The company said the May 22 action relates to unlicensed cross-border securities business in China and violations involving fund and futures operations, and added that the one-off charge will not materially affect its business.
Tiger Brokers said Beijing regulators imposed penalties and confiscations totaling 411 million yuan ($59.7 million) in an action dated May 22. According to the company, the case involved unlicensed cross-border securities business in China as well as violations tied to fund and futures businesses. Tiger Brokers said the charge is a one-off item and stated that it does not expect a material impact on operations or long-term development. The case highlights regulatory scrutiny of cross-border financial services and licensed activity in China’s securities and derivatives markets.