Futu’s Moomoo and Futubull brokerage brands grew by 20% YoY in Q2

Rick Steves

Futu claims its Hong Kong users accounted for more than 40% of the jurisdiction’s adult population, according to the firm, which added an average HK user spent approximately half an hour on the Futubull app each trading day.

Nasdaq-listed Futu Holdings Limited, the parent company of digital brokerage Moomoo, has reported US$222.6 million (HK$1.75 billion) total revenues, and US$87.7 million (HK$688.5 million) non-GAAP adjusted net income in Q2 2022.

The earnings report reveals that the number of users of the Moomoo and Futubull brokerage brands have increased by 20% YoY to 18.6 million.

Leaf Hua Li, Founder, Chairman, and CEO of Futu, said: “Approximately 90% of our newly acquired paying clients in the second quarter were from the United States, Hong Kong SAR, Singapore, and Australia markets, compared with 80% in the previous quarter. Our international expansion was sustained by catering unmet and diverse needs from global investors.”

“Our corporate and institutional services business and wealth management business both posted a strong performance in the second quarter as we commit ourselves to relentless product and service expansion driven by technology and operational excellence, together with a well-established market presence worldwide.”

Futu grows in United States, Hong Kong SAR, Singapore, and Australia

Other highlights include a 30.5% YoY increase in registered clients to more than three million and a 38.6% YoY increase of paying clients to 1.4 million.

Newly acquired clients totaled 61,000, with approximately 90% of them from the United States, Hong Kong SAR, Singapore, and Australia markets. The quarterly client retention rate was almost 99%.

The total client assets amounted to US$55.3 billion (HK$433.6 billion), an increase of 12.3% from the previous quarter.

Futu is partnered with 66 financial institutions to offer diverse fund products to clients, having added two new partners in Q2. Futu holds 51 licenses and qualifications from regulators across major financial markets.

The Singapore entity of Moomoo officially became the first digital brokerage to receive all five memberships from the SGX Group for both the Securities and Derivatives markets. Futu Trustee (Singapore) obtained a trust business license from the Monetary Authority of Singapore (MAS) and became one of the 63 trust business licencees approved by MAS.

Futu’s Hong Kong users accounted for more than 40% of Hong Kong’s adult population, according to the firm, which added an average HK user spent approximately half an hour on the Futubull app each trading day, with approximately 355,000 daily active users generating over 80,000 posts per trading day on Futubull’s interactive investor community.

In Australia, moomoo expanded its footprint by sharing investing insights and promoting responsible investments. In June, moomoo shared global macroeconomic forecasts, future market trends and investment strategies to more than 300 high-net-worth investors attending the seminars, the firm stated.

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