It's all about connections, interests, and insider info Back when Futu and Tiger were heavily fined for illegal cross-border operations, someone had already made a move two weeks before the news broke. In the U.S. options market, they precisely placed 200,000 short-term put options, fully capitalizing on the regulatory bad news and raking in over $100 million! This left the counterparties, market makers like Citadel and Susquehanna, bleeding so badly they nearly collapsed. These two Wall Street giants ended up suing in New York, forcing the court to issue an injunction to freeze assets, which finally exposed the mastermind behind the scenes: Natural person Wenlei Song: The pinyin strongly suggests it’s former CITIC Securities Chief Investment Officer (CIO) Song Wenlei (though he denies it). Hong Kong institution New Frontier: Digging into the real controllers reveals a jaw-dropping background—former Hong Kong Financial Secretary Antony Leung and former Blackstone executive Carl Wu.