BlockBeats news, on June 6, following Futu, Tiger Brokers, and Changqiao, another cross-border brokerage announced the wind-down of its existing business in mainland China. On the morning of June 6, Huasheng Securities notified clients that, starting June 15 Beijing time, it will make the following adjustments to services for existing investors in mainland China: First, for trading services in mainland China—new positions and additional positions in stocks and all other instruments will be suspended; only sell and close-out operations will be supported. Second, for fund transfer services in mainland China—deposits of funds and securities will be suspended, while withdrawal functions will remain operational.
The notice states that this adjustment is being made to comply with industry regulatory requirements during the two-year concentrated rectification period, promoting the standardized development of cross-border securities business. It emphasizes that this adjustment does not affect the provision of services to existing investors overseas, nor does it impact the security of all clients’ existing assets; clients can continue to normally check their accounts, hold, and sell their existing positions. This also means that, in addition to the three brokerages directly named by the China Securities Regulatory Commission on May 22, some smaller and medium-sized brokerages will also begin rectifying their existing illegal businesses. (Yicai)