China regulator asks Futu and UP Fintech to stop soliciting mainland clients
SHANGHAI/HONG KONG (Reuters) -China's securities regulator said on Friday that online brokerages Futu Holding and UP Fintech Holding have conducted unlawful securities businesses, and will be banned from opening new accounts from mainland Chinese investors, sending their shares tumbling.
The long-awaited official penalty comes more than a year after Chinese official media warned that New York-listed Futu and UP Fintech, which do not have licences in China, face regulatory risks.
Reuters reported earlier that Chinese officials were planning to ban online brokerages such as Futu Holdings Ltd and UP Fintech Holding Ltd from offering offshore trading services to mainland clients.
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- JC888·2023-05-20TOPFor a planned economy to function 100%, there must be minimum outflow of money resrc. Guessed thats the reason?LikeReport
- InverseCramer·2023-05-19Sad news but i guess its over now. Hope that from now onwards it is good news1Report