Trading platform Futubull and its sister brand serve 20
million users worldwide, growing user engagement with deeper
presence
HONG
KONG, May 24, 2023 /PRNewswire/ -- Futu Holdings
Limited (Nasdaq: FUTU) ("Futu" or the "Company"), a leading
tech-driven digitalized brokerage and wealth management platform,
reported its unaudited financial results for the first quarter of
2023. The Company recorded US$318.5
million (HK$2.5 billion) total
revenues and US$161.5 million
(HK$1.268 billion) non-GAAP adjusted
net income.
Strategic highlights of the first quarter:
- As of quarter end, the total number of users of Futubull and
its sister brand increased by 10.5% year-over-year to 20
million.
- Total number of registered clients increased 13.5%
year-over-year to over 3.3 million.
- Total number of paying clients increased 15.2% year-over-year
to over 1.5 million.
- By the end of the first quarter, the total client assets
amounted to US$59.3 billion
(HK$465.5 billion).
- The quarterly client retention rate remained high at 98%.
- Corporate services business thrived with ESOP business clients
totaling 662, representing an increase of 44.2% year-over-year.
During the first quarter, ESOP bagged iWOW, a technology company in
Singapore as one of the new
clients.
- Futu participated in 9 IPO projects in Hong Kong, ranking first among the industry
according to third-party data [1].
- Client asset under wealth management business topped
US$ 4.7billion (HK$37 billion), representing a 77.4% robust
growth compared to the previous year. The growth was driven by AUM
in mutual funds and alternative funds (incl. bonds), which
increased by 70.2% and 215%, respectively, year-over-year.
- Wealth management paying clients increased notably by 78.7%
year-over-year.
- The Company continued to expand its funds offering through
partnerships with 74 renowned financial institutions worldwide,
allowing clients to access a diverse range of fund products.
"We are glad to deliver another quarter of resilient growth and
achieve deeper business presence across all markets, a testament to
our relentless efforts in driving innovation and technology
excellence across products and services offerings and operation. In
the first quarter of 2023, we further ramped up the global
expansion strategies by launching new products, features and
services in different markets to cater diverse investment needs
from investors worldwide," said Mr. Leaf Hua Li, Futu's Founder,
Chairman, CEO and Chairman of the Technology Committee.
Futu HK Wins Five Awards from HKEX, Becoming the Preferred
Platform for Trading Various Products
In Hong Kong, the Company's
subsidiary bolstered its leading position in the local retail
brokerage industry by continuously enriching its product mix and
upgrading its trading platform to empower the increasingly agile
clients in the market, with its solid user base in Hong Kong accounting for over 40% of the local
adult population.
In March, Futu HK clinched five awards from the Hong Kong
Exchange (HKEX) for its outstanding performance in driving
liquidity in 2022. Futu tops the lists of retail brokers for
Futures & Options, Currency Futures, Weekly Index Options, and
Stock Futures & Options and has become a Top Breakthrough
Broker for ETP (Exchange Traded Products) Turnover [2].
Futu HK held a successful charity fun day for the children aided
by Make-A-Wish International, the first ever outing experience
since COVID combined with a workshop to impart personal finance
knowledge. Futu HK also organized an array of offline investor
seminars and released an investor report to share insights into the
capital market and enhance the financial literacy of local
investors.
Singapore Market Growth Momentum Sustains, with Average
Client Assets Jumping 22.4% QoQ
During the first quarter, the Company's Singapore subsidiary expanded its product
offerings to more asset classes through the digitalized financial
services platforms. The relationship between clients and the brand
continued to strengthen, with the average AUM of the existing
paying clients up 22.4% sequentially.
Serving 25% of the local adult population aged between 20-70 via
its proprietary investment and wealth management platform, the
Company and its subsidiaries are dedicated to empowering local
investors with tech-driven analytical tools, free features, and
unlimited access to real-time market information and data, thus
enabling them to unlock more investment opportunities.
