In response to the phenomenon of mainland residents opening Hong Kong accounts in violation of regulations, various parties have confirmed and exclusively learned that in addition to Futu and Tigerhead institutions, a number of Hong Kong brokerage firms such as Changqiao and Huasheng will tighten account opening windows for mainland residents starting June 13. In other words, the original “stock certificate” was abolished as an account opening method, and mainland residents were instead required to provide proof of account opening, living or working abroad. This means that the current channel for mainland residents to open securities accounts in Hong Kong for cross-border investment will be completely cut off. A number of Hong Kong brokerage representatives confirmed to Xinfeng that the shutdown was carried out under the guidance of mainland supervision. A Hong Kong brokerage source revealed to Xinfeng that the relevant requirements occurred about three days ago, and several brokerage firms received unified regulatory instructions restricting mainland residents from opening Hong Kong accounts. “But everyone reacted differently. Whether to limit Hong Kong or Singapore as a whole, each brokerage firm will have its own trade-offs when it comes to the shutdown.”

In response to the phenomenon of mainland residents opening Hong Kong accounts in violation of regulations, various parties have confirmed and exclusively learned that in addition to Futu and Tigerhead institutions, a number of Hong Kong brokerage firms such as Changqiao and Huasheng will tighten account opening windows for mainland residents starting June 13. In other words, the original “stock certificate” was abolished as an account opening method, and mainland residents were instead required to provide proof of account opening, living or working abroad. This means that the current channel for mainland residents to open securities accounts in Hong Kong for cross-border investment will be completely cut off. A number of Hong Kong brokerage representatives confirmed to Xinfeng that the shutdown was carried out under the guidance of mainland supervision. A Hong Kong brokerage source revealed to Xinfeng that the relevant requirements occurred about three days ago, and several brokerage firms received unified regulatory instructions restricting mainland residents from opening Hong Kong accounts. “But everyone reacted differently. Whether to limit Hong Kong or Singapore as a whole, each brokerage firm will have its own trade-offs when it comes to the shutdown.”