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Stars like Jennifer Lawrence love Rothy’s clogs — and they’re 25% off right now
Stars like Jennifer Lawrence love Rothy’s clogs — and they’re 25% off right now
Lizzo’s scandalous Cannes gown comes with faux piercings and more than 3,000 carats of diamonds
Lizzo’s scandalous Cannes gown comes with faux piercings and more than 3,000 carats of diamonds
Vacation from hell: Family of 4 suffers through $4K trip plagued by ‘violent’ food poisoning, moldy hotel and feces-smeared bathroom
"Huge Shock": China Launches Crackdown On Cross-Border Stock Selling To Block Capital Outflows
China launched an unprecedented campaign against illegal cross-border trading to stem capital outflows, threatening severe penalties against brokers and ordering non-compliant accounts to be liquidated within two years, sparking a brutal selloff in three popular brokerages.
As Bloomberg reports, the pushback came after the onshore markets closed Friday when eight regulators issued a joint statement vowing a campaign against these trades, sending US-listed Chinese stocks tumbling.
The securities regulator said it planned to penalize brokerages Futu Holdings, Tiger Brokers and Long Bridge Securities for operating on the mainland without a license, and would confiscate all “illegal gains” from their domestic and overseas entities. Hong Kong’s markets regulator also announced measures on accounts for mainland Chinese investors.
Futu said regulators proposed about $271 million in fines, while Tiger Brokers owner Up Fintech Holding Ltd. said it was subject to a combined 411 million yuan ($60 million) in fines and confiscated income.
“Tiger has noted the relevant notice and will strictly comply with regulatory requirements and actively cooperate with the relevant process,” UP Fintech’s brokerage unit said in a statement, adding that all business operations remain normal. Futu also said it will co-operate with regulators and that business outside mainland China remains normal. China clients represent about 13% of total funded accounts, the firm said in a statement.
The penalty on Futu likely refers to revenue from mainland clients before 2022, Morgan Stanley said in a research note. That’s because Futu has largely stopped adding new mainland clients since then, and the requirement at that time was to ask brokers to continue serving existing clients, according to analyst Chiyao Huang. Separately, JPMorgan Chase & Co. cut Futu to neutral, with a price target of $87.
The impact on the brokers’ shares was immediate: Up Fintech saw its ADRS sink 25% on Friday, while the US-listed shares of Futu tumbled 27%. The declines spread to other Chinese stocks, as the Nasdaq Golden Dragon China Index fell 1.9%
The joint plan, issued on Friday by the China Securities Regulatory Commission, the People’s Bank of China, the Ministry of Public Security and five other government bodies, aims to dismantle unauthorized offshore investment services that target mainland investors.
Officials said the measures are designed to clean up the capital market and steer investors toward regulated channels for overseas investment. An estimated $1.04 trillion of so-called hot money flowed out of the country in 2025, according to Bloomberg calculations - the biggest annual outflow since data began in 2006.
The moves amount to China’s most aggressive attempt yet to clamp down on its citizens finding ways to trade overseas markets, a long-running practice that is officially off-limits for a nation that imposes strict capital controls to defend its currency.
But as Bloomberg notes, the ramifications may be much wider than just the brokers targeted. Chinese companies’ global ambitions have led them to list in New York, London and particularly Hong Kong, and Chinese citizens have invested large sums as they follow their national champions overseas.
“This came as a huge shock that the plug would be pulled today,” said Chen Da, founder of Dante Research, adding that the biggest surprise was the push to close existing accounts within two years. “This is very bad news for Chinese ADRs and the Golden Dragon Index if people rush to liquidate all at once.”
The Hong Kong stock market’s strong performance has attracted a growing number of mainland investors to open overseas accounts illegally to trade there, increasing outflows and likely providing authorities a stronger incentive to stop such practices, said Allen Wang, a Shanghai-based partner at Jincheng Tongda & Neal Law Firm.
The shocking crackdown also coincides with Chinese tax authorities’ intensifying drive to get its citizens to pay taxes on offshore income, he noted. A number of clients have since last year been contacted by officials to pay taxes for gains including those from overseas stocks trading, with some having opened new accounts in Hong Kong after 2022, he added.
Under the new initiative, overseas institutions will be banned from marketing in China related to securities, futures and fund products. They will also be prohibited from offering account-opening services, executing trades or facilitating fund transfers for domestic clients.
The crackdown extends beyond foreign firms. Domestic entities that assist such operations, including intermediaries that solicit investors or companies providing website, trading software or customer support, will also be subject to enforcement action. Internet platforms and social media accounts publishing illegal promotional content are included. In addition to securities laws, violations involving foreign exchange controls, anti-money laundering rules, cybersecurity requirements and personal data protection will also be inspected.
Banks will face closer scrutiny as well. Institutions providing accounts for cross-border investment will be required to strengthen compliance checks on outbound foreign exchange transactions, as regulators move to curb illicit capital outflows, including those routed through underground banking networks.
The move comes around three years after local retail traders were cut off from accessing the apps of Futu and Up Fintech, an early sign that Beijing was growing impatient with cross-border flows. In 2023, the firms were forced to scrub their trading platforms from mainland app stores. That followed a late-2022 directive where regulators told Tiger and Futu to rectify “illegal” activities and stop taking on new onshore investors.
