Tiger Brokers: RMB 411 Million Administrative Penalty Has No Significant Adverse Impact on the Company

BlockBeats News, June 2nd, Tiger Brokers announced that the Beijing Regulatory Bureau of the China Securities Regulatory Commission recently imposed administrative penalties on some of the company's subsidiaries on May 22nd and ordered the confiscation of illegal gains, totaling approximately 4.11 billion RMB (about $597 million). The relevant penalties were due to some subsidiaries conducting unauthorized cross-border securities business in China and engaging in illegal activities related to funds and futures business. The company sincerely accepts the penalty and has recognized it as a significant event after the first quarter. Considering the company's overall profitability and cash flow situation, this one-time expense will not have a significant adverse impact on the company's operations or long-term development.

According to Bitget market data, the US stock Tiger Securities (TIGR) has rebounded over 25% from the low point on the day of the May 22nd penalty announcement, rising from $4 to $5.1.