On May 19, 2021, $Futu Holdings Limited(FUTU.US)$, a leading tech-driven online brokerage and wealth management platform in China, announced its unaudited financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Operational Highlights

• Total number of paying clients increased 231.0% year-over-year to 789,652.

• Total number of registered clients increased 140.2% year-over-year to 1,957,436.

• Total number of users increased 69.7% year-over-year to 14.2 million.

• Total client assets increased 367.6% year-over-year to HK$462.2 billion.

• Daily average client assets were HK$384.7 billion in the first quarter of 2021, an increase of 303.7% from the same period in 2020.

• Total trading volume increased 277.5% year-over-year to HK$2.2 trillion, in which trading volume for US stocks was HK$1.4 trillion and trading volume for Hong Kong stocks was HK$816.2 billion.

• Daily average revenue trades (DARTs) increased 321.0% year-over-year to 902,533.

• Margin financing and securities lending balance increased 469.5% year-over-year to HK$27.4 billion.

First Quarter 2021 Financial Highlights

• Total revenues increased 349.4% year-over-year to HK$2,204.6 million (US$283.6 million).

• Total gross profit increased 372.6% year-over-year to HK$1,761.4 million (US$226.6 million).

• Net income was up 6.5 times year-over-year to HK$1,162.3 million (US$149.5 million).

• Non-GAAP adjusted net income was up 6.3 times year-over-year to HK$1,179.2 million (US$151.7 million).

Mr. Leaf Hua Li, Futu's Chairman and Chief Executive Officer, said, "We are excited to announce that our operating and financial results continued to achieve robust growth."

"We added approximately 273 thousand paying clients in the first quarter, which accounts for 39% of our full year growth target. As of quarter end, we had approximately 790 thousand paying clients, representing 231.0% year-over-year growth. Among the net additions in the first quarter, 70% came from Hong Kong, Singapore and other overseas markets, and over 50% joined our platform organically. Client acquisition in Singapore has far exceeded our expectations since the official launch on March 8, and the strong momentum continued into the second quarter. Our superior product experience and laser focus on client servicing, coupled with our online and offline advertising and strong word-of-mouth referral, have helped us quickly capture the mindshare of Singaporeans. We are encouraged by what we have achieved in Singapore so far and are convinced that Singapore and the broader Southeast Asian market offer huge runway for growth. Despite rapid client base expansion, our quarterly paying client churn rate remained below 2%."

"Total client assets reached HK$462.2 billion as of quarter end, representing 367.6% growth on a year-over-year basis and 62.1% growth on a quarterover-quarter basis. Average client asset balance thus further climbed to HK$585 thousand."

"Total trading volume was HK$2.2 trillion, up 277.5% year-over-year and 85.7% quarter-over-quarter. U.S. and Hong Kong stock trading volume were HK$1.4 trillion and HK$816.2 billion, respectively. As part of our efforts to broaden trading offerings, we launched OSE futures from the Japan Exchange Group and Singapore stock trading in the first quarter."

"Our wealth management business Money Plus established new partnerships with 4 reputable asset managers, namely Wells Fargo, Income Partners, Aberdeen Standard and BNY Mellon. As of quarter end, over 59,000 clients held wealth management positions and total client asset balance in wealth management products was HK$13.1 billion, up 188.6% and 108.0% year-over-year, respectively."

"As for our enterprise business Futu I&E, we had 152 IPO and IR clients as well as 200 ESOP solution clients as of March 31, 2021. In the first quarter, we participated in all Chinese ADR's secondary listings in Hong Kong, and were the only online broker in the selling groups of the Hong Kong IPOs of Kuaishou, Baidu, and Bilibili."

Mr. Arthur Yu Chen, Futu's Chief Financial Officer, added, "In April, we completed a follow-on offering with net proceeds of approximately US$1.4 billion. The offering was met with significant interests from leading investors across the globe and the order book was multiple times oversubscribed. The offering proceeds will be used for margin financing business, international expansion, new license applications, potential investment and acquisition opportunities, and other general corporate purposes."