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China investors rush for exit after crackdown on illicit cross-border stock trading

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BEIJING – Chinese investors are rushing to find alternative ways to buy and sell overseas equities after Beijing launched its most forceful crackdown on illicit cross-border stock trading to stem capital outflows.Mr Richard Wang, who works in artificial intelligence in the United States and has around US$120,000 (S$153,000) in stock holdings with Futu Holdings, said he dumped his US stocks on May 22 after China moved with its most stern action yet to plug capital control loopholes. He’s waiting for the Hong Kong market to open again on May 26 to sell his remaining positions. The surprise triggered swift reactions on…

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