Futu Faces $271 Million Hit in China This Week
Futu Holdings is facing a tough start to the week. Its Nasdaq-listed shares dropped over 25% on Friday, hit by a regulatory case in China. The company is looking at a possible $271 million penalty and a bigger retreat from the mainland. Futu’s first-quarter earnings are coming up on May 28, but investors won’t get a chance to react to the latest fallout until Tuesday. Nasdaq is shut for the weekend and on Monday for Memorial Day, so there’s no trading until the regular session starts again.