BEKE - Why Shares of Futu Holdings Are Down Today
Shares of Hong Kong-based digital broker and wealth management platform Futu Holdings (NASDAQ: FUTU) traded more than 9% lower as of 3:07 p.m. EDT for no obvious reason.
Chinese stocks that list on U.S. exchanges face considerable risk from regulators in China, which can flip the script quickly on what looks to be a strong company in the attractive Hong Kong or Chinese markets.
Take another Chinese fintech company, KE Holdings (NYSE: BEKE) , which has seen shares plummet more than 54% over the last month. As the largest real estate platform in China, the company has run into trouble directly related to actions taken by the Chinese government on the country's housing market.
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Why Shares of Futu Holdings Are Down Today