This topic is a bit sensitive. First of all, everyone probably knows who the three founders are. Although the entities are indeed based in some overseas countries, these three companies share a common characteristic: they are all 'overseas licensed + Chinese internet teams + Chinese user growth strategies + domestic technology + operations + marketing' cross-border internet brokerages. If a company has no Chinese team, no domestic entity, no domestic servers, no Chinese employees, no domestic assets, and no actual Chinese controlling party, then while Chinese regulators can still classify it as illegal, enforcement becomes much harder. In most cases, they can only block websites or apps, restrict payment channels, warn investors, or rely on cross-border regulatory cooperation. Take Google, YouTube, Facebook, and of course X, for example. These platforms can be banned, but how do you fine them? It’s impossible. They don’t have Chinese teams, Chinese operations, or Chinese servers. But companies like Futu, Tiger, and Longbridge are different. Although their licenses are based in Hong Kong, Singapore, New Zealand, and other places, their domestic affiliated entities, technical services, user sources, management teams, communities, and marketing are very obvious. Futu’s 20-F directly discloses Shenzhen Futu, its Beijing and Shenzhen subsidiaries, VIE structure, and Shenzhen and Hong Kong headquarters. Tiger’s 20-F also discloses its Beijing office, Beijing VIE, and Beijing Rongke structure. The key point is that the majority of users for these three companies are Chinese-speaking investors. In Futu’s 2025 20-F, it explicitly states that Futubull primarily 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 significant portion of its technical, R&D, management, and support teams are based in mainland China. Tiger’s 2025 20-F even defines Chinese investors as global Chinese-speaking individuals, not just mainland Chinese residents. It also reveals that geopolitical and regulatory tensions between China and the U.S. may impact growth in markets where most of its customers are located, indicating that its customer base is concentrated in China-related markets and overseas Chinese-speaking markets. As for Longbridge, let’s not even get into that. These three companies are not traditional international brokerages; they are cross-border internet brokerages centered around Chinese-speaking investors. Futu and Tiger have historically relied heavily on mainland Chinese and offshore Chinese-speaking users. That’s all I’ll say. If you still don’t get it after this, there’s nothing more I can do.