FUTU

Futu Holdings Limited

Next est. report 2026-11-17 · BMO

Brokerages & Exchanges '26: Asian Retail TradingBrokerages & Exchanges '26: Options & Retail DerivativesBrokerages & Exchanges '26: Retail & Digital Brokerage Brokerages & Exchanges '26: Retail Trading Consolidation

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Overview

Futu Holdings is a global digital brokerage offering online trading for stocks, derivatives, and wealth management products via Futubull and Moomoo. Revenue is

Futu Holdings is a global digital brokerage offering online trading for stocks, derivatives, and wealth management products via Futubull and Moomoo. Revenue is mainly from brokerage commissions (~47%) and interest income (~43%), plus other services (~10%). They serve retail, high-net-worth, and institutional clients across markets like Hong Kong, Singapore, and the U.S., with strong international expansion.

Key Inputs And Sourcing

1. Interest Expenses (Funding Costs)

other · HIBOR, SOFR · Global (financial markets) · ~52.1%

Source Q2 2026 earnings transcript. Cost of borrowing funds for margin financing and securities lending.

Confidence: high

2. Brokerage Commission & Handling Charges

other · Global (exchanges and clearing houses) · ~25.2%

Source Q2 2026 earnings transcript. Fees paid to exchanges, clearing houses, and other intermediaries for trade execution and settlement.

Confidence: high

3. Product Service Fees (Technology & Data)

other · Global (technology vendors, market data providers) · ~22.8%

Source Q2 2026 earnings transcript. Primarily driven by 'higher product service fees,' including market information, data fees, and cloud services.

Confidence: high

4. Client Acquisition Costs (Marketing)

other · Global (markets where Futu operates) · unknown

Source Q2 2026 earnings transcript mentions 'Selling and marketing expenses were HKD 657 million... mainly driven by the increase of new fund accounts.' CAC is a critical input for growth.

Confidence: high

5. Labor (R&D and G&A Personnel)

labor · Hong Kong, Singapore, US, Malaysia · unknown

Source Q2 2026 earnings transcript mentions 'R&D expenses were HKD 501 million' and 'G&A expenses was HKD 593 million... due to an increase in G&A personnel and professional fees.'

Confidence: high

6. Regulatory & Compliance Costs

other · Hong Kong, US, Singapore, Malaysia, Thailand (jurisdictions where Futu is licensed) · unknown

Source Context mentions 'recent CSRC and SFC regulatory updates, including a significant RMB 1.85 billion administrative penalty' and 'ongoing compliance uncertainty.'

Confidence: medium

Industry Publications

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Economic Data Watch

1. FRED — Federal Funds Rate

Metric/field Effective Federal Funds Rate (DFF)

Cadence daily

Why it matters Directly impacts Futu's interest income from margin financing and bank deposits. Higher rates generally lead to higher interest income.

Signal to watch Upward trend (bullish for interest income), Downward trend (bearish for interest income)

Confidence: high

2. FRED — S&P 500 Index

Metric/field S&P 500 (SP500)

Cadence daily

Why it matters Reflects overall U.S. market sentiment, impacts client asset valuation, and drives U.S. stock trading volume, a significant component of Futu's business.

Signal to watch Sustained upward trend (bullish for AUM and trading volume), Sustained downward trend (bearish)

Confidence: high

3. Hang Seng Indexes Company Limited — Hang Seng Index

Metric/field Hang Seng Index (HSI)

Cadence daily

Why it matters Reflects Hong Kong market sentiment, impacts client asset valuation, and drives Hong Kong stock trading volume and IPO activity, a core market for Futu.

Signal to watch Sustained upward trend (bullish for AUM and trading volume), Sustained downward trend (bearish)

Confidence: high

4. Hong Kong Exchanges and Clearing Limited (HKEX) — IPO Statistics

Metric/field Number of new listings / Total funds raised from IPOs (Main Board and GEM)

Cadence monthly

Why it matters A robust IPO pipeline in Hong Kong directly supports Futu's client acquisition and IPO financing service income.

Signal to watch Increasing number or value of IPOs (bullish), Decreasing number or value of IPOs (bearish)

Confidence: high

5. Hong Kong Monetary Authority (HKMA) — Money Supply Statistics

Metric/field Hong Kong Dollar M2 (seasonally adjusted)

Cadence monthly

Why it matters Reflects overall liquidity in the Hong Kong financial system, which can influence trading activity, asset inflows, and investor confidence.

Signal to watch Increasing M2 (bullish for market liquidity), Decreasing M2 (bearish)

Confidence: medium

Free Alt Data Watch

1. Google Trends — Search Interest

Metric/field Search term: 'Moomoo' (worldwide or specific regions like Singapore, Malaysia, U.S.)

Cadence weekly

Why it matters Indicates public awareness and interest in Futu's international brokerage platform, correlating with potential client acquisition and brand growth.

Signal to watch Increasing search interest (bullish for client acquisition), Decreasing search interest (bearish)

Confidence: high

2. Google Trends — Search Interest

Metric/field Search term: 'Online Stock Trading' (worldwide or specific regions like Hong Kong, Singapore)

Cadence weekly

Why it matters Reflects general retail investor interest in the core service Futu provides, indicating broader market tailwinds or headwinds for digital brokerages.

Signal to watch Increasing search interest (bullish for overall market demand), Decreasing search interest (bearish)

Confidence: medium

3. Apple App Store / Google Play Store — App Rankings

Metric/field 'Moomoo' app ranking in Finance category (e.g., Hong Kong, Singapore, U.S.)

Cadence daily

Why it matters Direct indicator of user acquisition and popularity for Futu's primary international platform, reflecting market penetration and competitive standing.

Signal to watch Improving rankings (bullish), Declining rankings (bearish)

Confidence: high

4. Securities and Futures Commission (SFC) Hong Kong / Monetary Authority of Singapore (MAS) / U.S. Securities and Exchange Commission (SEC) — Official Announcements / Press Releases

Metric/field New regulations, enforcement actions, or policy changes related to online brokerages, cross-border trading, or virtual assets

Cadence event_driven

Why it matters Regulatory developments directly impact Futu's operations, compliance costs, and market access, as evidenced by past restrictions on Mainland China clients.

Signal to watch Favorable regulations/clarifications (bullish), Restrictive regulations/penalties (bearish)

Confidence: high

5. LinkedIn / Futu Holdings Careers Page — Job Listings

Metric/field Number of open positions for 'Futu Holdings' or 'Moomoo' (filtered by region/role, e.g., 'Software Engineer Hong Kong', 'Marketing Singapore')

Cadence weekly

Why it matters Hiring trends can signal strategic investment, expansion plans, or operational scaling in different markets, particularly for R&D and international growth.

