A senior official at China’s central bank said cross-border online brokerages operating in mainland China were acting illegally, knocking shares in U.S.-listed Futu Holdings Ltd. and Up Fintech Holding Ltd.
The criticism heaps new pressure on the two securities firms after they were called out earlier this month by Chinese state media, which said the firms would face challenges due to the country’s tough new data-privacy laws. Chinese regulators have cracked down on various business sectors this year, including property development, after-school tutoring and parts of the technology industry.
