Futu Holdings Records Solid Growth in Q3 with US$247.9 Million Total Revenues


Moomoo’s parent company Futu Holdings Limited (Nasdaq: FUTU) (“Futu”), a leading tech-driven digital brokerage and wealth management platform, reported stable growth for the third quarter ending September 30, 2022, with US$247.9 million (HK$1.95 billion) total revenues, and US$102.7 million (HK$806.1 million) non-GAAP adjusted net income.

Financial and strategic highlights of the third quarter:

  • As of quarter end, the total number of users of moomoo and its sister brand Futubull increased 15.6% year-over-year to 19.15 million.
  • Total number of registered clients increased 21.4% year-over-year to 3.13 million.
  • Total number of paying clients increased 23.8% year-over-year to 1.45 million.
  • The number of newly acquired paying clients in the third quarter was 58,000, with approximately 90% of them being from the United States, Hong Kong SAR, SingaporeAustralia, etc.
  • By the end of the third quarter, the total client assets amounted to US$47.1 billion (HK$369.6 billion). In Singapore, the total client assets increased by 77.8% year-over-year.
  • The quarterly client retention rate remained high at 98%.
  • Corporate and institutional services continued to thrive with IPO and IR clients totaling 301, an increase of 40% YoY. The number of ESOP clients reached 572, representing an increase of 76% YoY.
  • Total client assets in its wealth management business reached US$3.31 billion (HK$25.97 billion) in the third quarter, representing a 46.7% growth YoY. The company has collaborated with 68 world-renowned global financial institutions in offering diverse fund products to clients, with two new partners onboarded this quarter.

“On Celebrating our 10th Anniversary, we are glad to see more profound achievements in entering new markets and expanding our business worldwide. In the third quarter, we continued to achieve solid growth with increasing users and clients joining us. Our unwavering efforts in sharpening technology edge, bringing new features and upgraded products to fulfill unmet demands across various markets are the key to locking in high-level user loyalty for our brands. The client retention rate remained high at approximately 98% during the period.” said Mr. Leaf Hua Li, Futu’s Founder, Chairman, CEO and Chairman of the Technology Committee.

In July, major global rating agency Standard & Poor’s reaffirmed Futu’s investment grade long-term issuer credit rating at BBB- and maintained its stable outlook on the long-term rating. S&P highlighted Futu’s capital adequacy, business diversification and expansion strategy to international markets. S&P expected Futu to maintain its risk appetite, underwriting standards, and good loan quality while expanding the business scope and international outreach over the next 24 months.

Futu Reinforces Market Leadership in Hong Kong with Diverse Products and App Features

In the third quarter, Futu reinforced its leading position among digitalized brokerages in Hong Kong and saw its users and clients increase steadily. Futu has been relentlessly ramping up its products and service diversity through technology and operational advancement. The Futubull app introduced several new product features, including Monthly Stocks Savings Plan, which enables clients to take a dollar-cost averaging investing approach, a sought-after feature to minimize the impacts of volatility when investing.

This quarter marked the company’s new subscription service for the government’s Silver Bond issuance in Hong Kong, an investment product designed to provide steady returns for Hong Kong residents aged 65 years and above. Numerous offline service points and a 24-hour hotline smoothed the senior generation’s journey to digital investments.

In the first three quarters of 2022, Futu ranked second among local securities firms in IPO underwriting by providing such services to 23 companies in the Hong Kong market. Futu’s institutional and corporate services brand remains the top choice for companies seeking ESOP solutions, especially those in the healthcare, automotive logistics, TMT, entertainment and cutting-edge technology industries.

Futu’s wealth management business partnered with 68 global fund companies to offer services to various investors, with two new partners onboarded in the third quarter. As of quarter end, alternative assets saw rapid growth with assets under management (AUM) in private equity improving 67.4% sequentially.

Moomoo Singapore Posts Significant Performance in Wealth Management

In Singapore, Moomoo Financial Singapore Pte. Ltd (“moomoo SG”) continued to attract savvy and seasoned investors and increased its AUM by 77.8% YoY. The moomoo investment super-app is used by one-fifth of the local adult population aged 20-70. Moomoo SG responded to the surging need for portfolio diversification amid inflation by launching a cash management solution, Moomoo Cash Plus which enables clients to put their idle cash to work.

The company collaborated with CSOP Asset Management to launch the first T+0 subscription and redemption of USD money market funds. As of quarter end, wealth management AUM in Singapore jumped 408% QoQ and the number of fund investors climbed 203% QoQ.

