UP Fintech said some subsidiaries received a notice from the Beijing office of the China Securities Regulatory Commission over unlicensed cross-border securities business and illegal fund and futures activities in mainland China. The action included CNY 308.1 million in penalties and confiscation of CNY 103.1 million in illegal gains, while CEO Tianhua Wu was given a warning and fined CNY 1.25 million. The company also said mainland China retail client assets accounted for about 10% of total client assets by the end of 2025, adding detail on the scale of its mainland-related exposure amid the regulatory action.