2026年5月，证监会联合央行等八部委发布《综合整治非法跨境证券期货基金经营活动实施方案》，对富途拟罚没18.5亿元、老虎拟罚没约4.1亿元、长桥等重罚，标志着依靠境内客群展业的中资跨境互联网券商“灰色时代”终结。监管逻辑也由此前的“灰度容忍”转向“全链条闭环管理”，核心在于强化外汇管制、堵住资本项下外汇渗漏，并将境内流动性尽量留在国内，以稳定A股、国债等资产盘面。

新规明确禁止境外机构在境内开展营销、开户、撮合交易及资金划转，并禁止境内主体协助相关活动，富途、老虎等被定性为未取得境内证券业务牌照而从事证券服务的“无证经营”。整治并非突发，而是2022年认定跨境互联网券商非法展业、2023—2025年限制新增开户、到2026年集中清理存量账户的延续；未来2年将进入集中整治期，境内存量账户仅允许单向卖出、禁止买入和入金，相关券商的境内交易量与资产规模预计呈“融雪式”下滑。

对投资者而言，跨境投资将更多回到合规通道，包括港股通、QDII和跨境理财通；其中QDII额度最为稀缺。外管局2026年3月末公布的QDII总额度为1,761.69亿美元，覆盖193家机构，其中基金与券商系约972.8亿美元、78家机构；但多数热门基金额度已基本用满。恒生科技指数2026年5月季度调整纳入MiniMax、智谱等AI公司后，结构正从“互联网指数”转向“AI+互联网混合指数”，当前估值约20倍，明显低于A股科创板约160倍。

In May 2026, the CSRC, together with eight ministries including the PBOC, issued a plan to comprehensively curb illegal cross-border securities, futures, and fund operations, imposing heavy penalties on Futu, Tiger, and Longbridge; the case marks the end of the “gray era” in which Chinese cross-border internet brokers relied on mainland clients. Regulation has shifted from “gray tolerance” to full-chain closed-loop control, with the core goal of tightening foreign-exchange controls, blocking capital-account leakage, and keeping liquidity inside China to support A-shares, government bonds, and broader domestic asset stability.

The new rules prohibit offshore institutions from marketing, opening accounts, matching trades, or transferring funds داخل China, and bar domestic entities from assisting such activities. Authorities have characterized the issue as “unlicensed operation” because these platforms lacked mainland securities licenses. The crackdown is not abrupt: it follows the 2022 recognition that cross-border internet brokers were conducting illegal business, the 2023–2025 halt to new mainland account openings, and the 2026 move to purge existing positions. Over the next two years, mainland accounts will be allowed to sell only, with no buying or funding, implying an irreversible decline in trading volume and assets.

For investors, cross-border allocation will increasingly have to pass through compliant channels such as Stock Connect, QDII, and Cross-boundary Wealth Management Connect, with QDII becoming especially scarce. As of end-March 2026, the State Administration of Foreign Exchange reported total approved QDII quotas of US$176.169 billion across 193 institutions; fund and brokerage groups accounted for about US$97.28 billion across 78 institutions, while most popular products were already near capacity. Meanwhile, the Hang Seng TECH Index was revised in May 2026 to include AI model companies such as MiniMax and Zhipu, shifting it toward a hybrid “AI + internet” benchmark; at roughly 20x earnings, it looks far cheaper than the STAR Market’s roughly 160x valuation.