Signal to watch Increasing job postings in growth areas (bullish), Decreasing job postings or significant layoffs (bearish)

Confidence: medium

Paid Alt Data Watch

1. Sensor Tower / Apptopia — App Intelligence

Metric/field 'Moomoo' / 'Futubull' Daily Active Users (DAU) / Monthly Active Users (MAU) / Average Session Duration (across key markets: HK, SG, US, MY)

Cadence daily

Why it matters Direct measure of user engagement and stickiness on Futu's primary platforms, which drives trading volume, asset retention, and overall monetization.

Signal to watch Increasing DAU/MAU/Session Duration (bullish), Decreasing DAU/MAU/Session Duration (bearish)

Confidence: high

2. Similarweb / Semrush — Website Analytics

Metric/field Total Website Visits / Unique Visitors / Traffic Sources (e.g., organic search, direct) for futu.com and moomoo.com (across key markets)

Cadence weekly

Why it matters Reflects brand visibility, marketing effectiveness, and potential new client interest online, indicating top-of-funnel growth.

Signal to watch Increasing visits/unique visitors (bullish), Decreasing visits/unique visitors (bearish)

Confidence: high

3. Revelio Labs / Thinknum — Employee Data / Job Postings

Metric/field Total Headcount for 'Futu Holdings' / 'Moomoo' (global and by key region) / Number of New Hires (by function, e.g., R&D, Sales & Marketing)

Cadence monthly

Why it matters Provides insight into the company's investment in growth, R&D, and operational capacity, particularly in its international expansion efforts.

Signal to watch Increasing headcount/hiring in growth areas (bullish), Decreasing headcount or high attrition (bearish)

Confidence: high

4. RavenPack / Quid — News & Social Media Sentiment

Metric/field Sentiment Score (e.g., positive, neutral, negative) / Volume of Mentions for 'Futu' / 'Moomoo' / Key executives

Cadence daily

Why it matters Public perception and sentiment can influence investor confidence, client acquisition, and brand reputation, especially in a highly regulated financial industry.

Signal to watch Improving sentiment/increasing positive mentions (bullish), Declining sentiment/increasing negative mentions (bearish)

Confidence: medium

5. Sensor Tower / Apptopia — App Intelligence

Metric/field Daily Active Users (DAU) / Monthly Active Users (MAU) / Average Session Duration for key competitors (e.g., Tiger Brokers) in relevant markets

Cadence weekly

Why it matters Allows for a relative performance assessment against key competitors, indicating market share trends, competitive pressures, and Futu's competitive positioning.

Signal to watch Futu's metrics outperforming competitors (bullish), Futu's metrics underperforming competitors (bearish)

Confidence: high

Search Keywords Brand Product

Moomoo app
Futubull app
Money Plus
PantherTrade
NiuNiu Community
Moo Community
prediction markets
event contracts
digital brokerage
online financial services
wealth management
securities trading
options trading
virtual assets
crypto trading
IPO distribution
retail investors
international expansion

Search Keywords Event Phrases

Futu Q2 2026 earnings
Moomoo Thailand launch
South Korean stock trading launch

Search Keywords Policy Regulatory

SFC regulations
CSRC regulations
Type A securities license
FCM license

What They Do (Plain English & Analogies): Futu Holdings is like a digital financial supermarket for investors, primarily in Asia and other global markets. They offer a "super app" where people can easily buy and sell various investments like stocks, options, and other financial products, similar to popular online brokerage apps in the West. Beyond just trading, they also provide tools to manage wealth, such as mutual funds, and offer services for companies going public (IPOs). They even have a social network within their app where investors can chat, share insights, and discuss financial ideas, creating a community around investing. Recently, they've expanded into newer areas like "prediction markets" in the U.S., where users can bet on the outcome of future events, and virtual asset (crypto) services in Hong Kong, allowing clients to trade and finance digital currencies.
Very Brief History: Futu Holdings Limited was established in Hong Kong in 2012. The company rapidly grew its digital brokerage and wealth management services, culminating in its listing on the Nasdaq stock exchange on March 8, 2019.
"Street Stereotype": Futu Holdings is generally perceived by investors and analysts as the "Robinhood of Asia."
Subsidiaries On Linked In*: Futu Securities International — Hong Kong brokerage entity; LinkedIn: Futu Securities International (Hong Kong)
Moomoo Financial Inc. — U.S. financial services subsidiary; LinkedIn: Moomoo Financial Inc.
Moomoo Singapore — Singapore operations; LinkedIn: Moomoo Singapore
Moomoo Australia — Australian operations; LinkedIn: Moomoo Australia
Moomoo Canada — Canadian operations; LinkedIn: Moomoo Canada
Moomoo Malaysia — Malaysian operations; LinkedIn: Moomoo Securities Malaysia Sdn. Bhd.
Moomoo Thailand — Thai operations (licensed); LinkedIn: n/m
PantherTrade — Hong Kong crypto exchange; LinkedIn: n/m
Futu Clearing — Obtained FCM license in May 2026; LinkedIn: n/m
Airstar Bank — Hong Kong licensed virtual bank, Futu became controlling shareholder in 2026; LinkedIn: Airstar Bank
Customer Sectors & Example Clients: Futu's customers span various sectors, including retail investors, high-net-worth individuals, institutional clients, corporate clients, and families. For institutional services like IPO distribution and investor relations, specific clients mentioned in the Q2 2026 transcript include Star Sports Medicine, Lightelligence, and Metis TechBio, for whose Hong Kong IPOs Futu acted as joint book runners.
New Customers / Segments They'Re Targeting: Futu is actively targeting new retail investors in emerging international markets, particularly in Southeast Asia (Malaysia, Thailand) and potentially South Korea. They are also focusing on clients interested in new and innovative financial products, such as prediction markets in the U.S. and virtual asset (crypto) trading and financing in Hong Kong. The company aims to attract higher-value clients, as evidenced by the improved average revenue per new client in markets like the U.S., Singapore, and Hong Kong.
Sales Geographies And Expansion Plans: Futu currently sells its digital brokerage and wealth management services in Hong Kong, the United States, Singapore, Australia, Canada, Japan, Malaysia, and New Zealand. The company has explicit plans to expand its sales into additional geographies, having recently obtained a Type A securities license in Thailand and viewing it as a natural next step in Southeast Asia. They are also actively preparing for the rollout of South Korean stock trading, expected to launch first in Hong Kong and Singapore, with more regions to follow. Futu intends to expand its prediction market business into additional markets beyond the U.S. in the future.
How Key Themes May Help/Hurt: The buildout of "Options & Retail Derivatives" is a significant tailwind for Futu. It helps by aligning with Futu's existing offerings, as the company already facilitates options trading and benefits from high U.S. stock trading volume, often associated with options. The launch of prediction markets in the U.S. directly capitalizes on growing retail interest in intuitive derivatives, driving new client acquisition and engagement with core brokerage services. Futu's plans to expand prediction markets to other regions and its foray into securities-backed margin financing for virtual assets further leverage this theme. However, an over-reliance on highly speculative derivatives could expose Futu to increased regulatory scrutiny or heightened client risk during periods of extreme market volatility. A decline in implied volatility could also impact the attractiveness of options trading, potentially affecting commission rates if clients shift to lower-priced U.S. stocks.

