Chinese brokerage initiates cleanup of mainland China business; Guotai Junan International has restricted account fund deposits and stock purchases.

BlockBeats news, September 28 - Following Chinese cross-border brokers such as Futu, Tiger, Longbridge, and Valuable Capital, some Chinese-funded brokers in Hong Kong have also begun to clear existing business from mainland China. To implement relevant regulatory requirements, Guotai Junan International has made partial adjustments to the available services for existing mainland Chinese investor accounts starting from the 26th of this month. According to customer service personnel at Guotai Junan International, the adjustments are similar to those previously made by brokers like Futu Holdings and Tiger International, namely that when existing mainland investor accounts log in from mainland China (with login IP showing as mainland China), they will be unable to deposit funds and buy, and can only transfer funds out or sell. When the relevant accounts' login IP shows as outside mainland China, account fund transfers and trading functions are unaffected. If customers obtain a new identity, they need to update the corresponding new document information, and at that time, as holders of overseas documents, they will not be subject to this rule.