Some Chinese state-backed brokerages in Hong Kong have begun winding down existing mainland China business, following similar moves by Futu, Tiger, Longbridge, and Valuable Capital. On Sept. 28, BlockBeats reported that Guotai Junan International had partially adjusted services available to legacy mainland investor accounts starting on the 26th of this month to comply with regulatory requirements. According to the firm’s customer service staff, the arrangement is similar to earlier changes made by Futu Holdings and Tiger International. If a legacy mainland investor account logs in from mainland China, meaning the login IP is identified as being in mainland China, the account can no longer make deposits or place buy orders and is limited to withdrawals and sell orders. If the login IP is shown as outside mainland China, deposit, withdrawal, and trading functions remain unaffected. Customers who obtain a new identity need to update their new identification documents, after which they will not be subject to the rule as holders of overseas documents.
Some Chinese state-backed brokerages in Hong Kong have started clearing existing mainland China business, following similar moves by Futu, Tiger, Longbridge, and Valuable Capital, according to BlockBeats on Sept. 28.
Guotai Junan International changes service scope for legacy mainland accounts
To comply with relevant regulatory requirements, Guotai Junan International has partially adjusted the services available to legacy investor accounts from mainland China starting on the 26th of this month.
According to customer service staff at Guotai Junan International, the change is similar to earlier adjustments made by Futu Holdings and Tiger International. When a legacy mainland investor account logs in from mainland China, meaning the login IP is identified as being in mainland China, the account cannot make deposits or place buy orders and can only withdraw funds and sell holdings.
If the login IP is shown as outside mainland China, the account’s deposit, withdrawal, and trading functions are not affected.
If a client obtains a new identity, the client needs to update the corresponding new identification documents. Once that is done, the client, as a holder of overseas documents, will not be subject to the restriction.
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