US stocks movement: Futu and Up Fintech rebound with gains of over 15%, S&P expects Futu's business flow to remain stable

```htmlGolden Ten Data, May 26｜Futu Holdings and Upward Tech have rebounded, both rising more than 15%. Last Friday, the China Securities Regulatory Commission announced a comprehensive crackdown on illegal cross-border stock trading platforms, followed by penalties for cross-border brokerages conducting unauthorized business. Futu Holdings and Tiger Brokers were fined a total of more than 2.2 billion yuan. Affected by this news, Futu Holdings and Tiger Brokers plunged over 27% and 25% respectively on the day. On the news front, S&P Global Ratings issued a report stating that despite Chinese regulators' new round of rectification of Futu Holdings' mainland business, the company’s continued growth in non-mainland business is expected to keep business flows steady over the next two years. Since 2023, Futu has been diversifying its reliance on mainland business. By the end of March 2026, the proportion of mainland clients in its total paying customers had dropped from over 30% in 2022 to about 13%. S&P pointed out that Futu’s very strong capital level will be a key advantage during its business transformation. By the end of 2025, the company’s risk-adjusted capital ratio was 54.2%. In the bank's stress test scenario (assuming a 50% profit decline over the next year), Futu’s risk-adjusted capital ratio is still expected to remain far above 15%.```