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Gold
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Real-time News
US-listed companies TIGR.O and FUTU.O fell sharply in pre-market trading, with TIGR.O dropping more than 10% and FUTU.O falling more than 5%.On May 22, the China Securities Regulatory Commission (CSRC) and eight other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Operations." The plan outlines a two-year concentrated rectification period to clean up existing illegal businesses. During this period, overseas institutions are prohibited from illegally providing services such as buying and selling, and transferring funds into China for existing investors; only one-way selling and fund transfers are permitted. After the concentrated rectification period, overseas institutions will completely shut down their websites, trading software, and related services in China, and will be prohibited from illegally providing trading services to existing investors within China.The China Securities Regulatory Commission and eight other departments announced that, after two years of concentrated efforts, measures to eliminate illegal cross-border business activities include prohibiting overseas institutions from conducting marketing and solicitation activities related to securities, futures, and fund businesses in China, as well as providing related account opening, transaction order processing, fund transfer, and other trading services. Domestic entities are also prohibited from assisting overseas institutions in illegally conducting marketing and trading services, and from providing them with website and trading software development and operation, customer service, etc.On May 22, the China Securities Regulatory Commission (CSRC) and eight other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-border Securities, Futures, and Fund Management Activities." The overall requirement of the plan is to completely eliminate illegal cross-border operations by overseas securities, futures, and fund management institutions after two years of concentrated rectification, achieving the rectification goal of "resolutely eliminating illegal activities and steadily clearing existing ones." The targets of the rectification include overseas institutions illegally operating securities, futures, and fund businesses across borders; domestic affiliates or partners assisting overseas institutions in illegal cross-border operations; illegal intermediaries soliciting domestic investors; and internet platforms and online self-media that illegally publish information. Illegal cross-border operations by overseas institutions will be banned according to law, and violations of laws and regulations concerning foreign exchange management, anti-money laundering, cybersecurity and information management, and personal information protection by relevant entities will also be included in the rectification scope.The Hang Seng Index closed up 219.51 points, or 0.86%, at 25,606.03 on Friday, May 22; the Hang Seng Tech Index closed up 100.67 points, or 2.11%, at 4,869.57; the H-share Index closed up 75.55 points, or 0.89%, at 8,550.87; and the Red Chip Index closed up 4.29 points, or 0.1%, at 4,438.3.
