Updates

** U.S.-listed shares of Chinese online brokerages UP Fintech Holding TIGR.O and Futu Holdings FUTU.O slump more than 35% in early trade

** China launched a crackdown on cross-border activities that it accuses of illegally channeling domestic money into overseas securities, futures and fund products

** TIGR down 35.3% at $3.78 and FUTU down 37.1% at $77.86

** The China Securities Regulatory Commission said it plans to impose penalties on online brokerages Tiger Brokers, a unit of UP Fintech, Futu and Longbridge for soliciting business in China without an onshore licence

** The campaign targets overseas firms operating in China without approval and their domestic partners, setting a two-year grace period for them to wind down existing illegal operations

** U.S.-listed shares of e-commerce giants PDD Holdings PDD.O, Alibaba BABA.N and JD.com JD.O down between 3.5% and 5.6%

** KraneShares CSI China Internet ETF KEWB.N falls 4.8%; iShares MSCI China ETF MCHI.O and iShares China Large Cap ETF FXI.N down 1.8% and 1.4%, respectively