Benzinga | Oct 28, 2021 10:30AM EDT

Why Futu Shares Are Falling

Shares of several Chinese brokerage companies, including Futu Holdings Ltd (NASDAQ:FUTU), are trading lower after China warned unlicensed online brokerages are illegal if they have Chinese clients that are being served through the internet.

Futu shares are trading lower by 35% over the past month and 63% over the past six months amid ongoing regulatory concerns, concerns over the property sector as well as COVID-19 worries.

Futu is an online broker providing one-stop online investing services. The company provides its services through its digital platform Futu NiuNiu, which includes market data, trading service and news feed of Hong Kong, Mainland China, Singapore and United States equity markets.

Futu has a 52-week high of $204.25 and a 52-week low of $29.30.