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Huaxing Securities joins Futu, Tiger in curbing trades for mainland China clients

Huaxing Securities will restrict new trading for mainland China clients, extending curbs beyond Futu Holdings, Tiger Brokers and Longbridge as Chinese regulators widen their offshore broker crackdown. From June 15 Beijing time, Huaxing will stop new purchases and position openings for mainland accounts and block incoming funds and securities transfers, while allowing sales of existing holdings. The firm said the move follows regulatory requirements during a two-year rectification period.

Fintech

RIA deduction rate cut to 80 percent amid muted return of Korean retail investors

The tax deduction rate on capital gains from overseas stocks in return-to-domestic-market accounts (RIA) fell to 80 percent this month from 100 percent, and will drop to 50 percent from August, complicating efforts to draw overseas equity money back to South Korea. Data showed limited domestic inflows through RIA and a May shift to net selling of U.S. stocks, while U.S. stock holdings by Korean investors still rose. Industry voices call for measures beyond tax breaks to boost the appeal of local markets.

Finance

Kiwoom Securities\' brokerage lead shakes; can its retirement pension gambit work?

Kiwoom Securities will start a retirement pension business from June, seeking to diversify earnings and expand its retail client base. The move comes as it posted record first-quarter profit while its core brokerage retail market share fell. It will offer IRP, DC and DB plans via its mobile trading system and operate the business mainly online. The firm will waive key fees for 1 year and aims for 10 percent securities-sector pension market share and a top-5 ranking by 2035.