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Futu Receives Investigation Notice, $271 Million Proposed Fine From Chinese Regulators -- Shares Drop

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Futu Holdings (FUTU) said Friday that it has received an investigation notice and a preliminary administrative penalty warning from the China Securities Regulatory Commission regarding the online brokerage's mainland operations.

The regulatory agency claims certain Futu entities have conducted unauthorized securities, public fund sales, and futures businesses without obtaining the required licenses, the company said.

Authorities have proposed ordering the cessation of these activities along with a fine of 1.85 billion Chinese Renminbi ($271 million) for Futu and a 1.25 million Renminbi personal penalty for Futu's chief executive officer Li Hua, the company said.

Shares of Futu were down 28% in recent Friday trading.

Price: $87.35, Change: $-36.51, Percent Change: -29.48%

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