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China’s securities regulator plans to penalize Futu Holdings Ltd., UP Fintech Holding Ltd.’s Tiger Brokers and Longbridge Securities Ltd. for operating on the mainland without a license, marking a sharp escalation in a yearslong campaign against illicit cross-border brokerages.
The China Securities Regulatory Commission intends to confiscate all “illegal gains” from both the domestic and overseas entities of the firms and will impose severe penalties, according to a statement. Up Fintech saw its ADRs sink as much as 47% in premarket trading on Friday, meanwhile US-listed shares in Futu tumbled 35%.
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