China’s latest crackdown on cross-border stock trading could impact as much as HK$250 billion ($32 billion) in Hong Kong assets, according to Citic Securities. The firm estimates Futu Holdings Ltd. accounts for HK$150 billion to HK$180 billion of affected assets, while Tiger Brokers represents HK$45 billion to HK$50 billion. Regulators have targeted brokerages operating on the mainland without licenses, including Futu, Tiger Brokers and Long Bridge Securities, and plan to confiscate alleged ille

China’s latest crackdown on cross-border stock trading could impact as much as HK$250 billion ($32 billion) in Hong Kong assets, according to Citic Securities. The firm estimates Futu Holdings Ltd. accounts for HK$150 billion to HK$180 billion of affected assets, while Tiger Brokers represents HK$45 billion to HK$50 billion. Regulators have targeted brokerages operating on the mainland without licenses, including Futu, Tiger Brokers and Long Bridge Securities, and plan to confiscate alleged illegal gains. Citic and Morgan Stanley both said the overall market impact is likely manageable, with trading disruptions expected to be gradual rather than abrupt.