Such brokerages, which help mainland Chinese individuals invest in overseas stock markets such as in the United States and Hong Kong, could violate data privacy rules and also run compliance risks, the article said. China has launched a flurry of crackdowns targeting sectors ranging from technology to cryptocurrency to property. The People's Daily's article could put Chinese online brokers next in the regulatory crosshairs. "Since our founding Futu has insisted that the protection of personal information and data is of top priority," Futu said in a statement in response to the article.

https://www.reuters.com/business/chinese-online-brokers-futu-up-fintech-face-regulatory-risks-peoples-daily-2021-10-14/