This topic is a bit sensitive.

Firstly, everyone should know who the three founders are. Although the entities are indeed based in some foreign countries, these three companies have a common trait: they are cross-border internet brokerages with "foreign licenses + Chinese internet teams + Chinese user growth logic + domestic technology + operations + marketing."

If a company has no Chinese team, no domestic entity, no domestic servers, no Chinese employees, no domestic assets, and no actual Chinese controllers, then although Chinese regulators can classify it as illegal, enforcement will be more difficult and will largely rely on blocking websites or apps, restricting payment channels, warning investors, and cross-border regulatory cooperation.

For example, we all know about Google, YouTube, and Facebook, as well as X; these can be banned, but how do you impose fines? It’s not feasible. There’s no Chinese team, no Chinese operations, and no Chinese servers.

But companies like Futu, Tiger, and Chuangqiao are different. Although the licensing entities are located in Hong Kong, Singapore, New Zealand, etc., the associated domestic entities, technical services, source of users, management teams, communities, and marketing are all quite evident. Futu's 20-F directly discloses Shenzhen Futu, subsidiaries in Beijing and Shenzhen, VIE structures, and headquarters in Shenzhen and Hong Kong. Tiger's 20-F also discloses the Beijing office, Beijing VIE, and Beijing Rongke structures.

The critical point is that the primary users of these three companies are Mandarin-speaking investors.

Futu's 2025 20-F states that Futubull mainly targets users in Hong Kong and mainland China, with mainland users limited to those who downloaded the app before May 19, 2023. It also discloses that a large number of users are PRC residents, and that a substantial number of technical, research and development, management, and support teams are in mainland China.

Tiger's 2025 20-F even defines Chinese investors as the global Mandarin-speaking population, not solely residents of mainland China. It also discloses that the geopolitical and regulatory tensions between China and the US may affect growth in markets where most Chinese and other clients are located, indicating that clients are concentrated in Chinese-related markets and overseas Mandarin-speaking markets.

There's no need to mention Chuangqiao.

These three are not ordinary international brokerages, but cross-border internet brokerages centered around Mandarin-speaking investors. Futu and Tiger have historically relied heavily on mainland Chinese and offshore Mandarin-speaking users.

I won't say much more; if you don’t understand this by now, I can't help you any further.

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