PANews reported on June 2nd that Tiger Brokers (TIGR.O) stated that on May 22nd, the Beijing Regulatory Bureau of the China Securities Regulatory Commission (CSRC) imposed administrative penalties on some of the company's subsidiaries and ordered the confiscation of illegal gains, totaling approximately RMB 411 million (approximately US$59.7 million). The penalties stemmed from some subsidiaries conducting unlicensed cross-border securities business within China, as well as illegal activities involving fund and futures businesses. The company sincerely accepts the penalties and has recognized them as a significant event following the first quarter. Considering the company's overall profitability and cash flow situation, this one-time expenditure will not have a material adverse impact on the company's operations or long-term development.