Futu and Up Fintech shares fell 30-40% after China's CSRC imposed massive fines and barred mainland clients from opening new positions on offshore platforms.

Mainland investors face tighter restrictions as Beijing broadens campaign against unlicensed offshore brokerage activity

Mainland clients of Tiger Brokers, Futu and Long Bridge will only be allowed to sell holdings and withdraw funds during the cleanup period

The clampdown hits a route that Chinese investors use to trade U.S. and Hong Kong stocks, raising capital-control and ADR concerns...

Moomoo parent Futu Holdings shares plunge 28% on the Nasdaq after facing a $271M fine from China over unlicensed trading operations.

Futu and Up Fintech shares fell 30-40% after China's CSRC imposed massive fines and barred mainland clients from opening new positions on offshore platforms.