自2022年起，未经授权的海外券商已被禁止协助内地投资者开新户。5月22日，8个政府部门联合执法，对违规券商祭出严厉处罚，并切断其与在岸客户的行销、结算、技术及客服联系；两年后，相关面向内地的网站、App与伺服器须全面关闭。Futu Holdings、Long Bridge Securities 与 Tiger Brokers 已被点名，合计被罚3.3亿美元，非法所得也将被没收。
此举旨在遏制绕过管制的「热钱」外流，Bloomberg Intelligence 估算去年达1.04兆美元，为自2006年有数据以来最高。投资者仍可透过5万美元便利额度、地下钱庄或香港保单退款等方式规避限制。市场反应剧烈：Futu股价5月22日于纽约暴跌28%，Up Fintech下挫逾25%，Futu创办人叶立（Leaf Li）净资产单日减少17亿美元至47亿美元；Citic Securities 估计，经由 Futu 与 Tiger 的App持有的香港资产约为HK$2000亿至HK$2500亿（约255亿至319亿美元），而香港股市每日成交约HK$2600亿。
China is tightening capital-outflow controls as mainland demand for overseas stocks keeps rising. After an estimated $1 trillion of unauthorized money left last year, authorities launched a broad crackdown on offshore trading platforms. Individuals face a $50,000 annual foreign-exchange cap, and legal access to foreign markets is largely limited to tightly supervised channels such as Southbound Stock Connect, Wealth Connect and QDII.
Since 2022, unauthorized overseas brokers have been barred from helping mainland investors open new accounts. On May 22, eight government agencies began a joint enforcement drive, threatening severe penalties and cutting off offending firms from mainland clients across marketing, settlement, technical support and customer service; after two years, related mainland-facing websites, apps and servers must be shut down. Futu Holdings, Long Bridge Securities and Tiger Brokers were singled out and fined a combined $330 million, with illegal gains to be confiscated.
The aim is to curb “hot money” outflows that bypass controls; Bloomberg Intelligence estimates they reached a record $1.04 trillion last year. Investors can still use loopholes such as the $50,000 convenience quota, underground banking networks or Hong Kong insurance refunds. Markets reacted sharply: Futu plunged 28% in New York on May 22, Up Fintech fell by more than a quarter, and Futu founder Leaf Li lost $1.7 billion of wealth to $4.7 billion in one day. Citic Securities estimates mainland investors hold HK$200 billion to HK$250 billion ($25.5 billion to $31.9 billion) of Hong Kong assets via Futu and Tiger apps, versus about HK$260 billion of shares traded daily in Hong Kong.