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    Charles Zhou • UBS

    Charles Zhou's questions to Futu Holdings Ltd (FUTU) leadership

    Charles Zhou's questions to Futu Holdings Ltd (FUTU) leadership • Q2 2025

    Question

    Charles Zhou of UBS Group asked for a breakdown of the regional mix for client acquisition in the second quarter and questioned the reason for a sequential slowdown. He also inquired about the potential impact of more stringent onboarding rules for Mainland Chinese clients in Hong Kong and whether the full-year guidance of 800,000 new accounts would be revised.

    Answer

    CFO Arthur Yu Chen stated that Hong Kong and Malaysia collectively accounted for over 50% of new clients in Q2, with the remainder from Singapore, the U.S., and Japan. He affirmed confidence in meeting the full-year target of 800,000 new accounts, having already achieved 460,000 in the first half. Chen asserted that the company sees no meaningful impact from new onboarding regulations in Hong Kong and that client acquisition remains robust.

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    Charles Zhou's questions to Futu Holdings Ltd (FUTU) leadership • Q1 2025

    Question

    Charles Zhou asked for an update on the timeline for Futu's crypto trading business, the implications of Hong Kong's stablecoin bill, and the impact of recent tax concerns on customer retention and assets for Mainland China clients.

    Answer

    Daniel Yuan, Head of Strategy & IR, detailed the recent launch of crypto deposits in Hong Kong and trading in the U.S., expressing a bullish long-term view. He affirmed that Futu adheres strictly to Hong Kong's data privacy laws and has not observed meaningful client attrition or asset outflow due to tax-related rumors.

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    Charles Zhou's questions to Futu Holdings Ltd (FUTU) leadership • Q3 2024

    Question

    Charles Zhou followed up on the special dividend, asking about the rationale for choosing a dividend over a buyback and the company's future preference. He also sought clarification on the HKD 131.4 million 'other costs and loss' item, which impacted net profit relative to consensus estimates.

    Answer

    CFO Arthur Chen addressed both questions. He explained that the company will use a combination of dividends and buybacks to cater to different shareholder preferences, noting some investors value the visibility of cash dividends. Regarding the 'other costs,' he clarified it was a non-cash, unrealized foreign exchange loss from RMB and Singapore dollar appreciation, which he expects will largely reverse in Q4 based on current exchange rates.

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