China securities app MAU falls to 179 million in September, second straight decline

The second straight monthly drop, and the first sub-180 million reading since April, points to cooling retail engagement even as the year-on-year figure stays positive — a divergence that suggests the pullback is cyclical rather than a structural exodus. This matters most for brokerage platforms and app-dependent distribution channels, where engagement trends feed directly into activity metrics. Whether the sequential slide extends into a third month, or the year-on-year cushion holds, is the open question.