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Futu, UP Fintech Fined, Confiscated RMB2.2B+ in Total; Both Shrs Tumble 20%+ Last Fri
The China Securities Regulatory Commission (CSRC) said last Friday (22nd) that the related onshore and offshore entities of Futu, UP Fintech and Longbridge had conducted cross-bord...
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Futu, UP Fintech Fined, Confiscated RMB2.2B+ in Total; Both Shrs Tumble 20%+ Last Fri
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The China Securities Regulatory Commission (CSRC) said last Friday (22nd) that the related onshore and offshore entities of Futu, UP Fintech and Longbridge had conducted cross-border securities business for domestic investors without CSRC approval. Under the Securities Law and other relevant laws and regulations, such actions constitute illegal securities business operations.

US-listed Futu Holdings Limited (FUTU.US)      and UP Fintech Holding Limited (TIGR.US)      disclosed that they had each received proposed penalty notices. Futu is proposed to be fined and confiscated approximately RMB1.85 billion, while UP Fintech is proposed to be fined and confiscated approximately RMB410 million, bringing the total fines and confiscations to exceed RMB2.2 billion.

Futu and UP Fintech plunged 27.53% and 25.34% respectively at last Friday's close, ending at USD89.76 and USD4.36. According to a filing recently released by Futu Holdings, Futu founder and CEO Li Hua held a 36% stake with 63% of the voting rights as of end-March. Based on this, Li's net worth was wiped off by USD1.712 billion in a single day.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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