Fintech PR

Futu’s FY2020 net income hits HK$[1],364M, 6.5 times YoY growth

Published

4 years ago

March 23, 2021

Operational highlights of the unaudited financial results for the fourth quarter and the full year ended December 31, 2020

Total revenue in the fourth quarter was HK$1,186.4 million, an increase of 281.6% year-on-year (“YoY”), achieving a YoY triple-digit growth for four consecutive quarters.
For the full year 2020, Futu Holdings’ total revenues increased by 211.9% YoY to HK$3,310.8 million, and Non-GAAP adjusted net income^[1] increased 651.1% YoY to HK$1,364.0 million.
The number of users reached 11.9 million, an increase of 58.6% YoY; the number of clients reached 1,419,734, an increase of 97.8% YoY; the number of Futu’s paying clients reached 516,721, an increase of 160.5% YoY.
During the period, the trading volume of Futu US stocks ballooned to HK$783.6 billion, surpassing the US$100 billion milestone for the first time, accounting for 65% of the total trading volume.

Futu Holdings Limited (“Futu” or the “Company”) (NASDAQ: FUTU), a leading tech-driven online brokerage and wealth management platform, announces its unaudited financial results for the fourth quarter (“Q4” or the “Period”) and full year ended December 31, 2020.

During the period, total revenues reached HK$1,186.4 million, an increase of 281.6% YoY, the fourth consecutive quarter of a YoY triple-digit growth. Non-GAAP adjusted net income was up 10.2 times year-over-year to HK$552.9 million. Brokerage commission and handling charge income increased 373.8% YoY to HK$718.3 million, interest income increased by 163.2% YoY to HK$336.9 million, and other income (including wealth management, enterprise services, etc.) increased by 317.8% YoY to HK$131.2 million.

For the full year of 2020, Futu’s total revenues increased by 211.9% YoY to HK$3,310.8 million. It recorded a non-GAAP adjusted net income of HK$1,364.0 million, an increase of 651.1% YoY.

As of the end of 2020, the total number of users reached 11.9 million, an increase of 58.6% YoY; the number of registered clients increased 97.8% YoY to 1,419,734; the number of paying clients increased 160.5% YoY to 516,721. In the fourth quarter, the Company added 98,632 paying clients on a net basis; the number of paying clients in Hong Kong increased by 260% YoY, setting a record high quarterly since listing, and achieving triple-digit year-on-year growth for four consecutive quarters.

As of December 31, 2020, total client assets reached HK$285.2 billion, a YoY increase of 227.3%. While the number of clients is growing rapidly, the client retention rate continued to be maintained at a high level of 98% in 2020. In the fourth quarter, clients’ active trading activity was also further propelled, as Daily Average Revenue Trades (DARTs) increased 339.9% YoY to 462,261.

US stocks business spikes, quarter trading volume exceeded 100 billion US dollars

During the period, Futu’s total trading volume increased 438.1% YoY to HK$1,210.0 billion, in which trading volume for US stocks was HK$783.6 billion, marking a new milestone of exceeding US$100 billion, and accounting for 65% of the total trading volume. Futu has therefore further consolidated its position as a leading one-stop global investment APP.

Being the one-stop investment platform that integrates investment transactions, up-to-date news, real-time market data, and trading community interaction, Futu has become the preferred platform for portfolio diversification among global investors. From market accessibility perspectives, and after years of endeavor in R&D, Futu was the first online brokerage to offer users free Level 2 market data for US stocks. Futu’s extended trading hour service enabled clients to capture investment opportunities with ease. Meanwhile, Futu News is one of the few platforms providing 24/7 US market updates, where global financial news and stock analysis are all at users’ fingertips. Further propelled by an active investment community wherein tens of millions of users seamlessly exchange thoughts and ideas to help make informed investment decisions, Futu’s US stock business continues to thrive.

