China has been targeting cross-border internet brokerage firms in a regulatory storm. Those firms could be accused of illegal financial business if they provide overseas securities investment services to Chinese clients, according to a high-ranking financial official.
On Oct. 24, Sun Tianqi, director of the Bureau of Financial Stability of China’s Central Bank, said at the 3rd Bund Summit in Shanghai that cross-border internet brokerages are “driving without a license and are illegal financial activities” in China, according to the mouthpiece media.
