The China Securities Regulatory Commission issued a statement that it would ask Futu Holdings (FUTU) and UP Fintech (TIGR) to stop taking new onshore investors as customers or opening new accounts for them, alleging that their "act has constituted illegal operation of securities business according to the Securities Law and related regulations," reported Bloomberg. In pre-market trading in New York on Friday following the news, Futu shares are down $15.89, or 27%, to $43.02 while shares of UP Fintech have fallen $1.61, or 34%, to $3.16. Reference Link
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