Put options for Futu and Tiger Securities surged in trading volume ahead of the China Securities Regulatory Commission's announcement of penalties on May 22. On May 7, 19, and 21, trading volumes for these options spiked, with a notable peak on May 21 at 9:57 a.m. Eastern Time, as reported by StreetInsider. ThetaOwl data indicated a high Put/Call volume ratio for FUTU options expiring on May 22, suggesting potential pre-announcement positioning by traders. The unusual activity has raised concerns among market participants about possible front-running or insider trading, as funds appeared to have taken short positions before the regulatory announcement. This development highlights the need for scrutiny in trading practices surrounding significant regulatory actions.