Bloomberg Intelligence 的指数估计，去年约有 1 兆美元的所谓热钱流出中国，为自 2006 年有数据以来最大年度外流。Citic Securities 估计，此次整顿或影响香港最多 HK$2500 亿（32 billion 美元）资产，其中 Futu 约占 HK$1500 亿至 HK$1800 亿。Futu 今年在香港承销 30 宗 IPO，居所有银行与券商之首。
监管收紧不仅冲击 Futu、Up Fintech Holding Ltd. 的 Tiger Brokers 与 Longbridge Securities，三者合计被中国证监会罚款超过 3.3 亿美元；也推动投资者转向 Bank of China 香港分行与 HSBC 等仍允许跨境交易的渠道。部分投资者拟把 200 万人民币持仓转回官方渠道，如 stock connect 与 QDII。北京表示，此举旨在清理资本市场、压缩漏洞，并为未来更合规的金融开放铺路。
Chinese investors are rushing to find alternatives for buying and selling overseas stocks after Beijing launched its toughest crackdown yet on illegal cross-border stock trading to curb capital outflows. Richard Wang, an artificial intelligence worker in the US with about $120,000 in Futu Holdings Ltd. stock, said he sold his US shares on Friday and will wait until Hong Kong reopens on Tuesday to unload the rest of his position. The shock sent the Nasdaq Golden Dragon China Index down 2.2% on Friday, while more than a quarter of Futu’s market value was erased.
Bloomberg Intelligence’s index estimated that about $1 trillion of so-called hot money left China last year, the largest annual outflow since data began in 2006. Citic Securities said the clampdown could affect as much as HK$250 billion ($32 billion) of assets in Hong Kong, including roughly HK$150 billion to HK$180 billion at Futu alone. Futu underwrote 30 Hong Kong IPOs this year, more than any other bank or broker.
The tighter rules have already led investors toward Bank of China’s Hong Kong branch and HSBC, where cross-border trading is still allowed, while some are shifting back to official channels such as stock connect and QDII funds. China’s securities regulator fined Futu, Tiger Brokers, and Longbridge Securities more than $330 million combined, and ordered all “illegal” existing accounts to be liquidated within two years. Beijing says the policy is meant to clean up the market, reduce loopholes, and lay the groundwork for more compliant financial opening in the future. (Key numbers: 3.3, 200)