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Futu and UP Fintech plunge over 25% on massive volume following CSRC crackdown
- Shares of Chinese online brokerages Futu Holdings and UP Fintech Holding plummeted after China's securities regulator issued a sweeping crackdown on unlicensed operations.
- Futu fell 27.5% to $89.76 on 35.2 times its average volume, while UP Fintech sank 25.3% to $4.36 on 27.3 times its average volume.
- The regulatory action forces these brokerages to wind down unlicensed mainland operations, threatening their core business model and future growth.
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Conclusion
FUTU fell from $123.86 to $89.76 (-27.53%) with 61,222,200 volume vs. a 20-day average of 1,740,930 (35.2x). TIGR fell from $5.84 to $4.36 (-25.34%) with 72,401,400 volume vs. a 20-day average of 2,650,558 (27.3x).