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Why Shares of Futu and UP Fintech Holding Are Getting Crushed Today

Bram Berkowitz, The Motley Fool
·2-min read
Why Shares of Futu and UP Fintech Holding Are Getting Crushed Today

Shares of the online Chinese brokerages Futu Holdings (NASDAQ: FUTU) and UP Fintech Holding (NASDAQ: TIGR) are getting crushed today after the China Securities Regulatory Commission (CSRC) asked both companies to stop accepting new Chinese customers. As of 10:49 a.m. ET, shares of both Futu and UP Fintech had each fallen about 25%. In a statement today, the CSRC said both Futu and UP Fintech had operated trading businesses without the agency signing off.

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