Hong Kong Brokers Blocked Mainland Chinese Clients' Accounts
Abstract：Hong Kong-listed brokerages slumped after state media reported that Guotai Junan International had banned account opening by mainland Chinese customers, possibly affecting its operations.
SHANGHAI (Reuters) - On Monday, Hong Kong-listed brokerages slumped after state media reported that Guotai Junan International had banned account opening by mainland Chinese customers, possibly affecting its operations.
According to a source at Guotai Junan International's parent company in Shanghai, the action was prompted by unwritten “window instructions” from China's securities authorities intended at deterring unlawful money outflows.On December 30, the China Securities Regulatory Commission (CSRC) prohibited Futu Holding and UP Fintech Holding from seeking new business from mainland investors.
According to the Guotai Junan source, since Mainland investors are a significant source of income for Hong Kong-based brokerages, the prohibition would have a detrimental effect on future business.
Guotai Junan did not immediately respond to a request for comment from Reuters.
On Monday, Guotai Junan's Hong Kong-listed shares declined around 0.6%. Guolian Securities fell over 3%, while Haitong International was down 1.1%.
Mainland Chinese may purchase foreign assets via official channels such as the QDII cross-border investment scheme and the Stock Connect program.
Many Chinese, however, register stock trading accounts in Hong Kong, possibly circumventing China's rigorous money controls.
According to the CSRC, Futu and UP Fintech Hong Kong engaged in cross-border securities transactions involving domestic investors without obtaining regulatory approval, in violation of Chinese legislation.
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