According to @EmberCN, Futu and Tiger Brokers have further shut the U.S. stock account-opening channel for mainland China residents, leaving those without overseas permanent residency effectively unable to open brokerage accounts to trade U.S. equities; source: @EmberCN. According to @EmberCN, mainland users are expected to pivot to tokenized U.S. stocks, with user counts and trading volumes likely to rise as multiple CEX venues already support tokenized U.S. stock trading and an on-chain option exists via MyStonksCN; source: @EmberCN. According to @EmberCN, for crypto-native traders the process of trading tokenized U.S. stocks is similar to on-chain crypto trading and more convenient than the traditional broker route; source: @EmberCN. According to @EmberCN, current constraints are thinner liquidity and market depth for large orders, but market makers are increasing investment and liquidity is expected to improve, which is relevant for spreads and execution quality on CEX and on-chain venues; source: @EmberCN.