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Futu (FUTU.US) Premarket Slump Deepens to 30%+ as CSRC Plans to Confiscate Illegal Gains and Impose Severe Penalties
Futu Holdings Limited (FUTU.US) saw its premarket losses deepen to more than 30% on Friday (22nd) in US trading, and last reported at USD84, down 32.2%. UP Fintech Holding Limited ...
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Futu (FUTU.US) Premarket Slump Deepens to 30%+ as CSRC Plans to Confiscate Illegal Gains and Impose Severe Penalties
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Futu Holdings Limited (FUTU.US)      saw its premarket losses deepen to more than 30% on Friday (22nd) in US trading, and last reported at USD84, down 32.2%. UP Fintech Holding Limited (TIGR.US)      tumbled 37.2% in premarket trading to USD3.67.

The China Securities Regulatory Commission (CSRC) announced that it has recently filed investigations and issued prior notices of administrative penalties in accordance with the law against the relevant onshore and offshore entities of Tiger Brokers (NZ) Limited (Tiger), Futu Securities International (Hong Kong), and Longbridge Securities (Hong Kong) for allegedly engaging in illegal securities business operations within China.

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The CSRC stated that the above-mentioned illegal cross-border business activities violated China's securities, fund and futures laws and regulations, disrupted market order, and must be resolutely cracked down upon. Pursuant to Article 202 of the Securities Law, Article 136 of the Securities Investment Fund Law, and Article 132 of the Futures and Derivatives Law, the CSRC intends to confiscate all illegal gains of the relevant onshore and offshore entities of Tiger, Futu and Longbridge, and to impose severe penalties.

The parties concerned have the right to make statements, present defenses and request hearings regarding the proposed administrative penalties. The CSRC will fully consider their opinions before making final administrative penalty decisions.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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