Chinese online brokers Futu and UP Fintech face regulatory risks – People’s Daily website

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SHANGHAI — U.S.-listed Chinese online brokerages Futu Holding and UP Fintech Holding face regulatory risks as China’s personal data privacy law takes effect Nov. 1, the official People’s Daily said in an analysis on its website.

Such brokerages, which help mainland Chinese individuals invest in overseas markets such as the United States and Hong Kong, could violate data privacy rules and also runs compliance risks, the article said. (Reporting by Samuel Shen and Emily Chow; Editing by Toby Chopra)