Teacher Meng Yan's question represents some issues raised by overseas users, so I would like to share my personal views.

First of all, I have already sent a message to the MooMoo team, and of course, the official team’s reply is rather “official”.

In general, the impact on Futu this time only involves businesses related to users within China and Chinese users. Moreover, Futu stated that it had already stopped opening accounts for users in mainland China, and the current proportion of users from mainland China only accounts for 13% of the total.

These are all official messages, and from my personal point of view, firstly, Moomoo, as Futu's overseas brand and platform system, essentially serves overseas users, of course, these overseas users include Chinese individuals with overseas identities. For example, working visa holders with overseas addresses and permanent residents are all part of Moomoo's clientele.

However, the China Securities Regulatory Commission has specifically named Futu Securities International (Hong Kong) Limited and its relevant domestic and foreign entities, not just looking at a single legal entity. The official text used “relevant domestic and foreign entities,” which indicates that the regulation is not only targeting the Hong Kong licensed company itself but will also penetrate to look at foreign entities and domestic affiliated entities, so Moomoo is also within the scope of this punishment.

However, because Moomoo is a pure overseas entity, China cannot force the shutdown of overseas entities, meaning that if Moomoo only serves local compliant clients in Singapore, the United States, Australia, Japan, Malaysia, etc., then this is local licensed business, and the China Securities Regulatory Commission will not shut down overseas compliant operations.

However, if Moomoo is considered by mainland Chinese users as a “replacement entrance after Futu's Niuniu was removed,” then there will be issues. Therefore, my personal view is that Moomoo may be fined at most, but the actual overseas business will not be shut down.

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