During the first quarter, the Company released its first
Singapore Women Financial Fitness Report to evaluate financial
literacy and security among women investors. It aimed to empower
more women with sufficient support and confidence in achieving
their long-term financial and investment goals. Meanwhile, the
Company's Singapore subsidiary
co-hosted a paper trading competition with the Singapore University of Social Science (SUSS) for
the second consecutive year, attracting student challengers from
SUSS, the National University of
Singapore, Nanyang Technological
University and the Singapore Institute of Management.
The Singapore subsidiary's
wealth management business continued its fast-paced growth
trajectory in Singapore, with AUM
increasing by 69.3% and the number of fund investors rising by
33.8% quarter over quarter. The Singapore subsidiary's product Cash Plus
provides safe money market funds with fixed income to investors,
which can be redeemed at any time.
During the period, the Company's Singapore subsidiary was honored to be
certified by Great Place to Work for its workplace excellence. Its
efforts in strengthening talent training, promoting diversity, and
women in leadership were highly recognized by the team.
The Company Dives into the US and AU Market to Develop a
Strong Connection with Investors
The Company's US subsidiary built strong user engagement in the
US market and expanded its brand awareness through multiple
marketing campaigns. The Holiday Magic Sweepstakes promotion
attracted approximately 20,000 participants in the US, and 10
winners were awarded in January.
During the first quarter, the US subsidiary was devoted to
fostering a close connection with users of its interactive online
community through various activities, including online surveys and
investing webinars.
The Company's Australian subsidiary brand won the 'Best for
Beginners' award at the 2023 WeMoney Investment Awards, marking its
first award in the local market. The award recognizes the Company's
dedication to improving investor education in Australia through its accessible product
offerings and extensive educational resources.
During the first quarter, the Company also co-hosted a series of
events with reputable local accounting services, professional
business and corporate advisory firm Hall Chadwick that provided
industry partners with professional financial services.
Fosters a Synergetic Community for Better User Engagement and
Empowerment
As a financial powerhouse for all, the Company firmly believes
that financial inclusion and participation are powered by financial
literacy. The Company's investments to enhance public access to
financial and investment education paid dividends in increased
participation across its well-grounded courses and tutorials. In
the first quarter, engagement with the educational content on the
Company's overseas platforms grew 16%, with the course completion
rate surging 37% and average learning hours increasing by 43%,
compared with the previous quarter.
"Looking ahead, we would continue our R&D investment to
sharpen product leading edges, with the aim to empower everyone
with necessary market access, tools and knowledge in riding the
market and growing their investment and wealth with us," said Leaf.
"We are pleased to see leaps have been made in promoting user
engagement, which would translate into business success for
near-term and long-term. Meanwhile, we are confident to the
implementation of the global expansion and business diversification
strategy when the Company is on the road to forge an influential
global financial services platform."
Disclosures
[1]https://hk.finance.yahoo.com/news/%E5%AF%8C%E9%80%94%E7%8D%B2%E6%B8%AF%E4%BA%A4%E6%89%80-00388-%E4%BA%94%E5%A5%AC-124413467.html
|
[2]https://cj.sina.com.cn/articles/view/5993531560/1653e08a801901a21q
|
About Futu
Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology
company transforming the investing experience by offering a fully
digitalized brokerage and wealth management platform. The Company
primarily serves the emerging affluent population, pursuing a
massive opportunity to facilitate a once-in-a-generation shift in
the wealth management industry and build a digital gateway into
broader financial services. The Company provides investing services
through its proprietary digital platforms accessible through any
mobile device, tablet, or desktop. The Company's primary
fee-generating services include trade execution—which allows its
clients to trade securities, such as stocks, ETFs, warrants,
options, and futures across different markets—as well as margin
financing and securities lending. Futu features embedded social
media tools creating a network centered around its users and
providing an investment community for users, investors, companies,
analysts, media, and key opinion leaders.
View original
content:https://www.prnewswire.com/news-releases/futu-holdings-announces-q1-2023-results-revenues-up-52-3-yoy-301833211.html
SOURCE Futu Holdings