Futu Holdings Ltd. (FUTU) stock plunged during pre-market trading. Let’s find out why

Futu Holdings Ltd. (NASDAQ: FUTU) stock fell by 8.57% at last close while the FUTU stock price declines by 8.28% in the pre-market trading session. Futu Holdings Limited is a high-tech firm that is revolutionising the investment experience by providing a completely digital brokerage and wealth management system.


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FUTU stock’ Development

Futu Holdings Limited replies to media speculation on possible PRC regulatory measures that might have a major negative effect on the Company’s business.

In the regular course of business, Futu keeps active communication with several relevant PRC regulatory bodies. To date, the Company got no notice, guidance, or direction from any PRC regulatory agencies that is likely to have a major detrimental effect on its business operations or financial conditions. The business has been gradually growing, and it will continue to service both existing and new customers.

In respect to serving PRC clients, Futu has followed the same rules and regulations, as well as the same industry practises and business models, as other brokers in Hong Kong with identical licences. In terms of the business model, Futu has produced no more advances or breakthroughs.

Furthermore,

The Company has recently discovered that some organizations and individuals have been distributing incorrect or fabricated information about Futu on social media in order to profit from short-selling. They obtained pertinent data and submitted it to the appropriate authorities. They also reserve the right to pursue legal action if necessary.

They think that the regulatory bodies in mainland China and Hong Kong have consistently prioritised investor protection, a healthy and stable financial market, and sensible policy formulation and industry guidance. They warn the media and the general people to be wary of fraudulent and phoney information in order to avoid being duped.

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