finance
Beijing Announces Crackdown on Unauthorized Cross-Border Trading by Online Brokerages
Chinese regulators moved against online brokerages offering unauthorized cross-border trading. The action triggered a sharp drop in shares of one listed firm and reduced the wealth of its founder.
May 26, 5:08 AM·1m read1 source
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Chinese regulators announced a crackdown on online brokerages that provide unauthorized cross-border trading services. The measures prompted an immediate sell-off in shares of Futu Holdings, a company listed in the United States.
Holdings shares fell sharply on Friday, according to Bloomberg News. 7 billion. Bloomberg News said the figure came from its billionaires index. Li's fortune is derived mainly from his stake in the company. The same report noted that Li's wealth has halved since October.
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