Cross-border broker rectification in progress: Some Hong Kong broker account openings still open, intermediaries continue to solicit mainland clients

Odaily Planet Daily News Following the introduction of centralized regulatory measures, different accounts held by the same investor within the Futu Niu Niu App have shown distinctly different trading statuses. The Futu Securities (Hong Kong) accounts of some existing domestic investors can no longer execute buy orders, requiring them to update their overseas identity documents. In contrast, the Moomoo accounts, which are serviced by U.S. licensed institutions, can still place orders normally. Furthermore, against the backdrop of ongoing regulatory rectification, account opening application channels for certain locally licensed Hong Kong brokers remain open. Some intermediaries are also still soliciting clients on social platforms by offering rebates and other incentives. (The Paper)