JERSEY
CITY, N.J., Aug. 20,
2024 /CNW/ -- Moomoo's parent company Futu Holdings
Ltd. ("Futu" or "the Company") (Nasdaq: FUTU), a leading
tech-driven online brokerage and wealth management platform,
announced its unaudited Q2 2024 earnings with US$400.7 million in revenues, up 25.9%
year-over-year ("YoY"), and US$166.0
million in non-GAAP adjusted net income, an 8.6% YoY
increase.
The exceptional results demonstrated the Company's continuous
growth and its rising recognition among global investors. By the
end of Q2, the Company's global users reached 23.3 million,
representing an increase of 13.3% YoY. The Company has also reached
a milestone of two million paying clients, representing a growth of
28.8% YoY.
With its client-centric approach and continuous efforts to
enhance the investment experience through cutting-edge solutions,
the Company has increasingly earned the trust and loyalty of global
investors through its proprietary platforms. Its client retention
rate remained above 98% in Q2, with total client assets reaching
US$74.2 billion, an increase of 11.9%
quarter-over-quarter ("QoQ"). Furthermore, the Company's total
trading volume saw a surge of 21.1% QoQ, reaching over US$207.7 billion.
Successes in Q2 were driven by the Company's robust stock
trading activities, with US stock global trading volume and daily
active revenue trades ("DARTs") both hitting one-year highs, while
other stocks also saw rapid growth. Additionally, with its
strategic focus on diversification, the Company has been expanding
its offerings across markets and assets to enable global investors
to unlock various opportunities. In Q2, the Company rolled out a
variety of new offerings, including expanding Japanese stock
trading to more markets, introducing cryptocurrency
ETFs, as well as other initiatives. The Company also achieved
noticeable success in bonds and funds, driving wealth management to
surpass US$10 billion in assets under
management ("AUM") during the quarter.
Entering into the second half of the year, the Company continued
to empower investors with broader investment opportunities. As
virtual assets are increasingly gaining popularity from global
investors, the Company launched crypto trading
services in Singapore and
Hong Kong ("HK") in July and
August respectively, and aims to bring more products to global
investors in the future.
Double-Digit Growth Across Global Markets
This quarter, the Company continued to perform strongly across
all its markets, highlighting the ongoing momentum of its
international expansion. Moomoo reached a significant milestone in
Singapore by surpassing one
million users in April. The platform continued to see a steady
increase in paying clients and led the market with double-digit
sequential growth in client assets for eight consecutive quarters.
Additionally, Canada, Japan, and Malaysia achieved remarkable progress since
their inception. Each market experienced high double-digit QoQ
growth in both account openings and paying clients, underscoring
moomoo's rapidly expanding reach and appeal among local investors.
The US and Australia recorded
sustainable growth, with double-digit QoQ growth in client assets.
In HK, moomoo's sister brand Futubull remained as the leading
position in the digital brokerage market, recording double-digit
QoQ growth in deposits from paying clients and high-net-worth
individuals.
Improved Stock Trading and Expanded Diversification
Strategy
With the Company's diversification strategy, moomoo continually
improved its comprehensive stock trading capabilities, achieving
impressive results in Q2. This strong growth reinforced the
Company's competitive edge in this asset class, further
establishing moomoo and Futubull as trusted destinations for global
stock investment.
In Q2, the Company improved its US stock trading capabilities by
expanding its services and products. In April, moomoo entered a
global strategic partnership with Nasdaq to further empower
investors with advanced market data and insights. To meet
increasing demand from local investors, moomoo launched US options
trading in Australia, as well as
recurring investment and fractional trading for US stocks in
Australia and Malaysia. These improvements, combined with
the bullish trend in US stocks, drove growth across seven markets.
As a result, the Company's global US stock trading volume and DARTs
reached a one-year high in Q2, with trading volume increasing by
84.1% YoY.
Additionally, the Company enhanced its capabilities beyond the
US stock. In Singapore and HK, the
Company responded to the increasing demand for Japanese equities by
launching Japanese stock trading services in April. In Australia, moomoo officially became a
CHESS-sponsored broker, providing a more localized and
extra-secured trading experience. In Canada, moomoo expanded stock coverage by
cooperating with a new local securities exchange, enabling
investors to access more Canada
listed companies. With these expansions and upgrades, the Company's
stock trading activities surged, with Australian stock trading
volume skyrocketing by 204% YoY, and Canadian stock up 106% QoQ.
Malaysian stock trading volume also witnessed substantial growth
since its launch in February this year.
Diversified Asset Classes Meet Various Investment
Needs
As a one-stop platform to meet different investment needs, this
quarter, the Company continued to build presence in new asset
classes, with the aim to create a resilient and thriving investment
ecosystem among global investors.
With virtual assets, which has become a major focal point in the
investing world, the Company made strides to address investors'
evolving needs. The Company unveiled crypto trading
services in Singapore and HK,
enabling eligible investors (including retail investors) to trade
cryptocurrencies such as Bitcoin and
Ethereum with US dollars and local currencies in both
markets.
The Company's wealth management business also took a giant leap
forward in Q2, surpassing a milestone of US$10 billion in AUM, up 83.6% YoY. Both funds
and bonds experienced steady increases, with bond AUM rising by
23.4% QoQ. The money market funds maintained its popularity in
Singapore and HK, experiencing
significant growth in AUM.
To meet the needs of high-net-worth families and individuals,
and provide more sophisticated wealth management solutions, the
Company continued to enhance its family office services. This led
to increased net deposits in the HK market and drove the growth of
the Company's private wealth management business.
Furthermore, moomoo played a pivotal role in transforming the
local investment landscape with innovative solutions. In Q2, moomoo
expanded IPO and IR business into Malaysia to support Malaysian companies going
public.
In the future, the Company will further streamline access and
provide a unified platform for diverse investment opportunities
worldwide, making investing a viable option for all.
About moomoo
Moomoo is a leading global investment and trading platform
dedicated to empowering investors with user-friendly tools, data,
and insights. Our platform is designed to provide essential
information and technology, enabling users to make well-informed
investment decisions. With advanced charting tools, pro-level
analytical features, moomoo evolves alongside our users, fostering
a dynamic community where investors can share, learn, and grow
together.
Founded in the US, moomoo operates globally, serving investors
in countries such as the US, Singapore, Australia, Japan, Canada
and Malaysia. As a subsidiary of a
Nasdaq-listed company, we take pride in our role as a global
strategic partner of the Nasdaq, earning numerous international
accolades from renowned industry leaders such as Benzinga and
Fintech Breakthrough. Moomoo has also received multiple awards in
the US, Singapore, and
Australia for its cutting edge,
inclusive approach to investing.
For more information, please visit moomoo's official website at
www.moomoo.com or feel free to email: pr@moomoo.com.
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SOURCE moomoo