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Online brokerage and wealth management platform provider Futu Holdings [FUTU] reported third-quarter earnings on Nov. 24 with revenue of $1.7 billion, up more than 72% year-over-year per share. CNN Money ratings. However, the biggest concern for Futu stock remains the regulatory actions of the Chinese government.
Futu Holdings Hi Res Stock Photography And Images
Shares in Futu fell 70% between late June and November 19, as investors worried that cross-border business operations would be hurt by the regulations. Its revenue numbers in regions outside of China, such as Singapore, will draw attention when it releases third-quarter data.
The biggest drag on the stock price was the recent announcement by China’s central bank that cross-border online brokers such as the People’s Bank of China’s Futu, which do not have domestic brokerage licenses, are helping Chinese consumers buy foreign stocks online. “Driving in China without a driver’s license”. In short, online brokers are conducting illegal financial activities.
Futu shares may run afoul of new Chinese online data privacy rules implemented in early November, as users provide personal data when opening an account.
The Chinese government could even curb Futu’s growth by imposing stricter data rules, or even tighten capital controls, preventing Futu from opening foreign accounts for its Chinese customers.
Futu Stock Price And Chart — Nasdaq:futu — Tradingview
JPMorgan analysts estimate that if Futu loses all Chinese domestic payment users, the company’s net profit will drop 71 percent to about $129 million next year.
It’s sure to be a hit, but there are licenses elsewhere, including Singapore and Hong Kong. “Like the legendary outlaw Robin Hood, Futu is likely to escape full police scrutiny,” research analyst Robin MacRather wrote in an interview with Reuters.
Futu has already announced that the new data law “has completed all revisions to meet relevant opinions and regulatory requirements”.
The company is no stranger to opposition from the Chinese government, given its backing from tech group Tencent [TCEHY], which faces similar pressure in other segments such as video games.
China’s Robinhood’ Tries To Calm Investor Nerves As Shares Sink
Futu’s share price was also impacted by second quarter earnings. The company grew 129.3% year-over-year to $203.1 million. However, that was less than analysts’ estimates of $208.5 million.
However, the growing popularity of the group’s services has been reflected in China’s growing middle class and its look to invest its savings, HSBC said in a report.
The number of Futu users increased by 66.8% year-on-year in the second quarter to 15.5 million, and the number of paying customers reached 1 million, an increase of 230.2% year-on-year. The company’s total turnover increased 104.3% to 169.4 billion dollars.
Additionally, its Money Plus wealth management business had total client asset balances of $1.77 billion, an increase of 59.2% year-on-year.
Futu Holdings To Officially Launch Its Mobile Brokerage App
One of the big plans for Futu is its focus on innovation. According to Bloomberg, nearly 70% of its employees will be involved in research and development. This led to products such as Singapore’s first digital platform, Momo.
It offers features like portfolio leaderboards for top investors and insights on the best ETFs. It’s popular with millennials.
“The pursuit of technological excellence has enabled the group to build a strong foundation rooted in a strong culture of scientific and technological excellence,” Futu Singapore branch director Gavin Chia told the Central News Agency. “Based on this commitment, the company will rapidly launch and improve products, expand system capabilities and expand operations into new markets.
On November 3, Futu unveiled a $300 million share buyback plan by December 31 next year. It will be interesting to see how this affects the share price.
Futu And Baidu Share Prices Rise After Posting Robust Revenues
Its Q3 earnings are expected to continue to grow in revenue and user base. The stock has momentum, but there is a major headwind in the form of potential corrections. Futu shares must find a way to recover.
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Option Alert For Futu Holdings Understanding The Sweep And Price Details
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This article was written in collaboration with Futu Holdings. All opinions expressed in this article are independent opinions based on our own research. No responsibility is taken for any financial loss incurred in any transaction and readers are encouraged to exercise due care. Our full editorial policy can be found here.
We look back at 2014 and 2015, a year in which private hire vehicles rapidly expanded to become a staple of our mobility and transportation needs. Today, foreign digital brokers have made similar forays into the Singapore market – reducing brokerage costs and providing a stable platform for Singaporean investors.
After launching several brokerage platforms last year, investors can now look forward to a new player in the Singapore market – Futu Singapore, a capital market services licensee managed by the Monetary Authority of Singapore, a wholly owned subsidiary owned by Futu Holdings. Ltd (“Leg”).
How To Update Account Information In Futu Hk Futu Help Center
First a little about Futu. Although many of us in Singapore may never have heard of Futu because we have never interacted with them, Futu is not new to the rest of the world. Founded in 2012, Futu is backed by multinational technology conglomerate Tencent and has been listed on the NASDAQ since March 2019. Futu has a market capitalization of approximately US$24 billion (approximately $31 billion) as of February 11, 2021
In October 2020, Futu Singapore received a Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS) to operate in Singapore and plans to expand into Southeast Asia with a foothold in Singapore.
As investors in Singapore, it is natural that many of us are interested to know how we can benefit from Futu listing in Singapore. Here’s what we can expect.
Unlike previous traditional brokers, Futu is a fully digital brokerage and wealth management platform. This means that the investment solutions it offers are available online. Investors can access this investment service through Futu’s moomoo app.
Reasons To Sign Up For A Moomoo (by Futu) Trading Platform
Except it lets us do it
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