Tiger Brokers: A subsidiary was fined 308.1 million yuan by the Beijing regulatory bureau for conducting unlicensed cross-border securities business and other illegal activities in China

Upward Fusion (formerly Tiger Brokers) announced that on May 22, 2026, some of the company's subsidiaries received a notice from the Beijing Regulatory Bureau of the China Securities Regulatory Commission (CSRC), indicating that the CSRC Beijing Regulatory Bureau has launched an investigation into their suspected illegal activities related to securities, funds, and futures business. It was found that these subsidiaries engaged in unlicensed cross-border securities business and illegal activities related to funds and futures in mainland China.

According to the investigation results, the CSRC Beijing Regulatory Bureau imposed a total administrative penalty of approximately 308.1 million yuan and confiscated illegal gains totaling approximately 103.1 million yuan. The company's director, CEO, and actual controller, Mr. Wu Tianhua, also received a warning and was fined 1.25 million yuan. As of the end of 2025, retail customer assets in mainland China accounted for approximately 10% of the company's total customer assets in the consolidated financial statements.