--- title: "Stock Live Trading P206: Brokerage firms are being rectified, and the last shortcut for ordinary people is gone." type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/41055195.md" description: "In the afternoon, group chats and the community exploded, with news of Longbridge, Futu, and Tiger Brokers being jointly targeted by eight departments of the China Securities Regulatory Commission (CSRC) spreading everywhere. The proposed decision: confiscate all illegal gains. I was stunned by these words. Honestly, over all these years, I've seen fake financial reports, I've seen delistings, but I've never seen something being defined as illegal and then completely wiped out. How to describe this feeling? It's like you've had a stall for ten years, where it's always been 'you're good, I'm good, everyone's good,' and everyone has gotten used to it. Then today, you suddenly get a fine notice, saying all the money you've earned in the past ten years will be confiscated, and your stall will be smashed. Many people say it's like fattening them up before the slaughter..." datetime: "2026-05-22T15:53:58.000Z" locales: - [en](https://longbridge.com/en/topics/41055195.md) - [zh-CN](https://longbridge.com/zh-CN/topics/41055195.md) - [zh-HK](https://longbridge.com/zh-HK/topics/41055195.md) author: "[股神小顾](https://longbridge.com/en/profiles/13638348.md)" --- # Stock Live Trading P206: Brokerage firms are being rectified, and the last shortcut for ordinary people is gone. The group chats and communities exploded this afternoon, flooded with news about Longbridge, Futu, and Tiger Brokers being jointly hunted by eight departments of the China Securities Regulatory Commission. The proposed decision: confiscate all illegal gains. I was stunned reading these words. Honestly, over all these years, I've seen fake financial reports, I've seen delistings, but I've never seen something being deemed illegal and then completely wiped out. How to describe this feeling? It's like you've been running a stall for ten years, it's always been a win-win for everyone, everyone got used to it, and then today you suddenly get a fine, saying they'll confiscate all the money you've earned in the past ten years and smash your stall. Many say they fattened it up before slaughtering it. From 2018 to 2024, weren't these apps running tons of ads on Douyin, Xiaohongshu, and Zhihu? Why didn't anyone speak up then saying this was illegal cross-border business? Where was the regulation back then? Now it's great, they have millions of users, made enough money, even went public, and now they turn around and tell you: sorry, the past doesn't count, now it's time for a reckoning. Honestly, my deepest feeling these past few years is: it's getting harder and harder for ordinary people to make a bit of money. Ten years ago, you could just buy a property, open a Taobao shop, and double your money while lying down. Even just 'plucking wool' (gaming small rewards), making seven or eight thousand a month wasn't difficult. There was even a myth about a village where everyone borrowed money and never paid it back. Opening an account was easy, golden opportunities were everywhere. Now? Properties are trapped, jobs are lost, merchants are getting stingier, giving you a dime and making you enter a lottery, which might just be a 'thank you for your patronage' message. You finally save up some money to buy some US tech giants, hoping to get a sip of the soup of the times, and now they tell you: this road is blocked. My little US stock positions, now I'm told I can only sell, not buy. Fine, I accept it. Anyway, all my money was lost in US stocks, so it doesn't really affect me, it's like being forced to quit. But it just doesn't feel good, I still had dreams of making a comeback, now those dreams are shattered. Still want to invest overseas? QDII, Stock Connect, overseas cards, overseas residency... in short, the barriers are getting higher and higher, harder and harder. First it was stopping new account openings, then it was the 20% personal income tax, now it's a complete wipeout. At first, no one believed it, now everyone does. Back to business, here are a few suggestions for everyone: 1\. Don't panic, the money is yours, it won't run away. The official said they will protect existing rights and interests. Currently, it looks like they're just making you have a 'clearance sale', take your money and get out. 2\. Don't believe any nonsense about 'changing the shell and coming back to life'. This time it's eight departments jointly, even the Ministry of Industry and Information Technology and the Cyberspace Administration are involved, meaning they'll even pull your internet cable, don't dream about it. 3\. Hurry up and organize your positions. Sell what you don't want to keep early. For what you want to keep, see if you can transfer them elsewhere (though it's very difficult), or just wait for the money to be transferred back, and in the future just honestly buy Nasdaq ETFs on the domestic market. 