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Leon Key

Managing Director and Senior Analyst at CITIC CLSA

Leon Key is a Managing Director and Senior Analyst at CITIC CLSA, specializing in equity research with a primary focus on the technology, internet, and consumer sectors across Asian markets. He covers major public companies in these segments and is recognized for delivering differentiated research and actionable insights that support institutional investor decision-making. With a career spanning over a decade in financial research, Leon Key has held roles of increasing responsibility at leading investment banks and joined CITIC CLSA in the mid-2010s after previous tenure at Goldman Sachs, where he built expertise in Asian equities. He holds advanced finance credentials, including relevant securities licenses and FINRA registration, and is noted for a strong track record with success rates and returns consistently placing him among the top analysts in regional and global research rankings.

Leon Key's questions to Futu Holdings (FUTU) leadership

Question · Q3 2025

Leon Key asked about the client profile of new Hong Kong customers acquired over the past quarter and four quarters, specifically if there were differences in average AUM, ages, trading velocity, and products compared to existing Hong Kong customers. He also inquired about the gross margin trend in markets outside Hong Kong, such as Singapore and Malaysia, and whether economies of scale were rapidly kicking in.

Answer

Chief of Staff Daniel Yuan noted a continued upward trajectory in average client assets for new Hong Kong clients, coupled with robust net asset inflow from existing clients, leading to double-digit sequential growth in average client assets. He explained that client trading behavior is largely market-driven, with clients flocking to outperforming markets like Hong Kong equities in Q3. Regarding gross margin, he stated it's healthy across all markets due to high margins on trading and margin products, with operating leverage kicking in from operating expenses. He highlighted that Singapore's operating margin consistently topped 60% for several consecutive months and is still expanding, demonstrating strong operating leverage.

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