1 Jan 2021: Update on Futu
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Just like Tiger Brokers, Futu's share price has been weak these few months and in fact have made 52 weeks low in recent days.
This week weakness saw Futu around 38 USD but did not retest 52 weeks low of 34.11 USD. Nevertheless, the recent weakness in share price structure was linked not only to the general unease of chinese tech regulations but also on the non-chinese media reporting on the potential ban of online brokers..
Then again, I continue to hold the view that both Tiger Brokers and Futu do play a decent role in RMB internationalisation and they should not be overly penalised for the "Fake news!" Yes I do take that as fake news despite the fact that PBOC's Sun Tian Qi (financial stability director) mentioned about the point that financial licenses have borders... Nevertheless, I prefer to listen to Yi Gang's words back in 2015 and 2016. If you did watch my past youtube videos, you would know what I am talking about.
Back to Futu, there is a recent news a couple of days back reporting that Futu's founder, Li Hua being nominated as 第四届“深圳新生代创业风云人物” aka Shenzhen new generation entrepreneur individual.
Does this mean anything? I saw this news being reported on a state media as well? Am I reading it too much as this news signifies a weakening of unfriendly stance against Futu. If the unfriendly stance against Futu (which logically extends to Tiger Broker) does extend all the way for State Media to clarify the fake news, then will the value return to Tiger Brokers and Futu? Only time will tell if I am right.
This is my youtube video on Tiger Brokers:-
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As always, this should not be construed as any investment or trading advice.
$Futu Holdings Ltd (FUTU.US)$ $Robinhood (HOOD.US)$ $UP Fintech (TIGR.US)$ $Interactive Brokers (IBKR.US)$ $IFAST (AIY.SG)$ $Charles Schwab (SCHW.US)$ $East Money Information (300059.SZ)$ $Haitong (600837.SH)$ $HAITONG SEC (06837.HK)$ $CITIC (05427.HK)$ $CR HOLDINGS (01911.HK)$ $Lemonade (LMND.US)$ $Upstart (UPST.US)$ $PayPal (PYPL.US)$ $Block (SQ.US)$ $TENCENT (00700.HK)$ $XIAOMI-W (01810.HK)$
$Futu Holdings Ltd (FUTU.US)$ $Robinhood (HOOD.US)$ $UP Fintech (TIGR.US)$ $Interactive Brokers (IBKR.US)$ $IFAST (AIY.SG)$ $Charles Schwab (SCHW.US)$ $East Money Information (300059.SZ)$ $Haitong (600837.SH)$ $HAITONG SEC (06837.HK)$ $CITIC (05427.HK)$ $CR HOLDINGS (01911.HK)$ $Lemonade (LMND.US)$ $Upstart (UPST.US)$ $PayPal (PYPL.US)$ $Block (SQ.US)$ $TENCENT (00700.HK)$ $XIAOMI-W (01810.HK)$
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101661346 : https://www.businesstimes.com.sg/technology/china-to-order-cybersecurity-reviews-for-some-firms-seeking-overseas-listings
Regarding this, what are the impacts on futu and tiger?