UpRongke (formerly Tiger Securities) subsidiaries fined RMB 308.1 million over unauthorized cross-border securities business in mainland China

UpRongke, previously known as Tiger Securities, said certain subsidiaries received a notice on May 22, 2026 from the Beijing branch of the China Securities Regulatory Commission (CSRC) that it had opened a probe into suspected illegal activities involving securities, fund and futures business. According to the findings, the subsidiaries conducted cross-border securities services without a license and carried out unauthorized fund- and futures-related activities within mainland China. The Beijing CSRC branch imposed administrative penalties totaling about RMB 308.1 million and ordered the confiscation of approximately RMB 103.1 million in illegal gains. Wu Tianhua, a director, CEO and the company's actual controller, was issued a warning and fined RMB 1.25 million. UpRongke added that as of end-2025, retail client assets in mainland China represented roughly 10% of total client assets on a consolidated basis.