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Futu Announces Q1 2024 Results: Net Income Up 18% QoQ, with Breakthroughs Achieved in International Expansion

2024/5/28

Hong Kong - May 28, 2024 - Futu Holdings Limited (Nasdaq: FUTU) ("Futu" or the "Company"), a leading tech-driven digitalized brokerage and wealth management platform, today announced its unaudited financial results for the first quarter ended March 31, 2024 (the "Period").

In the first quarter, Futu's total revenues reached HK$2,592.5 million (US$331.3 million), up 9.2% QoQ; its non-GAAP net income reached HK$1,121.1 million (US$143.3 million), up 18.0% QoQ. In terms of different businesses, its brokerage commission and handling charge income totaled HK$1,082.1 million (US$138.3 million); interest income reached HK$1,354.2 million (US$173.0 million), up 1.7% QoQ; other income (including income from wealth management and corporate services businesses) amounted to HK$156.2 million (US$19.96 million), up 13.8%.

By the end of the first quarter, Futubull and moomoo's users grew 12.3% YoY to 22.48 million; registered clients rose 15.4% YoY to 3.81 million; paying clients increased 23.5% YoY to 1.887 million. 177,161 new paying clients were added in the quarter, representing a 330.8% increase compared to the previous year. Over half of the Company's client acquisition goal for 2024 had been achieved in the first quarter. The increase of new paying clients in Hong Kong and Singapore posted double-digit growth. The client retention rate stayed high above 98%. Client assets reached HK$517.9 billion (US$66.18 billion). Total trading volume approximated HK$1.3 trillion (US$171.1 billion).

The period witnessed Futu's steady growth in Hong Kong as its local operation recorded the largest trading volume among Hong Kong retail brokerages*; daily average revenue trades (DARTs) executed by HK and US stock investors saw a sharp quarterly increase, reaching a one-year high; Cash Plus, the Company's money market fund brand, continued to drive robust growth of its fund business in Hong Kong. The Company also achieved breakthroughs in overseas markets. The number of new clients acquired in Japan and Canada both doubled. The moomoo app topped several overseas markets by downloads, DAU, and app rating. In April, just six weeks after moomoo officially landed in Malaysia, its registered clients exceeded 100,000; Singapore users surpassed one million. To meet investors' diverse needs, Japanese stock trading was launched in Japan, Hong Kong, and Singapore in March and April, respectively, making investing boundaryless.

"The rally in US stocks and steadily stabilizing HK stocks have boosted overall investor sentiment and trading volume. Based on our years of operations in Hong Kong, the signal of a potential bull market is expected to drive investment funds and high quality clients, and bring new growth momentum, thus strengthening our leading position in Hong Kong. Our international expedition has accelerated, with breakthroughs achieved across markets. Such development generated high-quality income sources. Meanwhile, we strive to create value for society and promote financial education through technology and our platform. In the future, we'll stay true to our original aspirations to accompany global investors along their investing journey with leading financial technology." said Mr. Leaf Hua Li, Futu's Founder, Chairman, CEO & Chairman of the Technology Committee.

Secured Leading Position in HK with DARTs by HK and US Stock Investors Hitting Records

In the past quarter, Futu maintained its position as the leading retail brokerage in Hong Kong with the highest trading volume*. Its trading app Futubull topped the download charts of Hong Kong stock trading apps since 2020, and its DAU also ranked first among its peers in the quarter**.

With the rally in US equities, the number of US stock investors in Hong Kong, their DARTs and trading volume all reached an one-year high in March. The Hong Kong stock market stabilized during the first quarter, and the DARTs executed by HK stock investors went up 19% QoQ. With rate cuts expected to be delayed, Cash Plus's investors and AUM continued to increase, contributing greatly to the 58% YoY rise in fund AUM in the Hong Kong market.

Futu remained a big winner at the "HKEX Awards" for five consecutive years, winning recognition for its active trading of various investment products. In April, the Company launched Japanese stock trading in Hong Kong, further enriching its product lineup and breaking geographical restrictions to offer Hong Kong investors an all-round trading experience and broadened horizons.

While the Company reinforced its leading position in Hong Kong, its internationalization strategy also yielded fruitful results in the first quarter. Moomoo, Futu's overseas brand, made its way into the global investment ecosystem with remarkable achievements across markets and unstoppable growth momentum.

