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On May 16, leading online brokers Futu Holdings and UP Fintech Holding Limited, known as “Tiger Brokers” in Asia, successively announced that their apps will be removed from app stores on the Chinese mainland.
Futu Holdings, an online brokerage and wealth management platform, on Wednesday announced its unaudited financial results for the third quarter ended September 30, 2021.
The United States Securities and Exchange Commission (SEC) on Wednesday added five Chinese firms to a growing list of companies that may get delisted from domestic stock exchanges.
In episode 46 of TechBuzz China, co-hosts Ying-Ying Lu and Rui Ma take a look at the market for China’s overseas online brokerages, which help Chinese people to invest in securities outside of mainland China. Of note, two Chinese fintech startups, Futu (富途 fù tú, or “path to riches”) and Tiger Brokers, went IPO in quick succession in March.
Futu Holdings Limited Thursday published its unaudited financial report for the third quarter ended Sept. 30, showing soaring gross profit and surging non-GAAP adjusted net income.
Chinese state media on Thursday questioned the ability of Futu and Tiger Brokers to meet requirements of the country’s strict new data protection law. As a result, the two brokers’ shares decreased sharply before markets opened in the U.S.
China's Securities Regulatory Commission said on December 30 that online brokerages Futu Holding and UP Fintech Holding have conducted cross-border securities businesses involving domestic investors without regulatory consent, contravening Chinese laws.