Caixin
Jun 21, 2022 03:17 AM
FINANCE

Tencent-Backed Broker Chases Growth Abroad Amid China Crackdown

Futu is expanding its research and development team to offset weaker growth
Futu is expanding its research and development team to offset weaker growth

(Bloomberg) — Online brokerage Futu Holdings Ltd. plans to push deeper overseas to diversify its growth as China’s crackdown on private enterprise catches up with internet trading businesses.

The Tencent Holdings Ltd.-backed company — which operates like Robinhood Markets Inc. in the U.S. —is also considering alternatives in case it gets kicked off the Nasdaq in New York.

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