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].

Group 1 - The core issue involves Tiger Brokers allegedly violating regulations by falsifying documents to onboard new clients from mainland China despite being previously identified as operating illegally by the China Securities Regulatory Commission (CSRC) [1][2] - Tiger Brokers is reportedly recruiting extensively across multiple cities in China for various roles, including front-office positions in securities brokerage, investment banking, and asset management, as well as back-office roles in human resources, finance, administration, technology, customer service, and operations [1] - In response to the allegations, Tiger International has issued a statement claiming that the information is severely misleading and constitutes malicious defamation, asserting that the company will take necessary legal actions to protect its rights [1] Group 2 - Tiger International was established in 2014 and is headquartered in Singapore, holding 77 licenses and qualifications across major financial markets globally [2] - The CSRC announced in December 2022 that Tiger Brokers and Futu Holdings were conducting cross-border securities business targeting domestic investors without approval, which constitutes illegal operations under relevant laws [2] - In May 2023, Tiger International announced adjustments to its client update process in response to CSRC's requirements, including the removal of its app from domestic app stores [2]