Futu Holdings plans to be fined RMB 1.85 billion for violating regulations

According to Wall Street News, Futu Holdings announced that it has received investigation notices and administrative penalty pre notification letters from the China Securities Regulatory Commission and its Shenzhen branch. Because some affiliated companies carry out securities, fund sales and futures business in Chinese Mainland without permission and violate relevant laws, the CSRC plans to impose a total fine of about 1.85 billion yuan (about 271 million dollars), and impose a fine of 1.25 million yuan (about 183600 dollars) on Li Hua, the founder and CEO. Futu Holdings stated that the fine is still pending further procedures and the final decision of the China Securities Regulatory Commission.