市场反应迅速：Up Fintech 美国存托凭证周五暴跌 25%，Futu 美股下挫 27%，带动 Nasdaq Golden Dragon China Index 下跌 1.9%。这被视为中国迄今最强硬的境外交易打击行动，冲击不仅限于券商，也可能扩及在纽约、伦敦与特别是香港上市的中国公司，以及追随这些「国家队」海外投资的内地资金。
新措施禁止境外机构在中国境内推广证券、期货与基金产品，亦不得提供开户、交易执行或资金转帐服务；协助这类业务的国内中介、网站、交易软体与客服支援，以及发布违法宣传内容的网路平台与社媒帐号，都可能受罚。监管同时将检查外汇管制、反洗钱、网安与个资保护违规，银行也须强化跨境投资的外汇合规审查；Bloomberg Intelligence 估计，2025 年约有 1.04 兆美元热钱流出中国，创自 2006 年有资料以来最大年度外流。
China launched an unprecedented crackdown on illegal cross-border trading after Friday’s close, with eight regulators jointly ordering non-compliant accounts liquidated within two years to curb capital outflows. The securities watchdog named Futu Holdings, Tiger Brokers and Long Bridge Securities for operating on the mainland without a license and said it would confiscate all “illegal gains”; Futu said proposed fines were about $271 million, while Up Fintech said it faced 411 million yuan (about $60 million) in fines and confiscated income.
The market reaction was immediate: Up Fintech American depositary receipts fell 25% on Friday, Futu’s US-listed shares dropped 27%, and the Nasdaq Golden Dragon China Index declined 1.9%. The move is China’s most aggressive effort yet to stop residents from trading overseas, with wider implications for Chinese companies listed in New York, London and especially Hong Kong, as well as for mainland investors who have built large offshore positions.
The new rules bar overseas institutions from marketing securities, futures and fund products in China and from opening accounts, executing trades or facilitating fund transfers for domestic clients. Domestic intermediaries, websites, trading software, customer support providers, internet platforms and social-media accounts involved in illegal promotion can also be targeted, alongside violations of foreign-exchange controls, anti-money laundering, cybersecurity and personal-data rules; banks face tighter compliance checks, and Bloomberg Intelligence estimated $1.04 trillion of hot money left China in 2025, the largest annual outflow since 2006.