"Cross-border online brokerages are driving in China without driver's license. They're conducting illegal financial activities," Sun Tianqi, head of the Financial Stability Department of the People's Bank of China said in a speech, according to a transcript released on Wednesday.
Nasdaq-listed shares of Futu and Fintech have since plunged, amid concern that the sector will be next in Beijing's regulatory crosshairs. China has launched a flurry of crackdowns targeting sectors ranging from technology to cryptocurrency to property. Without identifying the firms, Sun said that 80per cent of accounts of a brokerage registered in the Cayman Islands were opened by mainland clients, while the ratio is 55per cent for another Hong Kong-registered brokerage."Overseas institutions with only overseas licenses conducting business in mainland China is illegal financial activity."
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Warns of Efforts by China to Collect Genetic DataBETHESDA, Md. — Chinese firms are collecting genetic data from around the world, part of an effort by the Chinese government and companies to develop the world’s largest bio-database, American intelligence officials reported Friday. The National Counterintelligence and Security Center said in a new paper that the United States needs to better secure critical technologies including artificial intelligence, quantum computing, semiconductors and other technologies related to the so-called bioeconom
Source: YahooSG - 🏆 3. / 71 Read more »
Commentary: China skipping G20 meeting is deeply worryingWorld leaders cannot end the COVID-19 pandemic, address the escalating climate crisis or ease the energy supply emergency without China, says an economist.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China locks down city of 4 million over Covid-19 cases
Source: TODAYonline - 🏆 1. / 99 Read more »
Exclusive: China developers propose offshore debt maturity extension, restructuring to regulators - sourcesBEIJING/HONG KONG : Some Chinese property developers have voiced their intention to the regulators to extend their offshore bond maturities or undertake a debt restructuring, two sources with knowledge of the matter said, as a growing number of defaults hits the sector.The developers proposed the ideas at
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US President Biden vows to stand with Asia on freedom, hits out at China on TaiwanWASHINGTON: President Joe Biden told Southeast Asian nations on Wednesday (Oct 27) the United States would stand with them in defending freedom of the seas and democracy and called China\u0027s actions towards Taiwan \u0022coercive\u0022 and a threat to peace and stability. Speaking at a virtual East Asia Summit attended Welcome Mr.President. We do not trust ASEAN. Please take care.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US bans China Telecom over national security concernsThe United States on Tuesday banned China Telecom from operating in the country citing 'significant' national security concerns, further straining already tense relations between the superpowers.
Source: YahooSG - 🏆 3. / 71 Read more »