Futu Holdings disclosed that its mainland Chinese clients account for about one-fifth of its assets and revenue after it reported a 61.2 per cent drop in first-quarter profit, as analysts warned Beijing’s latest crackdown on cross-border trading will weigh on earnings growth in the near term.The Nasdaq-listed Chinese online brokerage reported net profit of HK$831 million (US$106 million) in the three months ended March 31, down from HK$2.15 billion a year earlier, after booking a 1.85 billion yuan (US$272 million) regulatory penalty imposed by Chinese authorities.On an earnings call on Thursday, senior management also disclosed that mainland-funded accounts represented 17 per cent of total client assets and contributed 20 per cent of the group’s total revenue.Total client assets stood at HK$1.22 trillion at the end of March, up 47 per cent from the same period in 2025. Total revenue was HK$5.9 billion, up 25 per cent year on year.“We have already fully ceased account opening for mainland Chinese identity holders,” CEO Leaf Li said in the call, adding that Futu would not relax the procedures for clients looking to open accounts while it waits for further guidance from regulators.The earnings report came less than a week after Chinese regulators stepped up enforcement against online brokerages serving mainland investors without licences. This renewed concerns about a business model that had long allowed mainland residents to trade overseas stocks through Hong Kong-based platforms.