Overseas Expansion Accelerated and Marked New Milestones

Moomoo remained the market leader in Singapore, seeing a significant increase in registrations, account opening, and client acquisition. According to data.ai, moomoo ranked first among local securities trading app by cumulative downloads and DAU for the third quarter running****. Its Singapore users surpassed one million in April. Now, one in every three Singapore adults*** is a moomoo user. Thanks to its enlarged, higher-quality client base, the average assets of local paying clients jumped 60% YoY. The first quarter witnessed the debut of Moomoo Private Wealth in Singapore, which targeted high-net-worth individuals and led to more balanced, healthier structures of fund clients and assets.

Based on its advantages in Singapore, moomoo extended its influence to one of Singapore's neighboring countries. In February, moomoo officially landed in Malaysia and began to support Malaysian and US stock trading. Its local clients exceeded 100,000 in merely six weeks, signifying an enthusiastic market response. According to data.ai, the moomoo app ranked as the most downloaded investment app in Malaysia with the highest DAU among local online brokerages.****

In Japan and Canada, the two markets moomoo entered in the second half of 2023, also showed successful client acquisition. In the first quarter of this year, the net increase of registered clients in the two markets doubled on a quarterly basis.

Registered clients in Japan soared 200% QoQ. After launching Japanese stock trading in the first quarter, moomoo became a one-stop US and Japanese stock trading platform, gaining wide acceptance among Japanese investors for the innovative and reliable trading experience it brings. The moomoo app secured the highest rating on Google Play Store, beating other mainstream Japanese online brokerages*****, and ranked the top 3 most downloaded stock trading apps****.

In Canada, the net increase of registered clients surged 114% QoQ, and that of paying clients shot up 181% QoQ. The moomoo app advanced to first place in terms of Android stock trading app downloads in the local market****. Moomoo Canada was approved as a non-trading member of Toronto Stock Exchange (TSX) and TSX Venture Exchange and rang the opening bell at the exchange, winning recognition from local financial institutions.

As of the end of the first quarter, total client assets in the US grew 87% YoY. Besides business growth, moomoo's tech innovations and trading features secured numerous awards and patents. In the first quarter, moomoo was granted a patent by the US Patent and Trademark Office for its candlestick pattern recognition method and won "Best Stock Trading App" at the 2024 FinTech Breakthrough Awards.

In Australia, total client assets skyrocketed over 300% YoY. The Company won "Best Investment Platform for Beginners " at the WeMoney Investment Awards again and received "Online Share Trading Casual ASX Investor" and "Online Share Trading Casual ETF Investor" awards at Mozo Experts Choice Awards 2024.

Sustained Growth Across Core Businesses Pushed Revenues Up

Futu's three core businesses continuously contributed to revenue growth. In the first quarter, AUM of Futu Money Plus increased 72.8% YoY to nearly HK$64 billion, and the number of investors with positions in funds increased more than 50%. In particular, the wealth management business in Singapore maintained steady growth, with AUM up 37.1% QoQ and the number of investors with positions in funds up nearly 17% QoQ.

As of quarter end, IPO and IR clients of Futu's corporate services had reached 430, up 21.8% YoY, including newly onboarded IPO partners LianLian DigiTech, Wellcell, and Zhongshen Jianye. As the Company kept empowering the real economy, its ESOP clients totaled 721. Futu's investment ecosystem recorded continuous expansion, bridging the communication gap between listed companies and investors. As of quarter end, more than 1,200 public companies had opened a Futu page.

Promoting Financial Inclusiveness and Literacy with CSR Initiatives Globally

In addition to fulfilling its mission of offering users an innovative and reliable trading experience, Futu has been committed to promoting financial literacy and upgrading financial services. By establishing the Moomoo Foundation in the US in the first quarter, Futu aims to boost investors' financial literacy, support fintech startups, and fuel tech innovation. In joint hands with leading global financial institutions and exchanges, Futu organized Hong Kong's first large-scale retail investors exhibition "Futu Expo" to promote financial inclusiveness and enhance retail participation in the market, which attracted over 5,000 investors.

