TechFlow News, June 2: Tiger Securities (TIGR.O) announced that on May 22, the Beijing Bureau of the China Securities Regulatory Commission (CSRC) imposed administrative penalties on certain of the company’s subsidiaries and ordered the confiscation of illegal gains, totaling approximately RMB 411 million (about USD 59.7 million). The penalties stem from unauthorized cross-border securities activities conducted by certain subsidiaries within mainland China, as well as violations related to fund and futures businesses.
The company has accepted the penalties in good faith and has recognized them as a material event following the first quarter. Given the company’s overall profitability and cash flow position, this one-time expense will not have a materially adverse impact on the company’s operations or long-term development.
