FINV - UP Fintech Futu lead Chinese fintech stocks down as new Chinese data law looms

Chinese fintech online brokerage apps UP Fintech (TIGR -22.1%) and Futu Holdings (FUTU -14.8%) slump in U.S. trading as the the companies face regulatory risks when a new personal data privacy law takes effect on Nov. 1. The two companies could violate data privacy rules and run compliance risks, Reuters reports, citing an article in the official People's Daily. Both companies help mainland Chinese investors participate in overseas stock markets, including the U.S. and Hong Kong. It's the latest in China's push to rein in tech companies, a campaign that's affected companies from Alibaba to DiDi Global. The rules coming into effect at the first of the month will control export of personal data, creating a challenge for brokers that provide cross-border trading services to mainland Chinese citizens, the article said. Futu and UP Fintech, known as Tiger Brokers, don't have brokerage licenses in mainland China. They allow Chinese citizens

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UP Fintech, Futu lead Chinese fintech stocks down as new Chinese data law looms