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Futu and Up Fintech shares crater as China launches sweeping crackdown on cross-border trading
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.
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caixinglobal.com
China Proposes $338 Million in Penalties Against Futu, Up Fintech
Mainland investors face tighter restrictions as Beijing broadens campaign against unlicensed offshore brokerage activity
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China Launches Two-Year Crackdown on Offshore Brokers Serving Mainland Investors
Mainland clients of Tiger Brokers, Futu and Long Bridge will only be allowed to sell holdings and withdraw funds during the cleanup period
