# Tiger, Futu and Longbridge would be penalised for soliciting business in China without an onshore licence, the securities regulator said.

*business · news · 2026-05-22 · Devdiscourse*

## Key points

- China will punish brokers Tiger, Futu, and Longbridge for operating without an onshore license.
- Clients of impacted brokers will only be allowed to sell, not purchase, during a two-year wind-down.
- Futu faces a proposed 1.85 billion yuan penalty, while UP Fintech has been fined over 308 million yuan.
- Hong Kong's SFC found 'significant deficiencies' among 12 brokers and will tighten account verification.
- The crackdown caused shares of brokers and major Chinese U.S.-listed firms to drop sharply in premarket trading.

**Companies:** Futu, Tiger, UP Fintech Holding, Longbridge
**Countries:** China, United States

[Read the full story on Devdiscourse](https://www.devdiscourse.com/article/technology/3918544-update-4-china-to-crack-down-on-illegal-cross-border-securities)

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