China has been targeting cross-border internet brokerage firms in a regulatory storm. Those firms could be accused of illegal financial business if they provide overseas securities investment services to Chinese clients, according to a high-ranking financial official. On Oct. 24, Sun Tianqi, director of the Bureau of Financial Stability of China’s Central Bank, said at the 3rd Bund Summit in Shanghai that cross-border internet brokerages are “driving without a license and are illegal financial activities” in China, according to the mouthpiece media. Some foreign securities operators using the internet platform and serving exclusively for domestic investors are defined as “cross-border delivery” that China “has not recognized,” Sun said, noting they are not approved with the relevant licenses issued by the Chinese Community Party (CCP), and it is obviously no use to just hold a foreign license in China. In response to China’s strict rules, on Oct. 28 overseas-listed internet brokerage …