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Beijing Intensifies Enforcement Against Unlicensed Cross-Border Brokers

China's securities regulator is moving aggressively against unauthorized offshore trading platforms. Targeted major brokers include Futu Holdings, Tiger Brokers, and Longbridge Securities, which are operating on the mainland without proper licensing. The crackdown aims to curb illegal capital outflows and requires non-compliant accounts to cease operations within two years, with severe penalties threatened against violating firms. The enforcement escalates a years-long campaign to tighten oversight of cross-border equity flows. Chinese investors are actively seeking alternative avenues to trade overseas stocks following the regulatory action. The campaign has already rattled markets, with one prominent trading executive seeing his wealth decline by more than $1.7 billion in a single trading session. Regulators are signaling their intent to maintain strict control over how capital moves across borders.