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
TAKESHI KIHARA and STELLA WONG, Nikkei staff writers
November 6, 2021 16:16 JST
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.