Futu MooMoo investigate by the Chinese government, stock plunged by 30%+ per market

just broke no English news yet so I translated this from a Chinese website China’s top securities watchdog has launched an official probe into the domestic and overseas arms of Tiger Brokers, Futu Securities, and Longbridge Securities over illegal operations in the mainland. The regulator has already issued a prior notice of administrative penalties to the firms. According to the China Securities Regulatory Commission (CSRC), these platforms were marketing securities, processing trades, and pocketing profits in mainland China without the required approvals or licenses for brokerage and margin trading. The regulator stated this directly violates Article 120 of the country's Securities Law. The CSRC noted that the targeted companies still have the legal right to defend themselves, make statements, or request a formal hearing before any final decisions are made. A definitive penalty will be handed down once their arguments have been fully reviewed. Under the relevant clauses of the Securities Law, the Securities Investment Fund Law, and the Futures and Derivatives Law, the CSRC plans to strip the companies of all illegal earnings and hit them with heavy fines. This marks the latest escalation in Beijing’s ongoing crackdown on cross-border online brokers. Back in late 2022, regulators ordered platforms like Futu and Tiger to stop signing up new clients in mainland China. Moving into the formal penalty phase signals that enforcement is tightening even further.