Nov 25, 2021 03:26 PM

'China's Robinhood' Tries to Calm Investor Nerves as Shares Sink

(Nikkei Asia) — Online brokerage Futu Holdings, known as "China's Robinhood," attempted to reassure anxious clients on Wednesday that it would not close accounts and will focus on expanding its presence in Hong Kong and Singapore after Beijing increased pressure on the industry, sending its shares tumbling. In a conference call with analysts and individual investors, senior executives from Tencent-backed Futu acknowledged that "recent headline news" had raised fears among existing clients and created challenges in acquiring new ones, but maintained the situation was "under control."

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