Tencent-Backed Online Broker Abruptly Delays Hong Kong Listing
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Tencent-Backed Online Broker Abruptly Delays Hong Kong Listing
(Bloomberg) -- Futu Holdings Ltd., a Chinese online broker backed by Tencent Holdings Ltd., has abruptly postponed its Hong Kong listing less than a day before its scheduled debut on Friday.
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Futu, which operates like Robinhood Markets Inc. in the US for clients mainly in Hong Kong and China, said it was “clarifying certain matters” with the Hong Kong Stock Exchange in a Thursday filing, without elaborating. The HKEX declined to comment.
Futu was the latest US-listed Chinese firm to make the bid to dual list its shares in Hong Kong to reach a wider investor base and hedge against the risks of getting kicked off New York exchanges. Although such a threat appeared to ease earlier this month, regulatory headwinds still exist.
Futu and its main rival Up Fintech Holding Ltd. have been operating in a gray area for their mainland China businesses, allowing millions of local investors to evade capital controls to trade shares in markets such as Hong Kong and New York. A senior central bank official has questioned the legitimacy of online trading firms, calling their services “illegal” at least twice since last 2021.
The last-minute delay “raises red flags” and “could be of concern to investors and tarnish its profile among retail clients in its largest market,” Bloomberg Intelligence analyst Sharnie Wong wrote in a report Friday.
Tencent is Futu’s second biggest shareholder after billionaire founder Leaf Li, himself a former senior executive at the internet platform company. Shares of Futu rose 1.3% on Thursday in US trading to close at $58.91, extending this year’s gain to 36%.
--With assistance from Kiuyan Wong.
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