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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.

In response to the China Securities Regulatory Commission's announcement regarding the rectification of illegal cross-border securities, futures, and fund operations and related penalties, Wang Shan, Chief Operating Officer of Tiger Brokers (Hong Kong) Global Limited, stated that the company is aware of the relevant notice issued by the China Securities Regulatory Commission (CSRC). The company indicated that the relevant notice does not directly apply to its Hong Kong entity, as the company holds a license issued by the Hong Kong Securities and Futures Commission (SFC) and operates independently under its regulation.

On May 22, the China Securities Regulatory Commission and the Hong Kong Securities and Futures Commission respectively issued announcements to update guidelines regarding the cross-border securities and futures fund operations of mainland investors. Futu stated that these guidelines and regulations provide unified requirements for the entire industry and that they will steadily advance related compliance work in strict accordance with regulatory agency requirements.Futu emphasized that it had previously completely stopped opening accounts for mainland identity applicants and has been continuously working to combat fraudulent account openings, rejecting tens of thousands of non-compliant account applications over the past two years. Futu has always actively communicated with regulatory agencies and followed their rectification requirements. As of the end of the first quarter of 2026, the proportion of asset clients from mainland China accounted for only 13% of the total asset clients of the entire group.

The China Securities Regulatory Commission and seven other departments jointly issued the "Implementation Plan for Comprehensive Rectification of Illegal Cross-Border Securities, Futures, and Fund Operating Activities."It is reported that the overall requirement of the "Rectification Plan" is to carry out concentrated rectification for two years, completely banning the illegal cross-border operating activities of foreign securities, futures, and fund operating institutions, and achieving the rectification goal of "resolutely banning the illegal and steadily cleaning up the existing stock."The targets of rectification include foreign institutions engaged in illegal cross-border securities, futures, and fund business, domestic related or cooperative entities assisting foreign institutions in illegal cross-border operations, illegal intermediaries soliciting domestic investors, internet platforms and online self-media that illegally publish information, and so on. Illegal cross-border operating activities of foreign institutions will be banned in accordance with the law, and behaviors of relevant entities that violate laws and regulations related to foreign exchange management, anti-money laundering, cybersecurity and information management, personal information protection, etc., will also be included in the scope of rectification.

The China Securities Regulatory Commission has filed an investigation and issued a prior notice of administrative punishment against TigerBrokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Changqiao Securities (Hong Kong) Limited for illegal securities business operations by relevant entities both domestically and abroad.According to the notice, the relevant entities of Tiger, Futu, and Changqiao conducted securities trading marketing, processed trading instructions, and provided related securities business services to obtain relevant income without the approval of our commission and without obtaining the licenses for securities brokerage business and securities financing and margin trading business, violating the provisions of Article 120 of the Securities Law, thus constituting illegal operation of securities business.In accordance with the provisions of Article 202 of the Securities Law, Article 136 of the Securities Investment Fund Law, and Article 132 of the Futures and Derivatives Law, our commission intends to decide to confiscate all illegal gains of the relevant entities of Tiger, Futu, and Changqiao, and impose severe penalties according to the law. The parties involved have the right to make statements, defend themselves, and request a hearing regarding the administrative penalties to be imposed. Our commission will fully listen to the opinions of the parties involved before making an administrative penalty decision in accordance with the law.

According to The Block, Coinbase will launch several perpetual-style stock index futures contracts on June 8 through its CFTC-regulated derivatives platform. These contracts include the Tech100 (TEK), which tracks the top 100 companies on Nasdaq, as well as three thematic contracts corresponding to AI, defense (national security), and the Chinese market.Among them, the AI thematic contract is based on the AI10 index, with major components including Nvidia, Microsoft, Amazon, Alphabet, Meta, Oracle, Palantir, and others; the Chinese thematic contract (CHN) tracks 10 American Depositary Receipts (ADRs) of Chinese companies, with major components including Alibaba, Baidu, JD.com, and others.

According to monitoring by Catcher Predict, in the predicted market event on Polymarket "LoL: JD Gaming vs Anyone's Legend (BO5) - Esports World Cup China Qualifiers Stage 2", the "Yes" option in the sub-market "Both teams kill a dragon" has experienced a dramatic fluctuation in win rate, soaring from 50.5% an hour ago to the current 90.05% (a fluctuation of 39.55%). Please note the impact of related breaking news.

