Chinese investors rush to Hong Kong brokerages amid mainland crackdown

Chinese investors are traveling to Hong Kong to open bank and brokerage accounts in person so they can keep trading overseas assets. The surge follows a May 22 rectification plan announced by China’s securities regulator and seven other agencies, which aims to eliminate illegal cross‑border securities, futures and fund platforms within two years. Simultaneously, Hong Kong’s Securities and Futures Commission and Monetary Authority revised rules for mainland clients, tightening the gray zone of offshore trading but still allowing in‑person account openings with extra checks on the legitimacy of offshore funds.

Online brokers such as Up Fintech (Tiger Brokers), Futu and Long Bridge HK have stopped accepting new accounts from mainland residents who only present a Chinese ID. Local licensed firms like Chief Securities and uSMART Securities now require Hong Kong entry documents, a travel permit and proof of a local bank account. On 3 June, crowds gathered at West Kowloon high‑speed rail station, many presenting only mainland IDs, but staff indicated accounts could be opened if the documentation requirements were met. Existing offshore platform users will soon be limited to selling assets and withdrawing funds, and related apps and websites will be shut down.