On May 22, 2026, a penalty notice from the China Securities Regulatory Commission (CSRC) sent shockwaves through domestic and overseas financial markets. Futu Holdings faces a proposed fine of 1.85 billion yuan, Tiger Brokers was fined and had illicit gains confiscated totaling approximately 411 million yuan, and Longbridge Securities was also placed under official investigation. With these three prominent cross-border brokerages simultaneously named, the pre-market US shares