$Futu Holdings Ltd (FUTU.US)$ Actually don't understand what...
$Futu Holdings Ltd(FUTU.US$ Actually don't understand what Chinese Gov are thinking? Futu has excellent platform, helping smart Chinese investors make money from oversea market, bring money back to china. How stupid to break this money making bridge for gov? What they should do is update their system and technologies, tax systems and monitor tools. Set up the rules and supervising the industry. Hope they can wake up sooner or too late.
Also hope futu does well in other Asia countries, let Chinese Gov regret and hand out permit and beg it to operate in side China!
Also hope futu does well in other Asia countries, let Chinese Gov regret and hand out permit and beg it to operate in side China!
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doctorpot1 : the problem is about money control, they don't want their citizen to hold foreign currency. there is a law where their citizen cannot exchange foreign currency unless going overseas. Which created an ant move syndrome. they are trying to maintain a 1usd to 5rmb peg so they need to control the money inflow and outflow very well. imagine you got 1b citizen. everyone change 1k usd that is 1trillion usd liao. the disruption will cause the peg to crumble. and China depends on the 1 to 5 peg to thrive. that's from what I have read and understood.