Key Summary
- Tiger International issued a statement denying allegations of "bluntly defying regulations," stating that compliance is the lifeline of its operations and that it will strictly cooperate with the CSRC's rectification efforts.
- Since 2023, the company has stopped opening accounts in mainland China, and by the end of Q1, the proportion of assets held by mainland clients had dropped to approximately 10%.
- The day before, Hong Kong COO Wang Shan stated that "the notice does not apply to Hong Kong," but the next day the parent company made a sudden reversal to express its loyalty.
Tiger International Holdings (Nasdaq: TIGR) issued a statement today (23rd) clarifying recent claims of "refusal to cooperate with regulators" and "hardline opposition to regulators," stating that such statements are completely inconsistent with the facts. The statement emphasized that compliance is the lifeline of the company's operations and that it will strictly follow the guidance of the China Securities Regulatory Commission and relevant regulatory authorities to carry out rectification.
Tiger International stated that it has completely ceased account opening and marketing activities for users in mainland China since 2023. As of the end of the first quarter of 2026, mainland China clients' assets accounted for approximately 10% of the Group's total global assets. The company also noted that the scale of its overseas clients and assets continues to grow steadily, and it will steadily advance its compliance efforts to ensure the safety of client assets.
They were still arguing the day before.
What's intriguing is the timing. Just yesterday (the 22nd), the China Securities Regulatory Commission (CSRC) officially announced a prior notice of administrative penalty, proposing to confiscate all of the tiger's illegal gains and impose fines, totaling 411.2 million yuan, including a fine of approximately 308.1 million yuan and the confiscation of illegal gains of approximately 103.1 million yuan.
On the same day, Wang Shan, COO of Tiger Brokers (Hong Kong) Global Limited, stated that she was "aware of the relevant notice issued by the China Securities Regulatory Commission," but immediately emphasized that the notice "does not directly apply to its Hong Kong entity" because the company holds a license from the Hong Kong Securities and Futures Commission (SFC) and is an independently operating licensed corporation regulated by the SFC.
This statement was interpreted by some as "standing up to the government," but Tiger International's parent company clarified today that it was clearly an attempt to quell the controversy.
I fell to my bones last night.
Following the news yesterday, Tiger Brokers (TIGR) shares plunged more than 40% in pre-market trading, while Futu Holdings (FUTU), which was also penalized, plummeted by about 40%. The China Securities Regulatory Commission (CSRC) issued a fine of 1.85 billion yuan to Futu on the same day, and Changqiao Securities was also penalized.
The core illegal acts of the three securities firms are consistent: without the approval of the CSRC, they have long provided services such as account opening, marketing, transaction order processing and fund transfer to investors in mainland China through related entities and online platforms within China.
Frequently Asked Questions
How much was Tiger Brokers fined by the China Securities Regulatory Commission?
The China Securities Regulatory Commission (CSRC) imposed a total fine and confiscation of RMB 411.2 million on Tiger Brokers, including a fine of approximately RMB 308.1 million and confiscation of illegal gains of approximately RMB 103.1 million. The core illegal act was providing cross-border securities services to mainland investors without approval.
What percentage of Tiger Brokers' clients' assets are currently held by mainland Chinese clients?
According to Tiger International's announcement, as of the end of the first quarter of 2026, assets held by mainland Chinese clients accounted for approximately 10% of the Group's total global assets. The company has ceased opening accounts and marketing to mainland Chinese users since 2023.
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