Beijing’s brokerage probe to stop ‘leakage’, Paul Chan tells Davos Dalian event

AI Summary

Beijing has launched an investigation into three brokerages, Futu Securities, Tiger Brokers, and Long Bridge, to address concerns over foreign exchange leakage and to protect mainland China’s retail investors. Hong Kong’s Financial Secretary Paul Chan expressed Beijing’s support for Hong Kong’s role as an international financial hub during a closed-door event.

Beijing’s recent investigation into three brokerages – Futu Securities, Tiger Brokers and Long Bridge – was partly driven by concerns over foreign exchange “leakage” and the need to protect mainland China’s vast base of retail investors, Hong Kong’s finance chief has said. At a closed-door C-suite round table organised by the South China Morning Post on Wednesday, Financial Secretary Paul Chan Mo-po said Beijing was overall “supportive” of Hong Kong’s role as an international financial...