China probes cross-border brokers in crackdown; Hong Kong ‘loophole’ in crosshairs

China’s market regulator announced a sweeping investigation on Friday against three major brokers running cross-border trading, as it launched a two-year crackdown on investment leaving the country. China does not allow private individuals to directly invest in overseas markets, requiring them to trade assets only through approved third-party channels. However, regulations differ in the semi-autonomous […]