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Futu

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Futu Holdings Limited
Company typePublic
IndustryFinancial services
FoundedOctober 2012; 12 years ago (2012-10)
FounderLeaf Hua Li (Chinese: 李华)
HeadquartersAdmiralty, Hong Kong
Area served
Worldwide
Key people
Leaf Hua Li
ProductsDiversified investments
Total assets$89.2 billion (HK$693.4 billion)[1] (September 30, 2024)
Number of employees
3,000+[2]
Subsidiarieshttps://www.futuhk.com/
Websitefutuholdings.com/en-us

Futu Holdings Limited (Chinese: 富途) operates as a holding company in digitized brokerage and wealth management platform in China, Hong Kong, the United States, and internationally. The largest investor of Futu as of 2019 is Tencent. Founder Leaf Li is a former employee of Tencent.[3] The company originally traded as NASDAQ symbol FHL,[4] but changed to FUTU.

Futu, raised $90 million in an initial public offering on the Nasdaq on March 8, 2019.[5]

Moomoo

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Main article: Moomoo (company)

Moomoo Financial Inc., a subsidiary of Futu, is a U.S.-based financial services company headquartered in Palo Alto, California that allows customers to trade US stocks, Chinese stocks, Hong Kong stocks, ETFs, and options.[6] Moomoo, Inc was founded in March 2018. The platform was created specifically for U.S. customers.[7][8][9]

Controversies

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CSRC Orders Futu and Tiger Brokers to Cease New Mainland China Customer Registrations

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In late 2022, the China Securities Regulatory Commission (CSRC) ordered Futu and Tiger Brokers to stop accepting new customers from mainland China. This followed ongoing concerns from authorities since 2021 about the regulatory compliance of their cross-border brokerage operations. While the platforms are no longer allowed to onboard new mainland-based investors, existing customers can continue trading, but without the ability to add new capital. Additionally, both brokers were required to pull their trading apps from mainland China.[10][11]

References

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  1. ^ "2024 Q3 Financial Report". Futu. 2024-11-19.
  2. ^ "Annual Reports". Futu. 2024-11-19.
  3. ^ "Futu Holdings Ltd - Company Profile and News". www.bloomberg.com.
  4. ^ "Futu Announces NASDAQ Ticker Symbol Change to "FUTU"". news.usaonline.us.
  5. ^ Cheng, Evelyn (March 20, 2019). "China's tech-savvy millennials are fueling interest in US stocks". CNBC.
  6. ^ "Moomoo - Stock trading App with free commissions, investing in Options, ETFs". www.moomoo.com.
  7. ^ "SECURITIES AND EXCHANGE COMMISSION FORM F-1 REGISTRATION STATEMENT Futu Holdings Limited". U.S. Security and Exchange Commission. Retrieved 6 May 2020.
  8. ^ "Moomoo Trading App Review 2021 + 8 Free Stocks (Worth $2,200)".
  9. ^ Wang, Eudora (March 18, 2019). "Tencent-Backed Online Broker Futu Targets US Expansion After NASDAQ IPO".
  10. ^ "China orders Futu, Tiger to stop adding new onshore traders". South China Morning Post. 2022-12-30. Retrieved 2024-11-27.
  11. ^ "China's Tiger Brokers Eyes Singapore's Rich to Drive Growth". Bloomberg.com. 2024-06-05. Retrieved 2024-11-27.
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