paladinsir OP : The point is Chinese brokerages may see 2-7x more volume, assets, new accounts but moomoo customers are from US, HK, Singapore, Australia, Japan, Malaysia. China customers maybe less than 15%. These customers generally hold other stocks that are non Chinese, so the year on year gain in volume, assets, new accounts may be only 20-30% increase from last year but the stock has risen 55%. Moomoo does not have a license in China and cannot be downloaded in China without HK SIM card. This time is different from the 2020 rise when US also do QE, heck, every country did QE, and so volume of stock buying in each country increased. Also that time, there was a hope that moomoo would expand quickly in China but unfortunately, didn’t happen. I think China regulators will not allow license so soon, else there will be a legitimate way to transfer money out of China , causing implications for yuan. Capital control is especially stringent during low economy growth as the government want Chinese to spend on Chinese businesses to boost their growth, not foreign companies.

paladinsir OP : Temu is successful selling unbranded chinese products in US doesn’t mean it will be successful in South east Asia where labour costs, household products and agricultural items are even cheaper, with a lower shipping cost too. AliExpress wasn’t that successful. Lazada and shopee already have group buys function

paladinsir OP : Hong Kong is part of China, less restrictions.

paladinsir OP Me小马 : Use VPN and register in HK

paladinsir OP 娜娜的粉丝 : east money is also not state owned. the difference is it is listed in China and primary focus on Chinese and Hk listed companies and not US ones.  So did China ask brokerage to choose listing place to determine whether it will be issued license?