China Regulator Says Futu, Up Fintech Violated Laws

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https://www.wsj.com/articles/china-securities-regulator-cracks-down-on-online-brokerages-futu-and-up-fintech-11672407965

Companies accused of allowing customers on the mainland to make cross-border trades

By Weilun Soon

SINGAPORE—China’s securities regulator said two Nasdaq-listed online brokers violated its domestic laws by allowing customers on the mainland to make cross-border trades, stoking concerns that Chinese authorities aren’t finished with their crackdowns on private-sector companies. 

The American depositary receipts of Up Fintech Holding Ltd., which is also known as Tiger Brokers, fell 29% Friday in New York trading, and Futu Holdings Ltd. fell 31% after the China Securities Regulatory Commission put out a statement that mentioned both companies. 

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