Di Yi Cai Jing·2025-09-22 11:44Core Viewpoint - The recent regulatory changes have led to cross-border internet brokers, Futu Securities and Tiger Brokers, tightening their account opening policies for mainland Chinese residents, significantly impacting their ability to invest in Hong Kong and U.S. stocks [2][3]. Group 1: Regulatory Changes - Futu Securities now requires mainland Chinese clients to hold overseas permanent residency identification to open accounts, while Tiger Brokers has stopped accepting applications from mainland residents altogether [2][3]. - Previously, Futu Securities allowed account openings for mainland clients who could provide valid overseas work or living proof, but this has now been restricted further [3]. - The tightening of account opening conditions is part of a broader regulatory effort by the China Securities Regulatory Commission (CSRC) to address illegal cross-border securities activities [3]. Group 2: Market Context - The tightening measures come amid increased scrutiny of cross-border investment activities and a growing focus on tax compliance for mainland residents investing in overseas markets [4][5]. - Other brokers, such as Interactive Brokers and Changqiao Securities, have also restricted account openings for mainland residents, indicating a trend across the industry [4]. - The adjustments in policies reflect a shift towards more stringent requirements, with a focus on compliance with local regulations and tax obligations [5]. Group 3: Investment Alternatives - Mainland investors are advised to consider alternative investment routes such as the Hong Kong Stock Connect and ETFs listed in mainland markets, which may offer more favorable tax conditions [5].