Multiple licenses covering extensive areas, enters Singapore market to further expand international presence

Futu is committed to extending its licenses and qualifications in widening its product and service offerings. During the period, Futu gained approval on providing grey market services to intermediaries on the basis of the “Provide Automated Trading Services (Type 7) License” from SFC, enabling Futu to become the upstream provider of grey market trading services and offering other brokerages access to Futu’s self-developed grey market system. Futu also obtained the Singapore Capital Markets Services (CMS) License in the fourth quarter. Futu Holdings’ subsidiaries have held 35 financial licenses and qualifications in Hong Kong, the United States, Singapore as well as Europe, with footholds across major financial markets worldwide.

With its edges expanding via multiple license acquisition, Futu is vigorously advancing its internationalization strategy. In the first quarter of 2021, Futu officially entered the Singapore market, providing local investors with a seamless one-stop online trading experience, and bridging them to major global financial markets. In support of its international expansion, Futu will continue to ramp up its marketing and further strengthen its presence in the US market.

Mr. Leaf Hua Li, Futu’s Founder, Chairman, CEO & Chairman of the Technology Committee, said: “Futu sees Singapore as the key market for expansion next. Being well-positioned as the financial hub in Southeast Asia, Singapore provides a cohesive environment for FinTech development, serving as a pivot for Futu to expand our footprints to other SEA countries. We hope to establish a presence in Singapore with the provision of unparalleled investment experience to local users. Indeed, the market structure of Singapore and Hong Kong is similar. Both share the similar advantages of being an international financial center, situated within the same time zone and having dense populations. I am confident that we can make a difference in Singapore by leveraging on the successful experience we earned from the Hong Kong market.”

Enterprise Services continues to grow in prominence, helping 100+ companies listed in Hong Kong and the US

As the preferred Internet brokerage for listing on the US and Hong Kong markets, Futu’s Enterprise Services business brand, FUTU I&E, continued to be the go-to enterprise service partner. During the period, it helped numerous companies including MINISO, Lufax, Yatsen Holding, Blue Moon and JD Health successfully land in the US and Hong Kong stock markets. Futu I&E has provided IPO distribution services and investor relations services for 105 companies. Aggregating over ten million high-quality users with ample client assets, and diversified interaction design, Futu is leading the next-generation of IR services which allow companies to precisely promote their investment values to targeted audiences in an effective manner. 22 companies featured on the Futu HK$10bn+ Subscriptions IPO Roster as of year end 2020.

In the fourth quarter, Futu I&E’s ESOP option management clients accumulated to 159, including industry leaders across various industries such as healthcare & medical, consumer & retail, automotive & logistics, and TMT, namely RemeGen, POP MART, Xpeng Motors and KE Holdings Inc. By providing new economy and traditional enterprises with one-stop ESOP management services from planning, trust and taxation services, data management and exercise, Futu I&E has become the preferred one-stop ESOP services provider for leading companies among different sectors.

Seamlessly integrated wealth management and trading accounts, Money Plus’s AUM marks HK$10 billion benchmark

For its wealth management business, Money Plus has undergone a brand refresh during the period. Total client assets in Money Plus was HK$10.2 billion, highlighted with a cumulative total return of over HK$300 million for clients. As of the end of 2020, a total of nearly 110,000 clients have purchased Futu Money Plus’s fund products. As of the fourth quarter, Money Plus has established partnerships with 39 asset managers around the world, which altogether hosted 39 live-streaming sessions on the Futubull platform in 2020 to conduct fund publicity and investor education.

With rising numbers of clients leveraging on fund products to capture opportunities from equity markets, wealth management positions held continued to grow. Among them, equity fund themes, including Greater China, technology and new energy, were highly sought by clients. Augmented by dedicated in-house research efforts in picking selected funds, multiple funds available on Futu’s platform recorded over 100% returns in 2020, generating considerable returns for clients.

Related Topics:latest-news Leaf Hua Li Technology Committee

Up Next

Good2Go Corp. Provides Update on Its Qualifying Transaction with NowVertical Group, Inc.

