HONG KONG—Morgan Stanley is set to increase its stake in its brokerage joint venture in China by 4.06 percent to 94 percent, an exchange filing showed on Wednesday, putting it on track to take full ownership of the business. The U.S. bank will inject 698 million yuan (about $110 million) to boost the registered capital…
China Warns Unlicensed Online Brokerages They Are Breaking the Law
SHANGHAI—A Chinese central banker warned that online brokerages not licensed in China are acting illegally if they serve Chinese clients via the Internet, sending New York-listed shares of Futu Holdings Ltd and UP Fintech Holding sharply lower. “Cross-border online brokerages are driving in China without a driver’s license. They’re conducting illegal financial activities,” Sun Tianqi,…
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