SHANGHAI/Hong Kong :New York-listed shares in Futu Holdings Ltd and UP Fintech Holding Ltd plunged in pre-market trading on Tuesday, after the online brokerages said they will remove their apps in mainland China following guidance from regulators.The announcement comes amid Beijing's sharpened focus on data s
SHANGHAI/Hong Kong :New York-listed shares in Futu Holdings Ltd and UP Fintech Holding Ltd plunged in pre-market trading on Tuesday, after the online brokerages said they will remove their apps in mainland China following guidance from regulators.
The removal of the apps represents the latest efforts by Futu and UP Fintech to satisfy Chinese regulators, who warned as early as 2021 that online brokerages not licensed in China were acting illegally if they served Chinese clients via the Internet. UP Fintech, also known as Tiger Brokers, said it will take down its trading platform as of May 18 to comply with the CSRC's rectification guidance. It added the company remains dedicated to serving existing clients in mainland China."The removal is out of expectation but will not materially impact current business operations as the two companies have ceased acquiring users in mainland China since Dec 31, 2022," said Hanyang Wang, an analyst with 86Research.
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