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    Huang Chiyao

    Research Analyst at Morgan Stanley

    Chiyao Huang is an Equity Analyst at Morgan Stanley specializing in coverage of the general sector with a focus on companies like FUTU and NOAH. He has received recognition for his stock recommendations, achieving a 67% success rate and an average return per transaction of 9.3%, including a notable 52.3% gain on NOAH between August and November 2024. With a track record of multiple ratings and actionable recommendations, his analytical performance is tracked by platforms such as TipRanks, where he holds a 3.15-star rating based on recent performance. Huang is registered as a securities professional with credentials listed on FINRA, ensuring compliance with industry standards.

    Huang Chiyao's questions to Futu Holdings (FUTU) leadership

    Huang Chiyao's questions to Futu Holdings (FUTU) leadership • Q2 2025

    Question

    Huang Chiyao from Morgan Stanley asked about Futu's mid-to-long-term strategy for its cryptocurrency business, focusing on licensing, product roadmap, and monetization, particularly the upside from a Hong Kong crypto exchange license. He also inquired about the company's learnings and competitive strategy in the Japanese market after two years of operation.

    Answer

    CFO Arthur Yu Chen outlined a four-part crypto strategy called 'RACE' (Real-world assets, Advanced technology, Conversions, Exchange), explaining that a Hong Kong license would lower costs, enable institutional services, and unlock new revenue from derivatives and staking. Head of IR Jingyu (Daniel) Yuan addressed the Japan market, noting its unique value proposition for self-directed US stock investors. He highlighted Q2 initiatives like launching US options trading and a successful branding event with Nasdaq, which helped drive trading volume up over 50% QoQ.

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