Futu shares buffeted amid platform smack

Finance | Victor Zhong and Bloomberg 15 Oct 2021

Shares of Futu Holdings, which plans to list in Hong Kong, fell by up to 15 percent in US pre-marketing trading as the Chinese government criticized cross-border trading platforms.

The price drop also came as the People's Daily referred on its website to a personal data privacy law that takes effect on November 1.

So brokerages that help individual mainlanders invest in markets such as Hong Kong and the United States could violate data privacy rules while also be posing compliance risks, the People's Daily said.

Meanwhile, Zongteng Group, a Chinese logistics provider backed by Singaporean real estate logistics provider and investment manager GLP, is weighing an initial public offering as early as next year.

The Shenzhen-headquartered company has held discussions with banks about a potential IPO on the mainland or in Hong Kong that could raise at least US$500 million (HK$3.89 billion).

And SF Holdings has received the green light from the mainland securities watchdog to spin off its on-demand delivery service platform Hangzhou SF Intra-City Industrial in Hong Kong.

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