TechFlow news: On May 22, according to Wall Street Insights, Futu Holdings disclosed that it has received investigation notices and a preliminary administrative penalty notice from the China Securities Regulatory Commission (CSRC) and its Shenzhen branch. The CSRC stated that certain Futu affiliates operating in mainland China and Hong Kong engaged in securities business, public fund sales, and futures business within mainland China without obtaining the required licenses or approvals—allegedly violating the Securities Law, the Securities Investment Fund Law, and the Futures and Derivatives Law. The CSRC intends to order the relevant companies to rectify or cease such activities, confiscate illegal gains, and impose fines totaling approximately RMB 1.85 billion. Additionally, Li Hua, Futu’s founder and CEO, is proposed to be fined RMB 1.25 million.
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