In the third quarter, moomoo’s institutional and corporate services business continued its growth momentum and provided IR services to companies such as The Place Holdings. Meanwhile, moomoo SG was appointed by Lincotrade & Associates Ltd. as the joint placement agent in the placement for the company.

moomoo SG is committed to the communities it serves in Singapore. It promotes financial education by hosting educational events and seminars. It held the Paper Trading Competition for Charity, enhancing collaboration with institutional and industry partners to promote financial and investing literacy. In July, moomoo SG held its first large-scale in-person seminar with Singapore Exchange. The seminar attended by a packed audience promoted investor education. In August, moomoo participated in INVEST Fair and took the opportunity to highlight the power of financial technology.

Trading Platform Moomoo’s Popularity Grows Rapidly in the US and Australia Thanks to Strong R&D Capability

During the third quarter, moomoo launched several popular new product features to help investors ride the market. This included two significant features—Earnings Calendar and Industrial Chain.

The new Earnings Calendar feature provides quick access for users to stay alert to a company’s earnings call during the busy earnings season. The Earnings Interpretations feature is also available to help investors make more informed investment decisions.

The Industrial Chain is an intuitive feature that enables users to view companies in 16 industries’ upstream and downstream businesses, making it possible for investors to seize investment opportunities and trade like a pro.

In the US, nine YouTubers—including technical analysts, financial influencers and personal finance coaches—participated in moomoo’s September Tutorial Video Challenge by filming their user journey with the app’s new Earnings Calendar feature. These videos gained almost 100,000 votes in total from moomoo users.

Moomoo also collaborated with other renowned financial educators and influencers at FinCon 2022, an influential financial blogger conference in the US. Having established itself in the Bay Area over the last few years, moomoo is dedicated to enhancing brand awareness across the US.

In Australia, moomoo partnered with Macquarie University to launch a national research study, which investigates how sustainable trading education and transparency of corporate social responsibility credentials impact Australian investor behavior. The industry-first study will explore the behavior of multiple groups of investors to understand how face-to-face education or exposure to a company’s ESG score influence a person’s decision to invest. Research participants will use moomoo’s simulated trading environment that reflects actual trading conditions with real market data.

Moomoo also joined the largest online investment summit for financial content creators in Australia—the 2022 Entrepreneur Summit hosted by Henry Wei, which is greatly expanding its presence in the Australian market.

Moomoo and its parent company Futu remain committed to promoting financial literacy, investor education and responsible investing for investors of all levels. A new feature, Study Plan, was launched to help expand users’ financial knowledge base via well-designed investing curriculums. As of quarter end, the company rolled out more than 3,000 courses online in English and Chinese, including 757 articles and 204 videos on moomoo.


Futu Holdings Achieves Solid First-Quarter Growth Amid Market Volatility with 67.9% YoY Increase in Paying Clients


Moomoo’s parent company Futu Holdings Limited (Nasdaq: FUTU) (Futu), a leading tech-driven online brokerage and wealth management platform, reported solid performance for the quarter ended March 31, 2022, with US$209.5 million (HK$ 1641.0 million) total revenues, and US$79.4 million (HK$622.2 million) non-GAAP adjusted net income.

Financial & strategic highlights for the first quarter:

  • As of quarter end, total number of users of moomoo and its sister brand Futubull was 18.1 million, an increase of 27.1% YoY;
  • Total number of registered clients was 2,910,995, an increase of 48.7% YoY;
  • Total number of paying clients was 1,326,163, an increase of 67.9% YoY;
  • Over 80% of the newly acquired paying clients in first quarter were from Hong Kong SAR, the United StatesSingapore and Australia markets, indicating the company’s thriving international business;
  • Client stickiness maintained at a high level with the quarterly client retention rate of over 98%.
  • In terms of enterprise service, Futu I&E had 258 IPO and IR clients as well as 459 ESOP clients as of quarter end, climbing up 69.7% and 129.5% YoY, respectively.
  • Regarding wealth management, total client assets reached HK$20.9 billion in the first quarter, an increase of 59.1% YoY. Futu has partnered with 64 world’s well-known financial institutions to offer wealth management services.
  • As of quarter end, Futu has acquired 50 licenses and qualifications (including approvals-in-principle) from regulators across major financial markets.

Futu’s Chairman and Chief Executive Officer Mr. Leaf Hua Li said, “Although the market sentiments remained volatile in the first quarter, Futu demonstrated its resiliency with upbeat highlights and growth in key indicators across various markets. Notably, our enterprise service business and wealth management business performed robust growth.”

Futu continues to lead the industry with continuous growth of Hong Kong paying clients

Having established its presence in Hong Kong for almost ten years, Futu has led the way in the brokerage industry and its renowned Futubull app is now a household brand name for local investors. Meanwhile, the number of paying clients continues to grow.

