strictly abide by the relevant regulations of Chinese foreign exchange management.
The Securities Regulatory Commission said that the next step will urge relevant securities companies and their subsidiaries to implement relevant laws and regulations, steadily promote the regulatory rectification work, safeguard the normal order of the market, and protect the legitimate rights and interests of investors.At the same time, it will continue to strengthen the supervision and cooperation with domestic and overseas regulatory authorities to ensure the smooth progress of rectification work and maintain the smooth operation of the market.
According to Bloomberg, as soon as the news came out, Futu and Tiger's stock price rose sharply on Wednesday in the United States.
China required Futu Holdings and Tiger Securities to rectify illegal cross -border exhibition activities at the end of last year.This moved the market value of the two companies to evaporate billions of dollars, and the Hong Kong listing in Futu was postponed.Since then, some securities firms in Hong Kong have begun to comprehensively suspend the buying function of the securities accounts opened by all mainland customers on the mainland.It is reported that there are also Chinese -funded subsidiaries from overseas subsidiaries began to suspend the opening of mainland residents.
Bloomberg reported that China banned residents from using a facilitation of foreign exchange purchases of 50,000 US dollars (about S $ 66,800) per year to purchase securities and insurance overseas, but many residents in mainland China avoided this through overseas account opening to avoid this through overseas account opening.One provision.In Hong Kong, some securities firms have been carried out in the gray area, leaving millions of Chinese investors bypassed capital control.
