Futu Holdings disclosed that the China Securities Regulatory Commission plans to confiscate illegal gains and impose a fine of approximately 1.85 billion yuan, with founder Li Hua being fined 1.25 million yuan Foresight News reported that according to Wall Street Watch, Futu Holdings announced today that the company has received investigation notices and administrative penalty pre notices from the China Securities Regulatory Commission and its Shenzhen branch (collectively referred to as "CSRC"). CSR pointed out that some Futu entities ("affiliated companies") in Chinese Mainland and Hong Kong, China, conducted securities business, public fund sales business and futures business in Chinese Mainland without obtaining the required license or approval, in violation of the Securities Law, the Securities Investment Fund Law and the Futures and Derivatives Law of the People's Republic of China. The CSRC plans to order relevant companies to correct or cease such behavior, confiscate illegal gains, and impose fines, with a total proposed fine of approximately 1.85 billion yuan (approximately 271 million US dollars). In addition, CSRC plans to impose a personal fine of 1.25 million yuan (approximately 183575 US dollars) on Mr. Li Hua, the founder and CEO of the company. Futu Holdings stated that the proposed fine is still pending further procedures and the final decision of the CSRC.