U.S. Stock Market Opens, Futu Holdings and UP Fintech Both Drop Over 30%

BlockBeats News, May 22, according to Bitget data, at the opening of the U.S. stock market, the Dow rose by 0.58%, the S&P 500 Index rose by 0.41%, and the Nasdaq rose by 0.37%. Futu Holdings (FUTU) plummeted by 34.93%, while Up Fintech Holding Limited (TIGR) plunged by 30.82%.

Earlier, the China Securities Regulatory Commission issued an announcement stating that the illegal cross-border business activities of Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Chongyang Securities (Hong Kong) Limited violated Chinese securities, fund, and futures laws and regulations, disrupted the market order, and must be resolutely cracked down upon. In accordance with relevant regulations, the CSRC intends to confiscate all illegal gains of Tiger, Futu, and Chongyang and impose severe penalties in accordance with the law.