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    Cheng Zhou

    Research Analyst at UBS

    Cheng Zhou is an Executive Director and Senior Equity Analyst at UBS specializing in coverage of leading biopharmaceutical, healthcare, and emerging life science companies. He has consistently delivered actionable investment research on firms such as HUTCHMED and Henlius, earning recognition for both accuracy and timely stock calls. Zhou began his finance career in investment banking after completing an MSc in Quantitative Finance, and he has held positions at top financial institutions before joining UBS as an analyst in the early 2010s. He maintains active FINRA registration with Series 7 and 63 licenses, and has been recognized for his analytical rigor and detailed insights in the healthcare sector.

    Cheng Zhou's questions to Futu Holdings (FUTU) leadership

    Cheng Zhou's questions to Futu Holdings (FUTU) leadership • Q4 2024

    Question

    Cheng Zhou from UBS inquired about the Wealth Management business, asking about the total addressable market in Hong Kong and Singapore, competitive differentiation, and scalability. He also asked how the recent U.S. stock market correction impacted Q1 trading volume.

    Answer

    Chief Financial Officer Arthur Chen noted that recent market volatility actually inspired more trading activity, and overall Q1 trading volumes remained robust. Senior Vice President Robin Xu explained that Futu's Wealth Management differentiation comes from a seamless multi-asset platform experience and an open-platform model for structured products, which offers clients more choice compared to proprietary offerings from banks. He added that money market funds remain attractive and fixed-income products are well-positioned for a rate-cut cycle.

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