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China tech

'China's Robinhood' brokerages are next targets in tech crackdown

Shares in Futu Holdings and Up Fintech Holding plunge after Beijing critique

An ad for Futu Holdings covers a tram station in Hong Kong. Platforms like Futu have operated in a legal gray area, giving mainland investors a way to evade capital restrictions on offshore stocks.   © AP

HONG KONG -- China's crackdown on the tech industry has reached the fast-growing online securities sector, with shares in Futu Holdings and Up Fintech Holding both suffering a major blow in the U.S. following abrupt criticism from Chinese authorities.

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