Tyler Durden Fri, 05/22/2026 - 11:25Great Again: Blue-Haired Liberals Seen Enjoying Beautifully Restored DC Park Fountain
Authored by Steve Watson via modernity.news
Decline is a choice
Just weeks ago, Meridian Hill Park - also known as Malcolm X Park - stood as a graffiti-scarred reminder of neglect, overrun by vagrants, trash, and decay. Today, its iconic 13-basin cascading fountain flows powerfully once more, drawing families, dog walkers, and even those with blue hair who once might have sneered at such efforts.
The transformation is undeniable: clean pathways, flowing water, and people reclaiming public space in the heart of Washington, D.C.
It's the direct result of President Trump's determination to restore the nation's capital ahead of America's 250th anniversary. As one viral video captured, locals are visibly enjoying the revived park where needles and encampments once dominated.
You're listening to the sound of the Nation's Capital coming back to life. ??
Decline is a choice. @POTUS is choosing action, beauty, strength, and pride. pic.twitter.com/CsiVSLdJuJ
President Trump has been clear about his personal investment in these projects. In a statement shared widely, he detailed the progress:
"So far, over 20 have been revitalized, and fixed, looking better than the day they were built, many years ago. We have some left, some were in very bad and difficult condition, but we will get them all done in a short time. D.C. is being reawakened as to its Beauty, Elegance, and Charm."
He continued on the grand prize:
"The "Granddaddy" of them all will be The Reflecting Pool - 2,500 feet long, and almost 200 feet wide, the biggest such structure ever built, but also, the most troublesome for many Administrations in that, from the time it was built in 1922, it essentially never really worked! It leaked from all angles, drew dirt, grime, and decay, was often filled with garbage, and wasn't at all representative of the two Great Monuments it connects - The Lincoln Memorial, and the Washington Monument."
? NOW: Liberals are LOSING THEIR MINDS after President Trump posted how beautiful the new USA flag blue Lincoln Memorial Reflecting Pool will look
They hate nice things - and preferred he let the algae and goose poop sit in the pool!
Trump nailed it: "Why would I bother taking… pic.twitter.com/NwJVVrG6PE
"I, together with Doug Burgum and the Department of Interior, am fixing it the right and proper way - It will last for many decades into the future," Trump added.
? JUST NOW: President Trump infuriates the Democrats by announcing he PERSONALLY made contributions to beautify DC, and dozens of fountains are starting to work again
BUILDER-IN-CHIEF.
The Reflecting Pool will be the biggest water project of them all ??
"So far, over 20 have… pic.twitter.com/UDUgdf8qpn
Trump further stated, "The Fountains are now working, and look magnificent as the Park is being entirely rebuilt, using far better and more beautiful materials than originally used. As the Entrance to the White House, it's got to be spectacular - There is no other way! Again, check out what's going on at Lafayette Park."
The historic cascading fountain at Meridian Hill Park in D.C. is flowing after a decade of disrepair and decay - all thanks to President Trump's relentless effort to make our nation's capital beautiful again.
REMEMBER - DECLINE IS A CHOICE! pic.twitter.com/IHLZt0rU4z
The fountain revival aligns with Trump's revived executive order promoting classical architecture for federal buildings - an order Biden scrapped in 2021 but Trump reinstated to prioritize beauty, tradition, and civic pride over modernist ugliness.
Meridian Hill Park before vs. after.
For years, homeless camps and drug addicts took over the park.
Now it's cleaned up and full of families again, thanks to @POTUS's executive order to make the capital safe and beautiful again. ?? https://t.co/CLsrqwSOkW pic.twitter.com/MSrIsuyWvm
Meridian Hill Park's cascading fountain, one of North America's longest, had been dry for years. Now it cascades with renewed vigor, part of a $54 million initiative restoring seven major D.C. fountains.
The Lincoln Memorial Reflecting Pool - long plagued by leaks and grime - is undergoing a major overhaul with upgraded materials and a striking "American flag blue" finish for enhanced reflection and durability.
As Trump noted, Lafayette Park, right at the White House entrance, is also being fully rebuilt with superior materials. Additional fountains and public spaces across D.C. are in the pipeline, all timed for the 250th celebrations.
The most striking images show everyday Americans - including those who might not vote Trump - relaxing by the flowing water. Blue Haired liberals were even spotted enjoying the surroundings.
Blue Haired liberals in Washington DC are THANKING Trump.
This is Meridian Park, just North of the White House.
Beautiful. Clean. Safe.
Turns out people like living in a city that isn't a drug-ridden, lawless war zone. pic.twitter.com/rcDJt7hgqF
Crime in D.C. is dropping, encampments are cleared, and families are returning. Beauty and order draw people in; neglect repels them. Trump's approach proves that enforcing basic standards and investing in public spaces benefits everyone, regardless of politics.
Leftist critics can fume about "wasted" money or "gentrification," but the footage tells the truth: people love safe, clean, beautiful spaces. They always have. Decades of Democrat-led decay turned the capital into a embarrassment. Trump is reversing it.
The fountains are flowing, the parks are alive, and the capital is reawakening.
Tyler Durden Fri, 05/22/2026 - 11:24