这场整治不只针对券商，也扩展到银行、信托、红筹上市、私募与创投等多个环节。中国多个部门在 5 月底联合宣示，要拆除面向内地投资者的未授权离岸投资服务；香港银行随后收紧对内地客户的审查。官员还把税务追溯至少回溯到 2018 年，重点锁定帐户资产超过 3,000 万美元的富裕人士，投资收益可能被课征最高 20% 税率，甚至面临罚款与警方介入。
数据显示，压力来自房地产低迷与资金外流。2025 年地方房地产相关收入较 2021 年暴跌 48%，房价也比 2021 年高点下跌约三分之一；去年中国家庭、机构与企业合计外流约 8,070 亿美元，创纪录。与此同时，个人所得税收入年增 11.5% 至 1.62 兆元人民币，但仍不足以弥补缺口。部分 QFLP 海外投资者的资本利得税负也从原先约 10% 的预扣税，被重新解读为 25% 企业所得税，且可能追溯适用。
China is intensifying its crackdown on offshore investing and cross-border capital outflows. The trigger was a tax bill: Tom, a Beijing tech executive, was billed 100,000 yuan ($14,750) for gains from overseas stock trading. Regulators then moved to shut the channels used by him and hundreds of thousands of others, accusing Futu, Tiger Brokers and Long Bridge of operating on the mainland without a license and threatening to confiscate all “illegal gains.” Citic Securities estimates the campaign could touch as much as HK$250 billion ($32 billion) in Hong Kong assets, including HK$180 billion at Futu alone.
The campaign extends beyond brokers to banks, trusts, red-chip listings, private equity and venture capital. In late May, several Chinese agencies said they would dismantle unauthorized offshore investment services aimed at mainland investors; Hong Kong banks then tightened scrutiny of mainland clients. Officials have also been looking back to at least 2018 in tax probes, focusing on wealthy individuals with more than $30 million in accounts, who may face levies of up to 20% on investment gains, plus penalties and, in some cases, police involvement.
The numbers reflect pressure from a property slump and capital flight. Property-related local government revenue fell 48% over the five years through 2025, and home prices are about one-third below their 2021 peak. Chinese households, institutions and companies moved roughly $807 billion out of the country last year, a record. Personal income tax revenue rose 11.5% to 1.62 trillion yuan, but still did not fill the gap. Some QFLP foreign investors now face a reinterpreted tax burden of 25% corporate income tax instead of the roughly 10% withholding tax they historically paid, and the change can apply retroactively.