Futu Holdings said on Tuesday that it will remove its "Futu Niuniu" app from Chinese app stores on May 19. This move comes as a response to the CSRC’s rectification request. The app will still be available for trading to existing mainland clients, while Hong Kong and overseas users can continue to download and use the app without any impact.
In a similar vein, Tiger Brokers also stated that it will adjust its approach to cater to the CSRC's requirements. The company will remove its trading app from Chinese app stores on May 18. It will not disrupt the app's usage for existing clients.
Following the announcements, both Futu Holdings and Tiger Brokers, two prominent technology brokerage firms, saw a significant decline in their pre-market stock prices. Futu Holdings' shares plummeted over 15 percent, while Tiger Brokers was down more than 10 percent.