Don't Miss

Freetrade announces $69m Series B round

Click to comment

Fintech PR

Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™

Published

1 hour ago

November 22, 2024

CISION (PR Newswire)

alkira-ranked-25th-fastest-growing-company-in-north-america-and-6th-in-the-bay-area-on-the-2024-deloitte-technology-fast-500™

Alkira attributes its 7,194% revenue growth to consistent innovation, enabling enterprises to overcome mounting network complexity in the cloud and AI era

SAN JOSE, Calif., Nov. 22, 2024 /PRNewswire/ — Alkira® Inc., the leader in Network Infrastructure as a Service, today announced that it ranked as the 6th fastest-growing technology company in the Bay Area and the 25th fastest-growing company in North America on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 30th year, the list recognized Alkira for achieving a growth rate of 7,194% during this period.

“Being recognized as one of North America’s fastest-growing companies by Deloitte is a tremendous honor. This achievement reflects Alkira’s unwavering commitment to equipping frontline networking teams with solutions that dramatically simplify enterprise networking amidst escalating complexity,” said Amir Khan, CEO at Alkira. “Today’s enterprises are racing to support cloud, AI and machine learning workloads, but their existing networks weren’t built for this dynamic environment. Alkira’s network infrastructure as-a-service platform enables organizations to connect any cloud, on-premise location, and remote user with a unified, secure, and highly scalable network fabric that reduces deployment times from months to minutes.”

“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”

“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”

Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 186,373% over the three-year time frame, with an average growth rate of 2,097% and median growth rate of 458%.

Now in its 30^th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

About Alkira
Alkira is the leader in Network Infrastructure on Demand. We unify any environments, sites, and users via an enterprise network built entirely in the cloud. The network is managed using the same controls, policies, and security systems network administrators know, is available as a service, and can instantly scale as needed. There is no new hardware to deploy, software to download, or architecture to learn. Alkira’s solution is trusted by Fortune 100 enterprises, leading system integrators, and global managed service providers. Learn more at alkira.com and follow us @alkiranet.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.

Media Contact:
Jelena Dopudj, Sr. Communications Manager, Alkira Marketing
[email protected]

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

Logo – https://mma.prnewswire.com/media/1743646/Alkira_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/alkira-ranked-25th-fastest-growing-company-in-north-america-and-6th-in-the-bay-area-on-the-2024-deloitte-technology-fast-500-302313919.html

Fintech PR

EliTe Solar: Realizing Our Mission and Standing by Our Core Values

Published

1 hour ago

November 22, 2024

CISION (PR Newswire)

elite-solar:-realizing-our-mission-and-standing-by-our-core-values

Written by Arndt Lutz, CEO of EliTe Solar

SINGAPORE, Nov. 22, 2024 /PRNewswire/ — EliTe Solar is dedicated to advancing technology with a strong focus on quality, sustainability, and meaningful partnerships. For nearly two decades, EliTe Solar has led the solar industry by adapting to changing market demands and setting standards in customer service and quality as evidenced by third party reviews. The company’s comprehensive strategy starts with ingots and wafers to cells and modules, supported by a global supply chain. This vertical integration underscores EliTe Solar’s commitment to excellence.

EliTe Solar’s core principles of honesty and transparency drives the company’s growth and actions. By upholding these values, EliTe Solar consistently goes above and beyond for their clients. Open communication is central to their work, fostering trust and loyalty. EliTe Solar ensures their clients are informed every step of the way—from production to customs clearance, and final delivery.

EliTe Solar offers a diverse range of products tailored to different needs. The company’s goal is to optimize module performance and achieve a low Levelized Cost of Electricity (LCOE), delivering lasting value for customers while minimizing costs and environmental impact. This approach supports their partners’ energy goals and contributes to a broader sustainability mission.

EliTe Solar’s supply chain is meticulously designed to meet high standards and market demands. The company sources all materials outside China to ensure traceability from raw material to final product. With ingot and wafer production in Vietnam, cell and module production in Indonesia, and manufacturing in Egypt and soon, the U.S., EliTe Solar maintains compliance and uphold supply chain integrity.

