On May 22, ahead of the U.S. stock market opening, Futu plunged over 12% and Tiger Brokers dropped over 16%. In the news, the China Securities Regulatory Commission announced that the illegal cross-border business activities of Tiger, Futu, and Changqiao violated China's securities, fund, and futures laws and regulations, disrupting market order and must be firmly cracked down upon. According to relevant regulations, the CSRC plans to confiscate all illegal gains of Tiger, Futu, and Changqiao's domestic and foreign entities, and impose severe penalties according to the law.
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Futu Drops Over 12%, Tiger Brokers Falls Over 16%
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Two Departments: Jointly Implementing a More Proactive Fiscal Policy and Moderately Loose Monetary Policy
On May 22, it was reported that the Ministry of Finance and the People's Bank of China held the fourth leadership meeting of their joint working group. The meeting fully acknowledged the achievements made this year through the collaboration between the Ministry of Finance and the People's Bank of China. In-depth discussions were held on topics such as supporting the stable operation of financial markets, improving the coordination between fiscal and financial policies, and promoting the development of the offshore RMB bond market. Moving forward, the joint working group mechanism will continue to play a role in communication and coordination, jointly implementing a more proactive fiscal policy and a moderately loose monetary policy. (Ministry of Finance) -
Futu and Tiger Stocks Plunge Over 40%
On May 22, ahead of the US stock market opening, both Futu and Tiger experienced a decline of over 40%. The news comes after the China Securities Regulatory Commission announced that the illegal cross-border operations of Tiger, Futu, and Changqiao violated China's securities, fund, and futures laws and regulations, disrupting market order and must be firmly dealt with. According to relevant regulations, the CSRC plans to confiscate all illegal gains of Tiger, Futu, and Changqiao's domestic and foreign related entities and impose severe penalties according to the law. -
China Securities Regulatory Commission Plans Severe Penalties for Tiger Brokers, Futu Securities, and Changqiao Securities
On May 22, the China Securities Regulatory Commission announced that the illegal cross-border business activities of Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Changqiao Securities (Hong Kong) Limited violated China's securities, fund, and futures laws and regulations, disrupting market order and must be firmly dealt with. In accordance with relevant regulations, the CSRC plans to confiscate all illegal gains of Tiger, Futu, and Changqiao's domestic and foreign entities and impose severe penalties according to the law. (Xinhua News Agency) -
DeepSeek's Liang Wenfeng Announces Commitment to Achieving General Artificial Intelligence with $10 Billion Funding
On May 22, sources revealed that DeepSeek's senior management informed potential investors during its ongoing $10 billion funding round that the startup will prioritize groundbreaking AI research over short-term commercialization. Additionally, it has been reported that founder Liang Wenfeng pledged in at least one investor meeting that the company will continue to develop open-source artificial intelligence models, working towards the long-term goal of achieving general artificial intelligence. The company's core mission is to push the boundaries of technology, with profitability not being the primary objective. -
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US Spot Ethereum ETF Sees Net Outflow of $32.55 Million Yesterday
On May 22, according to monitoring by Trader T, the US spot Ethereum ETF experienced a net outflow of $32.55 million yesterday. -
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US Spot Bitcoin ETF Sees Net Outflow of $100.81 Million Yesterday
On May 22, according to monitoring by Trader T, the US spot Bitcoin ETF experienced a net outflow of $100.81 million yesterday. -
SEC Commissioner Hester Peirce to Depart for Law School Position
On May 22, Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), announced that she will leave her position in November to become an associate professor of law at Regent University School of Law. Peirce has served as an SEC commissioner since 2018 and is known for her supportive stance on the cryptocurrency industry. She previously led the SEC's cryptocurrency working group and has been dubbed 'Crypto Mom' for her repeated opposition to enforcement actions against digital asset companies.
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