3 Main Long-Term Bull Details

Robust International Expansion and Diversification: Futu's aggressive global expansion, particularly through its Moomoo brand in Singapore, Malaysia (which recently achieved breakeven), Australia, Canada, Japan, and upcoming ventures in Thailand and South Korea, is driving significant client and revenue growth. This broadens its geographic footprint, enhances client quality with rising average assets under management (AUM), and reduces reliance on any single market, especially amidst regulatory headwinds in Mainland China.
Continuous Product Innovation and Ecosystem Enhancement: The company consistently enhances its one-stop platform with new offerings like NFA-approved U.S. prediction markets and event contracts, full operation of PantherTrade for crypto in Hong Kong (with plans for security-backed financing), and expanded wealth management products. This product innovation attracts diverse client segments, strengthens its ecosystem, and provides multiple monetization avenues, such as the cross-sell synergy observed between prediction markets and core brokerage.
Strong Financial Performance and Operating Leverage: Futu demonstrates robust financial performance, with significant year-over-year growth in total revenue, gross profit, and net income in Q2 2026. The expansion of operating margins, particularly in mature overseas markets like Singapore and newly breakeven markets like Malaysia, highlights the benefits of operating leverage and the potential for long-term profitability as international operations scale.

3 Main Long-Term Bear Details

Ongoing Regulatory Risks from Mainland China: Despite efforts to diversify, Futu faces persistent regulatory risks concerning Mainland Chinese clients, as evidenced by past administrative penalties and ongoing restrictions on deposits and security buying activities. While the company believes the bulk of the impact has been absorbed, this segment still contributes to client assets and revenue, and continued compliance uncertainty or further restrictions could impact future growth and create operational complexities.
Intensifying Competition and Pressure on Profitability: The Hong Kong market, a key base for Futu, faces intensifying competition from new entrants and aggressive marketing by peers, which could pressure commission rates, increase customer acquisition costs (CAC), and impact market share. While Futu maintains a strong competitive moat, sustained competitive pressure could erode profitability and make it harder to achieve growth targets.
Exposure to Market Volatility and Economic Downturns: As a brokerage and wealth management platform, Futu's financial performance is inherently exposed to market volatility and economic downturns. Subdued equity markets, mark-to-market losses in client holdings, or a decline in investor sentiment can negatively impact total client assets, trading volumes, and interest income from margin financing, as seen in Q3 2026 quarter-to-date trends.

Competitors And Differentiation: Futu operates in competitive markets, particularly in Hong Kong, where it maintains a market share of over 50% among local residents despite intense competition. Key competitors in the broader digital brokerage space include companies like Webull (BULL) and Tiger Brokers (TIGR), which also target global Chinese and Southeast Asian demographics. In the U.S. prediction market, major players like Kalshi, Polymarket, and Robinhood (HOOD) are making significant progress. Futu differentiates itself through its "multi-dimension competitive moat," which includes a comprehensive one-stop financial service platform (Futubull and Moomoo apps), strong brand recognition, continuous product innovation (e.g., virtual asset financing, prediction markets), and a vibrant online community (NiuNiu Community). The company views competition as a driver for industry innovation, potentially leading to market share consolidation for leading platforms.
Recent Performance & What The Market'S Focused On: Futu Holdings delivered strong second-quarter 2026 results, with total revenue up 36% year-over-year to HKD 7.2 billion and net income increasing by 42% year-over-year to HKD 3.6 billion. The company acquired 252,000 net new funded accounts, up 23.7% year-over-year, bringing total funded accounts to approximately 3.84 million. Total client assets reached HKD 1.4 trillion, up 43.6% year-over-year, driven by higher market valuation and net asset inflow. Total trading volume set a new record high of HKD 6.42 trillion, up 78.8% year-over-year, with U.S. stock trading volume growing significantly due to interest in AI-related names. Malaysia led in net new funded accounts for the third consecutive quarter and recently achieved operational breakeven. The market is focused on Futu's continued international expansion, particularly the growth and profitability of its overseas markets, the success of new initiatives like U.S. prediction markets and Hong Kong virtual asset financing, and the ongoing impact and management of regulatory changes concerning Mainland Chinese clients, which led to some asset outflows in Q2. Q3 quarter-to-date metrics show a modest moderation in net new funded accounts and trading volume due to market volatility.

Revenue Segments And Estimated Mix: Brokerage commission and handling charge income — Mix: ~47.2%; Source: Q2 2026 earnings transcript; Trend: Up 30% year-over-year and 27% quarter-over-quarter
Interest income — Mix: ~43.1%; Source: Q2 2026 earnings transcript; Trend: Up 37% year-over-year and 18% quarter-over-quarter
Other income — Mix: ~9.97%; Source: Q2 2026 earnings transcript; Trend: Up 61% year-over-year and 27% quarter-over-quarter
Product Brands: Futubull
Moomoo
Money Plus
PantherTrade
NiuNiu Community
Moo Community
FUTU I&E

Bull / Bear Details

Futu Holdings remains a compelling long-term investment (as of 2026-09-07) driven by robust international expansion, evidenced by record Q2 2026 financial perfo

Thesis

Futu Holdings remains a compelling long-term investment (as of 2026-09-07) driven by robust international expansion, evidenced by record Q2 2026 financial performance, successful breakeven in Malaysia, and strong traction in U.S. prediction markets and Hong Kong crypto. While regulatory adjustments for Mainland China clients led to some asset outflows, the company's global diversification and product innovation continue to drive significant client and asset growth, mitigating these headwinds.