EliTe Solar’s project management expertise sets them apart, especially in challenging environments. Currently, the company is transporting one million solar panels to a remote site in Utah with EV trucking from Hight Mobility, working closely with their client and partners to ensure timely delivery and smooth communication. This demonstrates EliTe Solar’s dedication to reliability and strong partnerships.

EliTe Solar prioritizes inland and ocean transportation management, timely customs clearance, and comprehensive post-sales support to deliver reliability and customer satisfaction.

The company’s commitment to sustainability extends beyond eco-friendly energy options. EliTe Solar actively engages with communities to foster positive social impact. For example, the company recently awarded $50K in scholarships with Utah universities to support future solar industry professionals. This investment in education strengthens the sector’s future and contributes to global sustainability.

In the coming months, EliTe Solar is preparing to expand in Egypt and establish solar cell production in the U.S., creating jobs and reinforcing a dependable supply chain. With a track record of reliable service and top-tier solar technology, the company is proud to have supplied over 10 GW of solar modules worldwide, playing a vital role in the shift to sustainable energy. As EliTe Solar continues to grow, the company’s principles of quality, transparency, and sustainability will guide every member, positioning EliTe Solar as a leader in the global solar industry.

Photo – https://mma.prnewswire.com/media/2564402/20241120081639.jpg
Photo – https://mma.prnewswire.com/media/2564403/20241121Linkedin_CEO_newsletter.jpg

View original content:https://www.prnewswire.co.uk/news-releases/elite-solar-realizing-our-mission-and-standing-by-our-core-values-302313902.html

Fintech PR

Africa Exclusive: Bybit Promotes Crypto Education with P2P Security Webinar

Published

1 hour ago

November 22, 2024

CISION (PR Newswire)

africa-exclusive:-bybit-promotes-crypto-education-with-p2p-security-webinar

DUBAI, UAE, Nov. 22, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, sets out to raise awareness of P2P security and to equip users with the latest anti-fraud knowledge and tools in a new learn and earn event exclusively for users in Africa. Hosting a P2P security Webinar on Nov. 25, Bybit P2P will also be announcing a prize pool valued at 10,000 USDT for a new Africa-exclusive deposit event.

P2P Security Webinar
On Nov. 25, the live webinar on P2P security will be broadcast in the Bybit Africa Telegram group from 7 to 9PM UTC. Attendees may benefit from a comprehensive session on tips and the latest know-how on asset safety and counterparty risks. The free webinar will cover the following topics:

Fraud detection: users will learn about signs of common scams and steps to verify payment authenticity.
Staying safe with Bybit P2P: users get to discover Bybit’s security tools and the latest features to combat fraudulent attempts.
Trading with confidence: users will gain practical advice and practical tips on how to trade safely.

The floor will be open for a live Q&A session after the sharing by Bybit P2P experts. Ahead of the webinar, attendees are invited to submit questions and the lucky ones will win 10 USDT if their questions are chosen by the speakers.

10,000 USDT Rewards for First-Time Deposits
From Nov. 25 to Dec. 15, 2024, new users who successfully sign up for a Bybit account and complete Identity Verification Level 1 may be eligible to share in a 10,000 USDT prize pool reserved for eligible users in Africa only. Users must sign up for the event and make a deposit via Bybit P2P to qualify and win up to 10 USDT, terms and conditions apply.

“Financial fraud is an age-old challenge and users must stay vigilant as scammers and fraudsters evolve. Bybit is constantly investing in our hardware and software to build the necessary guardrails for our platform. It does not take away the importance of user education, however, and we hope through engagements of this kind, we can help elevate the community on a path of growth,” said Joan Han, Sales and Marketing Director at Bybit.

P2P is an organic part of the crypto economy and helps to promote inclusivity in emerging economies. With Bybit P2P, users of all levels may access the user-friendly peer-to-peer trading platform to trade between themselves at an optimal, agreed-upon price. The service minimizes the need for the middleman, improving cost effectiveness while providing exchange-backed platform security.

Find out more about the event and eligibility at Bybit P2P.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media