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证监会处罚老虎、富途、长桥：跨境炒股的灰色地带
China Penalizes Tiger, Futu and Longbridge: The Grey Zone of Cross-Border Investing
This is an HSK 3-4 Chinese listening episode that runs about 6 minutes. The full Mandarin script is shown with tap-for-pinyin and a line-by-line English translation, so you can listen and read at once — comprehensible input in the sense of Stephen Krashen's i+1 theory. It teaches 12 key vocabulary words such as 公司、国家、同意 and walks through 4 grammar patterns, each explained in English with examples. The same news story is retold at 4 difficulty levels — use the level selector above to find the version that is challenging but still understandable for you.
今天我们聊一个财经新闻。
Today we'll talk about a finance news story.
这是一个，
This is
五月二十二号的大新闻。
a big news story from May 22.
新闻的主角，
The main figures in the news
是三家公司：
are three companies:
老虎、富途和长桥。
Tiger, Futu, and Longbridge.
在讲这个新闻以前，
Before discussing this news,
我们要先讲清楚几个词。
we need to first make a few words clear.
第一个词：股票。
The first word: stock.
一家公司，
A company
可以被分成很多份。
can be divided into many shares.
其中的一份，
One of those shares
就是一张股票。
is a stock.
你买了一家公司的股票，
If you buy a company's stock,
你就拥有了，
you own
这家公司的一小部分。
a small part of that company.
公司发展得好，
If the company develops well,
股票就会涨；
the stock rises;
公司发展得不好，
if the company develops badly,
股票就会跌。
the stock falls.
第二个词：券商。
The second word: brokerage.
大部分人买股票，
Most people, to buy stocks,
不能直接去买。
cannot buy directly.
需要一个"中间人"，
They need a "middleman"
帮你买，
to buy for you
帮你卖。
and sell for you.
这个中间人，
This middleman
就是券商。
is the brokerage.
老虎、富途、长桥，
Tiger, Futu, and Longbridge
就是这样的券商。
are exactly this kind of brokerage.
它们最大的特点，
Their biggest feature
是用手机软件，
is using phone apps
让买股票变得很简单。
to make buying stocks very simple.
而且，
And moreover,
用它们可以买美国、
with them you can buy American
香港的股票。
and Hong Kong stocks.
对很多中国人来说，
For many Chinese people,
这很有吸引力。
this is very attractive.
所以这些年，
So in recent years,
用它们的人越来越多。
more and more people have used them.
有人说，
Some say
内地通过这种方式，
the number of mainland accounts
买美股的账户，
buying US stocks this way
可能有几百万个。
may be several million.
好，
Alright,
词讲完了，
the words are explained;
我们来看新闻。
let's look at the news.
五月二十二号，
On May 22,
中国证监会发出公告。
China's CSRC issued an announcement.
"证监会"，
The "CSRC,"
全名是，
its full name is
中国证券监督管理委员会。
the China Securities Regulatory Commission.
简单说，
Simply put,
它就是管中国股票市场的部门。
it is the department that manages China's stock market.
证监会说，
The CSRC said
老虎、富途、长桥，
that Tiger, Futu, and Longbridge
违反了法律。
had broken the law.
它们违法在哪里呢？
Where exactly did they break the law?
关键是四个字：
The key is four characters:
"跨境展业"。
"cross-border business operation."
"跨境"，
"Cross-border"
就是跨过国家的边界。
means crossing a country's borders.
"展业"，
"Business operation"
就是开展业务、
means carrying out business,
做生意。
doing trade.
在中国，
In China,
帮别人买卖股票，
helping others buy and sell stocks
是要有许可的。
requires a license.
公司必须先得到证监会的批准，
A company must first get the CSRC's approval
才可以做这个生意。
before it may do this business.
但是这三家券商，
But these three brokerages,
没有这个许可，
without this license,
就在中国境内，
went and, within China,
做了营销推广、
did marketing and promotion,
帮客户处理交易，
helped clients handle trades,
等等业务，
and other such business,
还从中赚了钱。
and earned money from it.
证监会认为，
The CSRC holds
这就是非法经营。
that this is illegal operation.
所以，
So,
证监会决定：
the CSRC decided:
没收它们的全部违法所得。
to confiscate all of their illegal gains.
也就是说，
In other words,
把它们这样赚到的钱，
the money they earned this way
全部收走。
will all be taken back.
而且，
And furthermore,
还要严厉处罚。
they will be severely penalized.
这个消息一出来，
As soon as this news came out,
市场马上有了反应。
the market reacted at once.
老虎和富途，
Tiger and Futu
都是在美国上市的公司。
are both companies listed in the US.
公告之后，
After the announcement,
它们的股价大跌，
their share prices fell sharply;
其中有的公司，
one of the companies
一度跌了，
at one point dropped
百分之四十以上。
more than forty percent.
这是非常大的下跌。
This was a very large fall.
讲到这里，
Speaking of this,
你可能会问一个问题：
you might ask a question:
用手机买美股，
buying US stocks with a phone —
不是很正常吗？
isn't that quite normal?
为什么国家要管？
Why does the state manage it?
这就要说到，
This brings us to
一个很重要的背景。
a very important background.
在中国，
In China,
钱进出国家，
money entering and leaving the country
是受到管理的。
is subject to management.
这叫"外汇管理"。
This is called "foreign exchange control."
一个普通中国人，
For an ordinary Chinese person,
一年可以换的外币，
the amount of foreign currency exchangeable in a year
是有限额的。
has a quota.
