Futu added 273,000 net paying clients in 2021 Q1, reflects 7x growth YoY

Futu $Futu Holdings Ltd (FUTU.US)$ continued to deliver strong growth during Q1, with total revenues increasing 349.4% year- over-year (“YoY”) to $283.6 million, reflecting triple-digit growth for five consecutive quarters. Non-GAAP adjusted net income was up 6.3 times YoY to $151.7 million. Worldwide users hit 14 million with Q1 trading volume soaring to $289 billion.

Relying on its superior product experience and laser focus on meeting diverse investment needs, the Company achieved historic business expansion worldwide.

As of the first quarter, the total number of paying clients increased 231.0% YoY to 789,652.
Net paying client addition was approximately 273,000, almost a 7x increase compared to the 40,000 net paying client addition recorded for the first quarter of 2020.
Seventy percent of new net paying clients came from high growth markets – namely Hong Kong, Singapore and the US; the total number of users increased 69.7% YoY to 14.2 million, and the number of registered clients increased 140.2% YoY to 1,957,436.
In addition to rapid client base expansion, client retention remained high at 98.2% during Q1.
And  as of March 31, 2021 total client assets reached $59.4 billion, a YoY increase of 367.6%.
In the first quarter, clients’ trading activity continued to thrive with Daily Average Revenue Trades (DARTs) increasing 321.0% YoY to 902,533.

During Q1, all three business segments recorded 3-times growth: Brokerage commission and handling charge income increased 342.8% YoY to $170.4million; interest income was $84.7 million, an increase of 355.8%; and other income (including wealth management, enterprise services, etc.) increased by 370% YoY to $28.4 million.

Total trading volume in the first quarter of 2021 increased 277.5% YoY to $289.0 billion, in which trading volume for US stocks was $180.9 billion. US stocks accounted for 63% of the total trading volume, a new milestone reflecting Futu’s competitive advantage as a one-stop global investment platform.

During Q1, Futu launched the innovative "2020 Q4 Earnings Analysis" session, which provides content related to different Nasdaq listed companies, such as NIO Inc., XPeng Inc., Baidu Inc., KE Holdings Inc., etc. From a market accessibility perspective, Futu empowers clients to seize investment opportunities by supporting 24/7 US market updates, where global financial news and stock analysis are all at users’ fingertips. Further propelled by an active investment community wherein millions of users seamlessly exchange thoughts and ideas to help make informed investment decisions, Futu’s US stock business continues to thrive.

Futu $Futu Holdings Ltd (FUTU.US)$ is constantly improving the user investment experience with continuous product updates. In the first quarter, Futu fully launched Global Futures and further enhanced trading categories, with a focus on Hong Kong, US and Singapore futures products. In keeping with the mission of "making investing easier and not alone," Futu also provides complimentary global market data, such as Hong Kong Stocks, US Stocks and China A-shares stock market quotes, as well as easy-to-use investing tools.

Futu has rapidly expanded in high-growth financial markets around the world, such as Hong Kong, Singapore and the US, where paying clients on a net basis accounted for more than 70% of growth in Q1.

Executing against its mission to become an influential global financial services platform, Futu secured multiple licenses covering major financial markets, improved its products, R&D and operations and has continuously improved the investment experience of individual investors. In addition to deepening its presence in the US, in the first quarter, Futu announced that it officially entered the Singapore market as the headquarters of South East Asia market and launched the international version of the Futu APP, moomoo. The moomoo app provides Singapore investors with a new, one-stop investment experience, complete with investment transactions, up-to-date news, real-time market data and trading community interaction.

Mr. Leaf Hua Li, Futu’s Founder, Chairman, CEO & Chairman of the Technology Committee, said, “Our outperformed growth this quarter reflects an important milestone in Futu’s global expansion strategy and serves as a solid proof point in support of prioritizing our users’ needs. As the one-stop platform in connecting 14 million users and global financial markets, Futu never ceases to pursue a better investment experience with its relentless efforts in driving technology innovation across products and services offering, as well as extending the brand’s reach with licensing. For the next quarter, we will continue to execute our global expansion strategy, aiming to connect more individual investors, corporates and asset managers worldwide as the leading global platform cultivating interactions between the investor and capital markets communities.”