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Why Shares of Futu Holdings Fell Today

TheMotleyFool

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Shares of the Hong Kong-based digital broker and wealth management platform Futu Holdings (NASDAQ: FUTU) fell more than 23% today after the company announced that it plans to issue new shares.

Futu announced the offering of 9.5 million American depositary shares, each representing eight Class A ordinary shares of the company. Citing an anonymous source, The South China Morning Post reported that Futu is seeking to raise $1.9 billion.

Image source: Getty Images.

Source Fool.com

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