Bull case

Exceptional Q2 2026 Financial Performance and Growth: Futu delivered record Q2 2026 results, with total revenue up 36% year-over-year, net income up 42% year-over-year, and total trading volume surging 78.8% year-over-year to a new high of HKD 6.42 trillion. Total client assets grew 43.6% year-over-year to HKD 1.4 trillion, demonstrating strong top-line growth, operating leverage, and robust client engagement across its platforms.
Accelerated International Expansion and Profitability: The company's global diversification strategy is yielding significant results, with Malaysia achieving operational breakeven and leading net new funded accounts for three consecutive quarters. Singapore surpassed 2 million registered users, and a Thailand license was secured, further solidifying Futu's ASEAN footprint and reducing reliance on any single market.
Pioneering Product Innovation and Ecosystem Expansion: Futu continues to enhance its one-stop platform through strategic innovations. Moomoo's U.S. prediction markets have shown strong traction, driving new client acquisition and engagement. Additionally, Futu Securities became the first broker in Hong Kong to launch securities-backed margin financing for virtual assets, expanding its digital asset offerings.

Bear case

Ongoing Regulatory Headwinds and Mainland Client Impact: Despite the bulk of asset outflows related to Mainland China regulatory adjustments being absorbed in Q2, ongoing restrictions on Mainland Chinese clients (representing a mid-single-digit percentage of total client assets outflow) and potential future compliance uncertainties could still impact growth from this segment and overall client acquisition costs.
Moderating Q3 Metrics and Market Volatility: Management indicated that Q3 quarter-to-date key metrics are trending modestly softer with moderated net additions of funded accounts and total trading volume down sequentially. This suggests that market volatility could temper near-term growth, potentially impacting revenue and profitability, despite strong Q2 performance.
Blended Commission Rate Decline and Competition: The blended commission rate declined in Q2 due to shifts in customer trading behavior towards higher-priced U.S. stocks and options, rather than derivatives. This trend, coupled with intensifying competition in key markets like Hong Kong, could pressure future revenue per client and overall profitability.

Bull / Bear Case

Bear Case: Futu Holdings faces persistent regulatory headwinds, particularly concerning Mainland China clients, which led to mid-single-digit asset outflows in Q2 and ongoing compliance uncertainties. A significant class-action lawsuit has emerged, alleging misleading statements about regulatory compliance and continued unlicensed operations, which could result in further penalties and reputational damage. Management has indicated a moderation in Q3 quarter-to-date key metrics, including softer net additions of funded accounts and a sequential decline in total trading volume, suggesting a slowdown in growth amidst market volatility. Additionally, rising customer acquisition costs (CAC) and a declining blended commission rate could pressure future profitability and revenue per client.
Bull Case: Futu Holdings demonstrates robust growth and strong financial performance, as evidenced by record Q2 2026 results with total revenue up 36% year-over-year and net income up 42% year-over-year. The company's international expansion strategy is yielding significant results, with Malaysia achieving operational breakeven and leading net new funded accounts for three consecutive quarters, and Singapore surpassing 2 million registered users. Futu continues to innovate its product offerings, including the successful launch of U.S. prediction markets and pioneering securities-backed margin financing for virtual assets in Hong Kong, which drives client acquisition and engagement. Analysts view the stock as undervalued based on current multiples like P/E and EV/EBITDA compared to industry peers, suggesting significant upside potential.
More Compelling & Why: Bear. While Futu's Price-to-Earnings (P/E) ratio of approximately 12x appears undervalued compared to the industry average of 39.7x, this valuation does not adequately account for the significant and ongoing regulatory and legal risks. The newly revealed class-action lawsuit alleging misleading statements about regulatory compliance and continued unlicensed operations, coupled with the company's own guidance of moderating Q3 metrics (funded accounts, trading volume) and rising customer acquisition costs (CAC), creates substantial uncertainty and potential for future penalties or operational restrictions. My view would flip to Bull if the lawsuit is resolved favorably with minimal financial impact, and if Futu demonstrates a clear re-acceleration of net new funded accounts and trading volume in Q3 and Q4, alongside a stabilization or improvement in its blended commission rate, indicating that international expansion is robustly offsetting all headwinds.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Total Client Assets Year-over-Year Growth	This metric reflects Futu's ability to attract and retain client capital, crucial for wealth management and interest income, and signals strong client trust and successful international expansion efforts.	Total client assets (AUM) reported in Q3 2026 and subsequent quarters, focusing on the year-over-year growth rate and management's commentary on net asset inflows.	Bullish if YoY growth hits at least 47%, driven by strong sequential AUM growth and net asset inflows. Bearish if growth decelerates significantly or turns negative.	Futu Holdings' Q3 2026 earnings conference call and report (expected November 2026).	N/A	N/A
Hong Kong Virtual Asset Securities-Backed Margin Financing Adoption	Establishes Futu as a leader in the convergence of traditional and digital finance in Hong Kong, attracting new client segments and enhancing capital efficiency, providing a competitive edge.	Reported volume or balance of securities-backed margin financing for virtual assets, and client adoption rates or revenue contribution from this new service.	Bullish if Futu reports significant uptake, positive client feedback, and growing revenue contribution, indicating successful product innovation and competitive advantage.	Futu Holdings' Q3 2026 earnings conference call and report (expected November 2026).	Hong Kong SFC announcements, local financial news on virtual asset trading, Futu's official announcements.	N/A
Official Launch and Initial Performance of South Korean Stock Trading	This new market entry expands Futu's global footprint, leveraging its multi-market platform to tap into the growing demand for global asset allocation among Asian investors.	Management commentary on initial client acquisition numbers, trading volume, and overall client engagement in South Korean equities in Hong Kong and Singapore.	Bullish if initial client metrics show strong adoption and contribute meaningfully to overall trading volume and client assets.	Futu Holdings' Q3 2026 earnings conference call and report (expected November 2026).	South Korea Exchange (KRX) news, local financial news in Hong Kong and Singapore, Google Trends: "moomoo Korean stocks".	N/A
Net New Funded Accounts Year-over-Year Growth	This is a primary indicator of Futu's client acquisition success and market penetration, especially in new international markets, underpinning future growth in client assets and trading activity.	Total funded accounts reported in Q3 2026 and subsequent quarters, specifically the year-over-year growth rate.	Bullish if YoY growth hits at least 38%, indicating robust international expansion offsetting regulatory headwinds. Bearish if growth further moderates or declines.	Futu Holdings' Q3 2026 earnings conference call and report (expected November 2026).	N/A	Sensor Tower / App Annie: Moomoo and Futubull app download and active user trends in key markets (e.g., Singapore, Malaysia, U.S., Hong Kong).
Moomoo U.S. Prediction Market Growth and Monetization	This new product diversifies revenue streams, attracts new clients, and enhances engagement, supporting the overall growth thesis and demonstrating product innovation.	Management commentary on active users, trading volume from event contracts, and any updates on monetization strategies or cross-sell synergies with the core brokerage business.	Bullish if active users and trading volume continue to grow sequentially, and if management highlights successful monetization and cross-selling.	Futu Holdings' Q3 2026 earnings conference call and report (expected November 2026).	Google Trends: "moomoo prediction market", "event contracts trading" in the U.S.	Similarweb: Moomoo app usage and engagement metrics in the U.S.

