We decided to check up on TIGR and found that their website now includes, in black and red, a tutorial for users on how to fund their accounts.
Just scroll halfway down the page, and you will see the following image, which helps users through this funding process. This example deals with the transaction.
Source: TIGR’s website (view video screengrab below)
Please note that the boxes in the image above are outlined in red on TIGR’s website, and the bottom right box is prefilled, and clearly shows the “usage” of funds is “102-TravelandTourism”. *
We believe it should be obvious for all to see that the company’s own website easily confirms the facts we used to support our bearish research in 2019. There is no longer a need for an outside investigator to call customer service. If you want to verify this for yourself, you might want to check out our new evidence quickly. We would not be surprised that once TIGR becomes aware of our report that these possible capital control circumvention instructions, as we sit, will be altered.
As a side-note, the webpage shown above pertains strictly to China Merchants Bank – Hong Kong Branch. TIGR’s website has different tabs for different banks. TIGR’s website does not show similar reasons for transfer in the different tabs.
Keep in mind that TIGR still lacks the appropriate licenses to even conduct brokerage business in Mainland China. A Chinese article in January of this year raised this very point (translated into English);
‘…In this regard, some professionals pointed out that to engage in securities-related businesses in the Mainland, a license must be obtained and it must be included in the management system of regulatory agencies such as the China Securities Regulatory Commission. Attracting investors in the Mainland to engage in securities-related businesses but being subject to supervision by foreign regulatory agencies is definitely not a compliant behavior…’
*The referenced page in the screengrab above has been since removed, but we archived it with the assumption that they would.
Disclosure: Short TIGR at time of this post