Speaking to the South China Morning Post, an anonymous Tiger Securities source said: “The current size of the market is still small, compared to the A-share market, which saw average daily turnover of several hundred billion. In July, the telecom firm’s app generated turnover of $100m – and that was only its first month of operation. Once disputes happen, the interests of investors will lack effective protection.”īrands singled out in the alert included Jimu Stock, Futu Network and Tiger Securities, the latter a wholly owned subsidiary of leading Chinese smartphone manufacturer Xiaomi. “By using the internet platforms to trade the overseas market,” the regulator warned, “investors will have their accounts and money offshore. Such platforms, it said, were potentially dangerous because they lack the ‘legal protection’ that would typically stem from formal approval – something that the CSRC has so far withheld from apps of this type. In a special alert issued to the investment community, the regulator zeroed in on platforms that “cooperate with overseas brokerage companies, providing channels and services for domestic investors to trade on the overseas equity market”. Regulator sounds alarm over lack of ‘legal protection’ in platforms that are working outside China’s Securities LawĪ wave of mobile apps designed to make it easier and more convenient to trade stocks and shares has fallen foul of the China Securities Regulatory Commission (CSRC).
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