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Tiger, Futu and Longbridge would be penalised for soliciting business in China without an onshore licence, the securities regulator said.
China will punish brokers Tiger, Futu, and Longbridge for operating without an onshore license.
KEY POINTS
- Clients of impacted brokers will only be allowed to sell, not purchase, during a two-year wind-down.
- Futu faces a proposed 1.85 billion yuan penalty, while UP Fintech has been fined over 308 million yuan.
- Hong Kong's SFC found 'significant deficiencies' among 12 brokers and will tighten account verification.
- The crackdown caused shares of brokers and major Chinese U.S.-listed firms to drop sharply in premarket trading.
COMPANIES
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