而且按照规定，
And according to the rules,
这些外币，
this foreign currency
不能随便用来，
cannot be casually used
买外国的股票。
to buy foreign stocks.
也就是说，
In other words,
内地居民，
mainland residents
通过这些软件买美股，
buying US stocks through these apps
一直处在一个，
have always been in a
"灰色地带"。
"grey zone."
什么叫灰色地带？
What is a grey zone?
就是这件事，
It means this matter
不是明确的合法，
is not clearly legal,
也不是明确的非法。
nor clearly illegal.
它在中间，
It is in the middle,
是一个模糊的地方。
a blurry place.
这种灰色地带，
This kind of grey zone
其实存在了很多年。
has in fact existed for many years.
早在几年前，
As early as a few years ago,
国家就已经注意到了。
the state had already noticed it.
那时候，
At that time,
这些软件，
these apps
就被要求，
were required
不能再向内地的，
to no longer open to
新用户开放。
new mainland users.
应用商店里，
In the app stores,
也下架了它们的软件。
their apps were also taken down.
但是这一次，
But this time,
国家的态度，
the state's attitude
明显更进了一步。
has clearly gone a step further.
今年五月初，
Early this May,
证监会等八个部门，
the CSRC and eight departments
一起发布了一个方案。
jointly issued a plan.
这个方案的目标很清楚：
The plan's goal is clear:
用两年的时间，
to use two years
把这种非法的跨境生意，
to completely stop
彻底停掉。
this kind of illegal cross-border business.
五月二十二号的处罚，
The May 22 penalty
就是这个方案的一部分。
is one part of this plan.
那么，
So,
已经开了户的人，
the people who already have accounts —
怎么办？
what should they do?
这一点，
On this point,
国家说得很清楚。
the state spoke very clearly.
大家不用恐慌。
There is no need to panic.
已经开的账户，
Accounts already opened
不会被强制关掉。
will not be forcibly closed.
账户里的钱、
The money,
股票、
stocks,
基金，
and funds in the accounts
也不会被强行拿走。
will also not be forcibly taken away.
但是在这两年里，
But over these two years,
你只能卖出，
you can only sell,
只能把钱转回来，
only transfer money back,
不能再往里面，
and cannot put new money
放新的钱。
in anymore.
也就是说，
In other words,
这扇门，
this door
正在慢慢关上。
is slowly closing.
最后，
Finally,
我想说说我的想法。
I want to share my own thoughts.
这件事，
This matter
其实是"方便"和"规则"，
is in fact a contradiction
之间的矛盾。
between "convenience" and "rules."
对个人来说，
For an individual,
用手机买全世界的股票，
buying the whole world's stocks with a phone
当然很方便。
is of course very convenient.
但是对一个国家来说，
But for a country,
钱怎么进、
how money comes in
怎么出，
and goes out
关系到整个国家的，
concerns the whole country's
金融安全。
financial security.
方便，
Convenience
不能成为，
cannot become
绕过规则的理由。
a reason to bypass the rules.
最后我问你：
Finally I ask you:
你觉得，
Do you think
一个人的钱，
a person's money
应该可以自由地，
should be free
投资到任何国家吗？
to invest in any country?
还是说，
Or rather,
国家有理由，
does the state have reason
管一管这件事？
to manage this matter?
你想一想。
Think about it.
好。
Okay.
今天就说到这里。
That's all for today.
明天再聊。
Talk tomorrow.
Company. The episode builds up from basics: a 公司 can be split into shares, each share is a stock.
Country, the state. The core tension: how money crosses a country's borders matters to the whole 国家.
To agree, to consent. 做这种生意，必须先得到国家的同意 — this business needs the state's consent first.
To notice. 早在几年前，国家就已经注意到了 — the state had noticed this grey area years ago.
A question, a problem. The episode pauses on the natural 问题: buying US stocks by phone seems normal — why regulate it?
To decide. 证监会决定：没收它们的全部违法所得 — the regulator decided to confiscate all illegal gains.
A securities brokerage. Beyond HSK3. The episode glosses it: the 中间人 (middleman) who buys and sells stocks for you.
Cross-border. Beyond HSK3. The episode glosses it: 跨过国家的边界 — crossing a country's borders. 跨境展业 = doing business across borders.
A permit, a license. Beyond HSK3. A firm must get the CSRC's approval — a 许可 — before doing brokerage business.
Illegal. Beyond HSK3. Operating without a license, the regulator said, is 非法经营 — illegal business operation.
To confiscate. Beyond HSK3. The CSRC will 没收 all 违法所得 — confiscate every yuan of the illegal gains.
Foreign exchange — foreign currency. Beyond HSK3. China's 外汇管理 limits how much foreign currency a person can convert each year.
* beyond level超纲词
什么叫 X? + definition
A teaching move: name a hard term, ask 什么叫, then give a plain definition. The episode uses it to unpack 灰色地带.
什么叫灰色地带？
就是这件事，不是明确的合法，也不是明确的非法。
不是 A，也不是 B
Two negations together place something in between two clear categories. The episode uses it to define a grey area.
不是明确的合法，也不是明确的非法。
它在中间，是一个模糊的地方。
也就是说 restates a point in plainer words. The episode uses it to make legal phrasing concrete.
没收它们的全部违法所得。
也就是说，把它们这样赚到的钱，全部收走。
对…来说
对 + (someone) + 来说 frames a judgment from a viewpoint. The episode contrasts what is true 对个人来说 versus 对一个国家来说.
对很多中国人来说，这很有吸引力。
对一个国家来说，钱怎么进、怎么出，关系到金融安全。