Why Futu Holdings Shares Are Diving

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Futu Holdings Ltd FUTU shares are trading lower by 9.38% to $58.04 Wednesday afternoon. Shares of several Chinese companies are trading lower amid concerns over increased COVID infections following the loosening of some restrictions.

What's Happening In China?

Our Benzinga team reported China will reopen borders and abandon quarantine after it downgrades its treatment of COVID on January 8.

The decision is the mainland’s last step in shedding three years of zero-COVID and pivoting to living with the virus.

The relaxation of limitations has led to an increase in uncontrollable COVID cases in China, which has resulted in a lack of both staff across industries and medications...Read More

According to data from Benzinga Pro, Futu Holdings has a 52-week high of $72.20 and a 52-week low of $21.23.

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