June 6 | According to Yicai, after Futu, Tiger Brokers and Longport, another cross-border broker has announced it will clean up its mainland legacy business. A notice sent by Valuable Capital Securities to clients on the morning of June 6 said that from Beijing time June 15, the company will make corresponding adjustments to services for existing investor accounts in mainland China:
1) Mainland trading services: new positions and add-on trades in stocks and all other products will be suspended; only selling and closing positions will remain available. 2) Mainland fund transfer services: inward transfers of funds and securities will be suspended, while outward transfers will remain normal.
The notice said the move is to implement industry regulatory requirements during the two-year cleanup campaign and promote the standardized development of cross-border securities business. It also stressed that the adjustment will not affect services provided to existing investors outside the mainland, nor the safety of all clients' existing assets. Clients can continue to check their accounts and hold or sell existing positions. This also means that, besides the three brokerages directly singled out by the CSRC on May 22, some smaller brokers will also begin cleaning up illegal legacy business.
