PANews reported on May 22 that, according to Jinshi, the China Securities Regulatory Commission (CSRC) has initiated an investigation into Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Changqiao Securities (Hong Kong) Limited for illegal securities business operations within China and has issued prior notice of administrative penalties. Tiger Brokers, Futu, and Changqiao, without CSRC approval and without obtaining licenses for securities brokerage or securities margin trading, conducted securities trading marketing and promotion, processed trading orders, and other related securities business services within China, obtaining related profits, violating Article 120 of the Securities Law and constituting illegal securities business operations. Based on Articles 202 of the Securities Law, 136 of the Securities Investment Fund Law, and 132 of the Futures and Derivatives Law, the CSRC intends to confiscate all illegal gains of Tiger Brokers, Futu, and Changqiao and impose severe penalties according to law. The parties involved have the right to make statements, defenses, and request hearings regarding the proposed administrative penalties. The CSRC will fully consider the opinions of the parties before making an administrative penalty decision according to law.