According to the Hunan Daily, on February 9 at around 8 PM, the public security agency in Baojing, Hunan Province, China, received a report from a victim, Mr. Liu, from another province who had been scammed. He claimed that he was defrauded while purchasing virtual currency USDT online, with a total loss of 100,000 yuan. After receiving the report, the Baojing County Public Security Bureau dispatched a team of elite officers to form a special investigation group and began investigating the case overnight.The investigating officers used various investigative methods to ultimately identify the suspect as Shi. Upon investigation, it was found that the suspect Shi had no fixed income and did not possess qualifications for virtual currency trading. To defraud others, he collected screenshots of others trading coins online, forged false profit records, and impersonated a senior "coin dealer" to gain their trust. Victim Mr. Liu believed him and transferred 100,000 yuan to the account designated by Shi. After receiving the payment, Shi did not deliver the virtual currency; instead, he used part of the funds for gambling and squandered the rest, splitting and hiding the remaining funds.The investigating officers quickly identified Shi's identity and activities by accurately analyzing the flow of funds and comprehensively securing evidence related to the case. They decisively acted on the night of the report and successfully apprehended Shi. The next day, the case was officially filed for investigation. After solving the case, the police consistently adhered to the principle of "solving the case and recovering losses equally," patiently conducted legal policy education, and actively mobilized the suspect's family to cooperate in the restitution, ultimately recovering the full amount of 100,000 yuan involved in the case. On the morning of May 14, the 100,000 yuan of fraudulently obtained funds was fully returned to victim Mr. Liu. Currently, the suspect Shi has been subjected to criminal coercive measures for suspected fraud, and the case is under further investigation.

According to the Zhejiang Daily, the Ningbo Customs Anti-Smuggling Bureau in Zhejiang, China, recently cracked multiple cases of smuggling virtual currency mining machines, dismantling several criminal gangs and seizing over 400 mining machines of models such as Ant L9 and Ice River KS3.The report states that the involved gangs misrepresented the mining machines as "industrial block devices" and smuggled them into the country through international express channels from ports in Ningbo, Guangzhou, and other locations. They then reassembled the machines and sold them domestically or transported them to mining sites in Xinjiang, Hunan, and other areas for hosting and mining.Investigators stated that the relevant gangs also used USDT for cross-border payment settlements to evade financial regulation.

BitMEX co-founder Arthur Hayes tweeted that the rising yield of the 10-year U.S. Treasury (TSY) will force the Trump administration to reach an agreement with China as soon as possible, otherwise the traditional financial markets (TradFi) will face the risk of collapse. He also stated that he is taking this opportunity to buy the dip.

According to Jinshi reports, at the invitation of President Xi Jinping, U.S. President Trump arrived in Beijing on the evening of May 13 on a special plane to begin a state visit to China.

According to QCP Capital analysis, BTC is currently consolidating around $82,000, close to the 200-day moving average, with $80,000 support holding steady, but the $84,000 resistance above has not yet been broken. The core CPI for April year-on-year is 2.8%, slightly above expectations, mainly driven by housing costs (owner's equivalent rent), while core goods inflation remains sluggish, and the transmission of tariffs has not yet fully spread.Core services (excluding housing) inflation has accelerated for three consecutive months, combined with China's PPI turning positive for the first time in 41 months, the global commodity deflation dividend may be fading, and the threshold for the Federal Reserve to cut interest rates has been raised further. The market is currently focused on three major catalysts: the meeting between Trump and Xi Jinping in Beijing (involving trade, rare earths, and Middle East issues), the release of PPI data, and the Senate Banking Committee's review process of the CLARITY cryptocurrency regulatory bill. Before these catalysts materialize, spot prices may continue to fluctuate within a range, with volatility remaining low.

The White House confirmed that Nvidia CEO Jensen Huang will accompany Trump on his visit to China. Jensen Huang has boarded Air Force One in Alaska heading to China.

According to CCTV News, a spokesperson for the Chinese Ministry of Foreign Affairs announced that President Donald Trump of the United States will make a state visit to China from May 13 to 15.

According to Reuters, China's largest state-supported semiconductor investment institution—the China Integrated Circuit Industry Investment Fund (Big Fund)—is negotiating to lead the first round of financing for DeepSeek, which may value the cutting-edge AI laboratory at around $45 billion. The report cites four informed sources indicating that negotiations are still ongoing.

According to Gate market data, the three major U.S. stock indices all rose by more than 1%, with the Nasdaq China Golden Dragon Index's increase expanding to 2%.

In response to the U.S. accusations of China "stealing" intellectual property from American artificial intelligence laboratories, Foreign Ministry spokesperson Guo Jiaqun stated during a regular press conference on the 24th that the U.S. claims are unfounded and are a smear against China's achievements in the development of the artificial intelligence industry. China firmly opposes this. We urge the U.S. to respect the facts, abandon prejudice, stop suppressing technology related to China, and do more to promote technological exchange and cooperation between the two countries.