Why Shares of Futu Holdings Fell Today

Why Shares of Futu Holdings Fell Today

Shares of the Hong Kong-based digital broker and wealth management platform Futu Holdings (NASDAQ: FUTU) fell more than 23% today after the company announced that it plans to issue new shares. Futu announced the offering of 9.5 million American depositary shares, each representing eight Class A ordinary shares of the company. Citing an anonymous source, The South China Morning Post reported that Futu is seeking to raise $1.9 billion.