The broker pointed out the growing IPO market as a boost to its revenue.
Futu Holdings, the operator of a Hong Kong-based online brokerage, has published its financials for the second quarter of 2020 ending on June 30, showing properous growth in both revenue and profit.
The broker reported 164.6 percent increase in its year-on-year revenue for the period to HKD 687.6 million ($88.7 million).
This resulted in a gross profit of HKD 533.8 million ($68.9 million) and a net income of HKD 236.5 million ($30.5 million) - a year-on-year increase of 172.2 percent and 327.7 percent respectively.
“We are pleased to announce that we continued to achieve exponential growth across our operating and financial metrics in the second quarter of 2020 following a very successful first quarter,” Futu’s chairman and CEO Leaf Hua Li said in a statement.
During the quarter, the brokerage on-boarded 64,566 new paying clients, an 84 percent year-on-year jump, taking the total number to 303,102.
“The growth rate of our China mainland paying clients hit a record high since the fourth quarter of 2018, and the growth of Hong Kong paying clients further accelerated to 125.2% year-over-year,” Li added.
The unaudited financials also detailed that it generated HKD 409.5 million ($52.8 million) from brokerage commissions and handling charge alone, that increased 234.8 percent year-on-year. Another HKD 207.9 million ($26.8 million) came from interest incomes.
With the increasing revenue, the operating cost for the quarter also jumped 141.1 percent to HKD 153.8 million ($19.8 million).
“We believe that the increase in US-listed Chinese companies seeking secondary listing in Hong Kong and the surge of high-profile Hong Kong IPOs will act as major tailwinds to our growth,” Li continued.
Strengthening International Presence
The broker also received capital markets services (CMS) license from the Monetary Authority of Singapore (MAS) for its local entity Futu Singapore Pte. Ltd.
“This marks a milestone of our internationalization, and we will continue to look for new markets to extend the footprint of our business,” Li said.
Futu Holdings, the operator of a Hong Kong-based online brokerage, has published its financials for the second quarter of 2020 ending on June 30, showing properous growth in both revenue and profit.
The broker reported 164.6 percent increase in its year-on-year revenue for the period to HKD 687.6 million ($88.7 million).
This resulted in a gross profit of HKD 533.8 million ($68.9 million) and a net income of HKD 236.5 million ($30.5 million) - a year-on-year increase of 172.2 percent and 327.7 percent respectively.
“We are pleased to announce that we continued to achieve exponential growth across our operating and financial metrics in the second quarter of 2020 following a very successful first quarter,” Futu’s chairman and CEO Leaf Hua Li said in a statement.
During the quarter, the brokerage on-boarded 64,566 new paying clients, an 84 percent year-on-year jump, taking the total number to 303,102.
“The growth rate of our China mainland paying clients hit a record high since the fourth quarter of 2018, and the growth of Hong Kong paying clients further accelerated to 125.2% year-over-year,” Li added.
The unaudited financials also detailed that it generated HKD 409.5 million ($52.8 million) from brokerage commissions and handling charge alone, that increased 234.8 percent year-on-year. Another HKD 207.9 million ($26.8 million) came from interest incomes.
With the increasing revenue, the operating cost for the quarter also jumped 141.1 percent to HKD 153.8 million ($19.8 million).
“We believe that the increase in US-listed Chinese companies seeking secondary listing in Hong Kong and the surge of high-profile Hong Kong IPOs will act as major tailwinds to our growth,” Li continued.
Strengthening International Presence
The broker also received capital markets services (CMS) license from the Monetary Authority of Singapore (MAS) for its local entity Futu Singapore Pte. Ltd.
“This marks a milestone of our internationalization, and we will continue to look for new markets to extend the footprint of our business,” Li said.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
UK Chancellor Jeremy Hunt Clashes with FCA over Controversial “Name and Shame” Policy
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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