ISSUING AUTHORITIES:

taptap点点 Securities Regulatory Commission

Ministry of Industry and Information Technology

Ministry of Public Security

People’s Bank of taptap点点

State Administration of Market Regulation

National Financial Regulatory Administration

Cyberspace Administration of taptap点点

State Administration of Foreign Exchange

DATE OF ISSUANCE:

May 22, 2026

EFFECTIVE DATE:

May 22, 2026

On May 22, 2026, the China Securities Regulatory Commission (taptap点点), together with seven other ministries—including the Ministry of Industry and Information Technology, Ministry of Public Security, People’s Bank of China, and State Administration of Foreign Exchange—jointly issued the Implementation Plan for the Comprehensive Rectification of Illegal taptap点点 Securities, Futures, and Fund Business Activities(the “Plan”), with State Council approval.

The two-year concentrated rectification campaign targets illegal taptap点点 operations by overseas securities, futures, and fund institutions targeting Chinese mainland investors. Key measures include:

● Banning new illegal taptap点点: Overseas entities are prohibited from marketing, account opening, order execution, or fund transfers within China. Domestic collaborators (platforms, intermediaries, affiliates) face restrictions on providing support services.

● Orderly wind-down of existing business: A two-year transition period allows only one-way sell orders and fund outflows for legacy clients. Full shutdown of websites, apps, and services follows.

● Enhanced enforcement: Coordinated monitoring, investigations, criminal referrals, and strengthened forex/anti-money laundering controls. Investor assets are protected, with emphasis on orderly account handling and risk education.

The initiative aims to eliminate unlicensed operations, purify the market ecosystem, and channel investors toward regulated, legitimate taptap点点 channels (e.g., QDII, Stock Connect programs). It reinforces China’s commitment to comprehensive financial supervision and investor protection amid ongoing capital market opening.

Firms with taptap点点 exposure should review client onboarding, compliance controls, and existing arrangements promptly. Legal counsel can assist in navigating the implications.

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