4\. The road was blocked step by step. First, they demanded dealing with existing positions, then they banned new account openings, then came the 20% personal income tax, until now the gradual clearing out. When people first heard about the tax, everyone thought it was a rumor. Now that they're not allowed to play, everyone believes it. Boiled frog? The wild era is over, from now on everyone is part of the regular army. Can we see the A-share market reach 10,000 points? As for me, I still have to watch the market tonight. Although I trade US stocks, what I hold are brokerages and Chinese concept stocks, probably glowing green today. That's it, I'm going to work. Hope when I wake up tomorrow, I find out today was actually a dream, like the game ban back in the day, a dream, a gust of wind... ### Related Stocks - [03588.HK](https://longbridge.com/en/quote/03588.HK.md) - [FUTU.US](https://longbridge.com/en/quote/FUTU.US.md) ## Comments (88) - **以山河为聘 · 2026-06-03T15:45:43.000Z**: It seems I have to leave Longbridge - **稳胜（不熟不做） · 2026-05-26T14:04:36.000Z**: If you could make money by trading stocks, you wouldn't even be able to open an account. The same goes for other industries. What a profound truth! - **Neozzz · 2026-05-26T02:50:54.000Z**: God, if it really doesn't work out, you should join the Party. - **抱佛脚 · 2026-05-24T14:29:40.000Z**: It's just a redistribution of interests. - **MGBF-L · 2026-05-24T09:59:52.000Z**: Ah Gu, I'll miss you - **口香糖叔叔 · 2026-05-24T08:31:12.000Z**: I lost the tens of thousands of HKD I got from Hong Kong playing US stocks, and now I only have a few hundred left 😰😰😰 - **顺家湾KK** (2026-05-24T14:36:38.000Z): Not reconciled to it - **财神的宠儿CC · 2026-05-24T06:54:15.000Z**: Can't send the text, check the picture - **陆羽鸿渐 · 2026-05-23T21:25:53.000Z · 👍 1**: The stock god's writing is quite impressive, it even made me feel indignant, very compelling. If he posts an article, it's bound to go viral. - **黄昏拂晓时分 · 2026-05-23T15:32:12.000Z**: My family in Wuhan had 8 houses demolished, and the government is giving us one house every 4 years. Watching 10 million in assets directly turn into 2 million is utterly ridiculous. - **基进基出 · 2026-05-23T13:20:47.000Z · 👍 1**: Well written, Gu Shen still has quite a few highlights. - **半山外賣仔 · 2026-05-23T12:17:56.000Z**: Goodbye Gu Shen, and never see you again. This time, we finally gave Gu Shen a decent step to return to the A-share market.Shen: It's not that I wanted to leave, I just went with the flow. - **银河探长 · 2026-05-23T11:00:15.000Z · 👍 2**: Don’t panic. As long as the documents used for account opening are not fake, it's not a big problem. Just relax, such a great platform community. - **yao7384 · 2026-05-23T07:36:06.000Z · 👍 11**: Retroactive investigation, their usual routine. Accumulate bit by bit, see when they want to cash out. - **股神小顾** (2026-05-23T10:11:57.000Z): Writing couplets, is that it? - **Done1990** (2026-05-23T13:20:27.000Z): Horizontal scroll: Do as you please - **KonKon** (2026-05-24T06:00:22.000Z): That's how it is, wanting to snatch it is just a matter of moving your fingers. - **学会忍耐 · 2026-05-23T04:21:19.000Z · 👍 1**: Saw this on Bilibili, is it real or fake? Is Longbridge really that tough? - **飞雪3** (2026-05-23T14:33:33.000Z): Posted by the APP announcement - **如如不动1314 · 2026-05-23T03:08:43.000Z · 👍 3**: Having had a glimpse of the world above the well, now they're being forced back down and ground into the dirt, pushed to the brink of ruin? The ordinary folks haven't even gotten on the path to wealth, and now they've sunk even deeper into hardship. It's not just about the bitterness of greed; the s - **马到成功2026 · 2026-05-23T02:41:08.000Z · 👍 1**: You've already turned things around and gotten out, why are you still buying China concept stocks?