Hong Kong Freezes $16 Million in Futu Client Accounts in IPO Fraud Crackdown
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A Futu Securities branch in Hong Kong on June 25. Photo: VCG
Hong Kong’s securities regulator on Thursday ordered Futu Securities International (Hong Kong) Ltd. to freeze up to HK$125 million ($16 million) in certain client accounts.
The accounts are held by an entity suspected of artificially inflating demand for an IPO, the Securities and Futures Commission (SFC) said. The regulator clarified that the brokerage itself is not under investigation.
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