FUTU - UP Fintech stock dips with plan to remove app from China Mainland app market

2023-05-16 14:41:43 ET

• UP Fintech ( NASDAQ: TIGR ) stock dropped 7.4% in Tuesday trading after the online brokerage firm said it will remove its Tiger International app from the Chinese Mainland app market starting May 18, in response to requirements from the China Securities Regulatory Commission.
• Existing clients will be able to continue using the app and won't be affected by the change, the Singapore-based company said.
• Existing Chinese mainland clients will receive website links for instruction on updating and downloading the app going forward, it said. UP Fintech ( TIGR ) stopped accepting applications from new Chinese Mainland users to open new accounts on Dec. 31, 2022.
• The service change applies only to Mainland China clients. Customers in other countries and regions won't be affected.
• Futu Holdings ( FUTU ), another trading app that operated across borders into Mainland China also announced that it's pulling its app from Mainland China app markets in a few days. Its shares have dipped 4.3% .
• In December, UP Fintech and Futu shares sank as China made statement on "illegal activities."
• In 2021, Chinese authorities had warned online brokerages that they were operating illegally if they weren't licensed to serve Chinese clients.

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