Cross-border broker rectification in progress: Some Hong Kong broker account openings remain open, intermediaries still soliciting mainland clients

Odaily Planet Daily News After the introduction of concentrated regulatory measures, different accounts held by the same investor in the Futu Niu Niu App showed completely different trading statuses. The accounts of existing domestic investors with Futu Securities (Hong Kong) have been unable to complete buy transactions, requiring an update of overseas identity documents; however, Moomoo accounts serviced by US licensed institutions can still place orders normally. Not only that, but under the ongoing regulatory rectification, some locally licensed Hong Kong brokers still accept account opening applications, and some intermediaries continue to solicit clients on social platforms by offering rebates and other incentives. (The Paper)