Futu Holdings: The CSRC proposes to impose a total fine of approximately RMB 1.85 billion on the company, and a personal fine of RMB 1.25 million on the company's founder.

CoinFeed, May 22 – Futu Holdings (FUTU.O) announced today that it has received an investigation notice and a pre-notification of administrative penalties from the China Securities Regulatory Commission (CSRC) and its Shenzhen branch. The CSRC stated that certain Futu entities in mainland China and Hong Kong have been conducting securities business, public fund sales business, and futures business in mainland China without obtaining the necessary licenses or approvals, violating the Securities Law, the Securities Investment Fund Law, and the Futures and Derivatives Law of the People's Republic of China. The CSRC intends to order the relevant companies to rectify or cease such activities, confiscate illegal gains, and impose fines, with a proposed total fine of approximately RMB 1.85 billion (approximately US$271 million). In addition, the CSRC intends to impose a personal fine of RMB 1.25 million (approximately US$183,575) on Mr. Li Hua, the company's founder and CEO.