Key Reported Metrics, Reratings Triggers & Results3 rows

This is a primary indicator of Futu's client acquisition success and market penetration, especially in new international markets. It underpins future growth in

Upcoming print · 2026-11-17

Key reported metrics
Metric	Last period	Why it matters
Total Funded Accounts YoY Growth	3.84 million total funded accounts (33.6% y/y growth)	This is a primary indicator of Futu's client acquisition success and market penetration, especially in new international markets. It underpins future growth in client assets and trading activity, crucial for long-term expansion.
Total Trading Volume YoY Growth	HKD 6.42 trillion (78.8% y/y growth)	Trading volume directly drives brokerage commission revenue. High growth indicates active client engagement and successful expansion into new markets and diverse asset classes, including options and international equities.
Total Client Assets YoY Growth	HKD 1.4 trillion (43.6% y/y growth)	This metric reflects Futu's ability to attract and retain client capital, crucial for wealth management and interest income. Sustained growth signals strong client trust and successful international expansion efforts, especially after regulatory adjustments.

Last reported · 2026-08-20

Key reported metrics			Rerating thresholds			Earnings results
Metric	Last period	Why it matters	What's needed for rerating	Rerating context	Earnings date	Actual reported	Hit target?	Notes
Net New Funded Accounts YoY Growth	34%	This is a primary indicator of Futu's client acquisition success and market penetration, especially in new international markets. It underpins future growth in client assets and trading activity.	The Net New Funded Accounts YoY Growth (referring to the year-over-year growth of total funded accounts) needs to hit at least 38% for the stock to rerate higher. This would represent a clear acceleration from the 34.3% reported in Q1 2026 and demonstrate that Futu is adding significantly more than the 225,000 net new funded accounts achieved in Q1 2026, primarily driven by international expansion.	Achieving at least 38% YoY growth in total funded accounts would signal that Futu's international expansion, particularly with Moomoo in markets like Singapore, Malaysia, and Japan, is robustly offsetting regulatory headwinds from Mainland China. This validates the company's diversification strategy, enhances its competitive position, and indicates sustained client acquisition, which is crucial for long-term revenue and asset growth, thereby driving a positive re-evaluation of its valuation.	2026-08-20	3.84 million total funded accounts (33.6% y/y growth)	No	The year-over-year growth of total funded accounts was 33.6%, which did not meet the 38% rerating target. Futu acquired 252,000 net new funded accounts in Q2 2026, which was an increase from the 225,000 in Q1 2026, but the year-over-year growth of total funded accounts did not accelerate to the target. The blended customer acquisition cost (CAC) rose sequentially to approximately HKD 2,600, primarily due to relatively lower net new funded accounts resulting from regulatory developments.
Total Trading Volume YoY Growth	29%	Trading volume directly drives brokerage commission revenue. High growth indicates active client engagement and successful expansion into new markets and diverse asset classes, including options and international equities.	For Q2 2026, Total Trading Volume YoY Growth needs to hit at least 30%. This would demonstrate an acceleration or strong sustained growth beyond the prior quarter's 29% YoY, indicating that successful international expansion and new product adoption are effectively offsetting regulatory pressures. Additionally, strong double-digit sequential growth in total trading volume, particularly in U.S. stocks and options, would be crucial for a higher rerating.	Hitting this threshold would signal that Futu's international expansion and product innovation are effectively driving client engagement and brokerage commission revenue, validating the long-term investment thesis. It would alleviate concerns about regulatory headwinds and competition, demonstrating sustained growth momentum and strengthening its competitive position in the global digital brokerage market.	2026-08-20	HKD 6.42 trillion (78.8% y/y growth)	Yes	Futu reported a record high total trading volume, significantly exceeding the 30% year-over-year rerating target with 78.8% growth. The company also achieved strong sequential growth of 54.6% quarter-over-quarter. This was primarily driven by a 67.2% sequential increase in U.S. stock trading volume, fueled by client interest in AI-related names, and a 15.9% quarter-over-quarter rise in Hong Kong stock trading volume.
Total Client Assets YoY Growth	47%	This metric reflects Futu's ability to attract and retain client capital, crucial for wealth management and interest income. Sustained growth signals strong client trust and successful international expansion efforts.	Total Client Assets YoY Growth needs to be at least 47%, demonstrating successful double-digit sequential growth in Assets Under Management (AUM) for Q2 2026.	Achieving at least 47% YoY growth, driven by double-digit sequential AUM growth, is crucial. It signals Futu's ability to attract and retain client capital amidst regulatory challenges and competition, validating its international expansion and product innovation strategies. This sustained growth directly impacts wealth management and interest income, underpinning profitability and investor confidence.	2026-08-20	HKD 1.4 trillion (43.6% y/y growth)	Partially	Total client assets grew 43.6% year-over-year to HKD 1.4 trillion, falling short of the 47% rerating target. However, the company did achieve double-digit sequential growth in AUM, with a 14.5% increase quarter-over-quarter. The growth was mainly attributed to higher market valuation of client stock holdings and, to a lesser extent, net asset inflow.

Key Questions

Can Futu's international growth and new product initiatives fully compensate for the mid-single-digit client asset outflows from Mainland China in Q2, and will

Can Futu's international growth and new product initiatives fully compensate for the mid-single-digit client asset outflows from Mainland China in Q2, and will the pace of client attrition continue to moderate, allowing for a re-acceleration of overall funded accounts and client assets in Q3 and beyond?

Question 2: Following the achievement of operational breakeven in Malaysia and the strong initial traction of U.S. prediction markets and Hong Kong virtual asset margin financing, can these initiatives sustain their growth momentum and significantly contribute to Futu's overall revenue and profitability in the coming quarters?
Question 3: Given the reported modest softening of key metrics (net funded accounts, trading volume) quarter-to-date in Q3, can Futu effectively manage rising customer acquisition costs and the declining blended commission rate to re-accelerate growth and maintain or improve profitability amidst market volatility?

