老虎证券港股跨境开户“死灰复燃”

Core Viewpoint - The article highlights the ongoing illegal operations of Tiger Securities in mainland China, particularly in facilitating account openings for mainland investors despite regulatory prohibitions, amid a surge in interest in Hong Kong stocks and IPOs [1][11]. Group 1: Illegal Operations and Account Openings - Tiger Securities is reportedly continuing to develop new clients in mainland China by providing account opening services through potentially fraudulent means, including the submission of falsified documents [1][2]. - A mainland investor successfully opened an account with Tiger Securities by submitting a fabricated account proof from a foreign broker, which was processed in a matter of minutes [2][3]. - The company has been actively recruiting personnel across various cities in mainland China for roles related to securities brokerage, investment banking, and asset management, indicating a significant expansion of its operations [6][8]. Group 2: Regulatory Context and Responses - The China Securities Regulatory Commission (CSRC) has previously classified the cross-border operations of Tiger Securities as illegal, leading to a crackdown on such activities in 2022 [10][11]. - Despite the regulatory environment, Tiger Securities reported substantial revenue growth, with year-on-year increases of 77.3% and 55.3% for the fourth quarter of 2024 and the first quarter of 2025, respectively [11][12]. - The company has been involved in a significant number of IPO underwriting activities in Hong Kong, capturing a notable market share despite the restrictions on new client development [12][13]. Group 3: Market Demand and Competitive Landscape - The demand for Hong Kong stock trading among mainland investors has surged, particularly as traditional avenues like "Hong Kong Stock Connect" have stringent requirements that many investors cannot meet [12][13]. - Tiger Securities has positioned itself to meet the specific needs of mainland investors by offering easier access to Hong Kong stocks, which may lead to further scrutiny from regulators [13].