TIGR and FUTU – Same Ol’ China FUD
Chinese online brokers Futu and UP Fintech face regulatory risks is the headline today.
We've known that since Didi got slapped, but Xi was POed at Didi for going ahead with the US listing before consulting them. FUTU and TIGR are in full compliance. IMHO, this is just the Chinese state media flexing. "We got you, we're looking out for you, all companies bow to us." Which in this case is true, which should protect the company/stock from any negative action(s).
New 'Old' News:
https://www.reuters.com/business/chinese-online-brokers-futu-up-fintech-face-regulatory-risks-peoples-daily-2021-10-14/Chinese State News:https://www.scmp.com/business/china-business/article/3152382/state-media-questions-futu-tiger-brokers-ability-meet(Translated) Response from Tiger:https://www-laohu8-com.translate.goog/post/825801374?invite=8SZRSG&lang=en_US&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=nuiTiger Annual Report Showing Compliance:https://ir.itiger.com/static-files/067c3a45-04c2-4e39-8eec-dbefce8e5bca
"We are dependent on information technology networks and systems to securely process, transmit and store electronic information and to communicate among our locations and with our customers and partners. Due to the volume and sensitivity of the personal information and customer data we manage and the nature of our brokerage services and ESOP management services, the security features of our platform and information systems are critical. We have adopted security policies and measures, including encryption technology, to protect our proprietary data and customers' privacy. All customer and transaction data are saved in our own database and operating systems. Only database administrators with the proper authorization have access to the database. In addition, all employees should sign non-disclosure agreements when they join and leave our company."
China has banned "what WSB has similarly banned" and gambling… So, what's left? STOCKS
I'm interested. Who's with me?
Submitted October 14, 2021 at 05:24PM by FatNugget3
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