Earnings Transcript Summary2 rows

2026-08-20 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. International Expansion and Client Acquisition: Management highlighted strong client acquisition in Hong Kong, Singapore (surpassing 2 million registered users), and Malaysia (leading in net new funded accounts for three consecutive quarters and achieving operational breakeven). They also noted the securitization of a Thailand license as an important anchor for ASEAN footprint. 2. Product Innovation and Platform Enhancement: Focus was placed on launching securities-backed margin financing for virtual assets in Hong Kong, exploring unified buying power for virtual asset holdings, and the significant traction of moomoo's prediction markets in the U.S., which drove new client acquisition and engagement. 3. Compliance and Regulatory Adherence: Management emphasized a strong commitment to compliance, promptly implementing relevant measures following new rules, and maintaining ongoing communication with regulators, particularly concerning adjustments related to Mainland clients.	Call Takeaway & ToneThe overall takeaway of the call is that Futu Holdings delivered strong Q2 2026 results, demonstrating resilience and successful execution of its international expansion strategy despite regulatory adjustments impacting Mainland Chinese clients. The tone was confident and optimistic, with management highlighting significant client acquisition and increasing wallet share in overseas markets, particularly in Malaysia (which achieved breakeven) and Singapore. Key themes included robust international growth, strategic product innovations such as prediction markets and virtual asset services, and a strong commitment to regulatory compliance.	Prior Quarter'S Y/Y Growth By SegmentFor Q1 2026, total revenue was up 25% year-over-year. Brokerage commission and handling charge income was up 14% year-over-year. Interest income was up 28% year-over-year. Other income was up 80% year-over-year.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Impact of new regulations on Mainland clients and overseas market development: Analysts inquired about material changes in Mainland client share, account outflows, and an update on overseas market development. Management responded that cumulative asset outflows were about a mid-single-digit percentage of total client assets, with the bulk absorbed in Q2. Outflows came from both Mainland and Hong Kong clients, with Mainland outflows being compliance-driven and Hong Kong outflows reflecting risk-off sentiment. They noted that the pace of client attrition moderated in August and that overseas markets continue to see steady growth in new client additions, improved average revenue per new client, and double-digit sequential growth in client assets across multiple markets. 2. Strategic thinking for Thailand market entry and commission rate changes: Analysts asked about the strategy for entering the Thailand market, expected launch timeline, and potential synergies, as well as the reasons behind the quarter-over-quarter drop in commission rate. Management explained that Thailand is a natural next step in Southeast Asia, leveraging existing infrastructure, due to its large economy and digitally savvy investors. Moomoo obtained a Type A securities license, reflecting regulatory recognition, but no specific launch timeline was provided due to ongoing regulatory readiness. The commission rate change was attributed to customer behavior, specifically a slightly lower contribution from derivatives and increased trading of high-value AI-related U.S. stocks, rather than price menu changes. 3. Customer Acquisition Cost (CAC) trajectory and breakdown of funded accounts by market: Analysts questioned the CAC trajectory and its key drivers, along with a breakdown of newly added and period-end funded accounts by market, particularly the contribution from overseas markets. Management stated that the blended CAC rose sequentially to approximately HKD 2,600 in Q2, remaining within the full-year guidance range. This increase was mainly due to relatively lower net new funded accounts resulting from regulatory developments, while brand investment was maintained. Malaysia led new funded account growth for three consecutive quarters, followed by Hong Kong, together accounting for over 50% of net new funded accounts. Moomoo's share of total funded accounts increased to nearly 60%, led by Singapore, Malaysia, and the U.S.	Revenue SegmentsTotal revenue was up 36% year-over-year. Brokerage commission and handling charge income increased by 30% year-over-year. Interest income grew by 37% year-over-year. Other income rose by 61% year-over-year.

2026-05-28 · 2026Q1 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. International Expansion and Client Growth: Management emphasized sustained client growth in Hong Kong, double-digit sequential growth in Singapore, Malaysia leading in client additions, and superior U.S. equity trading driving acquisition in Japan and the U.S. They also highlighted Moomoo's strong year-over-year revenue growth across all overseas markets and plans to expand into more international markets. 2. Product Innovation and Platform Capabilities: Focus on enhancing Japanese equity trading, receiving NFA approval for a prediction market brokerage business in the U.S., full operations of PantherTrade for crypto in Hong Kong, and expanding wealth management product selection (e.g., space economy-themed mutual funds, gold and oil-linked structured notes). 3. Compliance and Regulatory Adherence: Management stressed actively embracing regulatory requirements, ceasing account opening for Mainland Chinese identity holders, and maintaining zero tolerance towards fraudulent activity, while asserting that recent regulatory updates would not materially impact full-year guidance.	Call Takeaway & ToneThe overall takeaway of the call is that Futu Holdings is navigating regulatory challenges in Mainland China while demonstrating strong growth and strategic expansion in international markets and new product offerings. The tone was mixed, showing caution regarding regulatory headwinds but confidence in the company's ability to adapt, diversify, and continue its global growth trajectory. Key themes included the successful international expansion of Moomoo, the strategic entry into new areas like U.S. prediction markets and Hong Kong crypto, and the ongoing commitment to product innovation and compliance. Despite a significant administrative penalty, management emphasized that it does not impact business fundamentals or financial stability, and they remain focused on long-term growth.	Prior Quarter'S Y/Y Growth By SegmentFor Q4 2025: Brokerage commission and handling charge income: up 35% year-over-year. Interest income: up 35% year-over-year. Other income: up 39.8% year-over-year.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Regulatory Updates and Impact: Analysts inquired about the latest CSRC and SFC regulatory requirements and their impact on Futu, as well as the regional breakdown of clients and AUM. Management responded that they are actively embracing regulatory requirements, have ceased account opening for Mainland Chinese identity holders, and that Mainland China funded accounts represent approximately 13% of Q2 funding accounts, 17% of total client assets, and contribute around 20% of total revenue. They do not expect a material impact on full-year guidance due to strong international expansion. 2. Credit Facilities and Growth Potential in Mature Markets: Questions were raised regarding the stability of credit lines and credit ratings following regulatory updates and an administrative penalty, and the runway for continued growth in mature markets like Hong Kong and Singapore. Management affirmed that credit facilities remain intact and they are confident in their upcoming annual credit rating. They see enormous potential for further growth in Hong Kong and Singapore, citing the vast wealth management assets in these hubs and Futu's relatively small market share. 3. U.S. Prediction Market and Hong Kong Crypto Business: Analysts asked about the main opportunities, plans, synergies, margins, and total addressable market (TAM) for the U.S. prediction market, and updates on product and strategies for the Hong Kong crypto business (VATP), including potential synergies and monetization. Management explained that prediction markets are intuitive, easy to understand, and a potential driver for client acquisition, while also accumulating core know-how. For Hong Kong crypto, they plan to strengthen internal synergy, enhance product capabilities (OTC trading, additional token listings, staking services), and build a long-term ecosystem for Web3, noting that both Hong Kong and Singapore crypto markets are in early stages of development.	Revenue SegmentsTotal revenue: up 25% year-over-year. Brokerage commission and handling charge income: up 14% year-over-year. Interest income: up 28% year-over-year. Other income: up 80% year-over-year.

