$TIGR

China’s CSRC said it is closely monitoring a US insider-trading case filed by Susquehanna International Group, which alleges traders used material nonpublic information tied to China’s May 22 crackdown on offshore trading. Susquehanna says alleged profits exceeded $70m on put options in Futu Holdings and Up Fintech/Tiger Brokers; Citadel claims about $137m and seeks to join.

Susquehanna Investment Group, led by Jeff Yass, won a New York federal court order freezing profits of up to 100 unnamed options traders it alleges used inside information tied to China’s May 22 crackdown on international trading platforms. The suit cites illegal profits over $100m, including $70m from Susquehanna, and targets options in Futu and UP Fintech; an SEC investigation is reported.

The SEC is probing Susquehanna International Group’s claims that unknown insider traders made about $100 million from Chinese cross-border brokerage options trades ahead of a May 22 crackdown. Susquehanna says it lost over $70 million and sought account freezes at Interactive Brokers, Futu Holdings and Up Fintech/Tiger Brokers. Futu faced a 1.85b yuan penalty.

Bloomberg Opinion says China’s crackdown on cross-border stock trading is pressuring Hong Kong’s offshore wealth business. Beijing asked three online brokers—Futu, Tiger Brokers and Longbridge—to liquidate mainland clients’ accounts within two years, and Hong Kong’s regulator warned on client onboarding and dormant accounts. Banks including Bank of East Asia, UBS and HSBC have taken cautionary steps.

Bloomberg Opinion says China’s crackdown on cross-border stock trading could pressure Hong Kong’s wealth management business. Beijing ordered three online brokers—Futu, Tiger Brokers and Longbridge—to liquidate mainland clients’ accounts within two years and warned Hong Kong firms to improve due diligence and monitor dormant accounts. Reported figures: Hong Kong cross-border wealth rose 10.7% to $2.9T; HSBC wealth returns can reach 35% ROE.

Up Fintech (TIGR) reported Q1 2026 revenue of $155 million (+26.3% YoY, -12% QoQ) and operating profit of $47.6 million (+17.5% YoY). It posted a GAAP net loss of $26.9 million due to a one-time RMB 411 million (~$60 million) regulatory penalty. Client assets were $58.9 billion (+28.4% YoY, -3.2% QoQ) after $4.9 billion mark-to-market losses; Q2-to-date losses were reportedly recovered.

Up Fintech (TIGR) reported Q4 2025 revenue of $175.6M (+41.5% YoY, +0.2% QoQ) and GAAP net income of $45.2M (+61.3% YoY); non-GAAP net income was $48.9M. New funded accounts totaled 29,700 in Q4 (161,900 for 2025), exceeding the 150,000 target. Client assets were $80.8B (+45.7% YoY).

UP Fintech Holding (NASDAQ: TIGR) reported Q1 2026 unaudited results: revenue rose 26.3% YoY to $154.9m and operating income increased 17.5% to $47.6m (34.8% operating margin). Funded accounts grew 11.3% YoY to 1.28m; trading volume rose 49% YoY to $323.9b. Net asset inflows were $2.9b, lifting client assets 28.4% YoY to $58.9b.

China’s securities regulator, the CSRC, fined Tiger Brokers, Futu Holdings and Longbridge Securities for allegedly enabling illegal cross-border securities trading for mainland clients without required approvals. The CSRC said it will confiscate illegal gains and impose penalties, including Rmb1.85bn for Futu and a proposed Rmb308m for Tiger plus about Rmb103m confiscation. Shares of Tiger’s and Futu’s US-listed parents fell over 40% premarket.

CCB International cut its Futu Holdings target price to $150 from $220 but kept an “outperform” rating, citing Beijing’s crackdown on unauthorised cross-border securities. Regulators proposed penalties of 1.85bn yuan ($272m) for Futu and 410m yuan for Tiger Brokers. Goldman halved its 12-month Futu target to $102.13, downgraded to “neutral,” and cut 2026 net profit forecasts by 25% for Futu and 60% for Tiger.