PANews reported on May 22 that Xiangshang Rongke (formerly Tiger Brokers) issued an announcement stating that some of its subsidiaries received a notice today from the Beijing Regulatory Bureau of the China Securities Regulatory Commission (CSRC), indicating that the bureau has launched an investigation into their suspected illegal activities in the securities, fund, and futures businesses. The investigation found that these subsidiaries engaged in unlicensed cross-border securities business and illegal fund and futures-related activities in mainland China. Based on the investigation results, the Beijing Regulatory Bureau imposed administrative penalties totaling approximately RMB 308.1 million and confiscated illegal gains totaling approximately RMB 103.1 million. Mr. Wu Tianhua, the company's director, CEO, and actual controller, also received a warning and was fined RMB 1.25 million. As of the end of 2025, retail client assets in mainland China accounted for approximately 10% of the company's total client assets in its consolidated financial statements.