Tiger Brokers' M&A logic is rather unique—the possibility of privatization and delisting is greater than a strategic acquisition. The core drivers are ADR compliance pressure and the risk of financial decoupling between China and the US. Futu or a certain Chinese financial institution is the most frequently mentioned potential buyer. The historical premium for the privatization of Chinese concept stocks is in the 20%-40% range. The biggest risk is regulatory overlap from both ends: SEC compliance review and China's capital outflow controls, making the transaction timeline difficult to predict.
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