The Company also released its first global female investor survey report, which discusses females' distinctive needs and challenges in investing by highlighting findings from five markets including Hong Kong, Singapore, Australia, Canada, and the US. Moomoo Singapore hosted an International Women's Day seminar series in Singapore in partnership with the SGX to share insights, empowering female investors.

*Source: Monthly reports on Hong Kong brokerages' trading volume between January 1 and March 31, 2024, by AiPO (https://aipo.myiqdii.com/broker/index#)

**Source: Downloads of stock trading apps in Hong Kong SAR(from App Store and Google Play) from January 1 2020 and March 31, 2024, recorded on data.ai (formerly App Annie)

***Source：According to the latest statistic from Singapore government, the number of residents aged between 20 and 70 reached 2.94 million, accurate as at 27 September 2023.

**** Source: Downloads and DAU of stock trading apps in Singapore/Malaysia/Japan/Canada (from App Store and Google Play) between January 1 and March 31, 2024, recorded on data.ai (formerly App Annie)

***** The comparison is based on the average user ratings on stock trading apps provided by the five mainstream online brokers in Japan on the Google Play (including au Kabucom Securities, SBI Securities, Matsui Securities, Monex Securities, Rakuten Securities), according to data.ai statistics from December 10, 2023, to March 22, 2024.

This article may include forward-looking statements, which represent the Company's expectations and views of future events, which by nature are not certain and can be affected by factors outside of the Company's control. These statements are based on current plans, estimates, and projections, and you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. For more information about the potential risks and uncertainties, please refer to the Company's filings with the SEC, including its annual report.

