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China tech

'China's Robinhood' tries to calm investor nerves as shares sink

Online broker Futu struggles in crosshairs of Beijing's regulatory pressure

Futu and other online brokers allowed mainland Chinese to invest abroad, but a regulatory crackdown is undermining this business model   © Reuters

HONG KONG -- Online brokerage Futu Holdings, known as "China's Robinhood," attempted to reassure anxious clients on Wednesday that it would not close accounts and will focus on expanding its presence in Hong Kong and Singapore after Beijing increased pressure on the industry, sending its shares tumbling.

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