cross-border broker rectification in progress: some Hong Kong brokerages still accept account applications, intermediaries continue to solicit mainland clients

Odaily Planet Daily News Following the rollout of centralized regulatory rectification measures, different accounts held by the same investor within the Futu Niu Niu App have shown completely distinct trading statuses. For certain existing domestic investors, their Futu Securities (Hong Kong) accounts can no longer execute buy orders and require an updated overseas identity certification. In contrast, Moomoo accounts serviced by US-licensed institutions can still place orders normally. Furthermore, against the backdrop of ongoing regulatory rectification, account application channels for some locally licensed Hong Kong brokerages remain open, and certain intermediaries continue to solicit clients on social media platforms using incentives such as cash rebates. (The Paper)