The licensing information in relation to companies within Futu Group is as follows: Futu Securities International (Hong Kong) Limited Holder of 20 licenses and participantship in providing clients with reliable securities trading services.   In Hong Kong, China: Futu HK is a licensed corporation regulated by the Securities and Futures Commission of Hong Kong (CE No. AZT137) and has obtained Type 1 Licence for Dealing in Securities, Type 2 Licence for Dealing in Futures Contracts, Type 3 Licence for Leveraged Foreign Exchange Trading, Type 4 Licence for Advising on Securities, Type 5 Licence for Advising on Futures Contracts, Type 7 Licence for Providing Automated Trading Services, and Type 9 Licence for Asset Management. Futu HK is registered as MPF Intermediary, SEHK Participant, HKSCC Direct Clearing Participant, SEHK China Connect Exchange Participant, HKSCC China Connect Clearing Participant, SEHK Options Trading Exchange Participant, SEOCH Direct Clearing Participant, HKFE Futures Commission Merchant, and HKCC Clearing Participant.   In Europe: Futu HK is a member of London Stock Exchange and Turquoise.   In Singapore: Futu HK is a trading member of Singapore Exchange Securities Trading Limited and Singapore Exchange Derivatives Trading Limited. Futu Trustee Limited Holder of Trust or Company Service Provider Licence (Licence No. TC006475). Futu Lending Limited Holder of Money Lenders Licence (Licence No. 1917/2022). Moomoo Financial Inc. A broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) (CRD: 283078/SEC: 8-69739), and a member in good standing of Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Futu Clearing Inc. A broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) (CRD: 298769/SEC: 8-70215), a member in good standing of Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), as well as a member of Depository Trust Company (DTC), a member of National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC). Moomoo Financial Singapore Pte. Ltd. Registered with the Monetary Authority of Singapore (MAS), Moomoo SG is a Capital Markets Services Licence (Licence No. CMS101000) holder with the Exempt Financial Adviser Status. Moomoo SG has also received all SGX's memberships. Moomoo SG has been admitted as Clearing Member of The Central Depository (Pte) Ltd (CDP) , Trading Member of Singapore Exchange Securities Trading Limited (“SGX-ST”), Trading and Clearing Member of Singapore Exchange Derivatives Trading Limited (“SGX-DT”), and Depository Agent of CDP. Moomoo Trustee (Singapore) Pte. Ltd. A Singapore trust company licensed by the Monetary Authority of Singapore to carry on trust business and services (Licence Number: No.TC000074). Moomoo Securities Australia Ltd A securities dealer registered with and regulated the Australian Securities and Investments Commission (ASIC). Futu Australia holds the Australian Financial Services Licence (Licence No. 224663). Moomoo Australia is also registered as an overseas company in New Zealand, and provides financial services under its Financial Services Provider Registration (FSP No. 1008656) in New Zealand. Moomoo Securities Japan Co., Ltd. Moomoo Japan holds the Financial Instruments Business Operators Licence(FIBOs), and has memberships in the Japan Securities Dealers Association(JSDA) and Japan Investment Advisers Association(JIAA). Moomoo Financial Canada Inc Moomoo Canada is a dealer member of Canadian Investment Regulatory Organization (CIRO) and Canadian Investor Protection Fund (CIPF). Moomoo Securities Malaysia Sdn. Bhd. Moomoo Malaysia holds the Capital Markets Services License (License No.: eCMSL/A0397/2024) and is regulated by the Securities Commission Malaysia.
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The licensing information in relation to companies within Futu Group is as follows: Futu Securities International (Hong Kong) Limited Holder of 20 licenses and participantship in providing clients with reliable securities trading services.   In Hong Kong, China: Futu HK is a licensed corporation regulated by the Securities and Futures Commission of Hong Kong (CE No. AZT137) and has obtained Type 1 Licence for Dealing in Securities, Type 2 Licence for Dealing in Futures Contracts, Type 3 Licence for Leveraged Foreign Exchange Trading, Type 4 Licence for Advising on Securities, Type 5 Licence for Advising on Futures Contracts, Type 7 Licence for Providing Automated Trading Services, and Type 9 Licence for Asset Management. Futu HK is registered as MPF Intermediary, SEHK Participant, HKSCC Direct Clearing Participant, SEHK China Connect Exchange Participant, HKSCC China Connect Clearing Participant, SEHK Options Trading Exchange Participant, SEOCH Direct Clearing Participant, HKFE Futures Commission Merchant, and HKCC Clearing Participant.   In Europe: Futu HK is a member of London Stock Exchange and Turquoise.   In Singapore: Futu HK is a trading member of Singapore Exchange Securities Trading Limited and Singapore Exchange Derivatives Trading Limited. Futu Trustee Limited Holder of Trust or Company Service Provider Licence (Licence No. TC006475). Futu Lending Limited Holder of Money Lenders Licence (Licence No. 1917/2022). Moomoo Financial Inc. A broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) (CRD: 283078/SEC: 8-69739), and a member in good standing of Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Futu Clearing Inc. A broker-dealer registered with the U.S. Securities and Exchange Commission (SEC) (CRD: 298769/SEC: 8-70215), a member in good standing of Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), as well as a member of Depository Trust Company (DTC), a member of National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC). Moomoo Financial Singapore Pte. Ltd. Registered with the Monetary Authority of Singapore (MAS), Moomoo SG is a Capital Markets Services Licence (Licence No. CMS101000) holder with the Exempt Financial Adviser Status. Moomoo SG has also received all SGX's memberships. Moomoo SG has been admitted as Clearing Member of The Central Depository (Pte) Ltd (CDP) , Trading Member of Singapore Exchange Securities Trading Limited (“SGX-ST”), Trading and Clearing Member of Singapore Exchange Derivatives Trading Limited (“SGX-DT”), and Depository Agent of CDP. Moomoo Trustee (Singapore) Pte. Ltd. A Singapore trust company licensed by the Monetary Authority of Singapore to carry on trust business and services (Licence Number: No.TC000074). Moomoo Securities Australia Ltd A securities dealer registered with and regulated the Australian Securities and Investments Commission (ASIC). Futu Australia holds the Australian Financial Services Licence (Licence No. 224663). Moomoo Australia is also registered as an overseas company in New Zealand, and provides financial services under its Financial Services Provider Registration (FSP No. 1008656) in New Zealand. Moomoo Securities Japan Co., Ltd. Moomoo Japan holds the Financial Instruments Business Operators Licence(FIBOs), and has memberships in the Japan Securities Dealers Association(JSDA) and Japan Investment Advisers Association(JIAA). Moomoo Financial Canada Inc Moomoo Canada is a dealer member of Canadian Investment Regulatory Organization (CIRO) and Canadian Investor Protection Fund (CIPF). Moomoo Securities Malaysia Sdn. Bhd. Moomoo Malaysia holds the Capital Markets Services License (License No.: eCMSL/A0397/2024) and is regulated by the Securities Commission Malaysia.
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