Futu Holdings: Cross-Border Broking In Crosshairs

Being caught in a PRC regulator's crosshairs doesn't engender a positive trading recommendation. Clarification is required as to any restriction on future trading activities for existing PRC clients
by David Blennerhassett on Futu Holdings Ltd in Event-Driven

Key points:
1. Just one day ahead of its dual primary listing in Hong Kong, Futu Holdings Ltd (FUTU US) postponed its Listing by Introduction. 
2. According to the China Securities Regulatory Commission, Futu has been illegally operating cross-border securities trading without approval.
3. Suitably, the share prices of Futu and UP Fintech (TIGR US), another online brokerage forced to quit accepting new onshore investors. It's probably too premature to buy the dip.

Before it's here it's on Smartkarma: https://skr.ma/JqWvw
More from David Blennerhassett: https://skr.ma/cPbgX
More in Event-Driven: https://skr.ma/uKDiC