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UP Fintech Units Fined RMB 308.1 Million by Beijing Securities Regulators

UP Fintech said Beijing regulators penalized certain subsidiaries over unlicensed cross-border securities business and illegal fund and futures activities, while mainland China retail client assets represented about 10% of total client assets by end-2025.

Summary

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.

Terms & Concepts
  • Cross-border securities business: The offering of securities-related services across different jurisdictions, which typically requires regulatory approval in each market involved.
  • Futures: Standardized contracts to buy or sell an asset at a set price on a future date, usually overseen by financial regulators.
  • Illegal gains confiscation: A regulatory penalty that requires firms to surrender revenue or profits authorities say were obtained through unlawful activity.