On May 27, Futu Holdings rose 5.24% in regular trading, trading at $112.80/share with trading volume of $602 million, extending its recovery following a sharp selloff triggered by Chinese regulatory actions.

The rebound comes after S&P Global Ratings issued a report stating that despite Chinas multi-agency crackdown on illegal cross-border securities activities, Futu Holdings business flow is expected to remain stable over the next two years. S&P highlighted the companys non-mainland business as a key growth driver, noting that its Hong Kong and overseas client base delivered strong expansion, contributing to over 65% revenue growth in 2025. Mainland clients now represent only approximately 13% of total paying clients as of March, down from over 30% in 2022, reflecting the companys deliberate diversification since 2023.

The regulatory plan, jointly issued by Chinas CSRC, Ministry of Public Security, PBOC, and five other agencies, sets a two-year transition period during which existing mainland retail clients may only liquidate positions and withdraw funds, with new transactions and deposits prohibited.

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