Transcript Tidbits2 rows

2026-08-20

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketFutu acquired 252,000 net new funded accounts, up 23.7% year-over-year, reaching approximately 3.84 million total funded accounts. Client acquisition in Hong Kong accelerated, and Singapore registered users surpassed the 2 million milestone. Malaysia led all markets in net new funded accounts for the third consecutive quarter, catalyzed by an AI-driven rally. In the U.S., moomoo's prediction markets garnered significant traction, driving incremental new client acquisition. Futu Securities became the first and only broker in Hong Kong to launch securities-backed margin financing for virtual assets under an upgraded Type 1 license. The company is exploring extending its unified buying power framework to cover virtual asset holdings. Overseas markets, including Malaysia, Australia, New Zealand, and Canada, saw double-digit sequential growth in funded accounts. Futu has securitized a Thailand license, providing an additional anchor for its ASEAN footprint, and moomoo has obtained a Type A securities license from Thai SEC.	About CompetitionFutu Securities became the first and to date only broker in Hong Kong to launch securities-backed margin financing for virtual assets under an upgraded Type 1 license approval from the SFC.	About The Broader IndustryThe Hong Kong IPO pipeline was robust, and U.S. equities showed strong performance. There was an active Hong Kong IPO market and broader positive market sentiment encouraging clients to take on more leverage. Total trading volume set a new record high, with U.S. stock trading volume driven by client interest in AI-related names, and Hong Kong stock trading volume by semiconductor, China Internet, and newly listed companies. A shift in client preference from money market funds towards equity funds was observed due to strong equity market performance. The Hong Kong IPO market sustained strong momentum in Q2, with nearly 60% of newly listed companies partnering with Futu. New regulations released on May 22 led to compliance-driven adjustments and some risk-off sentiment. Prediction markets took off locally in the U.S., showing strong demand from retail investors.	Where Things Are HeadedFutu is exploring extending its unified buying power framework to cover virtual asset holdings, further enhancing capital efficiency across traditional and digital asset markets. The company will continue to direct resources and growth focus towards advancing its international business. The official launch in Thailand is pending regulators' readiness and inspection. Moomoo aims to build product design, operational, and risk management expertise from its U.S. prediction market rollout to support bringing prediction markets to other regions. Q3 quarter-to-date key metrics are trending modestly softer, with moderated net additions of funded accounts, normalized net asset inflows in Hong Kong and overseas, and modestly down total trading volume sequentially due to retail sentiment.	Updates On ThemeOptions	Broader Themes EmergingAI continues to be a significant theme, driving client interest in AI-related names and catalyzing client acquisitions. Futu is increasing investments in strategic initiatives like AI and Web 3. The company is also exploring the convergence of traditional and digital asset markets by launching securities-backed margin financing for virtual assets and considering unified buying power for virtual asset holdings.	Bullish-Leaning Quotes (Short)acquired 252,000 net new funded accounts, up 23.7% year-over-year. Total funded accounts reached approximately 3.84 million, representing an increase of 33.6% year-over-year. Client acquisition in Hong Kong accelerated sequentially. Singapore, registered users surpassed the 2 million milestone. Malaysia... catalyzed a record quarter of client acquisitions. moomoo's prediction markets garnered significant traction. total client assets stood at HKD 1.4 trillion, up 43.6% year-over-year. total trading volume rose 78.8% year-over-year... setting a new record high. Futu Securities became the first and to date only broker in Hong Kong to launch securities-backed margin financing for virtual assets. Malaysia has recently achieved a breakeven in the operation levels as well. Event contracts has delivered great results in our observation in both acquiring new clients and driving engagement.	Bearish-Leaning Quotes (Short)blended commission rate declined due to stronger trading activities in higher-priced U.S. stocks and options. outflows were about mid-single-digit percentage of our total client assets. the bulk of the impact has already been absorbed in Q2. Most of the Mainland client outflows happened in June, July after we implemented the restrictions on our app. the blended CAC rose sequentially to around HKD 2,600. the quarter-on-quarter increase in CAC for Q2 was mainly driven by the relatively lower net new funded accounts as a result of the regulatory development. our key metrics are trending modestly softer against the backdrop of market volatility. The net addition of funded accounts moderated compared with Q2. total trading volume was down modestly sequentially.	HiringG&A expenses increased year-over-year primarily due to an increase in G&A personnel and professional fees.