Futubull’s highly engaging online investor community remains the largest in scale among its local peers. Hong Kong users spent an average of 33.4 minutes using the Futubull app per trading day during the first quarter. There were over 363,000 daily average Hong Kong active users in the online community in the first quarter, producing nearly 100,000 pieces of UGC content each trading day.

Meanwhile, Futu’s Hong Kong subsidiary Futu Securities International (Hong Kong) Limited won five awards from HKEX, demonstrating the recognition of the efforts made by the company in pursuing better trading experience.

Futu Singapore is becoming the first online brokerage to acquire full Singapore Exchange memberships

One year into moomoo’s debut in Singapore, Futu Singapore Pte. (Futu SG) has obtained approvals-in-principal for all of five SGX memberships and an Exempt Financial Adviser status from the Monetary Authority of Singapore.

This makes Futu SG not only the first online brokerage in Singapore to receive approvals-in-principle for full trading and clearing memberships for securities and derivatives, but also the pioneer in the industry to achieve all five SGX memberships. As a fully licensed member of the Singapore Exchange, Futu Singapore can provide trading and clearing services for itself and other Futu subsidiaries, creating synergies and providing a more diversified product range and better services to local investors.

Futu is renowned among Singapore investors for its premium fund products and customized services. Futu Money Plus has expanded its fund product offerings in Singapore to support SGD funds, money market funds, and dividend funds, and has partnered with 26 leading international financial institutions to provide local investors with more options for wealth management. During the quarter, Futu Money Plus’ client assets and the number of fund clients in Singapore increased by 93% and 95% quarter-over-quarter respectively.

Futu expanded its enterprise service footprint in Singapore by participating in several high-profile ETF IOPs. Futu SG was entrusted by Nikko Asset Management as a participating agent in the Initial Offering Period and listing of the Nikko AM – Straits Trading MSCI China Electric Vehicles and Future Mobility ETF (Exchange Traded Fund) on SGX in the first quarter. The subscription of the ETF via Futu Singapore ranked the first in the market, proving Futu’s value in enhancing the local market’s liquidity and promoting investment.

Moomoo steadily acquires users in the US and makes a debut in Australia

Since its debut in the U.S. in 2018, moomoo continued to gain interest from active traders who seek better tools to trade like a pro – a pro that treats investing seriously to have greater control of their financial future.

Moomoo’s core users are retail traders who strive to learn and improve their investing strategies, using the tools, data and training content on moomoo app. Moomoo broke the information barrier by making professional data that used to be exclusive to institutions available to all of its users, such as free level 2 data and free daily short sale volume data, to name a few.

As of quarter end, moomoo had rolled out almost 2500 investing courses online, delivering content in forms of stories, infographics, gif images, videos, animation clips, live streaming, etc., with which users can learn investing concepts and tactics easier than ever. In January moomoo worked with the reputable U.S. financial media firm Benzinga to hold an online seminar series aiming to help the audience to develop professional trading skills.

With the outstanding trading experience moomoo delivers, the app was named as the “Best Trading Platform” in first quarter by FinTech Breakthrough, an independent market intelligence organization in the U.S. focusing on global FinTech innovators.

Moomoo also announced its official launch in Australia on 08 March 2022, with the vision of empowering all investors to grow their wealth through an affordable yet powerful investment platform. Australian investors can now use moomoo to trade stocks and ETFs listed in Australian and US markets – soon trading of Hong Kong, China-A shares and Singapore markets will be available.

Moomoo promotes financial education for investor of all levels, putting responsible investing into practice

Elsewhere, the company keeps investing in education to promote responsible investing, cultivating financial literacy for investors of all kinds and empowering them to achieve their financial goals.

In February, moomoo partnered with Palo Alto Education Group and LaunchFIT, two Bay Area-based educational organizations, in launching #Investeen, a campaign aimed at improving financial literacy and equity investment knowledge in adolescents. As part of the campaign, moomoo participated in launching the paper trading competition in moomoo app, which enabled students from more than 20 countries to practice trading in a safe environment with stimulated funds, to test-drive their investment strategy responsibly.

In Singapore, moomoo partnered with SUSS Investment Group, a student-led community in the Singapore University of Social Sciences, to launch the inaugural Portfolio Management Challenge 2022 early this year. The challengers executed trades in the US market with moomoo platform and updated their portfolio weightage on moomoo’s portfolio feature to view live rankings.

Futu stays committed to the vision of making investing easier for investors all over the world

“We are humbly glad to see the achievements in the first quarter from various markets, but we will never feel fully satisfied in making investment more accessible for all.” Leaf added. “Since the inception of the company, we are committed to our pursuit in making investing easier and not alone, with our tech excellence. We will never cease bringing better trading experience to investors worldwide, becoming their trusted partner to make more savvy decisions, to connect with like-minded peers and to stay up to date on the financial world.”