China's securities regulator has launched a major crackdown on illegal cross-border securities activities, targeting online brokerages operating outside the country's regulatory framework. Why is Beijing acting now after years of scrutiny? What risks are regulators trying to contain? And does this signal a new era of stronger oversight in China's financial markets? Host Tu Yun joins Professor Hans-Peter Burghof, the Chair of the Banking and Finance Department, University of Hohenheim, Germany, Professor Liu Baocheng, the Director of the Center for International Business Ethics, University of International Business and Economics in Beijing, and Chen Jiahe, the Chief Investment Officer of the Beijing-based Novem Arcae Technologies for a close look.