2026-05-28

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketFutu remains confident about sustained client growth in Hong Kong and sees significant room for further asset growth in Singapore. Malaysia led all markets in client addition for another quarter, and the company expects the Malaysian market to achieve breakeven within the next 6 to 12 months. In Japan, Futu will continue to enhance its Japanese equity trading experience to better meet domestic investment needs and further unlock client acquisition potential. In the U.S., Moomoo officially received NFA approval to operate a prediction market brokerage business and will soon offer event contracts, including sports-related products. PantherTrade, Futu's crypto exchange in Hong Kong, obtained second phase SFC VATP license approval and commenced full operations, with plans to introduce security-backed market financing for virtual assets, expand OTC trading, token support, and staking services. The company expects to expand into more international markets, with regulatory license applications progressing smoothly. Futu is also actively preparing for the rollout of South Korean stock trading, expected to launch first in Hong Kong and Singapore in June, with more regions to follow.	About CompetitionDespite a subdued Hong Kong equity market, Hong Kong still contributed the second largest new account addition among all regions. In Hong Kong, Futu has maintained a market share of over 50% among local residents, even with intense competition. The company highlights its multi-dimension competitive moat, built over time with barriers to entry, including a comprehensive one-stop financial service platform and strong brand recognition. Futu views competition as a driver for industry innovation, potentially creating opportunities for leading platforms to consolidate market shares. Major U.S. players like Kalshi, Polymarket, and Robinhood have made significant progress in client acquisition through new prediction market product offerings.	About The Broader IndustryThe Hong Kong equity market was subdued in the first quarter, but client engagement strengthened due to precious metal market volatility and geopolitical tensions, leading to the second highest quarterly net asset inflow on record. AI continues to be the dominant investment theme, with client interest shifting from semiconductor names towards AI infrastructure beneficiaries. Heightened market volatility in Hong Kong drove stronger bottom fishing activity, with active trading in China technology and newly listed AI-related companies compensating for softer momentum in the consumer sector. CSRC and SFC released an industry-wide regulatory update regarding cross-border securities, futures, and fund-raising activities involving Mainland Chinese investors. A recent report by BCG states that Hong Kong has overtaken Switzerland as the world's largest cross-border wealth management hub, with Singapore ranking third. Hong Kong's wealth management assets exceeded HKD 35 trillion by the end of 2024, and Singapore's topped HKD 34 trillion over the same period. Prediction market products are seen as more intuitive and accessible than traditional derivatives, potentially improving retail participation and driving client acquisition. The convergence of traditional finance and virtual asset markets is noted, with PantherTrade aiming to become a key infrastructure platform within the Hong Kong Web3 ecosystem. Hong Kong's talent admission initiatives have led to over 230,000 professionals relocating, and rising global macro uncertainties are driving high net worth individuals and international capital into Hong Kong, expanding market wealth and asset pools.	Where Things Are HeadedFutu will focus more on the growth of client assets and lifetime value in Hong Kong, leveraging product innovation, brand trust, and its one-stop platform. The company expects the Malaysian market to achieve breakeven within the next 6 to 12 months. Futu plans to enhance its Japanese equity trading experience and will soon offer event contracts in the U.S. prediction market. PantherTrade aims to introduce security-backed market financing for virtual assets in Hong Kong and expand its crypto exchange capabilities, with a goal of becoming a key infrastructure within the Hong Kong Web3 ecosystem. Futu expects to expand into more international markets, with regulatory license applications progressing smoothly, and does not anticipate a material impact on its full-year guidance of 800,000 net new funding accounts from recent regulatory updates. The company is confident in a good result for its annual S&P credit rating. Futu is fully confident in its future growth in Hong Kong and Singapore, planning to optimize offerings and deepen its presence. The experience gained in the U.S. prediction market will lay the foundation for expanding this business into additional markets. For Q2 2026, overall interest income is expected to remain broadly stable sequentially, net new funding accounts are expected to remain stable, and both AUM and trading volume have the potential to achieve double-digit sequential growth. Futu plans to launch South Korean stock trading in Hong Kong and Singapore in June, with more regions to follow.	Updates On ThemeOptions	Broader Themes EmergingAI continues to be the dominant investment theme, with client interest shifting towards AI infrastructure beneficiaries. The convergence of traditional finance and virtual asset markets is noted, with the potential for PantherTrade to evolve into a key infrastructure platform within the Hong Kong Web3 ecosystem.	Bullish-Leaning Quotes (Short)We remain confident about sustained client growth in Hong Kong. We continue to see significant room for further asset growth in Singapore. Malaysia led all markets in client addition for another quarter. Profitability in Malaysia continued to improve, and we expect the market to achieve breakeven within the next 6 to 12 months. U.S. options contract volume doubled. Client engagement strengthened... leading to the second highest quarterly net asset inflow on record. Total client assets... up 47% year-over-year. Client assets registered double-digit sequential growth in Japan, Australia and Canada... improving client quality. Rising risk appetite drove margin financing and security lending balance up 8% sequentially. Total trading volume reached a record HKD 4.15 trillion, up 29% year-over-year. Hong Kong stock trading volume rose 22% sequentially to HKD 1 trillion. Active trading in China technology and newly listed AI-related companies more than compensated for softer momentum. Period end wealth client assets were HKD 178.4 billion, up 28% year-over-year. Total retail subscribers for structured products doubled sequentially. Total revenue was HKD 5.9 billion, up 25% from HKD 4.7 billion in the first quarter of 2025. Total gross profit was HKD 5.1 billion, an increase of 29%. Gross margin was 87.2% as compared to 84% in the first quarter of 2025. Operating margin increased to 60.3% from 57.2%... mostly due to strong top line growth and operating leverage. Prior to giving effect to this adjustment, our net income would have increased by 36% year-over-year... to HKD 2.9 billion. We do not expect this regulatory update to have any material impact on our full year guidance of 800,000 net new funding accounts. I'm very happy to share that our credit facility remain intact. Hong Kong has overtaken Switzerland to become the world's largest cross-border wealth management hub. The market upside remains substantial with vast room for development. We are fully confident in the future. Our expansion into the prediction market business in U.S. is not only intend to capture the rapid growth opportunity. We think we are very confident in the future growth potential of the overall crypto business. We expect the overall interest income to remain broadly stable Q-on-Q. Net asset inflows has maintained the strong growth momentum. Both AUM and trading volume have the potential to achieve double-digit sequential growth. For Futu, we remain very confident in our own competitiveness. We have continued to see steady expansions in our customer base, client assets and the market share. Competition may, in fact, create opportunities to further consolidate market shares. We remain highly confident in our abilities to continue growth. Reflecting strong client demand for South Korean equities.	Bearish-Leaning Quotes (Short)Although subdued Hong Kong equity market weighed on client acquisition. Mark-to-market losses in client equity holdings exerted a substantial negative impact. Total client assets were flat quarter-over-quarter. Blended commission rate declined due to stronger trading activities in higher priced U.S. stocks and options. Interest income... down 13% Q-over-Q. The Q-over-Q decrease was primarily attributable to lower interest income from security borrowing and the lending business as well as bank deposits. Our net income decreased by 61% year-over-year and 75% Q-over-Q to HKD 831 million. Mainland China funded accounts represent approximately 13% of our Q2 funding accounts, while related client assets accounted for around 17% of total client assets, contributing approximately 20% of total revenue. The 2-year reapplication period of Mainland Chinese clients does not require for account closure, but rather restrictions on deposits and security buying activities. While last Friday's regulatory developments created some short-term disruption to net inflows, the overall impact remains manageable.	HiringR&D expenses increased year-over-year primarily due to higher R&D headcount to support strategic initiatives in new markets. G&A expenses increased year-over-year primarily due to an increase in G&A personnel.

Upcoming EventsTable

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
FUTU_afc44533	in the near future (expected Q3 2026)	2026-07-01	2026-09-30	Launch of prediction market trading service in the U.S. for retail clients, offering event contracts including sports-related products.	This initiative strengthens Moomoo's value proposition to active traders, potentially driving client acquisition, trading activation, and client conversion in the U.S. market. It also allows Futu to capture rapid growth opportunities in this new product area.	Ticker	2026-05-28	earnings_transcript