Tiger Brokers Receives Approval to Acquire Licensed Hong Kong Brokerage Firm

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(Source: Unsplash)

During the pre-market hours of October 26 (EDT), Tiger Brokers announced that the company has received approval from The Hong Kong Securities and Futures Commission (SFC) for the acquisition of Ocean Joy Securities Limited (OCJL), a Hong Kong-based brokerage firm licensed with SFC for Type Ⅰ and Type Ⅱ regulated activities. After the completion of the acquisition, the company will be able to offer customers in Hong Kong services, involving securities and futures brokerage.

Established in 2014, Tiger Brokers is a global Internet brokerage firm with offices in many countries and regions and employs nearly 10,000 people. The company was listed on the NASDAQ Stock Exchange on March 20, 2019.

However, on the 14 of this month, Chinese state-owned channel People’s Daily Online pointed out the company by name for information security issues. As the news agency reported, Tiger Brokers has now completed its listing in the United States. In the context of Personal Information Protection Law, which clarifies the rules for cross-border provision of personal information, the exit of personal information of mainland citizens will become a new test for these Internet brokers providing stock trading services in major global markets such as US and Hong Kong.

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Affected by the above news, Tiger Brokers has become the focus of heated discussion across the country. On October 14, the company’s stock price dropped by more than 20%.