China online brokerage crackdown trims billionaire owner’s wealth

Chinese billionaire Leaf Li lost more than a quarter of his fortune on Friday after Beijing announced a crackdown on online brokerages offering unauthorised cross-border trading. Li’s wealth fell by US$1.7 billion, to US$4.7 billion, amid a stock rout for Futu Holdings, the company he founded and runs as chief executive officer, Bloomberg News said, citing its billionaires index. The tycoon’s fortune, which has halved since October, is mainly derived from his stake in US-listed Futu. Hong...

By Brian Rhoads