Recently, it has been observed that FUTU and TIGR seem to be facing significant regulatory pressure, with market rumors suggesting a retrospective review of their past business data.

Frankly, against a backdrop where judicial and property rights protections are still incomplete in some areas, once regulators decide to intervene, the room for corporate defense is often very limited. It's hard to expect a turnaround through regular legal procedures; more often, it relies on non-public communication. Moreover, the capital reserves of these brokerage firms are clearly incomparable to giants like $Alphabet(GOOGL.US), making it difficult to imagine them withstanding the impact of sky-high fines.

This once again reminds us that when allocating to China-concept assets (whether BABA or PDD), such uncontrollable policy variables must be factored into the discount factor. In contrast, while many US-listed stocks have high valuations, even bubbles, this "premium" is, to some extent, the price paid for a mature legal environment and predictable rules. Even if some China-concept stocks appear attractively valued, under the current geopolitical and policy games (referring to recent cases of $Meta Platforms(META.US) and Manus), such bargains may not be easy to pick up.