Tiger Brokers Photo: CFP

Shares of Tiger Brokers and Futu Holdings both dipped after an article posted on People's Daily's website criticized such cross-border internet brokers for the risks in user information security.

As of Thursday evening, shares of Tiger Brokers fell more than 20 percent, while Futu's  went down nearly 14 percent. 

Such fall came after an article posted earlier on Thursday on the website of The People's Daily, the flagship newspaper of the Communist Party of China, that the brokers' websites have two concerns: one is the issue of information collection security, and the other is where the information goes.

With the imminent implementation of the Personal Information Protection Law, cross-border online brokerages in the US and Hong Kong stock markets have gained attention again. 

Faced with doubts, Futu and Tiger responded saying that all rectification work had been completed in accordance with regulatory requirements.

Futu has also maintained regular self-examination and self-inspection to further ensure compliance. The company has always been actively communicating with regulators, strengthening training on personal information protection, and enhancing the awareness and capacity of personal information protection, the Shenzhen-based company said, adding that it is enhancing its ability to protect personal data, the South China Morning Post reported on Thursday. 

Tiger Brokers also completed the remediation work as required, and has organized multiple rounds of study, and hired professional lawyers and external experts to provide corresponding guidance, according to china.com.cn.