On May 16, 2023, Futu issued a press release announcing the decision to remove “the Futubull app from app stores in Mainland China from May 19, 2023. In response to the Chinese Securities and Regulatory Commission’s (the “CSRC”) rectification requirements on cross-border securities business, Futu will remove the Futubull app from app stores in Mainland China in order to bring its operations into full compliance with such regulatory principle.
On this news, Futu’s stock price stock price fell more than 4% in intraday trading on May 16, 2023.