🇺🇸 *OCBC Securities Digital Engagement Team, stay tune wit...
*China Trading Apps Tumble In U.S. After PBOC Calls It Illegal*
💡Futu plunged 25% in the premarket trading session, as the next musical chair falls on the *Unlicensed Online Brokerages* designated by the Chinese authority
▪️U.S.-listed Chinese online brokers tumble in premarket trading, after a PBOC official calls cross-border online brokers as illegal in an article.
▪️Up Fintech down as much as 23% in U.S. premarket trading while Futu tumbles as much as 31% on high volumes
▪️Such brokers are illegal financial activities as they have no licenses to operate in China and it has nothing to do with whether capital account is fully convertible, Sun Tianqi, a senior PBOC official writes in an article published on the website of Finance 40 Forum
▪️Up Fintech down as much as 23% in U.S. premarket trading while Futu tumbles as much as 31% on high volumes
▪️Such brokers are illegal financial activities as they have no licenses to operate in China and it has nothing to do with whether capital account is fully convertible, Sun Tianqi, a senior PBOC official writes in an article published on the website of Finance 40 Forum
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