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China will ban Internet brokers from providing overseas transaction services to mainland clients

People familiar with the matter said that out of concerns about data security and capital outflows, Chinese regulators plan to prohibit Internet brokers such as Futu Holdings and Tiger Securities from providing offshore trading services to mainland customers. The two Chinese companies listed on NASDAQ are the two largest companies in this field. The ban will prevent millions of retail investors in mainland China from trading conveniently in markets such as the United States and Hong Kong. One of the four sources said that the relevant company may receive a notice of the injunction in the "coming months."

Article excerpted from the US Stock Research Agency
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