Fintech
Futu Q2 Results – International Expansion Brings 15 Million Global Users
Futu Holdings Limited published its unaudited financial results for the second quarter ending June 30, 2021 (“Q2”). The tech-driven online brokerage and wealth management platform continues to report outstanding performance, having achieved triple-digit growth for six consecutive quarters.
Operational highlights of the unaudited financial results for Q2:
- Total revenues increased by 129.3% year-over-year to $203.1 million
- The number of Futu users reached 15.5 million, the number of paying clients reached 1 million
- Total trading volume in Q2 soared 104.3% to $169.4 billion
The company’s stock was added to the MSCI Hong Kong Index, a major milestone for Futu. It also obtained an investment grade long-term issuer credit rating “BBB-“ from S&P Global Ratings, the first online broker in the Asia-Pacific region to obtain this rating.
Q2 also brought new partnerships to the company. Futu’s wealth management business Money Plus established 7 new partnerships with world-renowned asset managers.
The number of paying clients tripled year-over-year to approximately 211,000. 80% of newly acquired paying clients came from the exponential growth in Hong Kong, Singapore, and other overseas markets.
International expansion:
Futu reinforced its leading position in Hong Kong, offering diverse investment products, convenient online account opening services, seamless investment experience, and trusted reputation among investors.
Futu launched its customized “moomoo Ambassadors” campaign in the US along with other omnichannel marketing strategies. The moomoo platform is recognized for providing an environment where users can join live conversations with industry experts.
Since the launch of the moomoo application in Singapore, Futu has been continuously investing in product and service enhancements to better serve its growing client base. Being one of the fastest-growing online trading platforms in Singapore, moomoo dominates the top three finance apps in both the App Store and Google Play.
“As an international, tech-driven online brokerage, Futu puts the user experience and needs of its clients first. We are dedicated to driving innovation and providing more user-friendly and state-of-the-art FinTech services to investors. We feel immensely proud of the strong growth we’ve achieved in Singapore and are thankful for all the support we have received from their investing community. Singapore is a key focus of our international expansion strategy, and we are humbled to see that moomoo has attracted such a large customer base in such a short period of time. We are proud of the market traction we’ve gained globally, thanks to our industry-leading products and services,” said Mr. Leaf Hua Li, Futu’s Founder, Chairman, CEO & Chairman of the Technology Committee.
He adds, “Looking ahead, we are devoted to catering to the evolving needs of the Singapore market and look forward to deepening our relationship with local industry partners while promoting financial literacy and driving innovation within the FinTech industry.”
IPO distribution and IR services:
Futu I&E, the enterprise business, continued the support of corporate clients by connecting companies to investors. The firm has provided IPO distribution and IR services to 186 companies, leveraging the upsurge of the IPO frenzy in Hong Kong. 600 companies joined the Futu Page, Futu’s enterprise accounts for listed companies.
“Futu is committed to deepening its presence in the Hong Kong market and has demonstrated its strengths in IPO distribution and IR services. Our mission is to better serve promising Chinese enterprises seeking an IPO or secondary listing in Hong Kong, made possible through our unparalleled solutions and services, which range from IPO subscription, setting up their Futu Page accounts, running virtual roadshows and facilitating briefing sessions. Futu is well-positioned to connect listed companies with high-quality retail investors and facilitate meaningful exchanges about corporate values and business prospects. As more companies look to gain a foothold in the Hong Kong market, working with us will allow those enterprises to step into the spotlight, which will further amplify the value and advantages of the Hong Kong stock market,” said Mr. Li.
Wealth management business:
Futu’s Money Plus platform offers a variety of features including transparent fund reports, zero subscription fees and others. This allowed the company to become a popular wealth management business across Hong Kong and other markets. Money Plus also upgraded its services to further enhance the fund investment experience. New services include an auto-redemption feature for money market funds, which can be directly used for IPO subscription, trading stocks and funds, paying financing interests, and currency exchanges.