UP Fintech Holding Limited
|Company Name||UP Fintech Holding Limited|
On December 30, 2022, The Wall Street Journal reported that the China Securities Regulatory Commission (“CSRC”) had issued a statement disclosing that UP Fintech “violated its domestic laws by allowing customers on the mainland to make cross-border trades,” and that the Company’s “act of offering offshore securities-trading services to clients in mainland China doesn’t comply with the country’s laws and regulations.” According to the article, the CSRC “had discussions with . . . Up Fintech’s senior executives in late 2021 and told them to comply with such laws.”
On this news, UP Fintech’s stock price fell $1.36, or 28.5%, to close at $3.41 per share on December 30, 2022, thereby injuring investors.
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