Futu Holdings Limited, a leading tech-driven online brokerage and wealth management platform, announced its unaudited financial results for the first quarter ended March 31, 2024. The company reported a 23.5% year-over-year increase in paying clients, reaching 1,887,270, and a 15.4% increase in registered clients, totaling 3,812,326. Total client assets rose by 11.2% year-over-year to HK$517.9 billion. Despite these operational gains, the company experienced a decrease in total gross profit by 3.9% and a 13.1% decline in net income year-over-year, amounting to HK$1,035.1 million. Non-GAAP adjusted net income also fell by 11.6%. The company's Chairman and CEO, Leaf Hua Li, highlighted the significant growth in new paying clients, particularly attributing it to strong market performance and expansion into new markets such as...Show More

Futu Holdings Limited, a leading tech-driven online brokerage and wealth management platform, announced its unaudited financial results for the first quarter ended March 31, 2024. The company reported a 23.5% year-over-year increase in paying clients, reaching 1,887,270, and a 15.4% increase in registered clients, totaling 3,812,326. Total client assets rose by 11.2% year-over-year to HK$517.9 billion. Despite these operational gains, the company experienced a decrease in total gross profit by 3.9% and a 13.1% decline in net income year-over-year, amounting to HK$1,035.1 million. Non-GAAP adjusted net income also fell by 11.6%. The company's Chairman and CEO, Leaf Hua Li, highlighted the significant growth in new paying clients, particularly attributing it to strong market performance and expansion into new markets such as Malaysia and Japan. Futu's total trading volume for the quarter increased by 9.5% year-over-year, with a notable surge in U.S. trading volume due to interest in technology and AI-themed stocks. The company also reported growth in wealth management assets and a robust client retention rate above 98%. Despite the mixed financial results, Futu raised its full-year new paying client guidance to 400 thousand. The earnings call was scheduled for May 28, 2024.